Friday, 19. August 2011
We filed bankruptcy a year ago. We left out the first mortgage but included the second mortgage (home equity line of credit). It has been discharged, no one contested it and we haven’t received a statement or any other communication from them since. We want to sell the house now to our daughter. Does that 2nd mortgage company still have a claim to the property?
Saturday, 13. August 2011
Hi I am from Southern California and my father has been having debt problems, mostly with his second mortgage. He recently told me that he found a lawyer on a radio station that has promised to get rid of all his debts. All the lawyer asks for is 00 now and another 00 later (this plus a number of different fees such as home evaluation fee over 0 plus 0 per visit and court appearance). To be honest this guy seems a bit shady to me, he says he is just starting and that his office is empty-looking because he just moved to this building. He has promised my father that in three years he will be debt free and that even though my father owes ,000 in credit cards plus the mortgage, that he will not pay more than 0 a month and thus he will have a lot of money left over to spend as he pleases. He has also told him to immediatelly stop paying everything, regardless of my father’s situation. The guy defined bankruptcy as practically total debt forgiveness and just a simple way to “start fresh.” I am not sure bankruptcy is the way to go for my father; he can afford his credit card debts and his first mortgage and is only really having troubles with the second mortgage of about ,000. This lawyer said “If what I promise you sounds too good to be true it’s only because you people are ill-informed.” He has promised debt forgiveness and more cash… I have a gut feeling that this guy is not well intentioned…
Tuesday, 9. August 2011
I have a first mortgage of 5,00 and a second mortgage of ,000. Can my home be foreclose if I stop paying the second mortgage?
Sunday, 7. August 2011
The couple is unmarried and no longer living together. The house is for sale, but the one borrower that moved out took a second mortgage without knowledge or consent of the other. Specifically, what is the statute that would cover this?
I am not looking for the ethical or moral aspects of this, I think it’s absolutely terrible.
She cannot afford an attorney to help her, so I am looking for some reference.
The couple was never married. They purchased the house together using her money as the down payment. He moved out because they were not getting along and are no longer a couple. The house is for sale and the asking price is enough to cover the first mortgage and the real estate fees.
As the real estate agent was checking on the property, he discovered the second mortgage that had been taken out on the property….by the guy that moved out. She had no knowledge that he had done this.
As it stands, she cannot afford to keep the house and the market will not support to sell to cover all of the debt.
Again, can he legally take a mortgage out on a house without the other person’s knowledge?
Friday, 5. August 2011
I have an investment property that I rent out to a tenant in Georgia. I currently am up to date on my first equity line that I have out on the property, but my second line has become past due by almost 30 days and lender has put a hold on the account. Even when I try to make payments on the account they do not let me due to some reason. I have consulted with others who have loans from this lender and they say that a freeze has been placed on their accounts as well (approx 30 others). In the event that that I am unable to pay the loan in its entirely if recalled by the lender or if the lender does not accept payments causing it to go into foreclosure, how will this affect my first mortgage, tenant, and me personally. Can I just allow it to be foreclosed and wash my hands of it, taking the hit on my credit? Or can the lenders sue me for anything? Also if the bank does decide to foreclose will that require me to pay any type of legal fees?
Sunday, 31. July 2011
As in I do not have to pay for it anymore forever? I am keeping the house and up to date paying my first mortgage loan. I do not get bills from my second loan anymore…We recently got our first loan modified…2.5% fixed for 30 years. So we are keeping our house. I just wanna know what is the consequence of our bankruptcy, with us not paying the second loan anymore when we decide to sell the house in the future (maybe 10-20 years from now). Thank you for you time!
Monday, 18. July 2011
I was supposed to meet with the title company today to sign docs for my new home (short sale) and escrow found out that there is a second mortgage with a different company than the first. All docs we had seen til now listed the first and second with the same company. Now that we know there is another company we are waiting for their approval of the sale. They are not going to get anything because our offer just covers what the first mortgage company is after. While I am waiting and praying does anyone have anything to tell me as far as what I can expect or maybe what my options are at this point if they do not sign off on this sale. We have 9 days to close. I’d appreciate your thoughts. Thanks.
Sunday, 17. July 2011
My mom passed away and we are trying to short sale her home. My brother is on the title deed and second mortgage but not the first mortgage. Under the deed it says joint tenancy. We already have a realtor dealing with them but she doesn’t understand why first mortgage won’t cooperate so we will be seeking a lawyer for help. Doesn’t the deed give my brother automatic ownership since my mom passed on ? I live in Las Vegas, NV. Thanks.