Sunday, 21. August 2011
in order to avoid a foreclosure…Is this wise?
or should I do a loan modification…what’s best
Wednesday, 17. August 2011
I am in a situation in Michigan (house values are dropping at the rate of gravity!) where my income has dropped severely this year and I am trying to avoid foreclosure/bankruptcy. I have read that it is possible to settle with a second mortgage rather than foreclose but need some ideas on how to go about it. Any suggestions would be great!
I owe about 40k on the loan, would like to settle for 10k. Just pure guess have no idea if they would except the difference.
Thanks for the info, help!
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?
Tuesday, 2. August 2011
I had a recent BK probably 2 yrs ago. With my BK I had a foreclosure as well included in my BK. My credit scores are between 620 and 640. I have about 100K equity in my Condo. I am looking to pull out anywhere from 30K – 50K. Any thoughts or ideas? Thank you.
Saturday, 16. July 2011
My house has declined so much in value that if I sold it today as a short sale, my second mortgage would get nothing (the house is only worth the 1st mortgage). If I stop paying the second but keep paying the first, does the second have any power to force a foreclosure, take me to court, or anything else?
Thanks for all the answers so far. To clarify, as I understand it, the 2nd needs the permission of the 1st to foreclose, but wouldn’t the 1st not provide that permission, since that mortgage would be current and the 1st therefore has no incentive to foreclose?
Wednesday, 13. July 2011
we are debating because of our situation whether to take this loan or not. we have applied elsewhere, and this is all we have been offered.
we are 30k in debt want to consolidate and lower our interest rate. our payments in total average 1100 a month and interest averages 15-21%
the loan presented to us, is 50K , 5% interest only ( of course we would pay down on principal) 25 years ( our intent is pay off all within 10 years.) the difference of the 30K would be available to us like an a line of equity. Our concern is that shortly I will be without of a job because they are closing down in 4 months and we have a mortgage. We plan on selling our house but this will be a short sale because the value is less than we owe by 20k.this was not due to our home loan we had fixed, but our area was the highest hit in foreclosure thus the value decrease! please no rude comments we are extremely stressed.
the reason we are taking 50K is not because we need the additional amount but to help our credit. If we take 30k it looks as though we maxzed out on a 30 k credit card, whereas if we took 50K (which is a line of credit) then it looks better. If I am incorrect please tell me.
MORE IMPORTANTLY TOTAL CLOSING FEES AND BROKERAGE FEES 6,500!
this is in no way part of the home loan, its a personal line of credit.
Sunday, 3. July 2011
We are residents of Texas and the property in foreclosure is in Delaware. Second mortgage holder is threatening to file a 1099.
Tuesday, 28. June 2011
I got a subprime loan (Which I barely found out with all the mortgage crisis goin on. Thanks CNN). I also have a second mortgage, which is seperate from the first. I refinanced sometime last year and It did not include my property insurance. When I found out, the mortgage Co. (Countrywide) took my remaining escrow balance and put it towards my taxes. Raising my 1st mortgage 0.00. A month. Also in my area the housing prices dropped. My loan balance (1st and 2nd combined) 9.000, My house is now only worth 5.000. Now my work is slow! Ouch! I am currently current with my payment for this month. Now there is now way i will be able to keep up with my current payment. 00.00 a month. I am planning to let my house go into foreclosure. Now my question(s) is, What is the best way to go about this and what will happen to my second mortgage(will they or can they garnish my wages?). Help!