Sunday, 5. September 2010
I was told by my real estate agent that if I did a short sale or foreclosure on my home in Arizona, that both the first mortgage and Home Equity Line of Credit (taken out 9 months after home purchase) would both be relinquished in a short sale or foreclosure. Because the house had dropped significantly in value and half the lots were vacant from owners doing the same thing, I decided to proceed with the short sale. It wasn’t approved and went into foreclosure. Now the bank is pursuing judgment against me to garnish my wages. Unfortunately, I can’t afford to retain an attorney. Is this a case I can win, even if I represent myself in a civil suit against this realtor? I also have email documentation asking him specifically how both loans would be treated. He responded with "Don’t worry, I have it!" I also have a witness to him telling me this verbally. According to the anti-deficiency laws, the second loan is not forgiven because it’s Non-Purchase Money, is this correct? Also, I’m wondering if I have a strong enough case to pursue this in civil court, representing myself.
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Saturday, 4. September 2010
a Real Estate Broker that my friend works for lent people money against the equity of their homes at 5% per month, now many of those people are losing their homes, how can he collect after the foreclosure, ist even legal what he was doing given that he was a real estate broker?
He’s trying to sell the loans off, will he have any luck and what can he expect?
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Thursday, 19. August 2010
Both loans are with the same bank/company? Can they still get you for the second one, I know they can’t for the first and will/do they even take the time to go to court? The second loan is right at 15,000 I think might be just a little bit more but not by much.
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Wednesday, 18. August 2010
I’m looking into selling my house. A couple of years ago, I took out a home equity loan to cover unexpected expenses. Can I pay off the mortgage loan, but still make payments on the home equity loan for the remainder of it’s term? I don’t think I will be able to sell the house for the combined payoff of both loans.
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Tuesday, 17. August 2010
So i have a house out in So. California. Purchased for 430K…. refinanced twice..becuase I was suckered in and didnt know the real estate game…. now my bill is @ nearly 510K…. my loan bill has been adjusted for 30 years @ 1,700/per month. ….interesting only?
I still have equity in the house, but im afraid of a market fall….What would happen then? Can i re-structure my payments or loans to send more money to the principal without refinancing? please help…
Do I have to send a minimum payment to the principal, after paying my interest only loan? or can i send a "whatever I can" amount?
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Monday, 16. August 2010
Both loans are with the same bank/company? Can they still get you for the second one, I know they can’t for the first and will/do they even take the time to go to court? The second loan is right at 15,000 I think might be just a little bit more but not by much. An we owe 89,000 left on the house after 10 years.
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Monday, 9. August 2010
My wife and I are taking positions in the middle east for a couple of years. We want to know if coming back to the states every 6 months or so and purchasing some foreclosed/short sale/inexpensive properties in the Metro DC area to rent out while gaining equity for a few years is a good idea. Any problems that we may run into? Things we have to do in order to protect ourselves(Corporation, LLC etc)Certain companies to help manage our properties? I know this is alot but I want some good info!
Thanks
We would want to secure several loans with 5 to 10% down on the homes if possible….maybe 2-4 at a time if we could
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Sunday, 8. August 2010
I have been divorced for 2 years. As part of the settlement agreement, my ex received 2 rental houses. Both of our names were and still are on the mortgages. Settlement agreement stated that she must refinance or sell properties within 24 months to remove my name from mortgages. This has not happened and she is saying that she can not qualify to refinance the loans. After expressing dissatifaction with situation many times, she has offered to sign the deeds of 2 rental houses over to me at no cost and will give me 6 months to either sell or refinance out of her name.
Neither house has very much, if any, equity in it. One is vacant and one is currently rented. I think both will rent pretty easily, even in this economy. I do not really want to be a landlord again. One mortgage has a balance of k and the other is k. Since our divorce she has taken a k 2nd mortgage on the k house. This is in her name only.
What should I do? I just want my name off the mortgages!
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