Tuesday, 24. May 2011
I am in a similar situation as the first scenario asked about letting the second mortgage go into charge off status. I was told by the second lien holder that since I have no equity and they are in second position it made no sense for them to try and foreclose, rather just charge off the amount.
My questions is what are the ramifications of a real estate charge off when I try to sell my house? Like Jennifer, I have requested a loan modification, however unless I come up with two payments by the first it will be charged off.
Unfortunalty, I have been unemployeed for the last 10 months and just started a new job this week. Coming up with two payments at this time is near impossible.
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Thursday, 31. March 2011
Hey all!
I need a little advice about how to reduce stress and feel less overwhelmed. I’ve basically been running beyond capacity for several years now and its really starting to get to me. Basic background info:
I work full time as a loan collections officer. It often times can tug at your emotions since a big part of my job involves foreclosures and repossessions. Its quite demanding and you basically have to deal with people all day who hate your guts.
I also go to law school and this takes a considerable amount of time (as you can imagine).
I also have a wife at home and being a strong husband is a high priority of mine.
To top it off, we’ve been trying to find a house to purchase since we’re both approaching our late twenties. I thought it may be wise to attempt to build equity and invest – especially since real estate is a buyer’s market with very attractive interest rates. We’ve been looking for two months and finally made a bid on a house but we were outbidded. As such, we’re now back to the "drawing board."
Anyway, I’m not asking for a pity party – but I could really use some suggestions about how to reduce my stress and sense of being overwhelmed. Any ideas?
Thank you for your time!
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Monday, 13. September 2010
What can I do to avoid forclosure process from starting when I dont have anything to pay on a small equity loan? I paid cash 169000 for my home I got a equity loan on the house in amount of 55000 in 07 after I tried starting a buissness that failed and I shouldnt of never got aproved for the loan to begin with my credit score is and always has been bad and my only income is ssi disability i was coned 550.00 mo payments and my only income is 637.00 a mo I’m currently owing 3300 in equity payments they’ll except 2000 give me time catch up but I’m unsure where I can get 2000 my score is bad so no loans. I was nieve and now scared can the bail out help me and when? and can I avoid forclosure from starting somehow soon?I even thought I may try to sell and in dec 05 i paid 169000 essesors office currently my home is worth 161000 but real estate comp wants me list for 100000 or less thats crazy any ideas please help i need keep this house untill value goes up some then try relist or sell by owner i also put close to 5000 in work and added a 6000 pool to 3 bedroom 1&1/2 bath full basement almost 3 acre property please help me with ideas how get more time.
Thursday, 9. September 2010
I pay-for-click with yahoo, as if that is not enough, yahoo is using my domain search to advertise its websites, and aloud others to do so as well.
Proof of keyword search, "aapexmrtg" and result is listed bellow.
Yahoo! Answers – what is a REVERSE MORTGAGE and how does it work?
… Aapex Mortgage – No money down… www.aapexmrtg.com …answers.yahoo.com/question/?qid=1006060124154 – 32k – Cached – More from this site – Save
Find Today’s Rates on Mortgages, Refinance Loans, Home Equity Loans, and Mortgage Calculators on Yahoo! Real Estate
… No money down and 100% financing for first and second homes. www.aapexmrtg.com. Mortgage Loans Information Center …realestate.yahoo.com/loans/?sc=va&full=Virginia – 28k – Cached – More from this site – Save
Yahoo! Answers – is rajarhat in calcutta a good place to invest in property ?
… Aapex Mortgage – No money down… www.aapexmrtg.com …answers.yahoo.com/question/?qid=1006050601108 – 28k – Cached – More from this site -
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Monday, 30. August 2010
Real estate in my area is in a slump and I am trying to sell to relocate. I am on my third realtor and still nothing. I am thinking about offering to sell the house for 10K(my equity) and allow the buyer to take over payments(56K) but my loan was an FHA loan(Countrywide is the lender) Can I do this?
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Monday, 23. August 2010
I purchased my first home a few months ago and will be moving to another state due to a better job offer. I know that trying to sell my home may not be in my best interest since I just got it, however, if I do – there is no pre-payment penalty on my loan.
My question is: Am I better off selling my house (have about k in equity) or renting it out and trying to buy a second home in the new state? Would I be able to buy a second home with having this first one? I have been told that I should be able to as long as I can prove the first one is rented out. Is this correct?
I go back and forth with selling because if the job offer doesnt work out, then I would always have a place to come back to if needed. If this would help in providing your answer – I currently live in Texas and will be moving to Colorado.
I would prefer answers from people who have mortgage/lending/real estate experience.
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Tuesday, 17. August 2010
When my husband and I sold our home, we took back a 5-year second mortgage for the buyer. Now that we’ve found a home we want to buy, we don’t have enough cash for a down payment, but would like to use the second mortgage as the down payment, and sign it over as a deed of trust with assignment of rents … or something like that. What we’d like to know is whether or not that can be done? Or, if that can’t be done, what kind of transaction can occur that would allow us to us to use that second mortgage as the down payment? I’d appreciate a response from a knowledgeable real estate person, mortgage lender, or other financial/contracts professional. Thank you. jdbnosik
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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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