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Hi Jessica, I have few doubts and since I have read very interesting arti

Hi Jessica, I have few doubts and since I have read very interesting articles written by you I guess you might have the answer. I've been in my home for 10 years. On 2007 the original value of the property went from 80,000 to 160,000 (USD) so I requested a loan for about 110,000 from the equity to start my own business. The business didn't work and I ended up broke and with debts everywhere. I had a very good credit before, after this it went down of course. I have a lot of debts and i've been thinking about to file for bankrupcy, it is a difficult decision for me. The point is that I requested a modification for both loans (the original and the equity one) the first was approved but the second appears as a charge off (probably because the property value now is less than the first loan around $50,000). A collection company has been trying to get in contact with me to collect the 110,000 giving me options to pay. My first question is: Do they still have the power to take my home (by the way both loans were from chase bank). and second Do I qualify for the Mortgage relief Act of 2007? Thanks for your help.

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Asked on 1:31 pm Nov 22nd 2011
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Welcome Guest,

The first mortgage lender as well as the collection agency can try to foreclose the property in order to recover the debt. However, if the collection agency does so, it may have to pay off the debts of the first mortgage lender before claiming it's own debts. So, in most cases, the collection agency does not foreclose the property. Rather, they can place a lien on your property after getting a judgment. In case of a deed in lieu of foreclosure, you will be able to qualify for Mortgage Debt Relief Act.


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Answered on 10:01 pm Nov 22nd 2011
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adonis
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Before you choose default, foreclosure, or bankruptcy...

Go online and review the following websites and choose the one that can best help you with your problem. Make sure that you are on their website and not someone else's:
FHA . gov
HUD
Fannie Mae
Freddie Mac

Good luck with your home.


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Answered on 2:51 pm Dec 8th 2011
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We own a large business money lending firm and we are on an xmas loan special offer, please do contact me if you do need any form of loan from our firm. we can service your financial need with less payback problem that is why we fund you for just 3%. Need business or a personal loan Fill the Short application below. Contact us today for that loan you need with this email address:  sunlifefinacialtrustcompanys@yahoo.com

we offer loan to individuals who are desperately in need of loan of all kind.We render a legitimate service to who ever that is really interested in applying for a quick loan.If you are interested kindly fill the loan application form below: Dear readers you should note that this offer is for serious minded individual,firms and companies.Do not let this opportunity pass you by.Get your loan to solve your financial problems.

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Dr. Hooper A. Huffman .
Email: (sunlifefinacialtrustcompanys@yahoo.com)


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Answered on 1:40 am Dec 29th 2011
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