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foreclosure

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shirley Guest	Posted: Fri Mar 25, 2011 6:06 pm    Post subject: foreclosure Like 0 Dislike 0 i have two homes and one i cant sell, if i foreclose on the one , it has a primary and a second mortgage, the lender will not reduce the rates and no short sale, can they place a lien against the home i live in. also if the home goes into foreclosure is it covered by insurance from the lender and what happens with the taxes , a. lso how long before the lender takes possession, the two homes are in the same subdivision and have a yearly subdivision fee what happens with that . also since i have a junior in highschool can she apply for student loans for college in her name only or do they have to have my name on them . since the home i live in has a mortgage that is due in five years will i be able to apply for a new loan at that time ? at a higher interest rate? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
dipaligopale Joined: 25 May 2010 Posts: 790 22.70 Dollars($)	Posted: Fri Mar 25, 2011 7:50 pm    Post subject: Like 0 Dislike 0 Hi Shirley, Welcome to Mortgage fit, Your lender can place a lien on your existing home where you stay,if he/she fails to recover the due amount from the sale of the foreclosed property.In my opinion you should ask your lender to go for Deed in lieu of Foreclossure....That could be one of the solution for ths problem. As far as student loan is concerned there won't be any problem,and your existing mortgage will not affect on the possibility to get the student loan. _________________ 1.The best of intentions must still have directions !--Unknown author 2.When I hear somebody sigh, "Life is hard," I am always tempted to ask, "Compared to what?" - Sydney J. Harris
smithsussane Joined: 18 Sep 2008 Posts: 10423 Location: Alaska 983.47 Dollars($)	Posted: Fri Mar 25, 2011 11:11 pm    Post subject: Like 0 Dislike 0 Hi shirley! Welcome to forums! In order to recover their debts, the lender can place a lien on the property you live in. The deficient balance resulting from the property sale will be recovered from the insurance. Unless the deficient balance is forgiven, you won't be liable for any taxes. Your partner can apply for a student loan on her own for her college. I don't think there will be any issues in it. Feel free to ask if you've further queries. Sussane

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