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Gayletoo
Guest
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Post subject: PMI |
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| I am currently paying a mortgage of $1914.00. $1100 is P&I, $500 is PMI and the remainder is taxes &insurance. The PMI is making this loan difficult to keep paying. I want to see if my lender will work with me to "lower" the PMI portion of this loan so that I don't default. Has anyone heard of this being done? And no I have not reached the 20% required to cancel the PMI. Thanks |
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48763
Guest
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Post subject: two morgages |
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| if you have two morages on your property and you want to deed in lieu of forclosure which company gets the property? What does the 2nd company get? And is it possible to deed in lieu of forclosure if you have two? |
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1609
Location: MASSACHUSETTS
150.97 Dollars($)
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Post subject: reply to gene |
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Hi gene,
Redemption period in Michigan is 12 months when a property is foreclosed. But when the homeowner himself surrenders property, which is otherwise known as deed-in-lieu, then there's no redemption period as such and he cannot redeem the property.
| Quote: | | In Michigan, my understanding is that a borrower has up to 12 months before he can be evicted from a home that has gone to foreclosure |
It's not that a person can be evicted from home within 12 months after foreclosure is declared. He will be evicted within a few days of the foreclosure sale auction wherein property is sold off to a buyer. Redemption implies that the person has 12 months in Michigan in order to purchase the property back from the buyer.
Hope this helps...
God bless you.
Samantha
_________________
Know how to compare lenders with mortgage booklet |
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1519
Location: florida
281.04 Dollars($)
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Post subject: RE: refinance to lower pmi |
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Hi Gayletoo,
Since you haven't reached the 20% equity, you can't cancel the PMI. So, the lender will probably ask you to refinance in order to offer you a new deal and a nw PMI payment. Know more about refinance from the refinance faqs section .
Good luck
_________________
Mortgage Shopping made easy with booklet |
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DAE
Guest
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Post subject: In trouble with Condo |
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| I am currently 4 months behind with my mortg payments held by countrywide. I am not sure what my best options are since I will not be able to get current and thus far have not been able to sell the unit. I am looking for more advice on this situation as there are more details that might complicate the issue...THANKS IN ADVANCE!!! Derrick 646-372-6046 |
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larry
Joined: 27 Jun 2007
Posts: 3322
474.67 Dollars($)
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Post subject: |
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Hi DAE.
Welcome to the forum. You should contact the lender ASAP and let him know the situation that you are presently facing. You can request the lender for loan modification or forbearance. BTW if you cannot afford any of these options then you can sell out the property and pay off the lender. There are also other options too to avoid foreclosure. Please take a look at the article 17 ways to protect yourself from the foreclosure trap
Feel free to ask if you have any further questions.
Best of luck,
Larry |
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Stefi
Guest
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Post subject: Deathbed gift of mortgage note |
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My ex husband gave me private mortgage that was originally intended never to be paid back. He did not give it outright to me to avoid paying gift taxes. We were in the process of finding a best solution for this in case that one of us passed away. We wanted to make sure that the other person will get it. Unfortunately he passed away unexpectedly of food poisoning and his last day in the hospital he gave me a mortgage note and all the papers. Do I have any right to this property?
Thank you very much. |
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jenkin7
Joined: 04 Jun 2007
Posts: 4537
Location: Hawaii
728.43 Dollars($)
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Post subject: |
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Hello Stefi.
Welcome to the forums.
Did your husband given the papers to you or he has signed the papers to your name? If he has signed the papers to you then you should be the owner of the property. If not then you should contact to an attorney as this things may get ugly. |
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LJ
Guest
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Post subject: Loss Mitigation |
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Do you reccomend people who are behind on their mortgage to work with a Loss Mitigation company? They negotiate with the mortgage lender on a program that is more affordable for the homeowner. Any thoughts?
Foreclosurelight Loss Mitigation LLC |
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Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
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Post subject: |
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Welcome Guest.
Whenever you are facing problem contact the Loss Mitigation department of the mortgage company so that you can inform the Loss Mitigation department your problem and work out some agreement to avoid foreclosure. By the way, what do you want to means by "Foreclosurelight Loss Mitigation LLC"?
_________________
Good is the Enemy of Great. |
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robertoacenturion
Joined: 26 Aug 2008
Posts: 1
1.70 Dollars($)
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Post subject: doind a deed in lieu myself vs hiring a firm |
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| I am not sure what to do. I live in florida and just got served a claim (or complaint from the lender) I have a week left to file a response to my county court. I think given my current situation a deed of lieu is my only option. Reserching the internet I have been in contact with a firm called The Debt Advocacy Center. They sell you the use of negotiating agressively claiming lenders used predatory tactics to negotiate a favorable outcome. In this case a Deed in Lieu with no deficiency Judgement. There might even be a small chance that they can erase all negative credit reports even though they say this is the best case scenarion and that I should not be expecting it. They haven't discused there fees yet, but in researching with the BBB found out as an example that for a loan anount of $100K thre fee is $2K - my loan amount in two mortgages (80/20) is $200K so I am assuming it would cost me $4K. They got me all scared thinking that I can't talk to my lender and get the same results myself especially the no deficiency judgment. Are they just full of crap?...If I get a deed of lieu do I automatically get a no deficiency judgement? Is it worth the peace of mind and pay this firm this kind of money to take care of this? |
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Jessica
Community Mentor
Joined: 08 Jun 2004
Posts: 808
Location: OHIO
435.63 Dollars($)
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Post subject: RE: deed in lieu with no deficiency |
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Hi robertoacenturion,
Welcome to our forums.
What I've understood from your post is that, the company, Debt Advocacy Center is offering to negotiate with your lender on your behalf so that you don't have to pay deficiency if you go for a deed-in-lieu. But the fact remains that you needn't pay any deficiency if it's a deed in lieu. This is in accordance with the laws in most states. So, I personally feel you need not sign a deal with this company. Rather, try and negotiate yourself if at all your lender demands a deed-in-lieu.
Wish you good luck
_________________
http://jessica.mortgagefit.com/ |
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Roberto
Guest
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Post subject: DIL |
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| Thank you for responding. Is Florida one of the states that you don't have to pay the deficiency if you get a Deed in Lieu? |
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Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
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Post subject: |
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Welcome back Roberto.
Florida is a deficiency judgment state. But if the mortgage conpany accepts the deed in lieu of foreclosure then they will not seek the deficiency judgment.
_________________
Good is the Enemy of Great. |
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cliff3
Community Expert
Joined: 05 May 2008
Posts: 328
Location: Houston
75.44 Dollars($)
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Post subject: |
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Hi Roberto,
I can only assume that you perhaps have already spoken to your lender to find out the workout options that you may qualify for, besides Deed In Lieu, to keep your home.
Keep in mind there are certain eligibility requirements that you must meet, before your lender will even entertain the option to accept a Deed in Lieu from you:
•Are you imminently facing foreclosure? Are you at least 31 days delinquent?
•Have you exhausted all means to avoid foreclosure?
•You, the borrower, must voluntarily submit a written offer of the Deed in Lieu and it must specifically state that the offer to enter these negotiations is being made voluntarily. You must list all the conditions for which the DIL will be accepted. Including the agreed upon transfer date of the property. On that date, the property must be vacant and clear of all your personal property.
•Usually the lender requires that you have listed your home with a Realtor for at least 30 days. They need to see that you have attempted to sell the property, but that you have been unable to sell the property. They prefer for there to be no other liens against the property at all.
•The property should still be occupied, unless you provide documentation that can verify your need to vacate the property, i.e. loss of income, increased living expenses.
•The property is not a rental investment, nor used as a rental for more than 12 months.
In addition: Some lenders will report a deed in lieu of foreclosure as a foreclosure to the credit bureaus. Be aware of this, since the point of this transaction is to avoid this designation on your credit report.
If you submit a written offer to the lender, be sure it states your wish to voluntarily enter a deed in lieu of foreclosure transaction. And be sure it mentions that the Deed in Lieu is in exchange for cancellation of your mortgage debt.
I hope that we all have been helpful for you. Let us know if you still have other questions and concerns.
Good luck.
_________________
Cliff Pape
Market Analyst
www.home-buddies.com |
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