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helping_user
Joined: 31 Mar 2006
Posts: 815
Location: Hawaii
154.76 Dollars($)
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Post subject: RE: investment property foreclosure |
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Welcome Art.
Did you call up the lender regarding any possible alternative to foreclosure? There are a number of options that can help one avoid foreclosure. But you need to pursue the one that suits your situation. The lender will perhaps ask you to contact its loss mitigation department which handles services regarding workout options. But prior to taking a decision, get an idea on the loss mitigation options usually suggested by lenders.
Thanks. |
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Gene
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Post subject: Deed in lieu of foreclosure |
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| 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 (and he also has the same 12 months in which to redeem the property). If he surrenders the house to the bank, does he still have the 12 months available to him? Especially as it pertains to the eviction process. |
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Gayletoo
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Post subject: PMI |
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| I am currently paying a mortgage of $1914.00. $1100 is P&I, $500 is PMI and the remainder is taxes &insurance. The PMI is making this loan difficult to keep paying. I want to see if my lender will work with me to "lower" the PMI portion of this loan so that I don't default. Has anyone heard of this being done? And no I have not reached the 20% required to cancel the PMI. Thanks |
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48763
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Post subject: two morgages |
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| if you have two morages on your property and you want to deed in lieu of forclosure which company gets the property? What does the 2nd company get? And is it possible to deed in lieu of forclosure if you have two? |
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1597
Location: MASSACHUSETTS
148.36 Dollars($)
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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: 1562
Location: florida
266.54 Dollars($)
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Post subject: RE: refinance to lower pmi |
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Hi Gayletoo,
Since you haven't reached the 20% equity, you can't cancel the PMI. So, the lender will probably ask you to refinance in order to offer you a new deal and a nw PMI payment. Know more about refinance from the refinance faqs section .
Good luck
_________________
Mortgage Shopping made easy with booklet |
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DAE
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Post subject: In trouble with Condo |
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| I am currently 4 months behind with my mortg payments held by countrywide. I am not sure what my best options are since I will not be able to get current and thus far have not been able to sell the unit. I am looking for more advice on this situation as there are more details that might complicate the issue...THANKS IN ADVANCE!!! Derrick 646-372-6046 |
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larry
Joined: 27 Jun 2007
Posts: 3328
474.44 Dollars($)
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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
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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: 3317
Location: Hawaii
492.11 Dollars($)
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Post subject: |
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Hello Stefi.
Welcome to the forums.
Did your husband given the papers to you or he has signed the papers to your name? If he has signed the papers to you then you should be the owner of the property. If not then you should contact to an attorney as this things may get ugly. |
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LJ
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Post subject: Loss Mitigation |
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Do you reccomend people who are behind on their mortgage to work with a Loss Mitigation company? They negotiate with the mortgage lender on a program that is more affordable for the homeowner. Any thoughts?
Foreclosurelight Loss Mitigation LLC |
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Niicss
Joined: 03 Oct 2005
Posts: 2579
Location: New Jersey
402.93 Dollars($)
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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 $4K. They got me all scared thinking that I can't talk to my lender and get the same results myself especially the no deficiency judgment. Are they just full of crap?...If I get a deed of lieu do I automatically get a no deficiency judgement? Is it worth the peace of mind and pay this firm this kind of money to take care of this? |
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Jessica
Community Mentor
Joined: 08 Jun 2004
Posts: 813
Location: OHIO
194.39 Dollars($)
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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
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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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