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vetty
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Post subject: Losing my house |
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| in california how many months can i go without paying mortgage before i can lose my house? |
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smithsussane
Joined: 18 Sep 2008
Posts: 3627
Location: Alaska
541.91 Dollars($)
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Post subject: |
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Hi vetty!
Welcome to Forums!
It depends upon the lender as to how he will deal with the case. Generally after 6 months the lenders try foreclosing the property.
Sussane |
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John Weyhgandt
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Post subject: Mortgage Debt Forgivness Tax Relief Act |
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| It states in the article that this act is not in effect in California. Does this mean that only CA State income taxes are liable? Or does this mean that federal taxes are different in each state? Any word on whether this act will be passed in CA? |
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In Need of Help
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Post subject: Deed in Lieu? |
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| If I am behind on my mortgage by 2 months. I tried working out a repayment plan with mortg. company but it made things worse. I am not making enough to pay all my debts. I have a diesel truck I can't sell which I owe 15K on still and don't need. I have another loan through our credit union as well for about 14K and I have less than 15% equity left in my home. What are my options. I don't need to stay in the home and would really like to get out without destroying our already lagging credit score. |
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away too long
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Post subject: deed in lieu? |
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Quick scenario:
My military family buys a house in FL on a 3 yr. interest only ARM in 2005. I get orders to transfer to TN by Jan. 2008 in mid-2007. House goes up for sale by Aug. 07. I transfered alone in Jan., family stays with the house to try to sell. The loan adjusted by $363 in March, but we've been able to handle it. We pull the house off the market in April in an effort to refinance and discover we're $25k upside down. Meanwhile, one of our children is assessed with learning delays corresponding with autism, creating greater hardship on the family that stayed behind. All efforts to attempt loss mitigation or refinance with the lender were junk; by late summer we realize no other lender will touch us. Home sales in our neighborhood run maybe one every 3 months or so, with several foreclosed properties sitting. I've since received new transfer orders to DC, and our family can no longer survive the separation.
We have a house that wouldn't/can't/won't sell(although we're preparing to place it back on the market now that all of our refinancing options are bust). The family can no longer be separated. The move to DC and subsequent loss of spousal income, even while living in military housing, will make our ever-adjusting mortgage payment gobble up nearly 50% of our income. We have great credit & a perfect payment history with everyone and everything.
Does DIL sound right for us? Does anyone have HSBC experience who can let us know what to expect from them? |
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smithsussane
Joined: 18 Sep 2008
Posts: 3627
Location: Alaska
541.91 Dollars($)
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Post subject: |
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Hi away too long!
Welcome to Forums!
It will be better if you can go in for DIL. Though your credit score will be affected but it is always considered as a better option than a foreclosure.
As far as HSBC is concerned, I haven't heard anything negative about them. They have a global presence and I hope you will have an excellent experience with them.
Feel free to ask if you have further queries.
Sussane |
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Charlie7
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Post subject: Deed in Lieu/Deceased Spouse |
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My husband passed away 2 years ago. The house was placed on the market soon after that, and still has not sold. Recently, during a cleanup process, I was injured, having to have surgery and lost my job.
When I called the bank to advise them of this, wanting to make sure my credit stays good, they told me I was not on the loan. A Deed in Lieu was mentioned and I am considering this. What does this mean as far as my credit, since his name only was on the loan? |
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danoc
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Post subject: Moving |
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| We have our mortgage in a Credit Union we are having to move out of state to care for family. My husband does not have a job lined up yet so we are going strickly under God's provisions. We do not want to just bail on our property, but our house is on the market with no equity and it's the highest valued property within our market specs. Will deed-in-lieu work in our case? |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 1754
Location: MICHIGAN
260.24 Dollars($)
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Post subject: |
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Hi Danoc!
If the property is highly valued in the market, then I think a deed in lieu will be accepted by the lender. You can apply for a DIL foreclosure with the lender and speak to him.
Thanks,
Jerry |
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kevin b
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Post subject: deed in lieu of forclosure |
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| I own a rental home in Florida where I can not keep up the payments or for that matter, keep a good tenant. About 3 1/2 yrs ago I refinanced and pulled out almost $100,000. I have an interest only loan and my balance is $225,000. If a BPO is done, I'm sure it will come back easily what I owe. My question is, by pulling the $100,000 out, can that effect doing a deed in lieu? |
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lendersservices
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Post subject: deed in lieu with mechanics lien on title |
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| I am processing a deed in lieu for a private lender and the title report now reflects a mechanics lien on the property recorded after the lenders original deed. Does the lender inherit that lien like they would a second mortgage? |
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jameshogg
Joined: 20 Dec 2005
Posts: 4189
Location: nevada
492.91 Dollars($)
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Hi lendersservices!
The lender should accept the mechanics lien because you are giving away the property to the lender. But whether he will inherit the lien or not is the lender's discretion. If the lender accepts the lien, you should try to get a written acceptance from him.
Thanks. |
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Jessicasj77
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Post subject: Question about DIL |
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I have a property thats been on the market since July and I have not even 1 bite on it. I owe 77,000 on it and it was appraised at 94,000. I have a prepayment penalty of 5% plus a realty fee of 6% if I sell it. So I would have to sell it for a minumim of 90,000 to walk away clean. I am considering a DIL since it doesnt seem to be worth it to keep paying a mortgage on it when Im not going to make anything. And we've already bought a new house, under my husbands name.
Do you think this is wise? |
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jameshogg
Joined: 20 Dec 2005
Posts: 4189
Location: nevada
492.91 Dollars($)
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Post subject: |
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Hi Jessicasj!
Yes, you can go in for a deed in lieu foreclosure. However, you should remember that there will be a deficient amount from the sale of the property. There are chances that the lender may claim it from you. If he claims, then you will have to pay it or the lender may place liens on your other property. If he forgives the claim, you will have to pay taxes as the tax department will consider this as an income.
Thanks. |
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Sue
Guest
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Post subject: hurricane damage beyond repair |
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| my 6 month old house was damaged during a hurricane. The chimney fell off (not flew off) fell off, resulting in major water and wind damage to the interior. The insurance company is saying that the building did not meet the requirements for our area. however, it passed all required inspectioned and had all required certifications. I have gone back to the builder who says they hired an inspector that passed it therefore it is not their issue. The inspector said the fireplace was added after the inpsection and it is not their issue. the stat of texas has been involved but in the mean time we need somewhere to live and cant afford 2 house notes. what can we do? |
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