| Author |
Message |
hoopde
Guest
|
Post subject: help |
|
|
i had a short sale with a home equity line of credit attached. I had the helic charged off and had to sign a note that i would pay that heloc off. THey are now comming after me for it calling me . I dont have the money for it. I hang up on them . what could be the consequences . Also on the short sale I tried to have the deficiency dismissed before I signed off on it but they left it open and said that is how they do things. I was told by the bank that I will see if I have a 1099 or not . I was told by other sites that they can come after you for this . I want it resolved and do not have ot look over my shoulder for the next years. I am told they can keep comming after you for the next 5 years. How can I resolve this. I am afraid to call the bank now that the Short sale is over but I don't know what to do or how it will affect me if I want to buy another house in the future. Is there also a statue of limitations.I would rather get this resolved instead of having to look over my shoulder for the next 5 years.
hoopde
_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant |
|
|
sara
Moderator
Joined: 05 Jul 2006
Posts: 2650
Location: New Brunswick, New Jersey
489.32 Dollars($)
|
|
Post subject: |
|
|
Hi Tom,
It is true that if you sell off your property with the help of a deed in lieu of foreclosure, then you won't be liable for the deficient balance resulting from the sale of the property. However, it'll have a negative affect on your credit score. The score will get reduced by 250 points.
Hi hoopde,
After a short sale, the lender has the rights to come after you for the deficient balance. Moreover, the HELOC has been charged off. Thus, the collection agency has the rights to ask you for the balance dues. Rather than hanging up on them, you should try and settle the dues with them. This will be a better option to deal with them. If you hang up on them, then the collection agency may sue you for the debt at the court house.
Take care.
_________________
Find me at FB: http://www.facebook.com/people/Sara-Jones/100002976822020 |
|
|
Tombo72
Guest
|
|
Post subject: Deed in lieu |
|
|
| I'm wanting to present a deed in lieu to Citimortgage. Has anyone had luck with this company? Please let me know what avenues to take with them. Thanks, Tom |
|
|
jerry
Moderator
Joined: 17 Oct 2005
Posts: 2619
Location: MICHIGAN
415.87 Dollars($)
|
|
Post subject: |
|
|
Hi Tombo,
Individual situations differ and depending upon individual situations, the lender will let the borrower know whether or not the request for deed in lieu of foreclosure will be accepted.
I would suggest you to contact your lender and apply for a deed in lieu of foreclosure. If you are already 2-3 months delinquent on your mortgage payments, then it would be easier for you to get the deed in lieu of foreclosure.
Thanks,
Jerry |
|
|
sandy louie
Guest
|
|
Post subject: quit claim |
|
|
| My now x boyfriend and I have lived together in my current residence since 2004 we bought together. in 2006 he refinanaced to his name only for the note but title still in my name also he started a realationship with someone else and left the house on 3/28/10. He decided he was not going to pay for the house anymore and I am still here trying to find a home. I found a home but need to do a quit claim deed so the property is all for him do I need his signigture to release me also he may be at the point of pre forclosure and I was told my undrewriter may not let me have a loan if it is in forclosure I was never told that, because even though he did not want to live here he wanted to have me evicted so I did not do a quit claim earlier. Is there any hope. |
|
|
jameshogg
Joined: 20 Dec 2005
Posts: 10164
Location: Nevada
944.24 Dollars($)
|
|
Post subject: |
|
|
Hi sandy,
If your name is on the property deed, then you need to sign a quit claim deed and transfer it to him. As far as the mortgage is concerned, if your name is mentioned on it, then your ex-boyfriend needs to refinance the loan. Thus, you won't be liable for the property or the mortgage.
Thanks |
|
|
jien
Guest
|
|
Post subject: short sale |
|
|
| I f I short sale my home how many points will drop off my credit score? |
|
|
Putt
Guest
|
|
Post subject: tax ramifications for deed in lieu in the state of Florida |
|
|
| wWhat would I have to pay if my home in FL which has not sold now for 3 1/2 years settles with a deed in lieu? I am presently living in a home we bought in NC 3 years ago. |
|
|
adonis
Joined: 22 Oct 2005
Posts: 10267
Location: ALASKA
1046.07 Dollars($)
|
|
Post subject: |
|
|
Hi Jien,
A short sale will reduce your credit score by 75-100 points. To know more in this regard, check out the given page:
http://www.mortgagefit.com/discuss/shortsale-crediteffect.html
Hi Putt,
If the lender sells off your property through a deed in lieu of foreclosure, you won't be liable for paying the deficient balance to the lender. Though the forgiven balance dues will be considered as your income, you won't have to pay taxes depending upon the Mortgage Debt Relief Act.
_________________
Procrastination is the enemy of your financial success |
|
|
lawgal138
Guest
|
|
Post subject: Foreclosure or Deed In lieu |
|
|
| My husband and I are both in our late 60s. He is retired and draws social security. I have a full-time job and also draw social security. We currently own a home with a mortgaqe and a line of credit. Due to my health it looks as if I may have to totally quit my job which would be a very large decrease in income. My husband is also unable to continue to maintain the house and the yard because of his heart problems We are moving out of the house and have gotten an apartment. We are upside down in this house as we bought it during the boom and it was appraised for much more than it is worth. We are thinking about renting the house but don't believe we could get enough rental income to make the payments and keep it up. We are also thinking about just letting it go into foreclosure and giving it back to the bank. How would that work with the line of credit. My credit rating is not much important at this time. Our payments are current on both the mortgage and line of credit. |
|
|
Maureen
Guest
|
|
Post subject: |
|
|
| My husband has a home from his previous marriage that we have been trying to sell for almost 2 years with no luck. We purchased a new home so we could be closer to our jobs, after the purchase I actually had to switch jobs and my new salary is $ 20,000.00 less. We cannot afford both homes and the house is just not going to sell.. would we benefit from the deed in lieu? i dont really see any other options at this point.. |
|
|
Nikki
Guest
|
|
Post subject: Foreclosure due to unpaid taxes |
|
|
| Foreclose proceedings on my house , which is paid for, has begun due to unpaid property taxes. Can I transfer the deed on my property to someone else who is able to pay these taxes in full and relinquish my ownership to them? |
|
|
jameshogg
Joined: 20 Dec 2005
Posts: 10164
Location: Nevada
944.24 Dollars($)
|
|
Post subject: |
|
|
Hi lawgal,
As you want to get rid of the property and you are not so concerned about your credit score, a deed in lieu of foreclosure is a good option for you. You can surrender the property to the lender and he will sell it off to recover the mortgage dues.
Hi Maureen,
If you're not concerned about your credit score, then a deed in lieu of foreclosure is a good option for you. You should remember that a deed in lieu of foreclosure will reduce your score by 250 points.
Hi Nikki,
Transfer of property in this situation can be considered as fraudulent. If someone else can pay off the taxes on your behalf, then they should first pay off the taxes and then you can relinquish the ownership to them.
Thanks |
|
|
tracy
Guest
|
|
Post subject: dead lieu of forecloser |
|
|
| I am think of this and I was told that I would receive 3000.00 from the mortgage company is that true. |
|
|
anonymousfl
Guest
|
|
Post subject: second note |
|
|
| We have tried to short sale our house for over a year now--we have had three different offers but lose them because we have a small (20,000) second mortgage that will not agree to the sale. Is it better to foreclose or apply for deed in lieu at this point? Thanks so much. |
|
|
Previous 1, 2, 3, ... 50, 51, 52, ... 70, 71, 72 Next 
