Compare Mortgage Quotes

jbarto65 · Joined: 04 Nov 2007 Posts: 622 -0.15 Dollars($)

That stinks that it is treated like a bankruptcy, you would think that they would look at it differently.

Guest

As I said I am not behing of the payment. Should I stop to make any payment so the short sale will be taking into consideration? The length of the process is from 30 to 90 days.
I am aware now that in order to do a short sale there should be an offer, what happen if there is no offer, what would the bank do? Do you think the will give me a hard time for a short sale?
If the offer is too low that the value market of the house, will the bank accept it?
Thank you

Niicss · Posted: Sat Jul 12, 2008 3:39 am Post subject:

Welcome Titine.

You should not stop payments. At least I cannot advise you to stop payments. If you cannot afford the monthly payments then inform your Mortgage Company and then sell out you property and pay off them. Is it a recourse loan or non recourse loan loan? Check it in your loan documents.

jbarto65 · Joined: 04 Nov 2007 Posts: 622 -0.15 Dollars($)

stopping payments will really hurt your credit score, this will affect any future loans that you will want to take out. You should consider what Niiccs has suggested, selling the property and paying off the lender.

Guest

Thank you for your reply, but you did not answer all my questions. The issue is that it is not easy to sell the house. If I am going to sell my house it will be less (very low) than the debt I have 60K minimum. That's why I would like to go to a short sale not only I could not afford anymore for any payment but I will loose a lot of money. Please advise and reply to the others questions. Thank you for your time

jameshogg · Posted: Sun Jul 13, 2008 10:52 pm Post subject: RE: short sale not easy

Hi Titine,

Welcome back.

I understand your point of view here. I think you have a mortgage on the house and if you do a short sale, certainly you're losing out good money, as you said some $60,000. What I suggest is, since the house is too big for you and your kids, why not use it to generate some income for you. It could also help you in the mortgage payments as well. Why not offer a part f it for rent and use the rental income for you loan payment. Does that sound ok to you?

Regarding the short sale, I hope you're aware of the deficiency payments, which your lender may ask for if you don't stay in an anti-deficiency state. Moreover, the anti-deficiency laws are applicable only in case of purchase mortgages. So, did you take out the mortgage to purchase the home or is the current loan a refinance loan?

Thanks

Guest

Thank you James,
I wish I could sell the house, pay off the Bank, and rent it with someone (the area where I am is not easy to rent for those spanish people there is no transportation). Those suggestions look not possible to me otherwise I have done it long time ago.
There are some big word that i don't understand but let me explain to you all my problems. I did refinance to Indymac Bank.
I have 420K as mortgage, and right now the value of the house is 340K. (maybe this is the deficiency you are talking about) if yes how the process will be with the bank.
I am divorced and could not afford to pay anymore the monthly payment for the mortgage which all my salary goes to it. That's why I am planning to do a short sale. Hence, if I understand clearly a short sale requires a buyer right? What happend if I don't have a buyer? or anybody will buy my house? It will go to forcloresure correct?
Regarding the foreclosure
I think it will go to the court and if it's going to the court do I have to pay :
something to the Indymac bank?
something to the court?
Will the bank will be behind me all the time?
Grateful if you could help me, your advises are very vital to me.
Thank you all

Niicss · Posted: Tue Jul 15, 2008 2:46 am Post subject:

Welcome back Titine.

You are right. You should try short sale first. But if you cannot do a short sale or cannot find a buyer then you should ask the bank to accept the deed in lieu of foreclosure. It has the credit effect similar like foreclosure but the bank will not come after you for the deficiency judgment. To know how can you avoid Foreclosure with a Deed-in-lieu at http://www.mortgagefit.com/deed-lieu.html

By the way if you face foreclosure then the lender can come after you for the deficiency judgment and you are liable to pay the legal fees. You can even file bankruptcy to avoid foreclosure. But certainly it should be your last option.

Hope it helps. Let me know if you have any further queries.

Guest

Thank you Niicss, much appreciated.
As you are aware, Indymac is under investigation and I was told that the bank won't do any forclosure on mortgages but will try to work with borrowers. This is insane I could not afford to pay anymore. Started this month I did not pay. I tried to call them but no one answer at the Lost mitigation Department. What should I do? Should I just let it go as it is? Please help. I wanted to do the deed in lieu because I could not find any buyers. What should I do please help.
Thank you

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi Titine.

Welcome back.

You should keep trying and calling them. There are so many clients for them who are in same situation or may be in worse condition. So keep calling the loss mitigation department or mail them and let them know that you are willing to go for deed in lieu of foreclosure.

Feel free to ask if you have any further questions.

Best of luck.
Larry

Guest

Thank you very much Larry for your advices. You all are the best

Guest

You can qualify for a new loan after 3 years of a foreclosure and 2 years after a bankruptcy for a FHA loan.

Guest

Hello, my husband has gotten laid off the end of sept. Ive been able to make the mprtgae payment until this last month. I just cant do it. with all the other debt we are just falling more behind. We owe 52,000 more than the house is worth. In oreder to get a payment that we can afford they would need to drop over 50,000 $ off the mortgage and drop intrest rate by aleast 2.5% what do I do? I have found a place to live that the rent is half of mortgage payment.

Guest

what about a deed in lieu of foreclser? would this be a good option for me?

jerry · Posted: Mon Nov 10, 2008 2:45 am Post subject:

Hi Kaylee,

Yes, a deed-in-lieu foreclosure will be a good option. The lender will take away the property and sell it off in the market to recover the debts. In case, if there is a deficient amount, the lender will forgive it in most cases. However, you will have to remember that, a deed-in-lieu foreclosure will affect your credit by around 200 points. Moreover, you will have to apply for a deed-in-lieu to the lender. It is his discretion whether he will accept it or not.

Thanks,

Jerry

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

All times are GMT - 7 Hours
Previous 1, 2, 3, 4 Next
Page 2 of 4

Property State:
Property Type:
Credit Rating:

Compare Mortgage Quotes

What are the credit effects if I go for deed in lieu?