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banker0679
Community Experts
Joined: 15 Nov 2007
Posts: 332
Location: Charlotte, North Carolina
1.41 Dollars($)
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serenity
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Post subject: Suggestions? |
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| My fiancee has a mortgage on a condo that is more than what it is worth. We are able to make the monthly payments, but due to the devaluation of the property and the insane HOA fee ($266 a month and now they want to levy a special assessment of $6,000 for each unit); he would rather just get out now. What would be the best course of action? Is there a way to get out this place without ruining his credit? The odds are it won't sell, or if it does, for a significant amount less...plus we don't have the extra cash laying around to pay the special assessment if it is not voted down so I presume that would end up being a lien against him (we live in Arizona). Any suggestions on how to get out of this place with minimal (finanacial & credit) damage? |
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adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
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Welcome serenity,
You can contact the lender and check out the option of short sale. If the lender accepts short sale, your credit will be lowered by at least 75-100 points. To know more about short sale, check out the information available here.
You can also try out the option of loan modification. In this process, you will get a alternate payment plan with which you can pay off the debts.
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Procrastination is the enemy of your financial sucess |
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dkjgdsjgh
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Post subject: marital credit |
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| if i default on a mortgage in my name, will my wife's credit suffer? |
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cliff
Community Experts
Joined: 05 May 2008
Posts: 328
Location: Houston
75.44 Dollars($)
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Hello dkjgdsjgh,
Sorry to hear that you are facing an option of defaulting on your mortgage.
If your wife's name is not on the mortgage than her credit will not be affected.
You did not mention if you have contacted your lender to see what options you may qualify for to not loose your home.
You need to speak to someone within the Loss Mitigation department of your lender. This department will be able to tell you about several workout options to prevent a default on your mortgage. These workout options include a repayment plan, a loan modification, short sale, special forbearance, etc.
Let us know if you still have questions. You may visit home-buddies.com and review a free mortgage resolution guide that is available.
Good luck. 
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Cliff Pape
Market Analyst
www.home-buddies.com |
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JS
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Hello,
Thank you for this forum, I have learned a lot form it already!
My Wife and I bought a house in May 2006. Since that time we consistently pay $175 over the actual mortgage payment. We now owe $208,000 on our mortgage, and the market value of the house is worth around $170,000. The house is in need of some substantial repairs (new furnace, new roof, Windows, etc.), and money is very tight. The mortgage is in both of our names now, but my question is can I get it transferred to just my name? That way if it becomes impossible to pay only my credit would be affected? BTW, we live in MN if that helps.
Thank you in advance. |
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adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
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Post subject: |
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Welcome JS,
In order to transfer the mortgage in your name, you will have to refinance it. Yes, if the mortgage is in your name and if you default on payments, it is your credit that will be affected.
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Procrastination is the enemy of your financial sucess |
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Kina
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Post subject: foreclosure |
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| I went into business with my uncle and he left me with all the properties to take care of. Now I can't afford it. 3 are vacant, in need of serious repairs. If I were to let them go into foreclosure would that be 1 hit or 3 hits on my credit report for each house? |
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adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
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Post subject: |
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Welcome Kina,
I think it will be considered as 3 separate hits in your credit report. But did you check the various options to stop the lender from foreclosing the property? Check the following link to know more about avoiding foreclosure:
http://www.mortgagefit.com/foreclosure/17ways-avoid.html
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Procrastination is the enemy of your financial sucess |
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1animalfan
Joined: 07 Jan 2009
Posts: 2
1.85 Dollars($)
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Post subject: Upside down in house - Need to take care of ailing parents |
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| I have a problem I hope someone can offer some advice on. I am upside down in my house. I bought it at the peak and it's probably worth 100K less than what I bought it for. It's a 1 BR, old home that needs work so the probability of selling it is slim to none. I will need to move to take care of ailing parents which will mean leaving my job. I have worked hard all my life to keep my credit in excellent condition. I hate to go into foreclosure and I don't think my parents will want to get involved in this home. My mother was a real estate broker and couldn't believe I bought it. I'm at a loss. I do the right thing for my parents and end up ruining my credit for years. I'm 53 so it's not like I have 30 years to build it back up. Also, I want to buy a house back where I live now later down the road. Do any of you wise people have any suggestions. I would be forever grateful. |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 1778
Location: MICHIGAN
266.05 Dollars($)
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Hi 1animalfan,
You can contact the lender and inform him about the hardship that you are facing. If you are already delinquent on your payments, you can apply for either a short sale or a deed in lieu. However, you should note that a deed in lieu will lower your credit score by 250 points (similar to a foreclosure) but the deficient amount resulting from the sale of the property will be forgiven. In case of a short sale, you will have to pay the deficient amount to the lender but your credit score will only be lowered by 75-100 points.
There are various other ways to avoid foreclosure. Check them out in the given link:
http://www.mortgagefit.com/foreclosure/17ways-avoid.html
Thanks,
Jerry |
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1animalfan
Joined: 07 Jan 2009
Posts: 2
1.85 Dollars($)
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Post subject: Thanks Jerry |
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Hi Jerry,
Thank you for the information. I will read the info on the link you sent. I called my lender a while back and they said they couldn't help me because I was current on my payments.
What a twisted system we have. |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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Hi 1animalfan,
Yes, its true that if you are not late on the payments, the lender will not agree for a short sale, deed in lieu or a loan modification. I would suggest you to negotiate with the lender and try to convince him about the hardship that you are facing. That might help you.
Thanks |
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val
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Post subject: Quitclaim upside down home to qualify for second home |
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| We live in So CA and purchased in 2005 (20% down, fixed rate) and now we are considerably upsidedown on our mortgage. We would like to purchase a 2nd home, and rent our current, but can't qualify for a 2nd mortage due to our lack of equity. Would Quitclaiming our home to our LLC remove our mortgage from our credit reports? |
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1562
Location: florida
266.58 Dollars($)
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Hi val,
A quitclaim does not remove the mortgage from your house. Neither does it remove the mortgage from your credit report. I don't think you should try to purchase a second home when you can't pay off the first. Are you sure the rental payments would be enough to pay for the first mortgage?
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