| Author |
Message |
adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
|
Post subject: |
|
|
Hi Celia,
I suppose you wanted to say the your second lender has not approved your short sale request till now. As far as I know, you will have to wait and check if the second lender approves it or not. If the second lender does not approve it, then you will be liable to pay the mortgage dues to the second lender. If you don't, then the second lender can charge off the loan to a collection agency.
To know more about second mortgage charge off, check out the following link:
http://www.mortgagefit.com/know-how/secondloanchargeoff.html |
|
|
stuck in a jam
Guest
|
|
Post subject: |
|
|
| After our short sale on our record when we are ready to buy a new home will we be able to get a prim rate or will it be a sub prime rate for a new morgage? We have to move to another state and can not sell our home for the loan amount. |
|
|
max
Guest
|
|
Post subject: credit cards |
|
|
| we are thinking of a short sale. I was reading about getting some secure credit cards to rebuild your credit. Do the credit card companies cancel your credit cards when your short sale goes through? |
|
|
adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
|
|
Post subject: |
|
|
Welcome max,
Well, I haven't heard of credit card companies canceling the secured credit card after short sale. I don't think you will face any problems regarding credit card after short sale. |
|
|
mjwildon
Guest
|
|
Post subject: short sale |
|
|
| We sold our home in Dec 08 through a short sale, we had already purchased a new house in Jan 08. The bank made us sign a form stating we were responsible for the 64K that was still owed from the short sale, we don't have the money to pay this. Can the bank put a lien on our current home from the short sale of the other home. We currently have a mortgage on our home but want to pay it off in full from my husbands former 401K since he is retired. We don't want to pay off our home if the bank can put a lien on it because of the other house.We're not sure what to do. |
|
|
jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
|
|
Post subject: |
|
|
Hi mjwildon,
Yes, the bank can place a lien on your current property in order to recover the dues of the earlier mortgage from you. The lender may even garnish your wages to get back his due amount.
Thanks |
|
|
I'm very frustrated
Guest
|
|
Post subject: 1st and 2nd mortgage questions |
|
|
| Bought a home for 546K, put 200K down. Owe 346K 1st mortgage, owe 65K 2nd mortgage. Home is probably worth between 225K - 290K. I want to somehow wipe out both mortgages and start over without hurting my credit score (700). Business is slow and cash is getting tight. Have never been late on any of the payments for 2 years 3 months. I will take any suggestions on what I need to do. |
|
|
smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
|
|
Post subject: |
|
|
Hi Guest!
Welcome to forums!
You can't wipe off the mortgage. You need to pay off the mortgage. You can list the property in the market and try to sell it off. However, once you sell off the property, your mortgage will become due immediately and you'll have to pay it off.
Sussane |
|
|
bellsearch
Guest
|
|
Post subject: short refi |
|
|
| how will a short refi effect my credit score,and has anyone done a short refi yet...and does it work |
|
|
jenkin7
Joined: 04 Jun 2007
Posts: 3429
Location: Hawaii
514.13 Dollars($)
|
|
Post subject: short refinance-effect on credit |
|
|
Hi bellsearch,
A short refinance is a transaction wherein the lender agrees to accept an amount lower than what you actually owe and allows you to refinance with another lender. This avoids a foreclosure and helps you retain the ownership of the property.
As far as I know, if you are current on you existing mortgage, it will reflect on your credit report as 'settled as agreed' and will cost you about 20-40 points. But if you have late payments on the current mortgage, then it will drop your credit by almost 80 points. |
|
|
sarsharkbait
Guest
|
|
Post subject: |
|
|
| My wife has a house in Michigan that she makes high monthly payments for and she doesnt even live in the house. She is currently in the navy stationed in Japan. She has tried to sell the house but its difficult being in the military plus being over seas. She is thinking of short selling but doesnt want it to affect her credit which is excellent. What should she do? |
|
|
savior70
Joined: 25 Mar 2009
Posts: 1422
Location: Florida
168.75 Dollars($)
|
|
Post subject: |
|
|
Hi
A short sale will affect her credit, though not as much as a foreclosure or deed in lieu will do. If she doesn't want her credit to be affected in any way, she has to pay off the mortgage on it in full. If she has a high monthly payment, she can request the lender to modify her loan to lower the payments. This will not affect her credit. But if she sells the house without paying off the mortgage it will definitely damage her credit score. |
|
|
JayBee
Guest
|
|
Post subject: Short sale vs. foreclosure |
|
|
| What exactly is reported on a borrower's credit report when the lender agreed to a short sale vs. when the lender had to foreclose? Does the final reporting change if the borrower agrees to be responsible for the remainder/deficient debt? |
|
|
Dave1G
Guest
|
|
Post subject: Short Sale Investment Property |
|
|
| I have a condo in Calif in a resort community that was orginally purchased as a 2nd home. Aprox 3 years later I converted it to a rental in lieu of taking a loss on the property thinking the market would improve. Obviously - it has become worse. Will the banks consider a shrot sale in this situation. |
|
|
Niicss
Joined: 03 Oct 2005
Posts: 2620
Location: New Jersey
409.63 Dollars($)
|
|
Post subject: |
|
|
Hi,
To JayBee,
Whether a lender forecloses or short sells the property, both will be reported in the credit report. In case of a foreclosure, your credit score will get lowered by 250 points whereas in short sale, your credit score will get dropped by 80-100 points. If the borrower pays off the deficient debts, then the lender will stop the foreclosure or the short sale but the late payments will be mentioned in your credit report.
To Dave1G,
You can apply to your lender for a short sale by writing a hardship letter. However, it would be the discretion of the lender whether he would accept the short sale request or not. Moreover, you should note that a lender will only consider your short sale request if you are delinquent on your mortgage payments.
Thanks.
_________________
Good is the Enemy of Great. |
|
|
Mortgage Know-How Forum
Previous 1 2 3 4 5 6 Next 
