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Hi, I am Executivemortgageadvisor. I joined this community on 16th March, 2008 and have contributed 18 posts. Leave a message for me DisplayName
2 Quick Messages
roriedlion	I'm desperate. My husband and I are in luv with a bank owned house. It has a "liability" (hole in the kitchen floor...easy for US to fix) The bank will NOT fix it. It is a "as-is" property. WHO/WHAT lender do you know of will give us a loan on this place with a "liability"? We are preapproved for $250k, the listing price is $195, we offered $210k. I'm out of wits-end trying to get a loan and not having any luck. I have to move out of state fast and my husband is in the navy and we have to settle in before he gets deployed in a few months. Other houses aren't an option. HELP! =[
DAS	You answered my post about recourse/non-recourse loans. If I understand you correctly, the first and second mortgages are not loans and are secured by the property so they are forgiven in the forecloseure, probably why they are not contacting me. The HELOC is a recourse and they can get a judgement or whatever against me. Am I right so far? Nothing has been done with the house as far as I know. No 4 sale sign, no auction. property records show it owned by the bank. Is it better to do what the atty said and wait for judgement or should I try to offer half of amt for the HELOC to see if they would settle. I talked to several attys and have gotten several different answers. Thank You