Compare Mortgage Quotes

hondo73mdh · Joined: 23 May 2010 Posts: 1 1.40 Dollars($)

I live in Florida, and have an Interest only ARM and my house is now worth 1/2 the 400K mortgage I still owe. To complicate matters more, I now have a sinkhole as well, further deteriorating the value. I have a good income but no assets other than 401k, and though I have considered walking away, I understand the lender could obtain a deficiency judgement after? They have prerviously refused to do a modification of any kind, but charged off the piggy back second, and I still do not understand that. What is my best course of action? I know this house will never again be worth what I owe in my lifetime.

adonis · Posted: Sun May 23, 2010 8:02 pm Post subject:

Hi hondo,

Did the lender give you any reason as to why he has rejected your loan modification? If not, then you should ask the lender to clarify the reasons for the same. You can even reapply for a loan modification. If your request is accepted, then you would be able to save the property. As far as the second loan is concerned, it has been charged off. A collection agency will now collect the dues from you. If you do not pay them the dues, they can take legal actions against you.

bob1 · Posted: Sun May 23, 2010 8:07 pm Post subject: Upside down sinkhole

Right now, I'm pretty sire a lot of homeowners consider their homes sinkholes......

But for your situation, if you are considering walking away, I would first encourage you to talk to a local real estate attorney and a good realtor who handle short sales. A short sale is a much better way to go instead of walking away, and you will probably not be liable for any deficiency resulting form the short sale If you just abandon the home and a foreclosure occurs, the lender could come after you for a deficiency judgment.

Guest

my home had an upside down mortgage and now has sink holes i have not had any chance to save money because i was cut back on my hours for work my insurance company is taking their sweet time paying for the sink holes floors are cracking and foundations and i bought this house and had to gut it so all the mortgage money was for fixing this house that is worth nothing now what i want to know is can i sue the mortgage company for the sink holes so that the mortgage is reduced to what this house is worth?

Niicss · Posted: Tue Jan 10, 2012 1:59 am Post subject:

I don't think it will be a good option for you to sue the mortgage company for the sink holes. How is the mortgage company responsible for this? You may lose the case. Nevertheless, it will be a better option if you could contact a real estate attorney and take his opinion in this regard.

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

Compare Mortgage Quotes

Florida Upside Down Sinkhole

Our Community

Community Rewards

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1