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jameshogg
Joined: 20 Dec 2005
Posts: 10148
Location: Nevada
941.94 Dollars($)
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Hi Leon,
If you take a mortgage on the property, then you will have to pay it off. If you are unable to pay the mortgage dues, the lender would foreclose it to recover the dues. If you can pay off the loan accordingly, the lender will not foreclose the property and you would own it free and clear.
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villabong
Guest
0.10 Dollars($)
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Post subject: short sale |
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mortgage debt balance-165,000 in a 4br ranch house in roanoke, virginia
montly payment-1,600
not able to pay mortgage amount d/t lack of funds/hours cut off from work
value of house is less than debt balance
opting to leave the house and rent another house with 300 less than our mortgage montly payment
is this a good idea? |
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adonis
Joined: 22 Oct 2005
Posts: 10250
Location: ALASKA
1043.57 Dollars($)
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Hi villabong,
If you want to get rid of the property, then short sale is a good option. It will help you in selling off the property. However, you should remember that you would be liable for the deficient amount resulting from the sale of the property. If you cannot pay off the deficient amount, the lender would place a lien on your other properties or can garnish your wages.
_________________
Procrastination is the enemy of your financial success |
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thresa
Guest
0.10 Dollars($)
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Post subject: foreclosure |
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| We were denied modifcation loan because we didnt come up with 5.000 payment at the end of the contract. Now I am looking at the deed in lieu of foreclosure option? How long will we be able to live in our house if we go this route? |
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thresa
Guest
0.10 Dollars($)
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Post subject: |
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| Could you quickly reply, I may be without internet next |
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smithsussane
Joined: 18 Sep 2008
Posts: 10030
Location: Alaska
919.49 Dollars($)
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Hi thresa!
Welcome to forums!
Deed in lieu of foreclosure is a good option in order to get rid of your property. You will have to write a hardship letter to the lender in order to apply for a deed in lieu. It will take around 90 days to complete the whole process. Once you surrender the property to the lender, you will have to vacate it.
Feel free to ask if you've further queries.
Sussane |
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Ana
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0.10 Dollars($)
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Post subject: Reinstate or Modification |
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| We got served with foreclosure papers last week. We requested the total amount from the banks attorneys and are being charged an additional $6000 on top of the late payments. We would like to pay back what we're behind but want them to waive the $6000 fee. Is that something that banks will do? Also, if we reinstate the loan, can we still ask for a modification after? We just don't want to lose the house and don't want to take a chance on losing the house if we don't get a modification for one reason or another. |
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jameshogg
Joined: 20 Dec 2005
Posts: 10148
Location: Nevada
941.94 Dollars($)
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Post subject: |
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Hi Ana,
It would be the bank's discretion whether or not it would waive off the fees. However, you should negotiate with the lender for the same. Inform the lender that you would be able to pay off the loan dues and reinstate the loan and in turn want the fees to be canceled. He would let you know whether or not it would be canceled.
You do not need to modify the loan after bringing it current. You can even apply for a loan modification now. However, I don't think after reinstating the loan, you would become ineligible for a modification.
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sanachatilo
Joined: 10 Dec 2009
Posts: 1
1.14 Dollars($)
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We can avoid foreclosure by paying our obligation regularly, but due to some circumstances happened like you lose job and you can never pay your lender, you can go straight to them and ask for an extension of the mortgage.
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12346
Location: bloomfield, ct
53.01 Dollars($)
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okay...
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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NJ1226
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0.10 Dollars($)
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Post subject: 1st/2nd mortgage |
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| my wife and i are current on both the 1st and 2nd mort but the 2nd mort has a high interest rate and we are upside down with the two mortgages and when we call the 2nd mort company they are not trying to hear us about lowering the rate. what should we do? |
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eric1
Community Expert
Joined: 04 Jan 2009
Posts: 1511
226.89 Dollars($)
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NJ, you cannot simply ask for the rate to be lowered. You need to show the bank (in writing) what your financial situation is. You need to show your monthly cash flow and detail what payment would work for you. If you have a plan, they will be more willing to listen.
_________________
Eric JFree Rate Quote, Stated Income Loans
FHA RATE QUOTE
Mortgage Rate Quote |
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Mad Mark
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Post subject: Second mortgage question from MIchigan |
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| If we go with a quick sell of our first mortgage, what can the second mortgage holder do? |
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jameshogg
Joined: 20 Dec 2005
Posts: 10148
Location: Nevada
941.94 Dollars($)
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Post subject: |
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Hi Mark,
Though you short sale your property, you would still be responsible for the second mortgage dues. The second lender will have the rights to collect the dues from you. If you're unable to pay off the dues, the lender will charge off the loan.
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Ricky Edge
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Post subject: Help |
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Here's the joke. My wife and I both have FICO scores over 850. Never been late on a payment on anything in 30 years. Had two slow years of work, burned through my savings on the house. The cheapest we could find in the market 5 years ago. First house. All lenders said no worries, rates will be great for years to refinance. The year I got in I made over $160,000. Close to $200,000 combined. Combined both my wife and I make over 70,000 normally. Never went to Hawaii, all cars paid off, no cable TV. Need a bit of help and none of our creditors will even so much as let me skip one month payment to catch bills up. Joke is many of our friends who have been footing the bill for this country for 30 years are all scrambling for apartments. Well, I guess at least that way we'll have more in our pocket to keep bailing out the banks. We're walking from it all. Not worth the headaches. Quality of life is more important than a crappy house. The great American nightmare. Unless you are super wealthy or have help. Do the Deed in lieu. Short sale is nightmare.
P.S. Out of all of our friends who have done short sales, Deed in Lieu, begged for (or paid) to get a modification and gone into foreclosure not one of them or myself has had the bank come back and say, ‘Hey don’t move. We’ll help you with a modification.’ Do you see any posts here referencing that? We have been trying to get a modification for 9 months. They string you along saying hey you forgot to check this box or dot that ‘i’ so they can squeeze every last cent out of you before the ship finally sinks. Do yourself a favor; find a nice apartment while your credit is still intact if it is and take care of your survival first because no one will be there to help when you are out on the street and homeless. |
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