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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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Post subject: |
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Hi Leon,
If you take a mortgage on the property, then you will have to pay it off. If you are unable to pay the mortgage dues, the lender would foreclose it to recover the dues. If you can pay off the loan accordingly, the lender will not foreclose the property and you would own it free and clear.
Thanks |
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villabong
Guest
0.10 Dollars($)
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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: 3852
Location: ALASKA
120.89 Dollars($)
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Hi villabong,
If you want to get rid of the property, then short sale is a good option. It will help you in selling off the property. However, you should remember that you would be liable for the deficient amount resulting from the sale of the property. If you cannot pay off the deficient amount, the lender would place a lien on your other properties or can garnish your wages.
_________________
Procrastination is the enemy of your financial sucess |
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thresa
Guest
0.10 Dollars($)
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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($)
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Post subject: |
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| Could you quickly reply, I may be without internet next |
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smithsussane
Joined: 18 Sep 2008
Posts: 3730
Location: Alaska
560.16 Dollars($)
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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
Guest
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 $6000 fee. Is that something that banks will do? Also, if we reinstate the loan, can we still ask for a modification after? We just don't want to lose the house and don't want to take a chance on losing the house if we don't get a modification for one reason or another. |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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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.
Thanks |
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