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adonis
Joined: 22 Oct 2005
Posts: 10267
Location: ALASKA
1046.07 Dollars($)
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trouble
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0.10 Dollars($)
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Post subject: deed in lieu of foreclosure |
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| can you give me a sample letter to send to my mortgage co. offering them a deed in lieu of foreclosure? |
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adonis
Joined: 22 Oct 2005
Posts: 10267
Location: ALASKA
1046.07 Dollars($)
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md81
Joined: 30 Dec 2009
Posts: 1
Location: California
1.24 Dollars($)
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Post subject: Reinstatement - effect on credit score |
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I have an investment property which is vacant land, large bare acreage in California. I will be able to reinstate my deed of trust before the Trustee Sale. A Notice of Default and subsequent Notice of Trustee Sale have already been recorded with the County.
Can something be recorded with the County about the reinstatement?
Are there alternatives to have a reinstatement mentioned or picked up on the credit reports?
Is the credit score impacted less than it would be, that is what impact would just a Notice of Default have, a Notice of Default plus a Notice of Trustee Sale have; Notice off Default plus Notice of Trustee Sale resulting in a reinstatement versus a full foreclosure?
Thanks and happy New Year! |
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adonis
Joined: 22 Oct 2005
Posts: 10267
Location: ALASKA
1046.07 Dollars($)
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Hi md,
I don't thing you'll be able to record something in the county recorder's office regarding reinstatement. In my opinion, you should inform your lender that you will be able to reinstate the loan. He will let you know what steps you need to take in this regard. As far as I know, your credit score will be affected due to the late payments for which the Notice of Default and Notice of Trustee Sale has been filed.
_________________
Procrastination is the enemy of your financial success |
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patboo13
Joined: 04 Feb 2010
Posts: 1
1.29 Dollars($)
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Post subject: Help with Second and First Mortgage |
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I have a home in CALIFORNIA that i use to live in but no longer do, i currently have renters in it. I was given a loan about 5 years ago for the home which i bought for 380,000. I put 80,000 dollars down for the house. I currently owe 325,000 because of neg-am loan putting money on the back end. I have a first mortage for 300,000 and a second for the rest. I haven't paid on either loan for 7-8 months. The first mortgatge company Back of AMerica has not contacted me at all, the second has and i told them i wanted help, they said they couldn't till i defaulted so that is what i did. The second has since given my loan to a debt collection agency. What are my options and what should i do? if there is anyone that has been through this or knows what to do i would love to hear from you.
Thank you good luck to you all
[Email address deleted as per the forum rules. Thanks.] |
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smithsussane
Joined: 18 Sep 2008
Posts: 10045
Location: Alaska
921.83 Dollars($)
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lovett11
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Post subject: escrow and mortgage insurance |
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Kindly define these terms as I am not understanding how if I am paying insurance on the home (and I believe or am lead to believe this includes taxes) why am I paying additional in escrow and how does that get calculated ---
_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant |
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Niicss
Joined: 03 Oct 2005
Posts: 4772
Location: New Jersey
499.62 Dollars($)
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Post subject: |
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An account held in the borrower's name to pay the property taxes and insurance premiums is known as an escrow account. As far as mortgage insurance is concerned, it is an insurance policy which compensates the lenders for losses if you default on your home loan. You need to contact your lender and ask him to clarify the whole thing. This will help you know whether or not you are paying extra.
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Good is the Enemy of Great. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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it's highly unlikely that you're paying "extra." you may be paying a bit more than is absolutely required for the lender to take care of taxes, insurance and mortgage insurance (if any), but lenders are required to analyze their escrow accounts and adjust accordingly (up or down) so as to not have too much or too little in the account to make the required payments.
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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victoria r
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Post subject: foreclosure / trying to save my home |
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| i lost my job and my husband has been on unemployment also , I want to know if theres any thing i can do to save my home i tried modification but they tell me i have tomany bills so they cant help me. |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 2650
Location: New Brunswick, New Jersey
489.32 Dollars($)
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Hi victoria,
As per the expansion of the Obama's loan modification program, temporary help will be provided to the borrowers who are presently unemployed. You need to contact your lender and check out if he is ready to offer you such help.
Take care |
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caldwellb02
Joined: 09 Apr 2010
Posts: 2
1.15 Dollars($)
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Post subject: loan modification hell |
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| I am new here so forgive me if this sounds too strident. I am not seeing stories of the real hell people are being put through in trying to get loan modifications. Can you steer me in that direction? There are lots of stories on www.shamethebanks.org |
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jameshogg
Joined: 20 Dec 2005
Posts: 10164
Location: Nevada
944.24 Dollars($)
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Hi caldwellb,
A lender will give you a loan modification depending upon certain criteria. For example, if you do not have employment when you apply for a modification, your request won't get accepted. The lender will think that you won't be able to pay off the loan even if it is modified. The borrower should take proper steps in order to negotiate with the lender and get a modification.
Thanks |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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i don't think that is what caldwell is looking for, but that's okay. i don't need to continue reading about the hell people are going through to undertstand that lenders are not prepared to act quickly enough, borrowers don't understand the process, lawyers and their ilk are too quick to file frivolous lawsuits that inhibit the program further and that the entire mess was misinterpreted to begin with. i don't think our government gets what's going on - look at how many stories our fiscal "advisors" have provided already.
i'd just as soon not see more hell stories, but a few more favorable pieces of news so we can at least see that someone's being helped.
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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