The FMV of my home is less than the combined mortgage/home equity loan balance

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Mini Profile  adonis
adonis



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Welcome Krystal,

The lender cannot foreclose the home which was sold off years ago. Your lender can rather charge off the account and sell it off to a collection agency. You should negotiate with your lender so that you can get an affordable payment plan to pay off the dues.

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Laurence

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Post     Post subject: Mortgage greater than FMV

The FMV of my home is less than the combined mortgage/home equity loan balance. I do want to sell the home as I cannot afford the monthly mortgage payments as I am 66 years old and on social security.

What realistic options do I have? thanks,
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Mini Profile  jameshogg
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Hi Laurence,

You can contact your first lender and apply for a deed in lieu of foreclosure. This will help you in selling off the property and you won't be liable for paying any deficient amount to the first lender. However, you'll be liable for paying off the second mortgage dues to the second lender.

Thanks
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Help!!!!

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Post     Post subject: HELP failed home modification agreement

I had a home modification about a yr in a half ago in aug. wife and I seperated filed for divorce and got back together in late Dec. due to all of that drama our morgage defaulted since then we have started marriage counseling. Filed our tax returns and called to make pymnt and were told acct. has gone with the attorney. We are very nervous we have two young children 3 & 5. I need all of your advice we live in TX.
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Mini Profile  jameshogg
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Hi Guest,

Unless the lender agrees to your home loan modification, you won't be able to save the property. You should contact your lender and negotiate once again for a loan modification and convince him to accept your request.

Thanks
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Mini Profile  stephenmars




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Thank you Jessica, this is really awesome thread and it makes the forum a better place with knowledgeable mentor like yourself, gmakerley and the rest. Thank you!
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Mini Profile  jameshogg
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It's really good to know that you liked the MortgageFit Forums! Smile
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Mini Profile  rithik




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It s really a good article. One should be careful and take into consideration of all these options and always be safer.
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rwolff

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Post     Post subject: two mortgages, under water on condo

I have two mortgages on a condo which is presently worth 210K. The first mortgage is an interest only 5yr ARM for 203K which is presently floating on the 6 month Libor (so far so good as rates have dropped from 6.75 to 2.75). The second mortgage is 30yr fixed at 7.5 for 32K. I want to sell but I'm under 10-20K. Any advice? Is a short sale advisable or just walk away?
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Mini Profile  adonis
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Welcome rwolff,

If you walk away from the property, it will have a severe negative affect on your credit score. Your property will be foreclosed and your credit score will get lowered by 250 points. It will be a better option if you could short sale the property. This will help you in selling off the property and your scores will lower by only 80-100 points.

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Mini Profile  chiranjeevi7thfoldmedia




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Post     Post subject: personal finance tips

All the points seem to be useful/...
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djc401

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Post     Post subject: avoiding foreclosure

I am current in my mortgage. But, I want to turn it over to the bank. I owe 252,000 and it's valued at 125,000. A short sale really can't happen because of the gap, and I propably would qualify for hardship due to income (69,000 per year). I want to be out by august 2012. Do i continue to pay my mortgage, or do i try to turn it over to the bank at the end of july as a "deed in leiu foreclosure" scenario.
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Mini Profile  adonis
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Welcome djc,

You can contact your lender and apply for a deed in lieu of foreclosure in order to get rid of the property. If the lender accepts your request, then you can get rid of the house and you won't be liable for paying off the deficient balance resulting from the sale of the property.

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Mini Profile  saliviyajonathan
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Post     Post subject: Mortgage broker

Many people have complain that they caught once or many times in mortgage scamming. Only good mortgage broker can help you so you must ask your good friend or relative for right mortgage broker.
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lafseo

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Post     Post subject: How to avoid foreclosure-17 ways to get out of mortgage mes

Explain to the individual in charge of reclassifying mortgages that you are undergoing financial hardship and are unable to pay your mortgage; explain what financial hardship, such as a job loss, is causing this issue. Thanks.
Regards,
Home Loan Mortgage
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