Posted: Wed Nov 12, 2008 1:11 am Post subject: Help with Hawaii Foreclosure laws. . . .
First of all we have two homes. House A is a rental property (which is also up for sale or short sale) and House B is our primary residance of 1 1/2 years. We are in between figuring out which property would we be safer or more protected to foreclose on. We live in Hawaii and I believe there is a new law to suspend federal deficiencie. Do you know the specifics on this? Being house A is an considered an investment property and House B is our residence, which home foreclosed on will cause us more financial burdens, assets, tax penalties, possessions, etc. House A is financed with Wells Fargo and House B is financed with Country Wide. We are going through both Home retention departents, and have a very bad feeling about Wells Fargo helping us to bring our monthly payments to what is more comfortable. Any advice. PLEASE HELP ASAP!!!! _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
You have mentioned that you have listed the rental property for a short sale. So I think you should place that property for a foreclosure rather than your primary residence. As far as the new law is concerned, I haven't heard of any such thing right now.
Quote:
We are going through both Home retention departents
Are you facing problems with paying the mortgage on your primary residence? In that case, why don't you apply for a loan modification. You can speak to the lender's loss mitigation department and check if they can offer you an alternative payment plan or not. Apart from there are other ways to avoid foreclosure as well.
Thanks,
Jerry
my2geckos Guest
Posted: Wed Nov 12, 2008 9:07 am Post subject: Which is our primary residence?
Is foreclosing/short sale/Deed-In-Liue on your primary residence or second home the better way to go. Which leads me to this question where my husband and I are very confused. First House A - we lived in that home from November 2004 through June 2007 (over 2 complete years in the past 5). House B - June of 2007 to current ( 1year and 5 months). Is house A or B considered our primary residence? This would determine all. We know that either foreclose/short sale/DIL on both properties will have to be done due to my husbands job loss. It will be a stepping process as to what to do next, and when is the best time. So keeping the home and gettng help from the lender is not going to work. We can't afford to keep either home Are we able to treat house A as our primary now and 6 months later (june 2009) House B would qualify for our primary residence? Help confused with which is considered our primary residence, and do we have our tax relief for both properties if they both qualify as our primary residence at different times (approx 6months apart)
Are you planning to declare your rental property as your primary residence and then later on declare the other property as your primary residence? I think the whole thing will become extremely complex. You should stick to any one of them. You can let your rental property go into foreclosure and let the other property remain as your primary residence.
jerry
