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weng
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0.10 Dollars($)
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Posted: Sun Sep 16, 2007 12:07 pm Post subject: foreclosure |
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| 3 of my house have option arm and i already stopped my payment on these houses this month and will go to foreclosure soon.i am moving back to my other house where i am planning to stay for 10 years until my credit clears and refinance.my loan on this house is interest only adjustible rate.can my mortgage company work on my loan when im on a foreclosure process on my other houses? |
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larry

Joined: 27 Jun 2007
Posts: 3328
473.51 Dollars($)
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Posted: Sun Sep 16, 2007 9:08 pm Post subject: |
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Hi weng,
Welcome to the forum.
It all depends on your mortgage company. There are many mortgage companies who can work on a loan even when you are on foreclosure process with other houses. So it all depends on your lender if he will work with you or not. |
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Jeanette
 Community Experts

Joined: 19 Oct 2007
Posts: 121 Location: 760 Lynhaven Parkway, suite 140 Virginia Beach, Virginia
36.24 Dollars($)
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Posted: Mon Nov 19, 2007 6:48 pm Post subject: |
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| The lender wants to know that you are going to make an effort in repaying them back the loan on a monthly, timely basis. In the letter, you must let them know that you will be able to start making payments again as soon as either a new job, a contracted assignment, or you sell your house. Whatever is bringing more income in. Make sure you mention the hard time you are having making payments. |
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scherzeroni

Joined: 05 Jan 2008
Posts: 51
18.77 Dollars($)
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Posted: Sat Jan 05, 2008 8:00 pm Post subject: |
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If you dont see yourself being able to afford the payments in the near future then I would suggest looking at options that would release you from this obligation. The first option could be a short sale. This is where the lender accepts a payoff that is lower than actually owed. They will only consider this when the you have a buyer that is willing to pay market value for the home. This way, you wont have a foreclosure on your record. A deed in leiu of foreclosure could be another option. Please call your lender to discuss these and other options that they may have available to you. _________________ Irene
www.real-mortgage-quotes.com |
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Laura55
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0.10 Dollars($)
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Posted: Sat May 31, 2008 3:03 pm Post subject: keeping/selling house |
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| We currently own three houses. One is rented and paying for itself. The second, our current residence, we are trying to sell because the payment is way to high for us to be able to handle. The third is in another state and will become our home after we figure out what to do with this one. We are current on our payments, however, we are older, not working and depending on our retirement to keep us going. How do we get out of this? Losing credit points really doesn't matter as we plan on staying in the other house for a long time. How can we avoid the lender going after our assets? |
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Niicss

Joined: 03 Oct 2005
Posts: 1287 Location: New Jersey
193.02 Dollars($)
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Posted: Mon Jun 02, 2008 2:07 am Post subject: |
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Welcome Laura.
How much do you owe to the lender for the second house that I suppose you are going to sell? I feel you should try and sell the house if it worth more than what you owe to the lender.
You can also request the lender for deed in lieu of foreclosure if the property value id less than what you owe to the lender. _________________ Good is the Enemy of Great. |
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Tomas Vela
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0.10 Dollars($)
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Posted: Wed Oct 15, 2008 6:15 am Post subject: Brother and sister requesting FEMA |
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| I would like a sample letter stating that our youngest brother (40 yrs. old) should be the one living at my mothers house. She died last year and left no will but we are in the process of obtaining one. The letter needs to state that he is the sole living family member who takes care of the house and pays the utlitily bills and takes care of the house. |
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Niicss

Joined: 03 Oct 2005
Posts: 1287 Location: New Jersey
193.02 Dollars($)
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Posted: Thu Oct 16, 2008 2:30 am Post subject: |
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Hi Tomas Vela,
Welcome to forums.
I don't think you will get any such sample letters online. It will be better if you just visit your legal adviser and get it drafted.
Thanks. _________________ Good is the Enemy of Great. |
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