---

Mortgage Nightmare

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
malena4 Joined: 23 Jan 2007 Posts: 9 6.57 Dollars($)	Posted: Sat Aug 11, 2007 12:22 pm    Post subject: Mortgage Nightmare Like 0 Dislike 0 IWe have a mortgage 80/20 ARM for 3 yrs.. we have come thru financial disaster, we are 3 mos in arrears I would like to know if we could somehow refinance, quick claim, purchase this loan and put it under our business acct with our EIN#.? Pls advise. Also, could we(if we have to )give the house back to Litton Loan in lieu of foreclosure? and if we do this will it show in the credit as foreclosure? And how long would we have to move out?
larry Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)	Posted: Mon Aug 13, 2007 12:35 am    Post subject: Like 0 Dislike 0 Hi Malena, Once the balance on your two mortgages is less than the value of your home, you can refinance and pay off both the loans by using a single loan, significantly at a better rate. But a quitclaim deed won't serve your purpose as this type of deed helps to transfer property ownership, not a loan. And if you are unable to make the payments for the two loans, you can give the house to your lender by means of foreclosure. But in that case, it may affect your credit score negatively and it will remain on your credit report for 7 years.
carnahandavid Joined: 21 Dec 2006 Posts: 238 58.41 Dollars($)	Posted: Mon Aug 13, 2007 1:52 pm    Post subject: Like 0 Dislike 0 Quote: IWe have a mortgage 80/20 ARM for 3 yrs.. we have come thru financial disaster, Has any equity developed in the house as it has been 3 years since the mortgage was taken? If there is some equity then look to refinance though it would be difficult as the loan is in default. Most lenders won't be willing to refinance because of the default status of the loan. Are both loans in default? Quote: I would like to know if we could somehow refinance, quick claim, purchase this loan and put it under our business acct with our EIN#.? 1. You will quit claim the house to whom? Quit claim is a property transfer deed which is used for transfer of property ownership but it does not transfer the mortgage. It would remain in your name until the new owner refinances it in his name. 2. Putting the loan under your business account would also be difficult right now. Quote: Pls advise. Also, could we(if we have to )give the house back to Litton Loan in lieu of foreclosure? and if we do this will it show in the credit as foreclosure? You may talk with them about a deed in lieu. If they accept this option then you would be able to give the house back to them. But it will affect your credit score. Your score will be going down by quite a bit because of the dil.
russel Guest	Posted: Wed Aug 15, 2007 11:30 am    Post subject: Like 0 Dislike 0 Quote: and if we do this will it show in the credit as foreclosure? Instead of showing up as foreclosure it will appear as derogatory account on your credit report. But a dil will also hurt your score.
gmakerley1 Joined: 15 Jun 2007 Posts: 22 Location: bloomfield, ct 0.01 Dollars($)	Posted: Thu Aug 16, 2007 6:59 am    Post subject: Like 0 Dislike 0 If you have waited until you are 3 months past due to ask these questions, then it is likely that you will end up 4 months past due before you begin to take any appropriate action. Please discuss your situation with your lender at once to see if you can reach an amicable settlement quickly. Otherwise, you will lose the home one way or the other, and your credit will absolutely suffer, no matter if a foreclosure or deed in lieu. The key thing is to not delay any longer. _________________ George M. Akerley Relationship Manager First Horizon Home Loans www.gmakerley.net
miller_st Joined: 17 Jan 2007 Posts: 918 168.95 Dollars($)	Posted: Thu Aug 16, 2007 2:54 pm    Post subject: Like 0 Dislike 0 I agree with Makerley. Contacting lender at the earliest would be the most important thing to do at this moment. The more you will delay available choices will start to close out. Miller

Quick Reply
Your Name
Subject
Image Verification	Enter the code above here : Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours

Page 1 of 1

---

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0