If your original mortgage lender has charged off the debt to a servicing agency, then you will have to pay the debts to the servicing agency. They will pressurize you to pay in any way and clear off the debts.
This will depend whether you are selling the property or the lender. If you sell off the property and pay off the loan without any deficiency, then I don't think your credit will be affected. In case there is a deficiency which you cannot pay off, then the lender may place a lien on the property and liens will surely affect your credit. If you are going for a short sale, then your credit will be affected by 75-100 points.
Posted: Tue Nov 11, 2008 5:16 pm Post subject: second mortage has been sent our property tax bill
My finance went through a divorce when the market was hot. He paid his ex 175,000 through a second mortage. Now his business has slowed down alot and couldn't make the payment on the first and the second. Tried to file for bankrupcy, lawyer didn't show up for court. Backrupcy denied, now paying twice the amount the make up the payment on the first. Didn't pay anything on the second. Now the property taxes are being sent to the sencond and owe 5 times the amount to taxes. How does his situation apply to new guidelines with help from government or renigotiate the mortgage payments.
Are you speaking about the mortgage bailout program? Well, if your lender is a part of that program, then he can offer you the facilities available under this program. In case, if he is not a part of this program, then you will have to negotiate it with the lender.
Does your lender know that you are facing such a problem? You can send him a hardship letter as well.
Posted: Sat Nov 29, 2008 12:55 pm Post subject: mobile home repossion?
I am going thru a divorce and moved to a different part of the state. I am paying on a mobile home where i was living. I can not afford to pay rent in the new city and the mortgage on my mobile home. I can not oversee the home and had tried renting it out but ended up having to evict the tenants, so now it is empty and subject to vandalism. I still owe $30K on it. Any suggestions?
You can try selling the property. However you should remember that once you sell the property the mortgage will be due. You can also contact the lender and try out for a short sale or a deed in lieu foreclosure. But you should remember that the lender will not be ready for a short sale or a deed in lieu unless you default on the mortgage payments.
The short sale and deed in lieu procedures are similar. You will have to give away the property to the lender. The lender will sell the property in the market and recover the debts. Due to the market situation, there will remain a deficient amount from the sale of the property. In case of a deed in lieu, the lender will forgive the deficient amount whereas in case of short sale, you need to pay the deficient amount. To know more, check out the following links:
Posted: Thu Dec 04, 2008 3:34 pm Post subject: Second mortgage charge off
Hello there: My home is currently on the market as a short sale because I haven't been able to make the payments. The second mortgage is telling me they'll charge off my loan. Can anybody tell me how that will affect my short sale? Thank you for your help.
Charging off second mortgage does not mean that the lender will forgive your payments. It only means that the second mortgage lender has sold your second mortgage to a collection agency who will in turn collect the payments from you. I don't think this will affect your short sale in anyway. To know more about second mortgage charge off, check out the following link:
http://www.mortgagefit.com/know-how/secondloanchargeoff#19964.html
Posted: Fri Dec 12, 2008 10:57 am Post subject: 2nd Charge Off - First Still Current
We've tried several short sales, but the second - B of A - wouldn't budge on their 85% requirement. We brought the first current hoping the second would initiate the foreclosure, giving us protect from deficiency judgement in CA.
They are telling me they have decided to charge off the loan. Two Quetions:
1. How can I sell the house in this situation?
2. I assume they can't go after a deficeny judgement because they have choosen not to foreclose. Am I right or wrong?
3. The B of A agents have been telling me once written off they will consider new guidelines for a settlement.
Posted: Thu Jan 08, 2009 4:04 pm Post subject: 2nd mortgage
I live in IN, i have filled bankruptcy but want to keep my home. I have tried to get the second lien holder to write down some of the note, but they refuse. I owe 175k on the first and 193 on the second. the home is only worth about 240k. My attorney said that I can not file on the second and stay in my home. How do I get them to write it down, I won't be able to refi because my scores will be to low after the bk. Do I stop paying the second and let them foreclose? in order for them to foreclose they would have to eat the 193k to them selves, and pay off 175k to the first lien holder just to sell it for less, right? I need help.
Did you file Chapter 7 bankruptcy? Did you reaffirm debts after the bankruptcy was discharged? If the second mortgage company forecloses on the property, then it will also have to pay the first mortgage company. So I don't think they will foreclose on the property. _________________ Procrastination is the enemy of your financial sucess
jerry
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