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jerry
Moderator
Joined: 17 Oct 2005
Posts: 1773
Location: MICHIGAN
264.99 Dollars($)
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Post subject: |
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Hi gwen,
Was it a primary mortgage or a second mortgage? Did you pay it off after you sold the house? Did the mortgage company give you any release of mortgage document?
Thanks,
Jerry |
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elo
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Post subject: charge off |
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Do we need to get an approval when the 2nd has been charge off We are
doing a short sale of my house |
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trymatt
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Post subject: pay it off? |
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I keep reading "pay it off". If we could pay it then it wouldn't be a charge off in the first place. Obviously that isn't an option. SOooo what now?
_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant |
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Dolover1025
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Post subject: 1099 |
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| If your 2nd Mortgage is charged off, do you have to claim the charged off amount as income on your taxes? I know if you sale or refi the property you have to pay the charge off, but what about the 1099 rule. |
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DOGLOVER1025
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Post subject: ASK FOR A CHARGE OFF |
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Benson,
I work with helping people save their homes from Foreclosure, and yes you can ask your Bank to charge off the 2nd. The worst that can happen is they say no, but in my experience if you keep asking they will do it. Let them know how much you can honestly pay on the first and bring up charging off the 2nd. If they say "No", ask them to submitt it to their supervisor for review. I have done several this way. |
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EasycomEasygo
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Post subject: i got a mod on my 1st but cant afford a 1st and 2nd |
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| hello all ... this is my first time .. i have a question .. i live in calif . i have a 1st and a 2nd the same company . my house apprise for around 120000 if lucky. the mod is a 4.5 with late payments and fees included to the princpal amount . now 180000for 40 years and a 2nd of 80000 for a total of 240000 with a house like said aprox 120000 . do i sign the new mod and forget the 2 nd or do i walk away and file chapter 13 on the sencond |
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jenkin7
Joined: 04 Jun 2007
Posts: 3425
Location: Hawaii
513.42 Dollars($)
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Hi Easycom,
Do you want to keep the house or just want to let it go? If you want to keep it, you should pay your first mortgage because that has a first lien on your property. In that case, you can file chapter 13 bankruptcy and pay off your first mortgage. Since the property is underwater, the second mortgage has now become unsecured and could thus be discharged through the bankruptcy. This will make sure that you do not lose the house. |
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dwayne
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Post subject: short sell |
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| How long can a house be put up for short? |
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Koa
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Post subject: foreclosure and second mortgage |
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| I am divorced and signed over the house to the ex. She stopped making payments for approximately 6 months and I just found out that my name was still on the loan. They are foreclosing on the house but we also have a second mortgage that is up to date. How would I go about taking my name off this loan? |
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Shirley
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Post subject: My home mortgage |
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We are seniors aged 70 + and my husband is disabled. we have no jobs now and live on SS which is hardly 1500 + we rent part of our house for 2500. Because of our medications and two loans on the house we find it very difficult to manage.
My question is can I sell or transfer this property tomy two sons' names without any cost to us or them. |
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Nova
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Post subject: 2nd mortgage |
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| Both my husband and I were layed off in May up till this time I had the been paying the second mortgage directly withdrawn from my checking account. I am now 2 months behind I keep calling them and sent in the requested paperwork for a hardship program but They keep saying it's under review and keep saying they will put a rush on it to the manager. I was never late and I did not miss a payment until June/july now and we are going into August. I can not afford the total payment and they will not take a partial saying their system does not reconize a partial payment. What should I do? |
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savior70
Joined: 25 Mar 2009
Posts: 1416
Location: Florida
167.66 Dollars($)
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To Dwayne,
There is no such time limit as to how long you can put the house up for sale. You can put it up for sale as long as you want. But generally, you need to look for other options after a certain point in time, if the house does not sell.
To Koa,
You signed over the house to your ex. But it does not transfer the loan to your ex. The only way you can get your name off the loan is through a refinance. You can remove your name from the mortgage only if your ex refinances in her name.
To Shirley,
You can transfer the property to your two sons through a quit claim deed as a gift. You will be required to pay a gift tax on it. But you can claim gift tax exemptions. However, if there is any mortgage on the property, you will not be able to transfer it. Your sons need to refinance in their names to relieve you from the responsibility of the mortgage.
To Nova,
Have you sent them a hardship letter? If you have sent them hardship letter, financial statements and all other required documents, you have no other way but to wait till they process your request for a hardship program. With the number of defaulting borrowers increasing, the mortgage companies are over-burdened with applications of loan modification. This has increased the average time to process modification applications. Stay in constant touch with the loss mitigation dept. of your mortgage company and wait for a few more days till they process your application. |
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Rob
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Post subject: Chargeoff |
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| If a 2nd mortgage holder charges off the debt, does that mean the lien is removed? |
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jenkin7
Joined: 04 Jun 2007
Posts: 3425
Location: Hawaii
513.42 Dollars($)
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Post subject: |
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Hi Rob,
A charge off does not mean the lien is removed from the property. If your second lender has charged off the loan, it means they will show the loan as their loss for accounting purposes. They will no longer be collecting the payments from you. Instead, they have sold the the mortgage to a collection agency. You will now have to make payments to them. You can also negotiate with them and ask them to accept a short payoff. |
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curious
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Post subject: chrge off of 2nd mort equity line and sent a collection agen |
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| What happens after a charge off and its sent to a collection agency? I understand we are still responsible for the amount charged. Do these agencies adjust off some of the balance? Also, if an agreement is made by both parties, do we get to select the payt amount? If the agreed amount is paid in full, is that the last of it? How does it affect your credit report and score? |
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