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lis
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0.10 Dollars($)
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Post subject: foreclosure |
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| I owe much more than my home is now worth. I am in an option arm and I can barely afford to make my payments. I am now behind by 2 months. I am considering filing for chptr 7. should I let my house go into foreclosure eventually and what do I tell the bank as they keep calling me. they have declined a loan modification due to my lack of income vs expenses. |
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Niicss
Joined: 03 Oct 2005
Posts: 2620
Location: New Jersey
409.63 Dollars($)
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Post subject: |
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Hi lis
You can check out the options of short sale and deed in lieu foreclosure with the lender as well. These are also two options to avoid foreclosure. You will have to write a hardship letter to the lender in order to apply for a short sale or a deed in lieu foreclosure.
Thanks. |
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T
Guest
0.10 Dollars($)
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Post subject: land contract |
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| Can one purchase an reo or short sale with land contract in california |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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Post subject: |
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Hi T,
As far as purchasing a REO or short sale property is concerned, you can definitely purchase it. But I did not understand what you wanted to say by | Quote: | | with land contract in california |
Can you please explain this?
Thanks |
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confused
Guest
0.10 Dollars($)
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Post subject: deed in lieu |
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| How does this work if you have two mortgages? |
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Desperate!
Guest
0.10 Dollars($)
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Post subject: |
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| I am filing chapter 7 on my credit cards only, now I fell behind on my mortgage payments first time, I am going to request for modifcation but if lender refuses due to the BK, what happens, can lender go after my wages and what about the county tax I owe, which is included in my mortgages. |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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Post subject: |
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Hi,
To confused,
If there are two mortgages and if the first lender does a deed in lieu, he will forgive the deficient amount of his loan resulting from the sale of the property. But you will still be liable to pay off the second lender. if you do not, then the second lender will charge off the mortgage to a collection agency.
To desperate,
Chapter 7 helps in wiping off all your debts depending upon your situation. As far as I know, if you file Chapter 7, then mortgage on the property will also be included in it. The property will be liquidated and your creditors will be paid off. To know more about chapter 7, check out the following link:
http://www.mortgagefit.com/bankruptcy/chapter7.html
Thanks |
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PREACHER
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0.10 Dollars($)
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Post subject: MORTGAGE PAYMENTS |
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| I have a good income but I am in chapter 13, I would like to get my mortgage company to accept bi-monthly payments in order to be on time but they refuse, where can I get help? |
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Molly
Guest
0.10 Dollars($)
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Post subject: Other mortgage options |
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| I owe $63,000 on my home and has been on the market 2 years. I want to sell it for $58,000 and have the bank loan me the $5000 to pay off so my credit isn't damaged. Ever heard of such a thing? |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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Post subject: |
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Hi,
To preacher:
Are you having problems making monthly payments? if that's the reason why you need bi-weekly payments, then please have a talk with your bankruptcy trustee who approved your payment plan. Perhaps he can help negotiate with your lender in this regard.
To Molly:
Frankly speaking, I haven't heard o such a thing. Do you want the $5000 loan from the same bank who has offered you the mortgage? Such a thing isn't possible. Also, banks and lenders usually don't lend for an amount like $5000 except if it's a personal loan. You need to check the criteria for such loans.
Thanks |
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Erasmo TAveras
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0.10 Dollars($)
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Post subject: Wachovia Bank |
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I have a mortgage loan with Wachovia Bank. I am three months behind on my payment. I called the bank trying to see if they will put the arrears in the back of the loan and let me continue making my current payment. They refused to agree to this and said that the only option that I had was to make full payment of all the arrears or sell the house. I will like to know if there are any other option available to me.
[Link deleted as per forum rules. Thanks.] |
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adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
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Post subject: |
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Hi Erasmo,
If you do not want to sell the property, then you should look for a loan modification. But remember in a loan modification there are chances that your payments towards the mortgage will increase.
_________________
Procrastination is the enemy of your financial sucess |
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babu
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0.10 Dollars($)
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Post subject: I am in active forclosure |
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I want to know, what is best options for me: short sale or deed in forclusre
I am first time home buyer , i have 80 -wellsfargo/20-bankofamerica loan.. value went down lot. |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 1778
Location: MICHIGAN
266.05 Dollars($)
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Post subject: |
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Hi babu,
A short sale can drop your credit score down by almost 75-100 points, whereas a deed in lieu of foreclosure will hurt your credit by as much as 250 points. Thus, from credit point of view a short sale looks like a good option. However, you may be required to pay the deficiency amount of the loan and if you cannot, the lender may get a deficiency judgment against you to recover the deficient amount. In a deed in lieu this deficiency amount is forgiven in most cases, though you may have to pay taxes on the amount forgiven.
Thanks,
Jerry |
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admin3
Joined: 26 Jan 2009
Posts: 19
Location: USA
10.10 Dollars($)
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Post subject: Loss Mitigation options |
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[System detected duplicate content; converted into image]
_________________
Mortgage Loan Modification
CDLoanmod.com
800 738 1170 |
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