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anonymous J
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0.10 Dollars($)
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Post subject: loan |
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I refinanced in 2007 with a company called AHMI >they sold the loan to RCS In Feb 2010 My monthly payments were $1950. which included tax/ins.I fell behind 2 payments deliberately to qualify for a loan mod however they kept giving me the run_around On Oct 2010 they stopped sending monthly payment coupons instead sent a letter stating my rate adjusted and that my payment was now $1700. per month. I paid Sept and Nov with money orders.On Dec2010 I get a fore closer notice because the new amount (1700) DID NOT Include tax/ins therefore PARTIAL payments were not accepted nor were they returned. Any advice?
QUESTION 2: because my contract was with AHMI and not RCS does it void my obligation and can I reverse the deed to make my self the Grantor and/or beneficiary to avoid foreclosure?
J
Ps I have 30% equity left int he house! |
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adonis
Joined: 22 Oct 2005
Posts: 10562
Location: ALASKA
1089.18 Dollars($)
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Hi anonymous,
If they haven't accepted your partial payments, then they should return that to you. It will be better if you could contact your lender and clarify the matter with them. I don't think you will be able to reverse the deed. I will suggest you to have a word with an attorney and take out his opinion in this matter.
_________________
Procrastination is the enemy of your financial success |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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To the man who was desperately needing advice, of course there is a way out. If the lender is looking for a specific amount of money, and you and your Mom can come up with that amount, that will settle it.
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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al
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Post subject: fla. foreclosure |
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| My vacation home is in foreclosure in fla. ive tried modification,(to no avail) they've nixed a short sale as well. what defiency judgement laws am i under as im a resident of michigan? and since it's got PMI, is the PMI group coming after me or the servicer? And finally it's taken them 3 years to foreclose what amount of past due are they going to claim? |
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anonymousluna
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Post subject: loan modification |
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| in review for loan modification before it goes to underwriter with bank of america, my son is on title and loan but he has his own morgage also, the bank of america is asking me for my son to sign a quick claim deed since he does not live or contribute to loan , is this okay to due? |
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smithsussane
Joined: 18 Sep 2008
Posts: 10439
Location: Alaska
985.83 Dollars($)
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Hi!
Welcome to forums!
To al,
In Michigan, the lenders can come after you to recover the deficient balance resulting from the sale of the property. As you have a PMI, the insurance will help you in paying off the deficient balance to the lender. The PMI group can come after you to recover their dues. The lender will claim the deficient balance resulting from the property sale from you.
To anonymousluna,
A quitclaim deed will only help you in removing your son from the property deed. It won't remove him from the mortgage. Unless you refinance the mortgage or assume it, your son will remain liable for the mortgage.
Feel free to ask if you've further queries.
Sussane |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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Yeah...I'm with Sussane here...a quit claim deed sure doesn't seem like a solution to much of anything for you Anonymous Luna. Have the modification mavens given you any clue as to why they'd suggest that? As Sussane pointed out, he'd still be obligated on debt anyway.
Al, as far as Michigan law is concerned, what it says and/or doesn't say won't have any impact on a property that's in Florida. The lender is bound by local statutes. Now, if this lender should decide to seek restitution of any unpaid amounts from the foreclosure action, they'd have to sue you again, in my opinion (remember this is just opinion, not fact). Once they make the decision to sue, they'd take you into a Michigan court, there seeking a judgment for whatever the deficiency is. Of course, that being the case, if you default on the judgment, they'd have the right to then seek to stake a claim on your Michigan property.
But that would seem to be a long ways off, don't you think?
As for how much delinquency will be considered - they'll consider just as much as actually exists; the whole enchilada.
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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Ruthie
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Post subject: Buying a new house |
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| If your house is foreclosed, is it true that you cannot buy another home for 3 years? So, if you do a Deed in Lieu of Foreclosure, what is the time period during which you cannot buy a home, since the "Foreclosure" was avoided. |
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adonis
Joined: 22 Oct 2005
Posts: 10562
Location: ALASKA
1089.18 Dollars($)
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Post subject: |
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Welcome Ruthie,
After a foreclosure or a deed in lieu of foreclosure, you'll have to wait for 3-4 years in order to get a new mortgage.
_________________
Procrastination is the enemy of your financial success |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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Post subject: |
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And beware, those of you who think you can allow a home to go to foreclosure and then turn around and buy a new home in a short timespan...the 3 or 4 years we've come to know and love will be moving toward lengthier time spans...as much as 7 years. Watch for it.
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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soclwrkr
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Post subject: what to do? |
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Hi,
I'm glad I found these forums. My situation my not be as dire as some but I would still like advice on what direction to go in. We bought our first house a bit over 4 years ago just before the market crashed. We have an 80/20 loan and are totally up to date on our payments. We currently owe about $172,000 and estimate the house to be worth about $158,000 based on comparables in the neighborhood - that being said the neighborhood is in a "transistional area" and therefore houses have not been selling fast.
Anyways, we are planning to move to another country in the next year. What is our best option to get rid of teh house with out foreclosing? |
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soclwrkr
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Post subject: continued |
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| I should add that despite only being around $14,000 short, the added cost of a realitor as well as the presumably long length of time to sell add to the problem. |
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adonis
Joined: 22 Oct 2005
Posts: 10562
Location: ALASKA
1089.18 Dollars($)
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Post subject: |
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Hi Guest,
You should list the property in market and try to sell it off in order to get rid of the property. You can use the sale proceeds in order to pay off the mortgage in full.
_________________
Procrastination is the enemy of your financial success |
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soclwrkr
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Post subject: |
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| Adonis - I'm not sure that helps me. My goal would be to sell it but I do not think it will sell for what is owed on it. I don't have $20,000 plus to pay for the difference of what it will likely sell for to what is owed. |
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Susan Walter
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Post subject: Loan Offer |
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