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smithsussane
Joined: 18 Sep 2008
Posts: 10439
Location: Alaska
985.83 Dollars($)
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Hi Guest!
Welcome to forums!
Investors can pay the required sum by participating in the foreclosure auction and buy the property. Once they get the ownership of the property, they will be able to control it.
Sussane |
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Post subject: 2nd Mortgage with BOA |
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| We have 1st & 2nd Mortgage with BOA (formerly CountryWide). We are two months behind notice of default passed. We keep in contact with BOA and make payment before end of third month to avoid falling 90 days late. We put house on market as short sale, but no offer. This month we received first calls from Fannie Mae. (1) Does the Fannie Mae contact imply an escalation towards foreclosure? (2) If we request DIL and BOA declines are we jeopardizing them escalating foreclosure? |
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smithsussane
Joined: 18 Sep 2008
Posts: 10439
Location: Alaska
985.83 Dollars($)
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Hi Guest!
Welcome to forums!
It does not necessarily mean that when you receive a call from Fannie Mae, it will mean an escalation toward foreclosure. If you want to avoid a foreclosure, you should negotiate with your lender for a deed in lieu of foreclosure. In case the lender does not agree to your request, then they will start the foreclosure procedure.
Feel free to ask if you've further queries.
Sussane |
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rabbitfood
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Post subject: mortgages and defaults |
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| If a person currently owns a home and needs to move to another state and rents that home, can they purchase another home in another state while their old home is being rented? Also if a person purchases a second home and defaults on the first home, can the bank repo both homes or just the first? |
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adonis
Joined: 22 Oct 2005
Posts: 10562
Location: ALASKA
1089.18 Dollars($)
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Hi rabbitfood,
If that person has the required credit score and income, then he can buy a new property in the other state where that person has been transferred.
The bank will foreclose the first home in order to recover the debts. In case he is unable to recover the debts in full, the lender may then think of placing a lien on your other property.
_________________
Procrastination is the enemy of your financial success |
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jig
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Post subject: foreclosure |
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| in the state of florida will a deed in lieu cancel out the first and second mortgage[/i] |
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jameshogg
Joined: 20 Dec 2005
Posts: 10460
Location: Nevada
987.57 Dollars($)
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Hi jig,
As far as I know, a deed in lieu of foreclosure will cancel only the first mortgage. You will have to deal with your second mortgage on your own.
Thanks |
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