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Icon Mini Profile lisascherzer



Joined: 04 Jan 2008

Posts: 599



69.56 Dollars($)

PostPosted: Sat Feb 02, 2008 3:58 pm    Post subject:

Hi Lois,

PMI insurance does only protect the lender. But you may have another option if you have good credit. You may be able to refinance into a mortgage without PMI insurance thus reducing your monthly mortgage payment. If you qualify, you can borrow up to 95% of the value of your home to pay off the old mortgage and still not have PMI insurance. It is possible to get a fixed mortgage rate in the 5's with this option.

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pat

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0.10 Dollars($)

PostPosted: Fri Feb 29, 2008 11:21 am    Post subject: floreclosure

If my home get floreclosure what happens to the property tax?
 
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Icon Mini Profile larry



Joined: 27 Jun 2007

Posts: 2951



411.26 Dollars($)

PostPosted: Fri Feb 29, 2008 6:17 pm    Post subject:

Hi pat,

Welcome to the forum.

Even after foreclosure you will have to pay your due property tax if you have any. Otherwise I think you need not to pay any thing like property tax there after.

Best of luck,
Larry
 
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Icon Mini Profile freds11



Joined: 17 Mar 2008

Posts: 17



4.91 Dollars($)

PostPosted: Wed Mar 19, 2008 10:32 am    Post subject:

Thanks for the help I was wondering if I would need to pay that tax.
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Looking at refinancing mortgage in the near future.
 
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tb

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0.10 Dollars($)

PostPosted: Fri Apr 04, 2008 12:38 pm    Post subject: died in lieu

Is it any more beneficial credit wise to do a died in lieu over a straight foreclosure?
 
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Icon Mini Profile Niicss
Niicss


Joined: 03 Oct 2005

Posts: 807



118.37 Dollars($)

PostPosted: Sat Apr 05, 2008 3:31 am    Post subject:

Welcome tb,

Foreclosure and deed in lieu have similar negative effects on your credit report. But if the lender approves you for DIL then he will not ask you for the deficiency judgment.

Let me know if you have any more queries.

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Good is the Enemy of Great.
 
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serenasmom

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0.10 Dollars($)

PostPosted: Thu Jun 26, 2008 7:19 pm    Post subject: deed in lieu vs. bankruptcy

My husband and I will be filing bankruptcy. We have a 1st and 2nd mortgage. The 1st is thru Countrywide. The 2nd is through BofA. Countrywide told us we qualify for a DIL. However, what happens with the 2nd. Will we just put that debt in with the bankruptcy? Or do we put both 1st and 2nd mortgages in with the bankruptcy???? Any help????
 
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Icon Mini Profile larry



Joined: 27 Jun 2007

Posts: 2951



411.26 Dollars($)

PostPosted: Fri Jun 27, 2008 1:15 am    Post subject:

Hi serenasmom.

Welcome to the forum.

If Countrywide accepts the deed in lieu then why are you willing to file bankruptcy? Are you filing chapter13 or chapter7? I think you should talk with the second lender and see if you can qualify for any repayment plan. Even if you file bankruptcy you will be liable to pay the mortgage. Is that the lender is harassing you for the second mortgage payment.

Please inform us about your situation a bit more so that we can suggest you.

Best of luck,
Larry
 
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