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lisascherzer

Joined: 04 Jan 2008
Posts: 755
1.07 Dollars($)
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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. _________________ Lisa Scherzer
Allpointe Mortgage
Expert Mortgage Broker
440-521-7060
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pat
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Post subject: floreclosure |
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| If my home get floreclosure what happens to the property tax? |
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larry

Joined: 27 Jun 2007
Posts: 3328
474.49 Dollars($)
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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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freds11

Joined: 17 Mar 2008
Posts: 17
4.91 Dollars($)
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Thanks for the help I was wondering if I would need to pay that tax. _________________ Looking at refinancing mortgage in the near future. |
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tb
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Post subject: died in lieu |
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| Is it any more beneficial credit wise to do a died in lieu over a straight foreclosure? |
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Niicss

Joined: 03 Oct 2005
Posts: 2620 Location: New Jersey
409.63 Dollars($)
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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. _________________ Good is the Enemy of Great. |
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serenasmom
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Post subject: deed in lieu vs. bankruptcy |
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| 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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larry

Joined: 27 Jun 2007
Posts: 3328
474.49 Dollars($)
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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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ryan
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Post subject: dil versus foreclosure |
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| i have a first and second with wells fargo, i own a 1 bedroom was single when purchased now am married with kid and need bigger place, i have a arm 5 year fixed will reset in a year tried to refi, appraisel came in at 1/2 of what is owed, have gone deliquent to renegotiate, or do dil? what will happen if they dont and thy forclose? |
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jenkin7

Joined: 04 Jun 2007
Posts: 3429 Location: Hawaii
514.13 Dollars($)
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Hello Ryan.
If the property has been appraised in half of what you owe then they may not agree for deed in lieu of foreclosure. So consult the mortgage company ASAP. IF you face foreclosure then not only your credit will be affected but they can even come after you for the deficiency judgment. |
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Amber
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Post subject: DIL vs. Foreclosure |
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| We have two investment properties bought 2.5 years ago at the peak, saturated rental market in both areas, and add'l extenuating circumstances. Is there any benefit to doing DIL vs. Foreclosure (we have realized there's no way of keeping these properties). |
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Jessica
 Community Mentor

Joined: 08 Jun 2004
Posts: 814 Location: OHIO
195.97 Dollars($)
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Post subject: RE: any benefit doing dil vs foreclosure |
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Hi Jessica,
Welcome to our community forums.
Well Amber frankly speaking it's more or less the same because you lose the properties in both cases. Also, the credit effects of foreclosure and dil don't differ much. But did you have a talk with the lender? what option is he suggesting?
Regards,
Jessica _________________ http://jessica.mortgagefit.com/ |
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Madeline
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Post subject: Deed in lieu |
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| We live in pennsylvania our primary home. Our second home is in Placida Florida we can not keep the florida home & would like to do a deed inliue ,but i am so afarid that i will my home plus we have a small duplex in pennsylvania which pays some of our bills,we are getting behind on things here i just had to give up life insurance policy,i am 62 my husband ia 79,we have never missed a payment for a morgtage,are you to get behind on your payments first,thank you very scared,We owe $290.00.00 |
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smithsussane

Joined: 18 Sep 2008
Posts: 3738 Location: Alaska
561.45 Dollars($)
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Hi Madeline!
Welcome to Forums!
You want to put your second home in Placida Florida for a deed in lieu foreclosure. I feel this is a good choice that you have done. A deed in lieu foreclosure will not affect your other properties. Rather the deficient amount resulting from the sale of the property will also be forgiven.
Feel free to ask if you have further queries.
Sussane |
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anonymous26331
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Post subject: fourclosure on 2nd mtg |
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| can you do a fourclosre on a 2nd mortgage and keep paying on your first with the same lender |
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