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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 anonymous,
As both the mortgages are with the same lender, you will have to speak to the lender first. It will be his discretion whether he will approve it or not. If the second mortgage is not yet foreclosed, then you can speak to the lender and check if he can offer you a loan modification on the second mortgage. This will help you to save your credit also. To know more about loan modification, check out the following link:
http://www.mortgagefit.com/know-how/loan-modification.html
Thanks, |
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Stevo
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Post subject: junior tax lien |
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My friend has a property close to foreclosing, I would like to by the property but he has a $10,000 IRS lien on the property, how does this affect my purchase, would it be my responsibility?
Thanks |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 1778
Location: MICHIGAN
266.05 Dollars($)
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Hi Stevo,
It is always better to ask the seller to pay off the lien and get a lien release certificate and then purchase the property. A query similar to yours has been answered in this given link:
http://www.mortgagefit.com/propertytransfer/irs-lien.html
Please take a look.
Thanks,
Jerry |
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default
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Post subject: I was on a payment plan and defaulted |
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I am in a very bad situation. I bought a small home and was going to sell my main home and use some of the proceed to reduce my payment as I was about to go through a separation and the mortgage is in my name only. Things did not work to plan prices dropped in my neighborhood and it was no longer viable to sell one home to pay off the other as I planned. I managed to rent the 2nd home but I was already in arrears about 4 months before I found a tennant and I could only rent it for half the mortgage. I arranged a repayment plan with the Bank but it's too high they say I need to pay that amount to catch up. Things were going good until Nov. I did not have enough funds to pay mortgage on either homes. The terms was they can pursue foreclosure if they did not receive the payment on time. Is there anything else I can do to stop foreclosure? Can foreclosure be stopped was it has started? I am very concerned for the tennants in the home. I hear the Bank is not so willing to help people with 2 homes, I really don't want 2 homes I was trying to do the right thing and make the payments as it my mistake I shuold not have bought another home until the first home got sold, it's a harsh lesson I have definately learned the hard way. I did try to market the home without success at that time. Please what are my options right now?
I was about 4 months behind when I accepted a payment plan. I kept up to date until Nov. Is it too late to ask for a short sale or deed in lieu of foreclosure? Can foreclosure be stopped once it has started? |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 1778
Location: MICHIGAN
266.05 Dollars($)
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Post subject: |
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Hi default,
| Quote: | | The terms was they can pursue foreclosure if they did not receive the payment on time. |
If you have signed an agreement with the lender that they will foreclosure the property if you cannot pay, then I don't think you will be able to avoid foreclosure.
As far as short sale or deed in lieu foreclosure is concerned, you can definitely apply for it but it will be the lender's discretion whether he will accept it or not. No, its not late to apply for a short sale or deed in lieu foreclosure.
Thanks,
Jerry |
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DWH
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| I have a property with a 1st and a 2nd mortgage with the same lender,I have recently been relocated with my work and have tried to sell the home with no success. I need to relocate in order to keep job, the appraisal amount is more then owed would a dil be a reasonable solution for both mortgages? |
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adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
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Welcome DWH,
You can apply for a deed in lieu with the lender but it will be the lender's discretion whether he will accept it or not. You should contact with the lender and inform him about your situation.
_________________
Procrastination is the enemy of your financial sucess |
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Not fun
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Post subject: 1st and 2nd/ refi/ deed in lieu?? |
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I cannot going to be able to keep paying my mortgage and have made plans to move out to a cheaper place. (Utilities in the older home + mortgage is breaking me on top of other expenses.) My 1st lender has offered a refi that would give me a 1 month break in payment. This seems disingenuous to accept. My 2nd is with another institution (they offered no concessions when I told them I was in a tight spot earlier). I've had the place listed--so far it is $30k below mortgage owed and no buyer traffic. Agent thinks it has to drop another $40k and advises short sale. Another friend suggested calling and asking for deed in lieu. (I am not 30 days behind yet.)
The house has dropped approx $90k in value (along with the neighborhood/state). It's an older home and its strength was it's property (1.85 acre) and the great location.
Is deed and lieu feasible? Other ideas? Thank you. |
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fearful annie
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Post subject: deed in lieu if bank holds 1st and 2nd |
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| what do banks or other lenders do if they hold both the 1st and the 2nd (or HELOC) Do we have to try to refinance in order to make it one mortage before we attempt a deed in lieu? This is not our primary home although as far as the mortage is concerned it is. (mother lives there) She is moving out and we want to voluntarily give it back. The loan is equal to the assessed value but not by much. Will the bank make us use our retirement or life insurance policy assets to continue paying on a property we no longer want to own? |
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adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
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Post subject: |
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Hi annie,
You cannot voluntarily give back the property to the lender. You will have to apply for a short sale or a deed in lieu foreclosure. If the lender accepts any one of these, then you can deed the property back to the lender. As there is a second mortgage on the property, you will still be liable for paying the second mortgage or the lender will charge off the mortgage to a collection agency who will in turn collect the dues from you.
_________________
Procrastination is the enemy of your financial sucess |
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leka
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Post subject: foreclose |
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| Can you foreclose on a property from second position |
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curious
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Post subject: Deed in Lieu |
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I lost my job and have been lookinng for a new position for six months without success, many educators have been laid off! I have a first mortgage at 352,000 with Citi and a second, home equitity line, of 117,000. My savings is running out and I cannot afford the payments. Nothing is selling in my neighborhood either. Two are for sale and have been for a year.
My questions; Will both banks accept a DIL?
Can the first bank take money from my savings and CDs and they are in citi-the same bank as the first mortgage
Can the second bank, Homecomings come after me legally for the money of the loan if Citi will not work with them?
Can you recommend a great attorney in San Deigo to help me with this?
Thank you kindly! |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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Hi,
To leka,
Yes, a property can be foreclosed by a lender who is in the second position but he will have to satisfy the loan of the first lender also.
To curious,
I do not think both the lenders will accept a deed in lieu. If you are past due on your payments with both the lenders, then there are chances that the first lender will accept a deed in lieu. If the first lender accepts a deed in lieu, he will sell off the property to recover his debts and the deficient amount resulting from the sale of the property will be forgiven. So the lender will not come after your savings or CDs.
As far as the second lender is concerned, he will still have the right to collect the debts from you and if you cannot pay, then the lender may charge off the loan to a collection agency.
As far as attorney's are concerned, check out the following link:
http://lawhelp.org/ . Here you may get the contact details of some of the attorneys.
Thanks |
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anonymous09
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Post subject: Chapter 13 on second to avoid losing other property? |
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I'm being forced to forclose or short sale my home. My husband passed away in 2005 and I can no longer aford our home.  A year before he passed we took out a loan to improve our property, so now I'm stuck with that as well. My biggest concern is this: Losing my house is going to happen no matter what I do, but I have a piece of land (1/4 acre) elsewhere and if I can't save that to sell later...I will starve and be homeless. Is it possible to file chapter 13 on my second to save this land...or transfer title to my daughter to protect it? Any other way to shelter this small piece of land from what's happening now? Please, ANY advise could really help to save the ONLY thing I have left in the world. Thank you in advance for any words of wisdom. <sigh> |
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Niicss
Joined: 03 Oct 2005
Posts: 2620
Location: New Jersey
409.63 Dollars($)
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Hi anonymous,
If you transfer the property to your daughter, that will be considered as a fraudulent transfer and the lender may penalize you for that. If you are deficient on your payments right now, then you can apply to your lender for a deed in lieu.
Thanks |
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