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Christin
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Post subject: Foreclosure |
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| My husband was hurt in Iraq with Traumatic Brain Injury and Chronic Post Traumatic Stress Disorder and a few other things. The Army put him out in Dec 2007. We finally got VA compensation to go through last month. We lost our home to foreclosure because of lack of income and the interest rate jumping. The home was auctioned off in Sept. 2008 it went for $126,252. The 1st mortgage was 111,000 the 2nd was $28,000. What happens to the 2nd mortgage? The court papers said the home appraised for $111,000. The property tax papers say $150,000. It would have been listed for $180,000. We had a realtor that said he was trying to work things out with the mortgage company. I don't think he did anything. We couldn't find anyone to help us. Do I file bankruptcy now? Where did that extra money go when they auctioned the house off? |
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jameshogg
Joined: 20 Dec 2005
Posts: 10148
Location: Nevada
941.94 Dollars($)
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Post subject: |
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Hi Christin,
Though your property is foreclosed, you will still be responsible to pay the second mortgage lender. Once the first lender forecloses the property, he will satisfy his loan first and if there is a excess amount, he will pay that to the second lender.
If you cannot pay the second lender, he will have the right to charge off the loan to a collection agency who will in turn collect the dues from you.
Thanks |
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Vegas Girl
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Post subject: Same Lender on 1st & 2nd mortgages |
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| Even if a lender holds both the 1st & 2nd mortgage, they'd most often foreclose instead of Deed in Lieu? If they go the foreclosure route, is it any different than if there are 2 different lendrs? Meaning: with the same lender are both loan lumped into 1 foreclosure or is their 2nd still "out there" on it's own to try to recoup? |
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Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
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Post subject: |
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Hi Guest,
It will depend upon the lender whether he would accept a deed in lieu or go for a foreclosure. If both the mortgages are with the same lender, then he can either forgive the second loan or charge it off to a collection agency.
If the loans are with two different lenders, then the second lender will have full rights to recover his dues from you. If you cannot pay off the second mortgage, he will charge off the loan to a collection agency.
Thanks.
_________________
Good is the Enemy of Great. |
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Christin
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Post subject: Foreclosure |
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| Should we file bankruptcy now? Why would the court papers say it only appraised for what the payoff on the first mortgage was? I know it appraises more than that. Will we ever be able to buy a home again? This situation was totally out of our control. Thanks! |
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Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
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Post subject: |
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Hi Christin,
If you feel that the appraisal of the property was not done properly, then you can contact a property appraiser and appraise the property once again. This will help you to know the correct value of the property.
You will definitely be able to buy home again once your credit improves. I guess you are short selling the property. Isn't it? Once you short sale the property, there will be a dip in your credit score. As you improve your credit score, you will be able to buy a home again. To know more about improving your credit score, check out the following link:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Thanks. |
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ken
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Post subject: countrywide and national city |
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| what happens if country wide will nto work with 2nd |
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adonis
Joined: 22 Oct 2005
Posts: 10242
Location: ALASKA
1042.50 Dollars($)
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Post subject: |
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Hi ken,
If your lender does not work with you regarding your second mortgage, you will be responsible to pay the dues according to your existing plan. If you don't pay, then the second lender may either charge off your loan or can go for a foreclosure.
_________________
Procrastination is the enemy of your financial success |
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anonymous1
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Post subject: lien again propery |
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| we put a lien against our neighbors townhouse for not paying his monthly condo fees. however he went into foreclosure and the guy who bought his place never paid us a single cent. he resold the property and the title company wants us to sign a letter that we will not sue him or anybody else in the future. we are only 7 condos and can not afford an attorney. please help[/quote] |
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jameshogg
Joined: 20 Dec 2005
Posts: 10148
Location: Nevada
941.94 Dollars($)
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Post subject: |
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Hi anonymous,
If you had placed a lien on the property, then you are legally entitled to receive your payments from the owner of the property. I don't think you should sign the documents given to you by the title company as it will serve their interest and not yours. I can understand that it would be difficult for you to afford an attorney but it would be better if you could take an attorney's opinion on this issue.
Thanks |
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mre
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adonis
Joined: 22 Oct 2005
Posts: 10242
Location: ALASKA
1042.50 Dollars($)
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usermom3921@aol.com
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Post subject: 2nd mortgage |
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| If you have a 2nd mortgage on your home can they put a lien on your home if you stop paying it even though your 1st mortgage is current |
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smithsussane
Joined: 18 Sep 2008
Posts: 10030
Location: Alaska
919.49 Dollars($)
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Post subject: |
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Hi usermom!
Welcome to forums!
Yes, the second mortgage lender can place a lien on your property if you stop paying the second mortgage dues. He may even charge off the mortgage and a third party collection agency will collect the dues from you.
Sussane |
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anonymously
Guest
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Post subject: Deed in Lieu and Equit Line of Credit |
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| How does a Deed in Lieu affect an equity line? I have a first mortgage, and then an equity line, is it affected the same as a second mortgage? |
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