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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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Hi Guest,
The home equity line of credit will be considered as your second mortgage. If you go for a deed in lieu on your first mortgage, you'll still be liable to pay off the second mortgage. If you do not pay the dues, the second lender will charge off the mortgage.
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A sigh of relief almonst
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Post subject: 2nd Mortgage and DIL |
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| I recently completed a DIL where there was both a 1st and 2nd mortgage on the property. There was a single lender of both mortgages. There was never any mention of what would become of the 2nd mortgage I assumed, hopefully not wrongly, that the DIL would resolve both when the lender took over the property. Can you clarify what are the normal legal parameters of a situation such as this. |
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Done In
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Post subject: Deed in lieu with lien |
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| I have had my property up for sale for about 4 or 5 months. My husband is not working and all we have is my income. I am current on my payments now. My house is well worth more than what I owe, a great location and in good shape. I have a first mortgage and a second. My house should bring 100 - 200 K over what I owe with both. My problem is that I can not sell because I just found out that I have a judgement lien on the house that is more than my mortgage. What suggestions do you have? I cannot continue to keep up with the payments by myself. |
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jenkin7
Joined: 04 Jun 2007
Posts: 3429
Location: Hawaii
514.13 Dollars($)
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Hi Done In,
I think you can go for a loan modification program that will reduce your monthly payments. Since you are current the lender might not be willing to do a modification. But you will have to send them a hardship letter stating the financial difficulties you are facing at present. If a modification is not possible, the other option could be a deed in lieu to avoid a foreclosure on the property. |
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Carlos
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Post subject: Liens in property in North Carolina |
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| Does a foreclosure erase liens from builders, electricians, etc in a property in North Carolina? |
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jenkin7
Joined: 04 Jun 2007
Posts: 3429
Location: Hawaii
514.13 Dollars($)
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Hi Carlos,
As far as I know, a forecosure does not erase any of the junior liens on the property. If the house is foreclosed on and there is enough money left from the sale of the house, after satisfying the primary liens, the secondary liens are paid off. If the sales proceed is not enough to pay off the junior liens, the lien holders can place the liens on your other properties or can sue you in court for non-payment. |
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Tamitha
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DIL or short sales in today's housing market are not being done, when there is a 2nd mortgage. The short sale will never cover the 2nd mortgage. Homes are worth 20-40% less than what is owed in many states. Mortgage companies will not do a DIL with 2nd mortgages. I speak from experience.
Statistics from 2008:
"All told, nearly a quarter (23%) of U.S. mortgages were underwater or were in a near-negative-equity position. Nevada (48%) and Michigan (39%) led the nation with the highest percentages of negative equity, followed by Florida (29%), Arizona (29%), California (27%), Georgia (23%), and Ohio (22%)."
If that's from 2008, what is it like now???? |
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faith
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Post subject: ABANDONMENT |
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| IF i have continuosly talked and talked to the lender and I do have 2 mortgages about I can no longer afford to keep the house and of course they have been doing there documentation. And they are already familuar with my case and my situation and I have not made any payments since 09/08 on both mortgages and when I s/w the retention team about the 1st mortgage she suggested that try the short sale & then she suggested the (DIL) but she first stated the (DIL) telling me what I would do is turn over the keys & the deed. But the she stated about the short sale now on the same lender the 2nd mortgage has written to me and stated that w/o the payments the house will go in foreclosure please elaborate and thank you so much. |
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| looking for any suggestions. |
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sondra
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Post subject: down and out |
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| My husband is out of work due to medical problems and on a leave of absence from work which I know he will not be able to go back to work at all. I work but don't make a fourth of what he made. Now we have credit card debt and a 1st and 2nd mortgage. I don't have the money to pay any of it. I've never been late on a bill in my life. Can anyone give me advice n what I need to do. |
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jenkin7
Joined: 04 Jun 2007
Posts: 3429
Location: Hawaii
514.13 Dollars($)
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Hi faith,
If you are behind on your payments since 09/08, the lender can now start the foreclosure procedure against your property any time. It will affect your credit by almost 250 points or even more. A deed in lieu of foreclosure will also affect your credit, but it is slightly less damaging than a regular foreclosure. You should write a hardship letter and talk with the loss mitigation department of your lender and discuss the option of deed in lieu. If both the mortgages are with the same mortgage company, you will need only one approval from them, but if they are two different companies, you need to get approvals from both of them for the deed in lieu. You can also negotiate with your second mortgage holder and work out a settlement for it.
Hi Sondra,
You should try to modify the loan to reduce the monthly payments so you can stay current on your loan. They will probably reduce the interest rate for a certain amount of time or extend the term of the loan to such an extent that the monthly payments will be lowered. You need to talk with the loss mitigation department of your lender and see if they can modify your loan. You can also send them a hardship letter and explain to them your current situation and the need for a loan modification. |
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delgany man
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Post subject: foreclosure |
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| What are the steps and how long does a foreclosure take? |
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savior70
Joined: 25 Mar 2009
Posts: 1422
Location: Florida
168.75 Dollars($)
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Hi
A foreclosure procedure generally gets over in about 3-4 months. However, it is often seen that the entire process of foreclosure takes more than 3-4 months to complete.
The lender first sends the borrower a notice of default (NOD), if he is behind on payments for more than 2-3 months. The notice warns the borrower of a possible foreclosure if he fails to get current on the loan. If the borrower doesn't make the payments, the lender files a lawsuit against him on his house. The borrower will have to respond to the lawsuit. Otherwise, a default judgment will be passed against him. A hearing is held, where the borrower is given an opportunity to present his case and state why he has not made the payments. If you can convince the judge, he may offer you more time to make the payments. Otherwise, he will pass judgment in favor of the foreclosure. The house, will then be sold at sheriff's auction and the mortgage will be paid off. |
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Manners
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Post subject: Status of a judgment lien for back condo fees with a DIL |
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| A person owes several hundred dollars in back condo fees and legal expenses to the Association. What is the status of this lien if a Deed in Lieu of foreclosure takes place? Can it be collected from the financial institution that takes back the property? |
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Condotrouble
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Post subject: DIL Question |
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Hi,
I am getting married in October, I have a fantastic condo that is on the market right now. No one wants it and I am struggling to make payments on it. If I pursue a deed in lieu prior to getting married, will my fiance's credit be effected by it after we are married? Is there anyway to avoid his credit from getting a "ding" if I were to pursue a Dil either before or after we get married?
Thanks,
Sarah |
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