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Vicki B.
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| I was a jr. lien holder and took title to the property by a "Quitclaim in Lieu of Foreclosure." I wanted to assume the 1st on the property but was told by my loan officer that the lender said "No Interested," Not Assumeable, "she must pay us in full and get a new loan." Recently I found out I DID have the legal right to assume the 1st under Garn St. Germain 1982 and want to know if I have any recourse. I was forced to get a new loan at a much higher interest rate and now stand to lose the house myself. Please advise! |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 2708
Location: MICHIGAN
429.63 Dollars($)
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Hi Vicki,
You should contact an attorney and take his opinion in this regard. The attorney will go through your documents and let you know whether or not you can take any actions against the lender.
Thanks,
Jerry |
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another one
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Post subject: deed in lieu with 2nd mortgage from same bank, process? |
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| If we have a primary mortgage and the 2nd mortgage from the same lendor, what is teh process? |
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adonis
Joined: 22 Oct 2005
Posts: 10562
Location: ALASKA
1089.18 Dollars($)
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missy
Joined: 01 Dec 2010
Posts: 1
1.16 Dollars($)
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Post subject: Deed Lieu with 2ND? |
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Hi Jessica,
If the first and second loans are with the same bank can a Deed and Lieu or short sale be accomplished? I have ready normally the bank that holds the first has to aggree to take it when a second is on teh home,but if they are from the same lendor does it work out smoother?
any help would be appreciated. |
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smithsussane
Joined: 18 Sep 2008
Posts: 10439
Location: Alaska
985.83 Dollars($)
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Hi Missy!
Welcome to forums!
If both the loans are with the same lender, then the lender may be more cooperative to offer you a deed in lieu of foreclosure or a short sale. In the second loan is with some other lender, then the second lender may not be ready to deal with you quickly enough.
Feel free to ask if you've further queries.
Sussane |
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anony
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Post subject: deed in leiu with 2nd mortgage |
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bank of america and citi mortgage both told me that I will be responsible for second mortgage if I do deed in lieu. I live in Washington st. is it dif. from state to state  |
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adonis
Joined: 22 Oct 2005
Posts: 10562
Location: ALASKA
1089.18 Dollars($)
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Welcome anony,
It is true that the lender won't come after you for the deficient balance of the first mortgage resulting from the property sale. However, if you've a second mortgage, then you will be liable for paying it off to the lender in full.
_________________
Procrastination is the enemy of your financial success |
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RBS1
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Post subject: DIL 2 mortgages different banks |
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| What are the first steps to take to start a DIL? Do I write a letter to the bank holding the larger portion and cc the 2nd bank? Will the the banks go after my other RE assets? |
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smithsussane
Joined: 18 Sep 2008
Posts: 10439
Location: Alaska
985.83 Dollars($)
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Hi RBS!
Welcome to forums!
You will have to write a hardship letter mentioning your financial crisis. The lender will want to check your bank statements and employment details and let you know whether or not they will accept your request for a deed in lieu of foreclosure.
Feel free to ask if you've further queries.
Sussane |
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B4IGo
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Post subject: Junior Liens bankruptcy |
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| We have already filed bankruptcy and now facing foreclosure. The first and second mortgages are with the same lender. Third is with another lender. Will all those liens be wiped out because of the bankruptcy? |
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B4IGo
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Post subject: Junior Liens bankruptcy |
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| Sorry, that would be Chapter 7 bankruptcy in the state of Michigan |
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adonis
Joined: 22 Oct 2005
Posts: 10562
Location: ALASKA
1089.18 Dollars($)
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Welcome Guest,
If you have included the mortgages in your bankruptcy filing, then you'll be able to get them discharged. In such a situation, you won't be responsible for the mortgage payments personally.
_________________
Procrastination is the enemy of your financial success |
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trangbui
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Post subject: junior liens tried to foreclosure our house |
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| We bought a house about five months from REO(real estate own). Wells Fargo back Carrington LLC owned this property. On the first week of December 2010. We received a Notice of Default letter file on the county Nov 1st 2010 sent from Foreclosue Asset Service indicated about second lien. We hired real estate attorney and he filed a claim to Fidelity National Financial (FNF)but until now we have not heard anything from them yet. Couple days ago, we received these certified mail again. We email to our lawyer and FNF to ask for the status. At the same time my lawyer demanded them to process this claim immediately but still have heard anything from them. Please advise, the lender is going to file a notice of trustee sale on Feb 1, 2011. thanks |
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smithsussane
Joined: 18 Sep 2008
Posts: 10439
Location: Alaska
985.83 Dollars($)
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Hi trangbui!
Welcome to forums!
Your lawyer is the best person to assist you in this regard. He will be able to let you know what steps you need to take in this regard.
Sussane |
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