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michael hester
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Post subject: my second morgage has filled a forecloser om my home |
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| hi, my second morgage has filled forcloser on my home, my first morgage has modified my loan to 3% lowerd my payment.i hired a lawyer to file bankrupcy to wipe out the second but it is almost impossible to pay my lawyer and keep up with my first morgage,what should i do, contact the lawyer who is forclosing and explain ahard ship ? my first is $189,000,my second $47,000, my house is has dropped down to $160,000 |
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Niicss
Joined: 03 Oct 2005
Posts: 3255
Location: New Jersey
513.90 Dollars($)
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Hi michael
You can contact your second lender and negotiate with him so that he gives you a repayment plan so that you can save the property and also pay off the dues. You should definitely explain your hardship to the second lender.
Thanks.
_________________
Good is the Enemy of Great. |
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filapere
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| I was living in a small town in fl and my job was moved to a larger city two hours drive away. Was commuting for three years and then go tired of driving and decided to buy a house in that larger city. In the smaller city a have a house worth less than the current value around 100000 less of it and also have a line of credit of about 100000. Bought this new house a couple of weeks ago and although I still can make the payments for the three loans it is very hard for me to do it. I have never been late with my payments in the house in the smaller town or the line of credit and can not sell the house because it is worth less than my currents mortgages. what are my options as far as trying to pay less every month or try to get rid of my second mortgage in the house in the smaller town and the line of credit as well? |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 1861
Location: New Brunswick, New Jersey
353.11 Dollars($)
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good grief
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Post subject: deficiency on short sale or foreclosure |
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| Hello, I bought a home in CA in 05 and lived there until 08, then rented the house out for a loss and bought another home. I owe 344k on the home and the comps are around 260k. I am hoping for a short sale and if not, a foreclosure. There will be a deficiency. I have around 80k in equity in my new home/primary res in VA? What can they do regarding the deficiency? There is no second, only a first? Can they take my primary home, or put a lien on it? As I said, the home I am losing is in CA. Nothing is late yet, so of course, the bank won'( talk to me. |
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jameshogg
Joined: 20 Dec 2005
Posts: 5203
Location: nevada
651.69 Dollars($)
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Post subject: |
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Hi Guest,
Your lender can definitely put a lien on the primary property on which you have equity. As you are not late on the payments, the lender is not talking to you regarding that property. Generally lender would short sale the property if you are late on your mortgage payments. It would be better if you could list the property in the market and check out if you can get buyers for the property.
Thanks |
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pw
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Post subject: 2ND MORGAGE |
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I had bk on feb 2008 I have been paying both 1st and 2nd morgage the 1st is for 178,000 the second for 45,000 the house is worth 140,000 now.I just ran my credit report and it says my second was 00 out at the bk 17 months ago and no record of payments.I called the company and they said they can forclose if I don't make the payments.I think I should have stop paying at the bk.Do you think I should pay them more money or try to get the money back I paid after the bk? what should I do?  |
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carmen
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Post subject: Forclosure |
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| Hi I see that many people are in my situation. I had a partner who I purchased this home with. She decided after 5 years she wanted to leave so now I am faced with Forclosure. I have a 1st and 2nd also and have tried to modify my loans but it is still not enough. I don't want to walk away but have no choice. I have been looking for an apartment to live but not sure what will happen if I just leave. |
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adonis
Joined: 22 Oct 2005
Posts: 4778
Location: ALASKA
263.32 Dollars($)
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Hi,
To pw,
Which chapter of bankruptcy did you file - Chapter 13 or Chapter 7? Did you reaffirm your mortgage if you filed for Chapter 7 bankruptcy? If you are making the mortgage payments regularly, you must have documents related to that. You should show that to your lender as well as the credit bureau and clear off the whole issue.
Hi carmen,
If you just leave the property, the lender will foreclose it and your credit score will get badly effected. In my opinion, you should speak to the lender about a deed in lieu. This will help you in selling off the property. Moreover, you will not be responsible for the deficient amount resulting from the sale of the property. However, your credit score will get reduced by 250 points. Once the deed in lieu is complete, you can rent a house for 2-3 years, build your credit and then try purchasing a new property.
_________________
Procrastination is the enemy of your financial success |
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toum
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Post subject: short sale |
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| my first mortgage is 120,000 and my second mortgage is 9,000 i put my home in short sale do i have to pay my second mortgage help me please |
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smithsussane
Joined: 18 Sep 2008
Posts: 4546
Location: Alaska
445.32 Dollars($)
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Post subject: |
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Hi toum!
Welcome to forums!
Though your property goes for a short sale, you would be liable for the second mortgage. The second lender will have the rights to sue you for the deficient amount resulting from the sale of the property. If you are unable to pay the second mortgage dues, the lender may charge off the loan to a collection agency.
Feel free to ask if you've further queries.
Sussane |
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ccd
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Post subject: 2nd |
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| The 2nd mortgage becomes an 'unsecured' debt - that is why the balance is sent to a collection agency. If you file bankruptcy there is the possibility to strip the 2nd. If the house is worth less than the 1st loan the 2nd is not able to foreclose. |
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Chris123
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Post subject: If I dont pay my second mortgage |
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| If I stop making payments to my second, will it automaticly eventually go to a collection agency which can then be taken off in chapter 7? |
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smithsussane
Joined: 18 Sep 2008
Posts: 4546
Location: Alaska
445.32 Dollars($)
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Post subject: |
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Hi Chris!
Welcome to forums!
If you stop making payments on your second mortgage, it would depend upon your second lender whether he would send it to a collection agency or place a lien on your property. You need to contact your lender and inform about your hardship. The lender may give you some options to clear off the dues.
Feel free to ask if you've further queries.
Sussane |
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sunnyca2009
Joined: 04 Aug 2009
Posts: 1735
35.94 Dollars($)
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Post subject: |
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The secodn lender can do foreclose on the property, but most of the time they may not do that becuase thye may not get anything
So there is good possibility that they can send it to collection agency or they may charge off |
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