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 pricephyllis
Joined: 18 Apr 2008
Posts: 2
2.77 Dollars($)
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 Posted: Fri Apr 18, 2008 10:42 pm Post subject: lien on new house after foreclosure on old |
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Supposedly the short sale from the way I understand will pay the primary 1st 67K then whats left will go to Citi. (Total amount owed is 105.000K) 26,000K short(CITI FI) of paying off both. The short sale of the house will be for 79,000. However our agent is trying to buy 3 months more time to try to sell for more. Home is appraised @ 137,000 but probably really worth 110,000 maybe!!!. If that don't work we may possibly seek bankruptcy and try to have citi financial discharged for what is left owing to them. The bank (primary) will be satisfied. Are we possibly better asking the bank for a deed in lieu of foreclosure. The bank has been a little flexible with us because we have paid so much extra on the principal and dropped our mortgage from a 30 yr. to a 12yr mortgage with a perfect payement history. After illnessess we still have accumulated more significant debt and owner financing is our only hope of ever owning a home again after working so hard for so long, and we would hate to have a lien put on our new home if possible.
Can I ask what a dificiency judgement is? Thanks much. |
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larry
Joined: 27 Jun 2007
Posts: 2911
403.68 Dollars($)
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| Posted: Fri Apr 18, 2008 10:53 pm Post subject: |
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Hi pricephyllis,
Welcome back.
You should try and avoid foreclosure. So talk to your lender ASAP and do not consider foreclosure as your option because it will not help you in any way and will have a huge negative affect on your credit report.
BTW if you want to stay on the same home then you can file chapter 13. In that case you can pay the lenders with an affordable rate and terms.
But if you want the new home then try out short sale first. It will not affect you credit much but the lender can seek deficiency judgment.
Feel free to ask if you have any further questions.
Best of luck,
Larry |
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jenkin7
Joined: 04 Jun 2007
Posts: 887
132.55 Dollars($)
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| Posted: Sat Apr 19, 2008 2:37 am Post subject: |
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Hello pricephyllis,
In case both of the lenders are willing to accecpt the DIL then you can think about it but remember that it will have negative effect on your credit. your score will be dropped by 200 to 250 points. But the lender may not seek a deficiency judgment. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 818
Location: bloomfield, ct
51.66 Dollars($)
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| Posted: Sat Apr 19, 2008 6:03 am Post subject: |
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you seem to have lost hope of home ownership in the future. please don't. not all setbacks are permanent - virtually all of them are temporary. you can bounce back from this episode of your life, but you need to maintain as positive an attitude as you can.
you'd be best served to discuss the possibility of a lien being placed on a new dwelling with your legal counsel.
_________________
George M. Akerley
Relationship Manager
First Horizon Home Loans
37 Jerome Avenue
Bloomfield, CT 06002
860-286-9133
www.gmakerley.net |
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