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Guest

In response to savior's answer..... this may be true in Florida, but possibly not in other states with different recourse laws (?)
I have investment land in South Carolina and a primary home in Virginia. I am told that if I need to walk away from the land (on which we are severely upside down with literally no hope of recovery in our lifetimes), that a lien can be placed on our primary residence and we could be forced to sell it. We have a lot of equity in our primary home and are worried that we'll have to declare chapter 13 to protect it. I hope I am wrong, but this is the picture I am getting from talking to a BK lawyer. The bank, at this point, refuses to negotiate with us as we are current on our mortgage on the investment land.
I am afraid to default without a plan to protect our primary home.

Kasper_5277 · Joined: 14 Nov 2009 Posts: 24 0.00 Dollars($)

Yeah its right . . . . . . . Yeah it happens at timeswhen lenders agree toshort sale or deed-in-lieubefore one has missed apayment. But I guess that'svery rare. They'd like tolook out for everypossibility so that you do not take up such an option ifyou have not missed apayment

jenkin7 · Posted: Wed Nov 18, 2009 12:51 am Post subject:

Hi damsel,

Laws do vary from state to state. What is applicable in one state does not necessarily apply in other states. Given the mortgage on the investment property is a recourse loan, the lender will always have the right to come after the borrower for the balance of the loan amount. The lender can sue the borrower, garnish his wages or can put lien on his other properties. As far as negotiation with the lender is concerned, it is not advisable to deliberately get behind on mortgage payments as it can damage your credit. But lenders often do not negotiate for any loss mitigation options like modification, short sale, etc. until the borrower is delinquent. In that case, you will have to be ready to take a hit on your credit, in order to get the lender to offer you a suitable loss mitigation option.

Guest

house is on the market, we are doing a shortsale should I stop the monthly mortgage payment?

smithsussane · Posted: Thu Jan 07, 2010 11:54 pm Post subject:

Hi tracy!

Welcome to forums!

If you stop the mortgage payments, the lender will report your account as late and your credit score would be affected due to this. Thus, I won't suggest you to stop your mortgage payments while you are awaiting a short sale.

Feel free to ask if you've further queries.

Sussane

Guest

I signed an agreement to do a short sale with a realtor. But now I want to keep my property. What do I need to do next?

Niicss · Posted: Mon Jan 25, 2010 2:34 am Post subject:

You should contact your lender and inform him that you want to save the property. However, you will have to start making regular payments in order to save the property.

Guest

Hi I am wondering what would happen if I missed a payment during te short sale that I am in? How would it affect my short sale and my credit score? Would it increase my chances of the bank trying to foreclose on my home?

smithsussane · Posted: Tue Apr 20, 2010 12:44 am Post subject:

Hi donga,

I don't think a missed payment would affect your short sale in any way. However, if the lender reports it to the credit bureau, then it may lower your score by few points. As your lender has already accepted your short sale request, he won't go for a foreclosure now.

Feel free to ask if you've further queries.

Sussane

Guest

If you get a 1099-c an its on a primary residence. You can exclude it ffrom taxable income under teh mortgage debt relief act of 2007. Just use the prinipcal residence exclusion box on for 982

Guest

I have been out of my house for over 2 years now. Do to certain situations I had no choice. I filed bankruptcy and included the house. My bk was discharged in June of 08. Since then I have tried to have my house foreclosed on, I had to offers to short sale ( bank denied), tried to do a deed in lieu bank said they couldn't get in touch with me, but they where able to contact me to tell me that. Long story short I'm trying to get the deed out of my name. I have again tried a deed in lieu have not recieved an answer yet. Is there any advice you can give me to get the deed out of my name. Thanks!

sara · Posted: Thu Jul 01, 2010 2:53 am Post subject:

Hi Mike,

You can list the property in the market and try to sell it off. Listing of property in the market will help you in getting buyers for the property. You will be able to sell off the home and the sale proceeds will help you in clearing the mortgage dues. Also, you'll be able to transfer the property deed to the new buyer.

Take care.

Guest

The house that I'm living in is owned by my mother-in-law and she wants to put it into short sale. Can I stop the short sale some how?

Niicss · Posted: Sat Jul 31, 2010 2:22 am Post subject:

If your name is mentioned on the mortgage docs, then you can apply for a loan modification and stop the short sale. However, if your name is not mentioned on the mortgage docs, then you cannot stop the short sale.

highcaliber1956 · Joined: 31 Jul 2010 Posts: 2 1.42 Dollars($)

I understand that things are tough right now and things look bleak. I have walked a mile in your shoes so I know what you are going through. I hope you have made every attempt to contact the mortgage holder. The last thing the lender wants to do is to remove you from your home. Maybe you might want review your spending habits or maybe contacting a professional in the field of foreclosure prevention to help you. God Bless and Good Luck

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Should I stop payments before negotiating a short sale?