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jenkin7 · Posted: Sat Apr 11, 2009 3:15 am Post subject:

Hi dj,

I believe you can short sale both the properties. If you are facing problems making payments and want to short sell both the properties, I don't think the lender would object to that. However, whether they would come after you for the deficient amount entirely depends on them. Generally they do come after the borrower for the deficiency amount after the short sale.

savior70 · Posted: Sat Apr 11, 2009 3:48 am Post subject:

Hi

Bisonlj, now that the offer is gone, I think you should resume making the payments. The more late you are on making payments, the worse the effect on your credit would be. If you are going for a short sale, this will definitely damage your credit. But on top of that, if you are late for many months on payments, that's going to damage your credit even further.

Guest

Hello,
I am in a similar situation. Loan for $240,000. Wife lost job 8 months ago Dec 2008 upfor sale. No bites on the sale. 1 income not enough. no workJust added lease to purchase on house, for 6 more months to Sept 2009. Value maybe $170,000 if that. If no bites by July 2009 considering Short sale verse DLF. Thinking DLF if no offeres. Can't even rent it out nothing. Have a few thousand in the bank and my job. Will find a cheap place to live and keep going. Stressing me out. I heard they can possibly take 401K. But I read theres a florida law that they can not take 401k, IRA's or annuities or wages....? did I understand that correct.?

I am thinking of stopping the payments. What are my options...forclosure or DIL, short sale? There are a lot fo houses in my area into forclosure and short sale but no takers.. I'm with Suntrust Bank.

Guest

Hello:
I have a mortgage of about $55,000.00 on a house presently valued at $140,000.00. I am tired of being a landlord to untidy tenants and just want out of the house. Should I attempt to sell it and pay the bank or should I let the bank sell it an give me the remaining proceeds?

jenkin7 · Posted: Tue Apr 14, 2009 10:34 pm Post subject:

Hi RBS,

A sort sale would be a better option than a deed in lieu from your credit point of view. It will affect your credit by 75-100 points as compared to a loss of around 250 points on your credit due to a deed in lieu. But in a short sale you will be required to pay the deficient amount out of the short sale, whereas in deed in lieu it will be forgiven. Taking money out of your 402k would not be a wise decision as you will have to pay some considerable amount of taxes due to the withdrawal before a certain period of time.

Hi Marie,

I believe it can be done either way. But you better try and sell it on your own. First get the property listed and see what kind of offers you get. Then choose the best offer available and pay off the debt while retaining the rest of the proceeds with you.

Guest

We moved from Wisconsin to MIchigan in June of 2007 for wifes work. Due to difficulties with job, she quite in Sept. of 2008, we put house on market and came out to Arizona. We have been unable to sell home and are thinking of stopping mortgage payments and letting bank take it back. I am 64 and just not to worried about my credit at this age. Any suggestions?

ranalinkbuilder · Joined: 16 Apr 2009 Posts: 8 4.67 Dollars($)

u should neither stop paying not ignore it.

genestoneybrook · Joined: 22 Apr 2009 Posts: 5 4.85 Dollars($)

Hi
I live in Lee County Fla .It has the highest foreclosure rate in the county. We purchased our home in 2004 and now have a 1st with Countrywide for 380,000 and line of credit for 49,000. We own total 425,000 and home is now only worth 200k /220/ on short sale. There is over 100 Foreclosure inside my community. We also have 60 debit on credit cards. .We are current on all payments car ,insurance, house ,credit cards.
I am self employed my business is in the dumps. Last yrs we showed lose of 25 over this yrs income. My wife make most of our family income at this point .However we are short 1500,00 every month and robbing peter to pay Paul.
I called and spoke with countrywide twice I even faxed over distressed letter (never received call back ) They stated we don't qualify for any loan modification programs since our income and debit is too high. I was also told since we are current on our mortgage payments there is NO HELP for us. We have been responsible adults and just victims of foreclosure mess.

I am about to throw up my hands and READY to stopping making our 1st and 2nd mortgage payment .Maybe this will get Countrywide attention to negotiate lower interest on my mortgage.

Please advise ???Do we do stop paying our mortgage and keep paying all other bills .We have NO saving since we use every pennies to keep this house and all other bill current.

Dec 30th we were blessed with our daughter our 2nd child and now have added expense that weren't planned when we took out this loan.

Our current mortgage payments are $3300 per month. We can afford $1800,$2000

Another question is my wife is on all the paperwork for the loan and is listed as borrower. However today I went online and see that my name is listed with the county cleck on the Mortgage (mtg) I am listed """AS TENANTS BY THE ENTIRETY" What does this mean ??? If we default do both mine and my wife's credit takes a hit ????We both have scores of 710/720.
2nd question
IF I sell my business in NJ and leave the cash in my LLC bank account can countrywide go after these funds since my name is not on the 1st or line of credit ???

I am seriously thinking of walking away for this home and just taking this cash to purchase another home with no mortgage .

Our thinking at this point is
Why give Countrywide 2800 per month for interest alone on this property that we are underwater for close to 200k.

Thanks in advance

bisonlj · Joined: 09 Apr 2009 Posts: 2 1.84 Dollars($)

Hi, Savior,

Thank you for your advice! Last month I received another offer of 260K, and ING approves it in two weeks. Now I'm waiting for the June 30 close:) A quick question, though, do I still pay my mortgage for May and June, since the close date is still 2 months away...Thanks!

jenkin7 · Posted: Wed May 06, 2009 12:18 am Post subject:

Hi Craig,

If you are not worried about your credit, you can stop the payments and let the house go into foreclosure. But I'd suggest a deed in lieu instead of a regular foreclosure. Both will damage your credit, but a deed in lieu would be a little less damaging on your credit than a normal foreclosure.

Hi genestoneybrook,

It is true that the lenders do not want to modify your loan if they see that you have been making the payments on time. They will not consider a modification process unless you are delinquent on the loan. Thus, if your lender is not willing to modify your loan because you are current on it, you can stop making payments to them. But this will, no doubt, affect your credit score. As you are not on the loan, the lender cannot hold you responsible for the repayment of the loan and they cannot come after your LLC bank account.

savior70 · Posted: Wed May 06, 2009 4:27 am Post subject:

Hi

Bisonlj, in my opinion you ought to make the mortgage payments for May and June. This is to keep your credit report clear of the negative items like the missed payments. This will help you in future when you apply for a new loan. The lenders will check whether you had any missed payment prior to the short sale before they approve your loan application.

Don't hesitate to post further queries, if you have any.

Guest

me and my wife on the morgage but we need to put the morgage on her name car iam going to leave her and both without job is it possible or not so please help me ths......

savior70 · Posted: Thu Jun 04, 2009 5:27 am Post subject:

Hi

Guest

which one is better shortsale or forclosure,i cant affort to stay in my house

Guest

Hello,
I have an investment home and my tenant has left before the end of the lease term. I am having a hard time renting it out and this is causing me financial hardship. Due to the economic crisis, I also did not receive a raise or bonus on which I was counting. Would I be able to get a loan modfication on this house so that at least my mortgage payments are lower? I would appreciate your opinion.

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