Should I stop payments before negotiating for short sale?

Guest

A family member left me their house however I am concerned about my credit worthiness with the bank. The house has a balance of roughtly 80K and 100k worth of equity. What is the changes of the bank allowing me to assume her mortgage with out a credit check?

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1737 36.13 Dollars($)

That will depnds on lot of facotrs Your income, credit score and also Debt to incoem ratio alogn with your job history.

If you can provide more details, we may be able to give you a better answer

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.77 Dollars($)

Lucy

Welcoem to the forum

You will need to provide more detaisl like your Income, credit score and any toerh commitmens (Financial) alogn with yoru job history.

That will help to provide you with a better suggestion

Good luck and feel free to ask

Guest

i stop paying my mortgage for 8months now and the lender has not set up a sell date yet, what should i do in this case?

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1737 36.13 Dollars($)

Probably you can waiti until you get that final notice and enjoy the hhouse with no rent

Guest

hi, i am approved to do a short sale and will not be missing any payments at all leading up to the sale of the house and my lender will show that the mortgage is "paid in full." do you know how this may affect my credit score since i will not be delinquint on any payments? will the short sale be on my credit report or negatively affect me in 3-5 years from getting great rates (i have a 750 credit score now)? will my credit remain intact? where can i find this information out?
thanks

Guest

Have attempted short sell for past 6 mos., but no buyers. Should I do DIL?
What steps are required?

Guest

My husband passed away in 2006, I refinanced the house with a 7 yr. interest loan and I was working. In 2008 I I had to quit working and my income is less than my expenses. I tried to sell the house but the value had dropped considerably and I could not sell it enough to pay the realtor and closing cost. So nobody bought it. I am current on my loan but have decided I cant continue as it is using my savings.
I have the house listed in my trust and also want to know if I should take it out of there as I have my 401k and some investments in there and I dont want them touched. Should I file a deed in lieu?

Guest

cant continue paying house and wonder if I should take it out of the trust and let it go or file a deed in lieu?

thereishope · Joined: 30 Sep 2009 Posts: 5 1.86 Dollars($)

I'm always lesry of not paying something - the impact of not paying can be pretty severe to your credit history.

savior70 · Posted: Mon Oct 05, 2009 5:18 am Post subject:

To Margaret,

If you cannot continue to make payments any more, you can request your lender to do a deed in lieu of foreclosure. However, the lender may not want to approve a deed in lieu as you're current on the mortgage. In that case, you may have to deliberately get behind on mortgage payments in order to prove your financial hardship and qualify for the deed in lieu. As far as removing the house from trust is concerned, it doesn't seem to be necessary. You can simply talk with the loss mitigation dept. of your mortgage company and see if you qualify for the deed in lieu of foreclosure.

christinehynes · Posted: Mon Oct 05, 2009 5:31 pm Post subject: stop payment

usually you have to list your home for 90 days, whomever is negotiating your short sale is the one to ask. Have you looked into a loan mod?

Guest

I need help! bought some properties in CT for investment now we both lost our job, we can't handle the properties I want to walk out from these but we have our primary home in NY clear of mortgage... how am i protect my primary resident without lien or whatever will come? any suggestion?

savior70 · Posted: Wed Oct 07, 2009 5:47 am Post subject:

Hi,

The lender will never be able to foreclose on your primary residence just because you defaulted on your investment property. The primary residence was not used as collateral for the loan on investment property. Is that right? In case it is, they cannot come after your primary residence. But they may sue you for any deficiency from the foreclosure of the investment property.

Guest

It is impressive to see how many of us (including myself) used to give good advice on stop doing payments to get the lender to hear you out. Well, I was just like all of you but unfortunately had to stop doing payments and guess what? Got offered a free interest loan (after having a subprime rate of 7.25%)
All just because I was delinquent 90 days! Yes, my credit suffered somewhat but my wallet was very, very happy.....Just keep this in mind....

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