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 junk
Joined: 04 Mar 2008
Posts: 2
1.00 Dollars($)
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 Posted: Tue Mar 04, 2008 10:14 am Post subject: Foreclosure |
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Owed 390K and 45K on first and second. The house was on the market 2 years, called mortgage company and ask for Deed in Lu and they ask me to try and short sell the property. After another two months I arrange for a short sale and put the buyer and the mortgage together and they told the buyer it was RET bought from a Texas firm, property in Maryland.
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Now the house is up for sale for the exact same price I was asking when I had it up for sale.
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Questions:
-First mortgage was 390K
-second Mortgage was 45K
-Do I owe anything or can they sue for the amount (1st or 2nd)
-How can I tell what the property was bought for?
-If I had loan against the property but did not go over 80% how would I owe anything?
-If they can it seems the only option is to claim Bankrupcy
Thanks in advance... |
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larry
Joined: 27 Jun 2007
Posts: 2966
413.98 Dollars($)
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| Posted: Tue Mar 04, 2008 1:19 pm Post subject: |
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Hi junk,
Welcome to the forum.
Can you please say us the sale price of the house? If you sell the house in less than the due mortgage amount then the lender can claim the money.
Bankruptcy should be your last option and you will have to be approved for filing the BK. Not only that, it will have a huge negative affect on your credit. So if there is no option available for you then you can think about filing BK.
Best of luck,
Larry |
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junk
Joined: 04 Mar 2008
Posts: 2
1.00 Dollars($)
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| Posted: Tue Mar 04, 2008 1:59 pm Post subject: Foreclosure |
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| This all stemmed from Coldwell Banker agent who listed our house 2 years ago for 495K. Of course we move to another house while this was on the market, paid two mortgages for about 1 year until I could not afford to any longer. Coldwell Banker holds our current mortgage. Citi financial bought the old mortgage while the house was for sale. I worked with them and told them the whole deal and ask me to arrange the short sale but then told me foreclosure company called RET bought it from them at foreclosure. |
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Jessica
Community Mentor
Joined: 08 Jun 2004
Posts: 636
Location: OHIO
106.33 Dollars($)
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| Posted: Wed Mar 05, 2008 1:27 am Post subject: RE: short sale or chpater 13 bankruptcy |
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Hi Junk,
What is the asking price for the property? I think since it is short sale, it will be lower than the total balance you owe. So, depending upon the lender, you may be used of you are not able to pay the deficiency (difference between balance and asking price) when asked for (depending upon where the state you are in does not follow anti-deficiency state laws).
Now that you know, the lender may sue you, filing bankruptcy doesn't make sense. Try to gather the deficient amount or else don't go for short sale and file chapter 13 instead. Know more... .
| Quote: | | If I had loan against the property but did not go over 80% how would I owe anything? |
I did not get this – you may have taken loan worth 80% of the property but when you are repaying it, you are paying not only the loan amount but the interest accruing at regular intervals. Hence you will owe more than what you borrowed.
Regards,
Jessica.
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