Compare Mortgage Quotes

Refinance Rates for Today

Please enable JavaScript for the best experience.

In the mean time, check out our refinance rates!

Company Loan Type APR Est. Pmt.

How to get rid of mortgage mess to shun negative proceedings

Hello All,

I am new here, and feel very fortunate to have found this place. I hope I can get some responses to help me out, as I know NOTHING about forclosure, bankruptcy or anyother thing like that.

Here is my story and problem.

I decided to leave my mother's apartment and buy a house last year. I started looking around September.

I found some nice houses that were in my price range, but none really stuck out to me. A month went by, and I was actually starting to lose interest in moving into a house. Then in late November I found a decent looking house that was in my price range, that was right up the road from my mother's apartment, and it also had special downpayment assistance available for those with qualifying incomes.

I checked it out, liked it, and got pre-approved for a loan. I wemt through the process of trying to get the downpayment assistance, and I found out that I made/make only about 55% of the median income and qualified for $18,000 in downpayment assistance. I was very excited. I went through with the home inspections, etc, and I ended up buying it.

The house was $73,000, and with the downpayment assistance I only needed a $55,000 loan, so my payments were/are low

The conditions of the downpayment assistance is something like:

If I stay in the home less than5 years, I have to pay it all back

If I stay in the home 5 years, I pay 50% of it back

Each year over 5 years knocks off an additional 10%, until it reaches 10 years then I don't have to repay any of it.

Sounds good. I was even thinking of making enough extra payments so when the 10 years is up and I'm forgiven of the assistance I'd have my mortgage paid off too, sell the house for a straight profit, and then put most or all of it ass downpayment for a brand new home built wherever I chose.....Didn't work out like that.

Here are the problems...

Let's sum it up first by saying, the Home Inspecter SCREWED ME BAD.

I moved in. I see that some how the seller had her carpet laid on top of the REAL carpet where it was't noticeable, but now it was taken up and I'm left with stained carpted that ABSOLUTELY must be replaced. Oh yeah, ALL through the house (living room and 3 bedrooms). That will cost me about $1000.

NEXT
I come home from work one day and my front windows are all knocked out. Turns out that the previous owner had problems with someone who thought that she still lived there. Welp, there goes $200 a window for some good replacement windows.

NEXT
I come home from my mother's apartment after a heavy rain, and I see that the property has poor drainage. BIG water puddles ALL OVER the yard. I'm starting to get aggrevated.

NEXT
THe seller's stove, which was left in accordance to our agreement, stopped working. Since it was a gas stove and gas prices are outrageous and gas is dangerous I bought a new electric replacement stove( $750).

NEXT
Since the original stove was gas, I needed an electric line ran from my breaker panel to my stove so that my oven would work. I knew/know a guy that would do the work for just the cost of the supplies. Great! So he comes over and decides that running the line under the house in the crawl space would be the best way. So, I go to unlock the crawlspace to let him in and....BAM! I didn't know my house came with a swimming pool in my crawlspace!? Water ALL OVER the crawlspace from the previous rain when my yard puddled up, about 2 inches deep. The vapor barrier was useless against that much moisture. It was floating in the water. We shine a flash light under there and we see a water line on a couple of the peirs that proves that this has been a recurring problem, AND it has been worse at one time or another. I'm thinking how in the *blank* didn't the home inspector see that this house has water issues. Also one of the peirs had crumbled a bit at the base, probably from so much standing water over a long period of time. But, the inspector never mentioned ANY of this.

NEXT
I call the home inspector and tell him about it. He comes over and pumps the water out and urges me to get a sump pump and a sump pit. He offers to help me do it. So I buy the sump pump, pit, gravel, pipe, and accesories ( $400). We end up only having enough pipe and gravel for the back wall. So, that's all we did. BUT it did/does help get rid of a lot of the water.

NEXT
During the next rain I notice that the pump is cutting on about every 10-15 minutes. So I'm very curious as to how THAT much water can find it's way under my house THAT fast. So I go out in the rain and look at what's going on. Welp, my gutters were leaking. No water coming out of the downspouts, the water just leaked right next to the foundation. But what I noticed next was that on the back of the house the gutters don't go all the way to the edge on the right side, so water was running straight off of the roof and falling right next to my foundation. Turns out that the gutters had little army men and toys lodged right in the way for the water to flow down the downspouts. But even when I unstopped them, they still leak too much. Now I need new gutters. $$$

NEXT
I notice that water sits right next to the foundation on the right side of my home. Not is it only from the gutters not running the length of my roof, or them leaking, but my neighbors house is higher than mine on that side and I'm getting a lot of his runoff. But the real pain is that I have no grade on the sides and the back, my lot is perfectly flat on those points, so the water has nowhere to go but just sit next to my foundation.
So now I need to have some grading done, or atleast a swale...$$$$$$$

NOW
A storm came through while I was at work and damaged my shed. And also, now my car is having problems.

I still need the carpet, $1000. The estimates for the work under the house average about $3000. The grading estimates average about $1700. I need new gutters, front, back and downspouts, $400. I don't know what is wrong with my car yet, but that will be money too.

Here is a BIG problem with getting that list^ done. I have a credit card that is $100 from being maxed out ($1900).
AND since my downpayment assistance counts as a [url=http://www.mortgagefit.com/second-mortgage.html]Second Mortgage[/url], no lender will give me a loan. They all say that they don't want to be 3rd in line to get their money if something goes wrong. Having a near maxed out credit card didn't help that either.

So, I'm 24, live by myself, have NO WAY of getting these URGENT improvements done to my house, I'm in credit card debt, and all the while with each rain my house is slowly getting more water damage. Eventually I'll have to pay for water damage repairs which will be $1000's if I can't get these things done.

It would take me atleast a year to get the waterproofing done under my house, and that's with all my money focused on THAT and nothing else, except for bills and food. All the while I'm walking on plastic in my house over the horrible carpet.
So lets say a year is passed, I saved up the $3000 for the waterproofing. Ok, NOW I have to focus ALL my available money on the grading, which will take about 6 months, and I'll still be walking on plastic.
As bad as that seems, that is BEST CASE SCENERIO. That's if NOTHING else goes wrong, and if it did, it would take evern longer.

[b:e90a91346d]How to get rid of mortgage and house payments?[/b:e90a91346d]

I don't have the money for all these repairs, and I don't want to sit back and watch my house deteriorate and end up costing me even more. Eventually I would have to fix way too much just to be able to sell the house. It is pointless spending all my money and all my years JUST fixing things. I JUST WANT TO GET OUT OF HERE. This has been a terrible expereince for me. I very much want to get back to my apartment lifestyle, which suited my income much better. No repairs, nothing.

PLEASE, SOMEBODY HELP ME!!

I don't know ANYTHING about what I need to do.
I'm thinking of filing for the chapter7 bankruptcy, if it will keep me from having to pay back anything that the mortgage company or the downpayment assistance people might try to make me pay.

But then, would I be able to get into an apartment?
Should I get an apartment RIGHT BEFORE I file for bankruptcy?

Should I get an apartment, let the house foreclose, and then if they try to get me to pay the remainder of the balance and/or the $18000 back, THEN file bankrupt?

I don't know what to do. All i know is that I wanna GET OUT OF HERE.

Please please please help me!!! :(

Caron's picture
Caron | Joined: July 19, 2005 08:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

I really feel for the inconvenience that you are going through. It seems that you are indeed trapped in a bad deal with nothing to gain, not even a proper place to live in. It happens sometimes with innocent people in this industry, there are people out there to take money out of nothing that they have to offer. But please don't lose hope. You need to get out of this situation and patience and confidence are all that you require to deal with this problem.

Anyway, what I feel is that there's no use filing a bankruptcy or going for a foreclosure as they are legal matters and will require you to pay more than what you are paying now. Also, taking such steps will only damage your credit score and I am sure you won't prefer that after all such unfortunate things happening with you.

The best thing according to me, is to go for a cash-out refinance which will help you to pay off the existing loan. At the same time, it will give you that extra cash with which you can repair your home.

Hope this suggestion will help you.

Thanks,

Caron.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:50 | Post subject:

jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Shalam,

Your situation reminds me of what a friend of mine had faced two years ago. It took a long time for him to recover though he finally came out of it. I personally feel the seller has somehow deceived you and the inspector should have been more responsible with his work.

You are thinking of bankruptcy or foreclosure but better stay away from such things. Instead you can just consult your case with an attorney and ask him if you can take some legal action against the seller or home inspector. Or else, if they can pay you some amount and avoid the legal action, then perhaps it will be easier for you to get back to a better lifestyle.

Thanks,
Jerry.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:50 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

thank you for your response Caron.

Believe it or not, I have some type of special loan where I CANNOT refinance so I don't know I how to get rid of mortgage like this. I remember asking the lady at Capital Mortgage.

My situation is awful. I'm so ready to get out of this situation that I'll just have to have messed up credit for 10 years.

How much are you saying that filing for bankruptcy will cost me?

It seems like ANYTHING I do will "cost me", lol, great.

Thanx for your response :)

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:50 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Jerry,

I was thinking of getting an attorney and taking some kind of legal action. But what if I don't win? I'll probably have to pay the attorney fees and still be in my situation.

I searched on yahoo yesterday about people taking legal action against the home inspectors, and about 99% of the cases nothing could be done rhrough some type of loop hole. The most any of the people got back was the inspection fee.

thanx for your reply :)

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:50 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

In some of the cases against the home inspectors, they missed termite infestations, rotted wood, etc. It ended up costing the buyers thousands of dollars. And the most that they could get back was the inspection fee.

I'm going to look over the inspection report thoroughly for the fine print.

It's about 3:50am here, i'm sleepy. I think you all for your responses. I'll be back tommorrow/ later on today.

good night :)

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:50 | Post subject:

Caron's picture
Caron | Joined: July 19, 2005 08:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

For a typical bankruptcy filing, you need to pay the court and also the attorney and the charges differ from state to state and from one attorney to another. But more than the fees, it's the consequences that most borrowers are concerned about.

Usually [url=http://www.mortgagefit.com/bankruptcy.html]bankruptcies[/url] stay in your credit report for at least 7 years and forget about getting good rates; creditors will not be willing to give you loans under this situation.

Since you cannot refinance, therefore the only option left for you is to purchase an apartment while you let the property in foreclosure and then pay the remainder if your lender asks for it. A foreclosure will no doubt affect your credit score, but at the moment, this is the only thing that can help you leave this property and shift to another one.

Thanks,

Caron.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:50 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hey Caron,

I was thinking along the lines of what you just suggested, but I wondering a couple of things.

The thing that I'm worried about with that is, I don't have the thousands of dollars for the repairs, so I don't see me being able to pay the remaining balance that may be left over.

I'm not familiar with the foreclosure process. But if they auction the property, I'm not sure how cheap foreclosed properties actually sell for compared to their appraised value.
But the house, 6 months ago, was appraised at $73000, and the bank only needed to give me $55000. So I'm thinking that they might get a lot of the $55000 back. It's the $18000 assistance that I know I'll having them saying that I need to pay back. And like I said, I don't see me being able to pay $18000 when I can't even pay for roughly$7000 in repairs. Plus I'm already about $1900 in the hole with my credit card.

So, do I go get an apartment first, let the property foreclose, THEN when I'm told I need to repay the thousands of dollars of the balance back, claim BANKRUPTCY?

I appreciate how genuinely concerned you guys are about my credit after something like this :)

I'm not really worried about it too much though when I think about staying in this situation. Bcuz if I get the apartment in the place where I came from, I know I can afford it. Plus I don't buy anything using credit anymore. I don't see what I'd need it for after getting the apartment. I bought my car right of the lot, $7400 cash, and I buy everything else in cash. Hmmm, now that I think about my car, I hope they don't take that, but if they do I only drive it on weekends anyway, I take the bus to and from work.
The reason I have the credit card debt is bcuz I was stupid a few years back and was a car stereo junkie, and bought all kinds of stereo equipment that I don't even care about anymore. I still have some of it, brand new, didn't even use it.

But I don't know if I'll ever try to get a house again anyway. This experience has totally discouraged me. And if I do try to, it'll be atleast after the amount of time that it takes for the bankruptcy to come of my credit. So, atleast 10 years. And by that time, I'd have some nice change saved up.

Would the bankruptcy also take away my credit card debt? If it does that and makes it where I don't have to pay back any money concerning my house, then that's like a new start.

To you guys it mays seem like I'm happy to do this bankruptcy, the way I keep talking about it.
But if you were in my shoes, a maintenance free apartment, and no debt compared to the situation that I'm in seems like hitting the lottery. I'm miserable like this.

We've had a lot of bad weather around here the last couple of months. I've been hoping for a tornado to hit my house while I'm not home, so that I can get out of this situation. That's how miserable I am like this.

I walked around the house looking around, and I found that in the spots were I had standing water near my foundation, the stucco has broken of out the bottom. And near my front porch, some places where I barely tapped it with my shovel while doing some maintenance to my mulch bed, big sections completely fell off. More $$$$

I NEED TO GET OUT OF HERE.

Please tell me what you think of what I've said that I'm thinking about in this post Caron, or anyone.

I am very greatful for all your help. :)

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:50 | Post subject:

blue's picture
blue | Joined: October 21, 2005 09:17 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Shalam,

I am very confused at one point you know. What kind of debt is that which can't be refinanced?

I am really curious to know. So far I didn't have come across of any such loans.

Your condition is really miserable. I can understand your trouble for which you are not responsible, only you're the victim.

Did you check with any other brokers/ lenders? May be you would have to pay the prepayment penalty and the down payment (I think you got a loan with PMI) that you mentioned but you will get of it once you refinance.

I don't think you should have problems in refinancing with the same lender if you let them know that the purpose to refinance is making improvements to the home and attending repairs. This can be an option for you.

If you are unable to figure out anything from these efforts then it's best to discuss with your lender the entire situation and your make them understand that you can't continue like that and thinking of foreclosure.

You know that's the last thing a lender would like to be interested in. Probable you can find a refinancing option from them and can go for the home repairs.

Another option can be as Caron said, that you take a fresh a loan for an apartment and start living there with trying to sell your house off or let it go for a foreclosure.

But allowing a foreclosure can just ruin your credit and future prospects in getting a loan, so keep that as a last option. Although a bankruptcy is not a positive solution but you can consult a good lawyer for that.

But I don't think it will be wise for you to take a fresh loan and buy an apartment before filing chapter 7 as it may take your apartment into trouble.

So, the options to know "how to get rid of mortgage"(one approach follows the other) if arranged in order will be:

  • Talk to your lender for refinancing to make home repairs.
  • Check with other lenders/brokers in your area.
  • Make your intentions clear to your lender and ask for their opinion.
  • Talk to a bankruptcy attorney and see if that suits you.
  • Buy an apartment and let the house foreclose or before that try to sell it off yourself.

I know things are not going to be smooth but you have to somehow get out of this. Kindly remember one thing from next time. No loan can be too good than what is practically available in the market.

Wish you best of Luck.

Blue

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:50 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi blue,

I appreciate your advice.

I'm not trying to buy an apartment. I'd just be renting, so I wouldn't need any loan for that.

And as far as selling my house. That sounds great, but their are some rules that I must follow.

I HAVE to sell it to someone who is below 80% median income. Nobody else is allowed to buy it.

And i doubt someone that uses a competant home inspector would buy this house when there are others in the area for the same price that look like they're in better shape.

Plus I have a lot of temporary quick fix repairs around the house to help save it until I figured out a way to get money to pay for professional work.
It doesn't look very nice. Plus the carpet in the house is very raggedy. I seriously doubt anyone would buy this house when the others are in much better shape.

Oh yeah, and I forgot to mention the house house a BAD ant problem. They're everywhere.

the only way someone would buy this house is if it where greatly reduced in price. And then I'd still have a remaining balance I'd owe either way, which I can't afford.

I'm kinda skrewed.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:50 | Post subject:

blue's picture
blue | Joined: October 21, 2005 09:17 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Shalam,

I can understand the misery and I would have gone mad with so many at a time. It's nice to find you keep your cool in spite of so many problems.

But did you check with other lender/brokers in your area? What do they suggest?

As you say to go for a bankruptcy but before that I think you must check all your possible options.

I think talking to your lender can also bring out some result as they are also aware that selling the house through a foreclosure will make them lose a lot.

Bankruptcy and foreclosure are obvious options if you fail to come out of with any other positive way.

Blue

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:50 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Shalam,

There are a couple of numbers I am curious about. What is your mortgage payment? What is your monthly income? I have a strong feeling you had no business buying a home. Simply becuase "someone" loans you the money does not mean you should borrow the money. But be that as it may.

Here is what you should do. First off, admit you are screwed- which you seem to have already done. Second, you need to think about the best result you can generate for yourself.

Here is what I would do. I call it my "Stick it to the Man" program. First, stop making your mortage payments. The foreclosure process can take UP TO A YEAR to complete.....and if you read up on it you can even delay it some more. With the money you are no longer using to pay your mortgage, take that money, buy a $300 safe and put it in your mothers house. Every month put that mortage money in the safe. Continue to pay utilities- but that is it! Next, sell your car and buy a bike. Take your car/insurance/gas money that you would have spent and put that money in the safe. Now multiply your mortage payment x 12- How much is that? After 1 year that is what will be in your safe, plus the money from your car savings. There are many more things you can do.

You do not have to leave your house until the Sheriff comes and orders you to leave. That is a long way off.

Your the last person that needs to worry about your credit rating- Pay cash. You have no business buying anything you can not afford to pay in cash.

Renting is freedom. Dont be a slave to the man. Think in a new way. Protect your assets (99% of your assets will be in cash after the year passes) Don't put it in a bank.

Phase 2 will be getting all that cash to work for you. But that is a discussion for a different time.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:50 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi LM,

My monthly income after taxes is about $1500, my mortgage payment is only about $450.

My apartment rent will actually be about $20 MORE than my mortgage payment, lol. But that is without taking into consideration all the money that would need to go towards repairs for the house.

I don't know about selling my car. I'm not saying that's a bad idea, bcuz I have no idea, I just don't know. I tried driving without insurance for a long while to free up $125 a month from Safe Auto, BUT I eventually got caught and had to go to court. Now I'm required to keep insurance for 2 years, or face heavy legal penalties. The court continues to monitor me by checking with my insurance company each month.

I even said to them that I'm not going to pay insurance bcuz I'm not going to drive my car anymore. I said I'm going to start riding the bus. And they said it doesn't matter, lol.

I added up my monthly net income against my total expenses, which are bare minimum. No enjoying a movie every now and then, no new clothes, no snacks to eat, etc.

Monthly net income is about $1500, and my expenses are about $1150.

Doesnt' sound too bad, but it would still take me forever to finish saving for all the repairs. Plus, this is no way to live. Yeah it sounds like $350 would add up after awhile if I stuck to it and had patience. But consider that I am not buying any clothes, and haven't since I bought the house. I can't by any snacks, or treat myself to a nice dinner. I can't use my AC in the summer, or Heat that much in the winter. That's what it would take stick to that budget for a few years to get those NECESSARY things repaired. That's no way to live. It feels like I got the house JUST to repair it.

I read over some of the laws in my state, KENTUCKY, concerning [url=http://www.mortgagefit.com/bankruptcy/chapter7.html]Chapter 7 bankruptcy[/url]. And they've change since last October.

It cost atleast $1000 in lawyer fees, and I think $299 for the court cost. Plus if ANYTHING is incorrect so that you need to do it again, you have to wait another 6 or 7 years to do it again, just like if you succesfully went through with it. There trying to discourage people.
I have to SAVE UP to file bankruptcy, lol, great.

I hope my bankruptcy can't be dismissed bcuz I'm voluntarily foreclosing. That would be horrible. No chance for the next 6 years.

Gotta get ready for work, there are some other things that I wanted to go over but I'm running late.

Talk to you guyz later, thank you :)

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:50 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Shalam,

As I went through your posts I understood that you have almost decided to let your property foreclosed.

May be I would have done the same thing if I was in your place. My home should be a comfortable place to relax and not some kind of burden on me.

One thing I don't agree with LM , if I understood clearly, that you must not worry about your credit rating. Well if you are careless about it and think of improving on it when you want then that's a wrong idea.

The time when you will require that you will be in a miserable position again.

For the time being you can allow the property to get foreclosed by stopping the mortgage payment and try to start all new. But try to improve on the damage that will be done on your credit gradually afterwards.

You will require that in future and that may not be too far away.

Wish you Luck.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:50 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

James,

Lets face it, what's done it done. I am working on a longer post, but to keep pushing this idea of the importance of a credit score (especially for someone like Shalam) is nonsense. Shalam has already mention she (he?) prefers to pay in cash. I dont know anyone that cares about your credit score when you hand them cash.

I could even argue that the complete destruction of Shalam's ability to BORROW (because that is what credit is- debt) would be the best thing to happen to 95% of this country's inhabitants!

In effect, when a person says "oh you better protect your credit score" they might as well say "Oh you better protect your ability to get deeper in debt" (note: I am not mentioning the "terms" of the debt- of which a credit score will play a role)

If a person has no desire to take on debt then F the credit score and F the poor lender that lost a costumer.

I know I know..."BUT what if Shalam wants to buy a house in the future- her credit score will be important"....well what if Shalam wants to become an astronaut as well? Let's cross those bridges when we get to them.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:50 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi LM,

I didn't want to hurt your points. But I just wanted to make him aware that in case he requires that in future then he should not be in a position where he needs it now and his score allows him to take one year after.

If somebody can afford his current cash then there can't be anything better than that. Don't think I am expressing any of my views from the side of a lender.

Even I agreed with what you said that foreclosure seems to be the most probable solution to him now but one should suggest keeping in mind future too.

I have no intentions at all to make him afraid or confused. Instead my suggestion regarding his score was for the period after he settles down with his current problems.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:50 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Shalam

Lets be honest. No person should base their financial life based on what some anonymous person posts on a message board in cyberspace. With that being said I offer the following:

I am afraid you are misunderstanding a great deal of your current situation. The choices you make in the next 12 months could have a lifetime full of consequences.

The one thing you do have going for you is your intuition. Like you said, "this is no way to live" and that is a great statement!

I do not believe you have any emotional attachment to your (the banks) house. And if you did I would tell you to get over that emotional attachment as soon as possible.

Isnt that funny? How about from now on we refer to the house as the Banks house. Because that is what it is. You are merely an occupant of the banks house. The Bank's house sure has some water issues...doesn't it? The Bank's house sure has some gutter issues, doesn't it?

I don't know about you, but that would make me feel better already. The sooner you stop using of the term "my house" the better you will feel.

((( By the way- What would your emotions be if you had actually used YOUR OWN money for the down payment. The fact is you used "other peoples money" i.e. taxpayers. What if you had saved up that 18K over the past several years from hard work and now you were stuck in this house....your OWN 18K was stuck in this house...would make for some sleepless nights or?))))

Today, take out a calculator and a piece of paper. Add up the money you could save not paying your mortgage for 9-12 months. Add up the money saved from selling the car (and insurance- they can not force that - no matter what "they" say) (LOL I would like to see an insurance company issue a policy on a car you do not own). Then you can start to do some calculations on what that money can earn you in some safe easy investments - bonds, CDs, etc.

Send me an email if you ever want some more ideas:jck321_98@yahoo.com

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:50 | Post subject:

blue's picture
blue | Joined: October 21, 2005 09:17 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

[quote:ef09e821aa]Lets be honest. No person should base their financial life based on what some anonymous person posts on a message board in cyberspace.[/quote:ef09e821aa]

LM,

Every visitor and members here are responsible and intentionally none would give any sort advice that can harm anybody. I believe that the moderators here are well aware of what is going on in the forums.

It's true that one must take his own decisions and not get influenced 100% by some other person whom he doesn't know.

May be you are correct with your suggestions LM and all of us I believe here will be happy if you prove to be helpful to someone as our intention as a community is that only.

But we must never disrespect views of sombody as things are solved not by blaming each other but through healthy discussions. We try to help each other as friends.

Why don't you too become a member of our community and help the visitors with your valuable advice?

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:50 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi you all,

I am very thankful that you all have bothered to give your advice, bcuz you didn't have to.

Yeah, if I have a good chance at succesfully getting out of this house and out of the debt by doing the bankruptcy, then that's exactly what I want to do.

Bcuz like I said, this isn't how I wanna live. And about $90 of that $350 that's freed-up each month with my budget is made possible by me dropping all my heath insurance stuff.

If I can make it through this, then I wouldn't even care much about the credit backlash. The only way I'd try getting a house again is if some years from now I find a nice woman and we feel we're meant to be together. And that's WAY down the road. Easily after the 10 years. I will pay everything else in cash. And I guess paying my rent on time, along with my other bills like utilities and phone, will help repair my credit a little over time. But I think I'm through with the whole credit setup, UNLESS like I said, if I get married or somethin and decide we need a house. Other than that, just straight cash.

I've asked this questions a few times, and I'll ask again. I'm not trying to be pushy, but would someone answer? :)

It has to do with how to start the whole thing...

Do I:

1) Go get an apartment (while my credit is good)

2) Then when I get it, transfer my utilities

3) Move all my stuff to the apartment

4) THEN stop making my mortgage payments

5) Let the forclosure take place

6) Then when I'm told I have to pay the balance, file [url=http://www.mortgagefit.com/bankruptcy/chapter7.html]Chapter 7 bankruptcy[/url]

Is that^ how I should go about doing it? It seems like it would be best to get the apartment before my credit is trashed. And it seems like it would help my case by having to pay rent, bcuz that should be obvious that I can't afford to pay rent AND a mortgage, or rent and 1000's of dollars of the remaining balance. Oh, and credit card debt.

I'm going to talk to an attorney before I actually start the process, but I'd appreciate your response :)

Also, what are some reasons that a bankruptcy can be dismissed?
I hope me purposely letting the house foreclose isn't one of the reasons.

Anyways, thank you all for hearing me out. I appreciate it.

Thanx so much ;)

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:50 | Post subject:

jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Shalam,

Welcome back.

I think you can follow the process which you have mentioned here. But just get it verified with your attorney as bankruptcy is a legal issue and you need to be more cautious about it.

Thanks,
Jerry.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:50 | Post subject:

jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

You need to follow some steps before filing for bankruptcy. The law requires you to first go through credit counseling to detect your ability to pay debts and then there's the Means Test which determines the type of bankrutpcy you should file.

Go through our section on bankruptcy and the New Bankruptcy Lawfor further knowledge on the process.

Thanks,
Jerry

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:50 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Shalam,

You do not need to delcare bankruptcy. Bankruptcy is meant for people with some assets- like a house for example that they want to KEEP.

Here are the steps you need to do:

1. Stop paying mortgage.
2. Continue to live in the house and save that mortgage money.
3. When the Sheriff comes 9 months from now, THEN you leave the house (ignore all the nasty Banker letters in the meantime).
4. Any apartment that you can get- even if your credit sucks- especially since you will have tons of cash for a deposit if need be. You would even be able to pay a 6 month lease in advance with the money saved!
5. THERE IS NO NEED for you to [url=http://www.mortgagefit.com/bankruptcy.html]declare bankruptcy[/url].
6. In the early 1980's people in your situation simply walked away from their houses.....they just left the keys on the counter and let the bank have it.
7. Save your money, wait for the Sheriff, then walk away.
It is a free country (still)- You dont HAVE to do anything.

(by the way- Jerry failed to mention that bankruptcy counseling also cost money)

If anyone can make a point as to why Shalam should not follow this course then speak up- Especially given all the facts/his wishes/his age. the fact is this is what most people should do.

But a Bankruptcy attorney will not tell you this- this is advice that he does not earna dime for. Lenders will not tell you this because they are the ones that end of gettig screwed. Counselors will not tell you this becuase they lose income as well.

Shalam, look our for yourself, dont expet anyone else to (even if you pay them!)

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:50 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Shalam,

Once you have decided for a foreclosure I too think like LM, that you don't need to file a bankruptcy.

Normally for a foreclosure process the property is foreclosed by a lawsuit in the circuit court of the county.

The sheriff of the county auctions the property to the highest bidder for cash required for payment recovery.

In case of any deficiency even after foreclosure there is no right to collect the deficiency from the owner. So, perhaps that will give you relief.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:50 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Please excuse the spelling errors above....was in a hurry!!

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:50 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Apparently you have something similar to our Kentucky Housing Corporation DAP loans which requires that you personally live in the home for a time in order to get 10,000 to 25,000 as a grant. This grant allows you to pay only 55,00 for the home and you cant pay it off early unless you want to repay the entire 75,000. Bankruptcy does not get rid of the mortgage. It can completely wipe out the unsecured debt you have which may make living affordable but it doesnt wipe out a first mortgage. In some cases it may wipe out a [url=http://www.mortgagefit.com/second-mortgage.html]second mortgage[/url] in a Chapter 13 where the second mortgage is really an unsecured debt because the first mortgage is equal to or more than the value of the home. The only practical use of a 13 is to catch up overdue payments. After the changes to the code last year some people who earn over the average wage for thier size of family may however be forced to file a 13. As to a Chapter 7 that is normally filed to redeem personal property or to wipe out unsecured debt.

What I suggest is that unless these repairs are so serious that they would eat up the advantage of the 20,000 grant that you find a way to repair the home. You have walked into a home with an instant 20,000 in equit ..... provided you stay in the home. Not many people can make 20,000 so quickly. The only advantage to [url=http://www.mortgagefit.com/know-how/filebankruptcy.html]filing bankruptcy[/url] would be to allow you to shed the unsecured debt. Under the FHA VA etc regulations you can buy a home within 2 years after the bankruptcy is over at normal rates. The only other purpose to have credit over the next two years would be to perhaps buy a car. If bankruptcy really would provide so much relief and spare income I would do it. Regardless of what the experts say in their forecasts of gloom and doom most of them dont know and havent filed. It simply isnt the kiss of death that they paint it to be. Sure a good fico score is important. A bad fico score will cost you more in your interest rates and insurance rates. However if you got to do it .... you go to do it. If your credit is already shot you have little to lose and your credit can be repaired. I have plenty of clients that have over 700 credit scores within a year after filing and you only need a 600-650 score to qualify.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:50 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I dont know who suggested to just walk away from the home and suggest that you never will get sued. Having a foreclosure on your record is much worse than bankruptcy and you have the problem that for the next 20 years until the statute of limitations runs that you will owe the 75,000 for the house minus the money recovered from the sale of the home not the 55,000 if it goes back. The house will sell at a bargain price at the courthouse steps and that price will be deducted from the 75,000 dollar loan and you wont get the bargain of the other 20,00 DAP grant because you didnt complete staying in the home for 20 years. As a result, if you let it go back you wont be able to but another home until the deficency judgment against you is paid or you file bankruptcy and discharge the debt if you let it go back in foreclosure. All you can to is either
1 sell it to someone else for at least enough to pay it off (but dont commit fraud)
2 File bankruptcy and let it go back
3 File bankruptcy and keep the home if you can afford it after filing bankruptcy or
4 Pay for the repair and not file

Simply walking away from the home is stupid. You lose the 20,000 grant and you end up owing for the foreclosure deficency and having a foreclosure on your record. You want to somehow keep the home unless it is a real lemon and if it is a real lemon the proper way to let it go back is to file bankruptcy while you have no substantial assets. At least in my state we do sue for the deficency. Only a minority of states have a no deficency law. Of you want info please see the manual on bankruptcy at Bankruptcy-Divorce.com

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:50 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Shalam - Welcome to our forum. Don't feel like you are the only one with problems like this. We all make mistakes in life. This forum is open to discuss such things and find logical and practical solutions to resolve such situations. I would always be skeptical about certain things especially when purchasing a home. Based on what you said, I am guessing there was not a realtor involved or that you met and discussed things with the seller before making the decision to buy. I haven't heard of this assistance program you speak of, maybe it's only for Kentucky. However the fact that this particular house came with it should have raised a red flag why this house? I would have asked what is wrong with it that it qualifies for the program. Did you ever ask to speak with seller, or just get mortgage approved and move in? It sounds like everyone might get to qualify just so they can sell that certain house. It is just something to think about. By law a seller must disclose certain things to a buyer before they buy, and fix what needs fixed before your final decision is made. It is called sellers property disclosures statement and you should have gotten one in all of the legal documents. You also needed to have a walk through the house to see what is wrong, and at the home inspection is where you make the final decision based on what is wrong with the property whether or not to buy. Did the home inspector do a thorough inspection and give you a written detailed report? What he found wrong was not a list of things that the seller needed to repair, but for you at that time to make the final decision based on everthing you say is wrong to not buy. It is your decision no one elses. I don't know if you have a case against seller since you never voiced these concerns to seller before buying. I would seriously take one thing at a time. For the windows this can be easily repaired for now. Get some 3m shrink rap to put on windows. You just blow dry it on there and it will stay until you remove it. Ants are easliy detered by cucumber peelings place them around outside of home by doors and windows and inside also. Ants hate this smell and will avoid it, also ivory liquid dish soap and water mixture poured on ant hills will kill them soon. I would leave down the carpet that is good, or sometimes stores will give you left over carpeting. It is not used just what they cut off of bigger rolls. A second hand store might have some too that is good. I would go through each room and write down what is wrong and what you need to fix it. It is never easy owning a home especially at a young age. There will always be problems if not now later on. Yes, I am having my own situation too. It is on this forum I will probably have to take the realtor and builder to court. I now find out that there were violations against this property that the realtor did not disclose. It is a brand new home too. Everything should be right, right wrong It is driving me crazy too. It has been a year now and nothing has been solved. I try not to let it get to me but different lawyers I spoke to said to take them to court. I really don't want to I just want what we paid for. I would clean up the dead ants, vaccuum, and do what small repairs you can. May be in the future you could sell this house as a as is fixer upper. You must remember that you want to be honest with what ever you do not get fixed tell the prospective buyer. Some people do like to buy homes and put money into them and make them better. The home of course cannot be dangerous to any buyers though. For instance you could not sell without disclosing whether there was asbestos in the siding or termites or other vermen there or gas leaks or cm leaks or fiberglass uncovered. It also should be told how long ago was property built, any damage to foundation inside basement or outside cracks. I would think about this option at least for now. You said you cannot refiance and bankruptcy might make things worse on getting a apt again. If you had a friend move in with you and you both contributed to getting this house put back together might work temporarily. I would find out from reputable professionals just how bad everything really is. I mean if it is dangerous to live there such as if asbestos were found in siding than you seller should have found this out before selling. Is foundation intact or are there cracks that could be structural, how about plumbing and electrical what are these things like? If these things check out all right you might be able to stay there. Is there a decent yard or garage? Did you ever ask seller about these things now? I would not spend any money on big things right now just the small things I mentioned. If you got a lawyer it would cost too much money, and you don't always win your case. You have to prove it to the judge. No matter how good a lawyer has prepared and presents your case it can go the other way and you still are left with legal fees and no solution to your problem. I hope I gave you some help with the other options. spkll1

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:50 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Crap,

That response a couple of posts back was the Bankruptcy Attorney that I emailed. I asked him to look over my situation on this topic and tell me if I could get out if it with a bankruptcy.

He said it wouldn't do anything for a first mortgage :(

Am I really stuck here!?
OMG

I'm going to for real go crazy if I'm stuck here!!

Is he saying that a straight out bankruptcy without a forclosure wouldn't do anything, OR no matter what I do it wouldn't get rid of the mortgage?

If that's what he's saying, then if I let it forclose I'll loose the house and still have to pay back the deficiency even if I file for chapter 7 after the forclosure.

I'm going to call and ask when I wake up. There HAS to be some way out.

Surely I wouldn't be the first person to ever had a home foreclose, and then after the property has been sold and they come trying to collect the balance, file bankruptcy and not owe.

AHHHHHHHHHHHHHH!!

to the "guest":

Yes there was a realator involved. And I've already bought the replacement windows.

Thanx for the tips :)

Aw man, I'm about to just go to sleep before I start worrying so much that I won't be able to sleep.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:50 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi LM,

Hey, don't think I haven't been listening to you. I really aprreciate your responses.

So, if I do like you said in your second to last post, won't they come trying to collect the rest of the balance if they don't sell the house for what the loan was for?

Sorry if you've explained that already. I'm trying to catch on, plus so much is going through my mind right now. Please forgive me.

I noticed that the attorney said that there is no way out of the mortgage, but if the lender decides to sell the house, then isn't that me getting out of the mortgage? It's just if they will pursue the rest of the balance or not. Or if the folks that issued the downpayment assistance will aswell.

I'm all ears buddy. I aprreciate you, and the others aswell :)

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:50 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi mjk,

I read what you said. The attorney guy said that bankruptcy wouldn't do anything to the mortgage. I wonder if he's talking about me trying to do it without the foreclosure.

Nah, I don't wanna keep the home. I want out of this whole situation so I can go on with my life, and not be depressed.

I think your suggesting something similar to what I was asking about. When they try to get the deficiency that's when I file bankruptcy, right?

If so, that's what I was thinking of doing.

thank you for your reply.

I'm gonna get some sleep now. I'll be back when I wake up :)

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:50 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Shalam,

If the lender decides to sell the house, he will get the mortgage payments from the sale proceeds itself. As far as I know, you can keep the balance with you. Regarding the bankruptcy, I think you should file it when you are deficient on your loan payments.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:50 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi garry,

Thanx for your response. That's what I was thinking I should do in that situation :)

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:50 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Ok, I've thought every thing out, and here is what I'm going to do....

I called the attorney and talked with him. Somehow he misunderstood what I was trying to do, so I explained. He said that it would work. So, now I know that I have a way out. But...

I called about an apartment, and I was wrong to think that I could get an apartment before the bankruptcy. They said when they'd check my credit and see a mortgage on there, than they wouldn't let me get an apartment. And if a bankruptcy was on my credit they definately wouldn't either. I don't know how long it takes before the mortgage comes off of the credit, or how long it takes for the bankruptcy to show up on the credit report. But it sounds like I'd have to squeeze in right before the bankruptcy shows up, if the mortgage comes off first.

That being said...

I'm going to take Caron's advice from the first page. I'm going to see if my lender will let me do a "cash out [url=http://www.mortgagefit.com/refinance.html]refinance[/url]". If they will let me do it and get enough for the important repairs, then'll I'll go ahead and stay in my house
But if they will not let me, thenI'm outta here. I'm going to spend a few months saving up the $1000 for the attorney fee, file a chapter 7, and get on with my life.
And since I probably won't be able to get an apartment right away, I'd just move back in with my mother until I can get one. And be stacking some money in the mean time.

Please let me know if you think this is the way I should handle this. It seems like the right thing to do.

Three pages and thirty-one posts, wow, thank you all for all the advice. It is/was really comforting to have people to help me out in a situation like this. Especially knowing that none of you were obligated to do or say ANYTHING.

So thanx again, and let me know if you think I've made the right decision. And if you think no, please explain.

Thanx so much :D

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:50 | Post subject:

Caron's picture
Caron | Joined: July 19, 2005 08:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

I think that you are going the right way. As I suggested earlier, contact your lender and find out if he will allow you to refinance your mortgage. Try to explain him the problems that you are facing. I hope he will understand your situation and come forward to help you. Then if you can do a cash-out refinance, then you can use the balance amount on your home repairs. Or else, can you shop around for the refinance loan with a different lender and pay off the first lender.

In case things don't work out this way, then you can go for the second option that you have mentioned. And, yes I agree with you, it is always better to accumulate some savings before you get involved in legal matters.

Thanks,

Caron.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:50 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

If your house is in that bad of condition and has that manny problems that wernt mentioned to you from the seller then contact your realstate agent and go into Medeation and if you get no were with that then sue the seller!

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:50 | Post subject:

lisa.scherzer's picture
lisa.scherzer | Joined: January 4, 2008 08:48 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

I would hang in there and try and get the things done when you can. Throwing it away doesn't seem like the best solution. Have you tried to apply for a personal loan? There may be some other assistance in your area for fixing up your home. Try to contact the department that gave you your down payment and see if they have options for home repair. Many cities that do offer down payment assistance also offer assistance for home repairs. I would just do a little more research before giving up.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:50 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

You should sell your house. There's a place that buys houses in any condition its (We Buy Ugly Houses ). Try There...

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:50 | Post subject:

nightwriter01's picture
nightwriter01 | Joined: August 17, 2009 10:05 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am new to this site; I actually found it looking for fixer uppers. I've read several mortgage woes and many reminded me of my sister-in-law. She owned 3 properties and she was renting out 2 of them and living in the other. 2 of them were Jumbo Mortgages and she lost her job and her mortgage rate seemed huge compared to what was now being offered. She met this guy that worked with lenders that he said got refinances and purchases done quickly and with a lower rate as long as they were Jumbo Loans. I told her not to do it but she did anyway and she said she's glad she didn't listen to me. I am too because I used them as well and that is why I am on this site, looking to network as I buy fixer-uppers and rehab them.

[size=9:bc369cfddb][color=Red:bc369cfddb][Email address deleted as per forum rules. Thanks.][/color:bc369cfddb][/size:bc369cfddb]

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:50 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

nw01, i can't say i quite understand what you're driving at with that post. "this guy" is some sort of miracle worker, i guess??? and you are networking in what fashion?
if you're working with someone like Jesus, who can heal the sick and raise the dead, please let us know...we've all been looking desperately for our Savior; and if He has come, we want to know why He didn't take us back with Him.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:50 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi.. Im trying to get out because the morgage is to high for the both of us,but she still stays there today,we split half the morgage. As you know the market not doing well and right know i want out!!! My exwife is willing to stay if you can reduce the payments where she can afford it. Please help me get out of it!!!

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:50 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Dennis,

If you want to remove your name from the mortgage, your ex-wife will have to refinance the loan in her name. She will be able to refinance the loan provided the property has equity and she satisfies the required criteria of the lender.

Thanks

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:50 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

We live in a two-story house in a flood zone where you can't even get insurance. We owe $37,000 and the house only appraises for around $15,000. We want out quickly as we can no longer afford this house. PLEASE HELP!!!!!!

111

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:50 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome Annis,

You can contact your lender and apply for a deed in lieu of foreclosure. If the lender is convinced that you are facing a bad financial situation, then he will accept your request. You will be able to get rid of the property and you won't be liable for the deficient balance resulting from the sale of the property.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:50 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Can I get out of my mortgage of $132,000 when my house is (now) only worth about $50,000? I make approximately $70,000/year and my credit is okay (and improving). I desperately don't want to foreclose or "walk away" but I have to get out of here.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:50 | Post subject:

Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

You won't be able to [url=http://www.mortgagefit.com/Mortgage-Basics/do-i-qualify-for-a-mortgage.h... for a mortgage[/url] of $132,000 when your house is worth only about $50,000. In order to refinance the loan, you should have equity in your property. You can contact your lender and apply for a loan modification. This will help you in saving the property. If the lender accepts your request, you would get an affordable payment plan to pay off the loan.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:50 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Pressured into buying. Property belonged to reailtors son. been in house 2 months. we both hate being here.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:50 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Faye,

Your query has been replied to in the given page:
http://www.mortgagefit.com/predeal/about50493.html

Take a look at it. I hope it will help you.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:50 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am trying to get out of a mortage that is with a x-girlfriend that we have had for some time now, its relly affecting my credit with my debt to income . Making it impossible to be approved for anything. I found out not to long ago that she has refinanced already without my knoledge. She does not even live there anymore, her teenage daughter does. I am trying to find a house for my new family and cant. Wouldnt I have rights to live in the house or the x was saying that a [url=http://www.mortgagefit.com/quitclaim-deed.html]quit claim deed[/url] would take it pff my credit. Is this true or can you please give me some advice

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:50 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Stephen, your situation is a bit odd. Let me try to get it...did you and she purchase this property jointly, and were you both obligated on the mortgage? That would seem to be what you're saying here.

How she might have been able to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] without your knowledge or involvement is a mystery - how did you come to know about this? Are you certain that you're still an owner?

A [url=http://www.mortgagefit.com/quitclaim-deed.html]quit claim deed[/url] only transfers ownership interest in the property to a recipient. So, if you quit claim your interest to her, then you'll not be an owner any longer, and she'd be the sole owner. That has nothing whatsoever to do with the mortgage loan.

Also, if she truly did refinance, there's no way that new loan would affect your credit if you weren't involved with it, as you said. I don't have sufficient legal standing to say you have the right to live there or not.

You'd do yourself well to consult with an attorney to get clarification.

Like | Dislike | Share | Posted: Thu, 02/04/2016 - 23:50 | Post subject:

Page loaded in 0.433 seconds.