Posted on: 11th Dec, 2006 11:56 am
hello all, just a couple of questions regarding foreclosure. first...if we are approved for a refinance which would save our home, if a 2nd mortgage was previously charged off it would still be on title and we are still responsible for this but can we refi the first with the 2nd on title as long as it is still subordinanted? both our first and our second are with the same lender. my 2nd question is...we are either going to refi, (contigent on appraisal) and have also requested a reinstatement package from our lender. they did qualify us for that. in the mean time i have just received a summons today. what should our next step be pertainig to this? i am in constant contact with my lender but i know this does not stop the whole foreclosure process. any suggestions? any information would be very much apreciated by a very stressed out girl who just wants the whole bad dream over!
"Hello all, Just a couple of questions regarding foreclosure. First...If we are approved for a refinance which would save our home, if a 2nd mortgage was previously charged off it would still be on title and we are still responsible for this but can we refi the first with the 2nd on title as long as it is still subordinanted?"
If the lender has approved you for the refinance then there should not be any difficulty as both the first and second mortgage are with the same lender.
But if they have sent summon then you should first of all reply to this summon. Keep in constant communication with the lender and try to get the reinstatement done as early as possible. Or better still if you can get the appraisal done and get the refinance.
If I were in your position my condition would have been same as yours. But you need not panic and take proper steps as per the situation to come out of this position you are in.
Thanks
If the lender has approved you for the refinance then there should not be any difficulty as both the first and second mortgage are with the same lender.
But if they have sent summon then you should first of all reply to this summon. Keep in constant communication with the lender and try to get the reinstatement done as early as possible. Or better still if you can get the appraisal done and get the refinance.
If I were in your position my condition would have been same as yours. But you need not panic and take proper steps as per the situation to come out of this position you are in.
Thanks
"First...If we are approved for a refinance which would save our home,"
If you can get the refinance for the first mortgage then you would be able to avoid foreclosure and save the home. As both the mortgages are with the same lender there is quite a chance that second subordinate mortgage will not affect the refinance.
Let me also tell you that foreclosure is the last option any lender will implement. So as long as there is some hope that you will be able to repay the amount they will agree to listen and implement a plan which can help both of you. Even if they have sent a summon this does not mean all other option have closed.
If you can get the refinance for the first mortgage then you would be able to avoid foreclosure and save the home. As both the mortgages are with the same lender there is quite a chance that second subordinate mortgage will not affect the refinance.
Let me also tell you that foreclosure is the last option any lender will implement. So as long as there is some hope that you will be able to repay the amount they will agree to listen and implement a plan which can help both of you. Even if they have sent a summon this does not mean all other option have closed.
Let me tell you that after you receive the summons you will have 20 days to reply to it. If you do not reply then they will win automatically by getting a default judgment.
Hi Debbie,
Welcome back
I don't understand if you have already agreed to go for a refinance and you have been approved also, then why is the foreclosure being held. Or is it that you have received the summon for not paying off the second loan which has been charged-off, although you still need to pay for it. Please let me know. It will help me think about it and then give you some suggestions.
Thanks,
Sara
Welcome back
I don't understand if you have already agreed to go for a refinance and you have been approved also, then why is the foreclosure being held. Or is it that you have received the summon for not paying off the second loan which has been charged-off, although you still need to pay for it. Please let me know. It will help me think about it and then give you some suggestions.
Thanks,
Sara