Posted on: 29th Aug, 2008 10:01 am
I own a duplex in palm beach county. It has two mortgages, one for 199,000 and one for 50,000. The 1st mortgage holder has agreed to a short sale, if I can get an offer (highly doubtful). The 2nd mortgage company wants me to send them a complete financial disclosure.
I'm retiring in 9 months and my income is cut to 1/3 of my present salary.
If I can't get an offer, I would prefer to have a deed in lieu performed with the 1st mortgage holder.
Two critical questions:
1. What happens to the 2nd mortage holder (Homecoming financial) if the first goes with the dil.
2. I read that deficiency judgements are not being sought after as much as the public is led to believe. Is that so? Also, can they go after my retirement, soc sec or TSAs?
This is not my home, it was originally bought for income property which has cost me a fortune to remodel, then another fortune trying to pbay mortgage payments on a house once purchased for 259,000 and is now worth, maybe $160,000.
ANY advice or help would be greatly appreciated. Thanks, Linda
I'm retiring in 9 months and my income is cut to 1/3 of my present salary.
If I can't get an offer, I would prefer to have a deed in lieu performed with the 1st mortgage holder.
Two critical questions:
1. What happens to the 2nd mortage holder (Homecoming financial) if the first goes with the dil.
2. I read that deficiency judgements are not being sought after as much as the public is led to believe. Is that so? Also, can they go after my retirement, soc sec or TSAs?
This is not my home, it was originally bought for income property which has cost me a fortune to remodel, then another fortune trying to pbay mortgage payments on a house once purchased for 259,000 and is now worth, maybe $160,000.
ANY advice or help would be greatly appreciated. Thanks, Linda
I am the 2nd note holder on a property. The owner is currently in default on the 1st and mine. The are willing to sign over the deed in lieu of forclosure to me they owe $80,000.
the first is a revolving line with a bank, I have contacted them and making attempt to negotiate a discounted payoff. $16,000 I offered $10,000.
They are behind on the The homeowners association is behind by 2300
the property is worth around 120,000 with major repairs..
My question, if the bank does not take my offer and we transfered the deed, what are their options if I decide to keep the property?
the first is a revolving line with a bank, I have contacted them and making attempt to negotiate a discounted payoff. $16,000 I offered $10,000.
They are behind on the The homeowners association is behind by 2300
the property is worth around 120,000 with major repairs..
My question, if the bank does not take my offer and we transfered the deed, what are their options if I decide to keep the property?
hi!
welcome to forums!
to suzy,
you being the second lender, won't be able to go for a deed in lieu without satisfying the first mortgage dues. while you refinance the first loan in your name, the lender will want you to give a down payment. if you do not have the required amount for down payment, you may request your friends or relatives to gift the required amount.
to guest,
if the first lender does not receive his payments on time, then he will have the rights to foreclose the property. this will help him in recovering the dues and he will be able to sue the borrower for the deficient balance. if you keep the property, then you will have to refinance the loan in your name and pay off the mortgage.
feel free to ask if you've further queries.
sussane
welcome to forums!
to suzy,
you being the second lender, won't be able to go for a deed in lieu without satisfying the first mortgage dues. while you refinance the first loan in your name, the lender will want you to give a down payment. if you do not have the required amount for down payment, you may request your friends or relatives to gift the required amount.
to guest,
if the first lender does not receive his payments on time, then he will have the rights to foreclose the property. this will help him in recovering the dues and he will be able to sue the borrower for the deficient balance. if you keep the property, then you will have to refinance the loan in your name and pay off the mortgage.
feel free to ask if you've further queries.
sussane
my second lender has approved my short sale but stated thet " we are not willing to walk away from $47,000.00" and that i will continue to receive calls on this second mortgage.
can they really come after me....my husband lost his job and now has another making 1/2 of his pay and we went through a divorce which now we are both single parents trying to keep a roof over our childrens heads.
what are the chances they will pursue us?
what happens if they do? take us to court? would they drop it before they take us to court? what woud a jugde do....tell me i have to move out of my apt ...live far away from my daughters school and my work.....have zero spending money ( gorceries) just to pay this back? should i call them a try to modify the loan with some forgiveness? since my ex and i are divorced...would they offer is two smaller loans with payment plans?
isnt there some sort of federal forgiveness for this? i really feel like i am taking this one in the chin, the gut and every where else. infact had they not taken so long for approvaing the short sale, they may have gotten almost all of the money from our first buyer....
can they really come after me....my husband lost his job and now has another making 1/2 of his pay and we went through a divorce which now we are both single parents trying to keep a roof over our childrens heads.
what are the chances they will pursue us?
what happens if they do? take us to court? would they drop it before they take us to court? what woud a jugde do....tell me i have to move out of my apt ...live far away from my daughters school and my work.....have zero spending money ( gorceries) just to pay this back? should i call them a try to modify the loan with some forgiveness? since my ex and i are divorced...would they offer is two smaller loans with payment plans?
isnt there some sort of federal forgiveness for this? i really feel like i am taking this one in the chin, the gut and every where else. infact had they not taken so long for approvaing the short sale, they may have gotten almost all of the money from our first buyer....
Hi Denise,
I have given my suggestions regarding your query in the given page:
http://www.mortgagefit.com/inprocess/about35626.html#153474
Take a look at it. Hope it will help you.
Take care.
I have given my suggestions regarding your query in the given page:
http://www.mortgagefit.com/inprocess/about35626.html#153474
Take a look at it. Hope it will help you.
Take care.
I have a home I signed for my son, he defaulted on the payments after loosing his job. My name is the only one on the 1st and 2nd morgage. I,ve tried making the payments (now retired - medically induced) until I went with a Short Sale, accepted by the 1st morgage. The buyer contract on the property has been going on since 9/09. The 2nd morgage (Ocwen) has been holding everything up and doesn't return calls. I would like to seek a Deed in Leiu. What do you think the chances of success would be ? I just can't make the payments, much less the utilities and up keep. I tried to rent it to save my credit and they tore the house up. Any advice would help.
I originally had a first and second with Bof A. They are interested in a DIL but sold the second off to someone. Do I need to do a DIL with the new holder?
hi!
welcome to forums!
to witsend,
unless your second lender agrees, your first mortgage lender will not be able to go ahead with the deed in lieu of foreclosure. you will have to contact the second lender and negotiate with him so that he agrees to the deed in lieu of foreclosure.
to leo,
the bank has sold off the second mortgage to a collection agency. they will contact you and collect the dues. however, you won't have to negotiate for a deed in lieu of foreclosure with him as the loan will be considered as an unsecured one. you can negotiate for a deed in lieu of foreclosure with the first lender.
sussane
welcome to forums!
to witsend,
unless your second lender agrees, your first mortgage lender will not be able to go ahead with the deed in lieu of foreclosure. you will have to contact the second lender and negotiate with him so that he agrees to the deed in lieu of foreclosure.
to leo,
the bank has sold off the second mortgage to a collection agency. they will contact you and collect the dues. however, you won't have to negotiate for a deed in lieu of foreclosure with him as the loan will be considered as an unsecured one. you can negotiate for a deed in lieu of foreclosure with the first lender.
sussane
If the first lender (1st mortgage) accepts the DIL and will I as a co borrower with my estranged husband be responsible for the second mortgage even if my salary is only$16,000 yearly? What can they do to me? I am very nervous...
hi kate,
if the deed in lieu of foreclosure does not help in paying off the second mortgage, then you will be liable to satisfy their debts if you're the sole borrower of the loan.
thanks
if the deed in lieu of foreclosure does not help in paying off the second mortgage, then you will be liable to satisfy their debts if you're the sole borrower of the loan.
thanks
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