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Mortgage Forums

Second mortgage position wants to take a DIL what happens to the first

Posted on: 23rd Jul, 2022 01:33 pm
Hello, I have a unique situation where I am about to foreclose, I have two liens on my mortgage, and the second one wants to take a Deed in Lieu. The second is owed $400k and the first is owed $170k, with a property value of around $500k. I am curious if I should proceed with the DIL to the second and what happens with the first position?

Loan Mod approved and accepted then mortgage sold to another lender

Posted on: 06th Dec, 2021 01:01 pm
I didn't accept first loan mod because they were taking me back to orig loan amount without applying payments. After much discussion they reworked the loan mod and we accepted it. However, after everything was signed and sealed, they sold loan to another lender 8/2021 however they have not sent the full records to new lender. We are making payments that are being applied to a suspense account (over a yr now) and they are waiting for the original doc from old lender. I've sent a copy of the recorded loan mod but they say they need the orig. In the mean time, there has been no correction on my loan amount, rate or monthly payment. Its like my file has gone to the black hole of no one knows what to do. How can I speed this process a long? By the way this is a VA loan.


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principal curtailment applied to interest

Posted on: 29th Jan, 2021 07:49 am
I have been paying $200 extra to help pay down the principal. The monthly statement lists the $200 as principal curtailment but in the detail I see that only $198.14 was applied to the principal and the balance of $1.86 was applied to the interest. Is this a common practice? Is it legal?

Short term disability

Posted on: 27th May, 2020 01:43 pm
I’ve been on short term for around three months and my wife has been unemployed due to covid19 since that all started. She’s back to work and my situation hasn’t changed. Our credit is great like 700 plus, and we have loads of equity. Our current interest is around 3.9 I think. Does our employment situation eliminate any chances of getting our rates/pmts lower?

Moore Marsden Rule - What if the value of the house is less than the purchase price when the marriage occurred?

Posted on: 10th Feb, 2020 02:58 pm
Purchased the house in 2003 for $319,000. Put down $17,000 on my own. Value of the house at marriage was $266,000, so less than what was purchased for. No principle payments were made until a few years after marriage, $34,974. Value at time of separation is $495,000. Does that mean she is entitled to more, than had the house been worth more then the purchase price at the time of marriage? When I do the calculations online, it will not allow me to put an amount less than the purchase price for the value at the time of marriage. Does this question even make sense?

Texas A6

Posted on: 22nd Nov, 2019 05:33 pm
We purchased our home 12 yrs ago and we were not familiar with the TexasA6 law. It was a conventional loan we used for upgrades on the home. It was just a small loan around $8,000 which since has been repaid. My question is, we are Veterans and we wanted to do a VA Loan refinance on our home now since the interest rate is so low. We were told that we could not refinance VA because of the Texas Law even though it was 12 years ago and has since been repaid. The loan person did not tell us about the Texas law at the time, we came to Texas from California and were not familiar. Is it true, we can never do a VA refinance on our home now. Please help me understand. Thank You.
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