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Search: "Forclosure"

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Asked 12/19/2009 03:06 am CT (Duluth, MN)

On May 17th, 2001 we entered into a contract for a construction loan with a local bank. We were going to clear ground, build a full foundation, and move our upscale mobile home onto a 40 acre parcel that we had purchassed (and paid for) a couple of years before. We were told that at the end of the construction loan term (90 day\'s) that it would be turned into a 30 yr. mortgage and insurance and taxes would be escrowed into the monthly payment. When we went in to sign the paperwork after the construction was finished and the home was moved onto the property, we were told that they were unable to secure a mortgage, but that they would carry a note for the total amount owed. At that time we were told that they would only carry the \"note\" for a period of twenty years, and that it would not include insurance or taxes. The \"truth in lending\" paperwork showed (at the time the construction loan was approved) that it would be a 30 year term and that they were \"able\" to service the loan. We were caught between a rock and a hard place, and were forced to accept their \"new\" terms as we did not have $125,000.00 in cash to pay off the construction loan which was now due! Although the payment\'s were quite a bit higher, we were able to make payments for several years, and every year they would continue the note. Lately, because of the lack of wok due to the economy we have fallen behind several times in our payment\'s, but have alsway\'s been able to catch up. 3 months ago, we received a letter in the mail after being only 27 day\'s late, that they would begin forclosure proceedings if we did not catch up our payments. We did, but are now living under the pressure that we will lose our home if we are late even a little bit late. They refuse to help us or even work with us. Is any of this even legal?

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Asked 03/01/2009 05:15 am CT (Louisville, KY)

WE ARE FOUR MONTHS BEHIND ON OUR HOUSE PAYMENT - WE HAVE RECEIVED FORCLOSURE NOTICE - WE HAVE THREE MONTHS OF MONEY TO PAY BUT THEY WON'T ACCEPT IT - IS THAT LEGAL - WE CAN MAKE THE FOUR ONE NEXT MONTH AND THEN CATCH UP WITH ANOTHER NEXT MONTH - SHOULD WE GO TO HUD OR FANNIE MAE?

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Asked 01/13/2009 05:43 pm CT (Canton, OH)

In 2004 our house went into forclosure. In 2005 we filed bankruptcy. We just found out in December 08 that the house was still in our names, how is that possible and how can we get that house out of our names? We would like to purchase another home and it may stop us from doing so....

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Asked 08/01/2008 05:33 am CT (Waxahachie, TX)

I obtained a mortgage in 8/05. It is an ARM and I have a second mortgage so that I did not have to have PMI. In 7/07 my husband died without any benefits. He had recently lost his job and started a new one, but wasn't eligible for benefits at the time of his death. I have struggled to pay all of these expences that his death has incurred. I am to the point that I can no longer stay in this house....Emotionally, I am a miserable wreck when I am there. I need a way out!! Due to the recent decreased value of homes in my area, my Current Appraised value of my home is less than my 2 mortgages. What options do I have? What happens is I allow voluntary forclosure? Will either mortgage company be able to sue me or place a judgement on me. I know my credit will be ruined, but at this point, my health and over all well being means much more to me than my credit rating. What can I do? [Lee, Waxahachie TX]

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You need to speak with a real estate & bankruptcy attorneys.

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Asked 08/01/2008 05:32 am CT (Waxahachie, TX)

I obtained a mortgage in 8/05. It is an ARM and I have a second mortgage so that I did not have to have PMI. In 7/07 my husband died without any benefits. He had recently lost his job and started a new one, but wasn't eligible for benefits at the time of his death. I have struggled to pay all of these expences that his death has incurred. I am to the point that I can no longer stay in this house....Emotionally, I am a miserable wreck when I am there. I need a way out!! Due to the recent decreased value of homes in my area, my Current Appraised value of my home is less than my 2 mortgages. What options do I have? What happens is I allow voluntary forclosure? Will either mortgage company be able to sue me or place a judgement on me. I know my credit will be ruined, but at this point, my health and over all well being means much more to me than my credit rating. What can I do? [Lee, Waxahachie TX]

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Asked 07/31/2008 07:11 am CT (Waxahachie, TX)

I obtained a mortgage in 8/05. It is an ARM and I have a second mortgage so that I did not have to have PMI. In 7/07 my husband died without any benefits. He had recently lost his job and started a new one, but wasn't eligible for benefits at the time of his death. I have struggled to pay all of these expences that his death has incurred. I am to the point that I can no longer stay in this house....Emotionally, I am a miserable wreck when I am there. I need a way out!! Due to the recent decreased value of homes in my area, my Current Appraised value of my home is less than my 2 mortgages. What options do I have? What happens is I allow voluntary forclosure? Will either mortgage company be able to sue me or place a judgement on me. I know my credit will be ruined, but at this point, my health and over all well being means much more to me than my credit rating. What can I do?

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Asked 07/27/2008 03:23 pm CT (Cedar Rapids, IA)

I have a credit score of 566. My husband has a forclosure on his record. We are seeking to purchase a home in the 120,000$ range with 20,000 downpayment. Is there any options for us that would work best?

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Asked 03/28/2008 04:51 am CT (livonia, MI)

we our paying our back loan payments today at the lenders bank, but we are 4 days from the sherrifs sale. we will pay with cash, and will be current, we have the lender telling us that they will stop the sale,but we also have the law firm holding the forclosure notice telling us they have to get all the money. who is right and can i trust the lender and there agreement with me. thank you

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Asked 03/19/2008 02:57 pm CT (mcarthur, OH)

i need to know how you deal with a forclosure letter from the goverment after contacting a bankruptcy attorney about this they said that my mortgage was not signed and that there was a loop hole can some one please help?

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I wouldn't count on that miracle loophole. If you wish to keep the home and can find a way to afford...

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Asked 03/17/2008 11:25 am CT (Ivins, UT)

My husband and I bought a home about 8 years ago. It was our first home and we got scammed into taking on a balloon payment of $20,000 due after the first 2 years. Needless to say we couldn't pay that much all at once. We went to a place trying to refinance and they ran our credit so many different times that they decreased our credit score below what they said they would allow and refused to refinance us. This took so long that by the time they told us they wouldn't refinance us the balloon payment was up and we were being threatened with forclosure. We decided then to do a chapter 13 bankruptcy to pay back this amount owed in a way that we could more readily afford. Between now and the time that we filed the bankruptcy I have lost my job 4 times. 2 times due to downsizing companies, once due to health problems, and once due to an employer who decided after hiring someone they knew they would have to train, that they couldn't spare the time. Through all of this I have tenaciously found the way to make my mortgage payments along with my chapeter 13 payments. Now however it seems to me like my mortgage company is trying it's darnedst to take my home (which has risen in value to almost 3 times what we initially got the loan for). I was late on a mortgage payment once and they filed for a dismissal of my chapter 13 so that they could forclose. I pulled it out and made all the payments needed so they dropped it. The legal document filed, however, said that if after 3 times of payments not being on time they could dismiss the 13 and forclose right away. Since the first time I have paid my payments on time and made sure to get proof of delivery from the postal service each time. They have since claimed that I was late once before, which I proved incorrect, and now they have sent me a document that says that I have alledgedly been late again and they are going to forclose. I have only $500.00 left on my chapter 13. If I get my bankrupcy lawyer to fight it, he will tack on more money for his services to the 13 and it will take longer and I'm not sure this mortgage company is going to give up on trying to forclose on me! What should I do? Even when the 13 is over I will still be with the same mortgage company and probably still be facing forclosure every time they decide they want to mess with me!

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Get away from that mortgage company AND make your pymts on time. If you can't afford the home, I'd s...

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Asked 02/29/2008 10:51 am CT (Minniapolis, MN)

I was wondering, there are several new construction homes going up for forclosure and My wife anfd I were wanting to try and get into one. The problem is our credit is not good, Im about a 545 and she is 530. the house we are wanting is 200,000. She does not work and I work seasonaly. I really cant prove my income. Is it possible for us to get into a home with no money down. I have a mortgage right now and have had it for about 7 yrs and have about 6 30 day lates...My wife is not on my hoe laon or car loans. Is this possible?

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It's not realistic. Work on building up a down pymt and improving your credit score. That will go a ...

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Asked 02/07/2008 03:15 pm CT (Reno, NV)

My husband and I purchased a home in 2006 with a 2 year fixed rate that is due to reset in aug 2008, we will not be able to pay our mortgage when this happens however so far we have no history of late payments, we tried to see if we could refinance with our lender they said do to our loan being now worth more than our house is they will not be able to do so.. is there any other options we have other than forclosure

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Asked 02/04/2008 05:46 pm CT (Murrieta, CA)

I currently have an Adjustable ARM loan and recently recieved a letter from my loan company telling me that the loan will eventually go up to a higher interest rate. I contacted the loan company and ask about re-negotiating the loan to a more reasonalbale rate. the loan value is $566.000 and the home value is less than the loan value. The person that I spoke with told me that the only thing they could do is a "Short Sale" on the house because evenn if they were to give me a loan with "0" an interest rate, I still would not be able to make the payments. I found a deal on new less expensive homes in the area with 30 yr fixed mortgage rates that I can afford. If I purchase the new home and the current home went into some form of forclosure or deed in-lieu of forclosure, can the loan company try to seize the new home? They're leaving me no options to head off a forclosure if and when the loan resets to a higher rate.

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Asked 01/24/2008 01:30 pm CT (vineland, NJ)

hi...my husband and i are divorced. I kept the marital home & we have a first mortg in my name only & a second in his name & mine. Id like to short sale my house it is currently in forclosure. can i remove his name from the deed while it is in foreclosure.

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TLG - You should contact a RE atty to discuss this. Generally, he needs to agree to have his name ta...

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Asked 01/14/2008 11:00 am CT (Antioch, CA)

i have a question wha's best if you sale your home short sale or forclosure, do you get a 1099 on both or just short sale, our house is value at 150,000 less then what we owe the bank. So does that mean that bank would send out a 1099 for 150,000 ? or if i declare bankrucy i dont have to pay that?

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Generally speaking, your credit will fare better in a short sale, rather than foreclosure. Most len...

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Asked 12/28/2007 08:02 am CT (Albuquerque, NM)

I am trying to get rid of a house that me and my ex wife purchased just about a year ago. To prevent forclosure i have looked into a short sale and a deed in lue. I am not sure though which would be better to go with and what ways they may affect my credit. Any help would be appreciated

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Jon, If you can accomplish the short sale, it will be a less damaging option on your credit. The...

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Asked 11/15/2007 11:01 pm CT (scottsdale, AZ)

I have two houses, the first house that I live in has much higher value than my second home. Now I cannot afford the payment for my first home anymore, and I may go for forclosure. Also, I have two loans on my first home, and I just refinanced the second loan and took out the heyloc on my first home to pay for debts that I owed before. Will there be a lien on my second home, if I forclose my first home?

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The easy answer is no, but there is a lot more that goes into this. Please give me a call at 480-229...

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Asked 11/04/2007 07:59 pm CT (medford, OR)

Help! I need to know about after forclosure. I have a first and second, incomes have dropped along with value and credit scores.I owe more than I can sell for and cant keep up.What are my options? (cant BK/ 5 yrs ago) If just let it go to forclosure what are the odds I will owe and get garnished for the difference after the auction? What happens to second? If I give up the house will I still be paying for it ? I relize the effect on my credit but I\\\'m being eaten up with bills.What can I expect if I let it go? Thanks

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You will probably have a difficult time buying anything else for at least 3yrs. But hey, if you can'...

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Asked 10/30/2007 11:02 pm CT (Rockwall, TX)

We purchased a home from a major bank 11/05. The bank (I was told) took it back from the previous owner. (Forclosure) Well..we did an ARM 2/1 and it is almost up and we can refi now and not pay any early payoff penalties. However, we have started refi.paperwork and all has gone well- until the bank we are trying to get our loan refi. with called and said their is a lain on it- from the prior owner, he owes to the bank we purchased it from. When we bought the house we used a real estate agent, title company, and the loan has also been sold from the original borrow to another major bank - but, now we want to refinace with who we want - What could have happened and how could so many people not notice this? Especially the title company in Dallas or when the 1st bank sold our loan to anothe rmajor bank? How do we clear this up so we can refi before our ARM increases? Many Thanks.

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Hi TXHORSES: You need to go back to the title company you closed with and file a claim. When you bo...

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Asked 10/24/2007 09:58 pm CT (chicago, IL)

a small company in chicago got my dad to sign for a condo. the company said they would make the payments. they gave him a small amout of cash. my dad recently passed away. now the condo could go into forclosure. if it does and the bank dosent get the total amount owed is my mom responsible for the difference?? she and I didn't know about this deal untill we started getting phone calls. It's not the house we live in

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