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Asked 09/25/2009 10:51 am CT (Olathe, KS)

My wife and i got a chapter 7 discharge . We reaffirmed the first mortgage but not the second one . the second one was a 125 % LTV . If we can't make the payments on the second one . will they foreclose on the house ? we owe 89000 on first and 34000 on the second and the house is worth around 105000 ? Would they pursue a foreclosre that they would most likely not gain anything back from ?

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Asked 09/18/2009 12:05 am CT (Los Angeles, CA)

I have filed chapter 7 and should receive a discharge soon. I included as surrender all three mortgages. My first mortgage lender has offered me a modification to sign now before the discharge, not reaffirmation just signing new modification. If the house was to foreclosure, there is not enough money to pay the second or third liens. Am I legally obligated to pay the first mortgage if I sign this modification and lets say the 2nd decides to foreclose would I have to pay any money to the first? I dont plan on paying the second or third mortgages.

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Asked 08/23/2009 11:10 am CT (Germantown, TN)

My daughter and her husband are separated - he left the house about 4 months ago. He has not given her any support since he left. They have a house with a loan of approximately $322,000 - a mortgage payment of $2,200 principle and interest only. The tax appraisal on the house is near the load amount. Taxes and insurance would add approximately $500 more per month. She has been laid off from her job and has applied for unemployment - should draw about $230 unemployment pay plus $1500 per month child support ($750 after 9 more months as the oldest child will turn 18). Husband is self employed but tells her that his business is down and he is now only drawing one pay check per month ($500 net). He also works part time and makes approximately $1,200 per month. Medical insurance for him and my daughter currently comes out of the part time money ($100 per month). He has told her that he will take her off the insurance in December. He also just purchased a new care through the clunker campaign. My daughter's name is on the deed to the property but not on the mortgage. She has managed to keep the payments current until this month but she can no longer pay the full amount. When she contacted the mortgage company regarding a loan modification she was told that they did not qualify because they were not behind on their payments. She was told that she should try to refinance and try to sell the house even if it was a short sale. Husband wants to let the house foreclose - she does not - he has not agree to put it up for sale. Questions are: 1. Does he have to agree to put the house up for sale or can she do it on her own? 2. Does foreclosure affect her credit? 3. Does she have any obligation to pay the mortgage payment? He continuously tells her that she is as responsible for the payment as he is since her name is on the deed. 4. The loan company told her that foreclosure proceedings would not begin until the payments were three months behind. Is that true? In other words, if she makes a partial payment, say $1,000 per month, will the house ever go into foreclosure? She wants to do the right thing but needs whatever assistance is available to her - what are her options? This is a case of someone not being able to afford the amount of money that was loaned to him.

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Patricia, If, in fact, your daughter is not on the mortgage then she is NOT responsible for the mor...

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Asked 07/01/2009 05:25 pm CT (Orlando, FL)

My ex and I are expected at court on Monday 7/6 regarding a Summary Judgement for our 2nd Mtg. We have a 1st with Countrywide and the 2nd with Wachovia. We have not been able to make pymts on the 1st for 14 months and the and none on the 2nd for the last year because we both became unemployed and have since divorced. My ex is still living in the home and the 1st Mtg Lender is still waiting for him to get a job so he can possibly do a modification etc. The 2nd Mortgage lender is taking us to court for non-payment. We have had the home on the market from the beginning trying to sell or short sale and no takers. What exactly can happen to us when we see the Judge on Monday. The house has not foreclosed yet on the 1st mortgage we have not even heard from them. Can the 2nd Mtg lender put a judgement on us for the $62,000.00 owed even though the 1st mtg lender supercedes? Please advise. Also with the declining market the 1st mortgage would not even be satisfied even if the house sold today. So what happens exactly. Since we are unemployed we do not have any resources for pymt of legal advice that is why I am asking. Please help!

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Asked 04/20/2009 06:24 pm CT (San Francisco, CA)

my dad and i are foreclosing the house. his name is solely on the loan, but my name is added onto the title when we refy. is my credit going to be affected and also, will it show in my history record that the house was foreclose?

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If your name is not on the loan then it won't affect your credit....

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Asked 04/08/2009 09:51 am CT (Des Moines, IA)

My boyfriend and I live together. He was divorced over a year ago and part of the divorce decree stated that his ex wife got there home and all the responsibilty she was supposed to remove him from everything in a certain day period. Which would have been Nov 08. Well she did not do this and now the house is being foreclosed on and she NEVER got him off any of it. So now we are getting letters and phone calls saying they will be foreclosing on the house and it is going to effect his credit. The morgage companies say that there is nothing they can do even though the divorce says it is all her responsibilty. The lawyer we talked to said that the only thing they can do is get her arrested on contempt of court? This does not seem right is there any help!! We plan to have a life together and I do not want this hanging over our heads for the next 7 years =(

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Unfortunately the lender on the house was never invited to the divorce. The divorce was only an agre...

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Asked 03/05/2009 11:37 am CT (San Francisco, CA)

My husband and I both owned homes prior to marriage, intended to sell his but cannot. We bought a home together, I am the sole person on the mortgage loan of our joint home but he is on the title. Our circumstances have dramatically changed and can no longer afford his home. I am not on the mortgage or title as he bought this two years before we were married in Jan. His home was never refinanced and is the original loan. We paid 15% down on the current home but likely have very little equity. If he forecloses on his home, will it affect my credit? Also, can they put a lien on the current home for which he is on the title but not on the loan? Thank you so much.

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Consult an attorney. However, your credit cannot be affected by a default on a mortgage you never q...

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Asked 01/09/2009 09:36 am CT (Nashville, TN)

If I got a first mortgage loan at a reduced rate but am a traveling nurse and lease my home - can the lender foreclose on my loan

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That's a possibility but a VERY slim one. I doubt that the lender would want to own any more proper...

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Asked 01/05/2009 08:24 pm CT (Blaine, MN)

I bought a house with a friend out of college 4 years ago. Since then we have refinanced the 2nd Mortgage under just his name due to credit score reasons at the time. I recently got married and we were able to get the 1st mortgage in both me and my wife's name, however, the 2nd mortgage carrier wouldn't allow me and my wife to "assume" the 2nd mortgage from my friend and release his name entirely. So we now have a 1st mortgage with me and my wife's name on it, and a 2nd mortgage with just my friend's name on it. The question is: My friend now wants to move out, and we owe more than what the house is worth. Me and the wife plan on staying in the house, but due to a recent drop in pay we are unable to afford the 2nd mortgage that my friend currently pays. My friend has talked about just walking away because there is no reason for him to stay, and he doesn't care that it will affect his credit significantly. I'm assuming this will also affect me and my wife if he walks, but how? Does the 2nd Mortgage carrier then file for foreclosure and being we owe more on the house than it is worth would the 2nd mortgage carrier still buy out the first mortgage carrier and foreclose entirely? Should I have my friend try to negotiate with the 2nd mortgage carrier to lower the amount of $$$ owed? What do you suggest we do? Thank you!

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If the 2nd mortgage is secured by the home you are living in, and that mortgage goes into default, t...

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Asked 01/02/2009 12:45 pm CT (Annapolis, MD)

My son's wife moved out of their house a few months ago. She took care of all bill payments. Now he finds out that she did not make the second mortgage payment for a very long time and they will no longer accept a monthly payment. He is working two jobs just to pay the monthly bills and has two children with him. He tried to draw out his 401K to pay on the second mortgage but was not able to get more than $1200 from the fund. His first mortgage is fine. What can he do about this situation? Can the second mortage company foreclose on his house? Thank you for your reply.

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Yes, the 2nd mortgage lender can foreclose. However, the property would have to sell for a sufficie...

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Asked 01/02/2009 12:27 pm CT (Annapolis, MD)

My son's wife recently moved out of his house. She was the person making the bill payments each month. Now he finds out that she has not made a payment on the second mortgage for some time. The second mortgage company wants the entire $22,000 and will no longer accept monthly payments. He has two children and is working two jobs just to pay the monthly bills. He tried to cash in his 401K but was told that he can only receive $1200 a year and not the $11,000 in the retirement fund. What should he do? Can the second mortgage company foreclose on his house? Thank you for your reply.

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The second mortgage company should be willing to negotiate with the way the market is going. Negoti...

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Asked 09/22/2008 09:41 am CT (San Bernardino, CA)

September 2011 is the 5th year of our 5 year ARM mortgage. Our Plan A: buy a new home with a fixed rate then keep our old home as long as we can (family will rent it) in case we will be able to refinance it before 2011. Disadvantage: With this economy, its very unsure. We need to save also. It would be hard paying for two houses. Plan B: Get a new home with with a fixed rate then let go (foreclose) of our old home. Is plan B "illegal"? will that put us in trouble of taking advantage of the situation? Or is it totally okay giving us a chance not to be under water when our mortgage will shoot up to the roof? We just want to be safe in this economy. We don't want to get stuck and wait for our mortgage to balloon with our ARM mortgage. We've been trying to have it refinanced but it's been really impossible.

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Hi There! You never want to "Let Go" of a house. Any time you have a foreclosure on your home it...

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Asked 09/22/2008 09:39 am CT (San Bernardino, CA)

September 2011 is the 5th year of our 5 year ARM mortgage. Our Plan A: buy a new home with a fixed rate then keep our old home as long as we can (family will rent it) in case we will be able to refinance it before 2011. Disadvantage: With this economy, its very unsure. We need to save also. It would be hard paying for two houses. Plan B: Get a new home with with a fixed rate then let go (foreclose) of our old home. Is plan B "illegal"? will that put us in trouble of taking advantage of the situation? Or is it totally okay giving us a chance not to be under water when our mortgage will shoot up to the roof? We just want to be safe in this economy. We don't want to get stuck and wait for our mortgage to balloon with our ARM mortgage. We've been trying to have it refinanced but it's been really impossible.

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Gina, you may want to consider doing a loan modification on the property instead of a refinance or l...

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Asked 09/22/2008 09:21 am CT (San Bernardino, CA)

September 2011 is the 5th year of our 5 year ARM mortgage. Our Plan A: buy a new home with a fixed rate then keep our old home as long as we can (family will rent it) in case we will be able to refinance it before 2011. Disadvantage: With this economy, its very unsure. We need to save also. It would be hard paying for two houses. Plan B: Get a new home with with a fixed rate then let go (foreclose) of our old home. Is plan B "illegal"? will that put us in trouble of taking advantage of the situation? Or is it totally okay giving us a chance not to be under water when our mortgage will shoot up to the roof? We just want to be safe in this economy. We don't want to get stuck and wait for our mortgage to balloon with our ARM mortgage. We've been trying to have it refinanced but it's been really impossible.

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Hi Gina, Loss Mitigation is probably your best avenue. There are many ways to change/save your cur...

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Asked 08/31/2008 02:33 pm CT (centerville, MN)

My husband and I own a townhome (with a mortgage) We have had some credit problems recently, but have gotten it mostly cleared up. We would like to be able to move into a home with a yard since we have a toddler, and a surprise baby on the way. Is there anyway we can trade homes? Can we get a foreclosed home for what we owe on our townhome and just trade it? So we can keep the same mortgage, payments, and not have to re apply for a loan? Im pretty sure there isnt but thought I would ask. Thank you!

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Hi Amy- You would need to sell your home, retire the existing mortgage and get approved for new fin...

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Asked 08/26/2008 01:18 pm CT (paducah, KY)

I filed Bankruptcy, and the mortgage company was supposed to foreclose on my house,my guess is because it had roof damage, ect. I got a letter saying that they charged it off and cancelled the sale. I know I can live in it and rent it out, but can't sell it until they release the deed. I don't want to put alot of money into it if they can come back again. How do I get them to release the deed? or can they come back after they charged it off? Homeless

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Asked 07/23/2008 01:00 pm CT (Birmingham, AL)

Where the foreclosed previous owner comes back to redeem the property during the Statutory term, do I get my mortgage payments back?

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No, you don't. In order to redeem the property you must do the same as the person who purchased it,...

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Asked 04/21/2008 10:56 am CT (dunn, NC)

I WAS A COSIGNER OF A MORTGAGE AFTER THE DIVORCE IT WAS STATED THAT I WAS REPONSIBLE FOR THE MORTGAGE.IF IT IS FORECLOSED ON ARE WE BOTH RESPONSIBLE?

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Asked 04/10/2008 07:11 pm CT (elkton, MD)

My husband purchased a home that needed alot of work. Things started to go wrong when he became laid off from work and we started to fall behind on the payments.We were able to hold on to the house for awhile but it didnt last long. The house was foreclosed on but it sold for $7,000 more than what we paid for it . I would like to know what to do from here to be able to purchase another home in the future?

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Asked 04/04/2008 07:08 pm CT (Stafford, VA)

I'm interested in purchasing a foreclosed home. Countrywide is requiring that I get prequalified through them in order to make an offer on the home. Would this not tell Countrywide what I'm able to afford, and effectively strengthen their negotiation position by alerting them to my mortgage ceiling? Is this legal to require me to get preapproved through a particular company for the right to make an offer ona home? This just doesn't seem right. Any and all assistance would be greatly appreciated!

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It's not likely illegal since they aren't requiring that you take their loan. Instead, they're likel...

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