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Search: "Foreclosure"

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Asked 10/04/2009 05:52 pm CT (San Jose, CA)

My husband's condo has a 1st and 2nd mortgage and has recently gone into foreclosure (we no longer live there). The 1st mortgage company has stopped calling since they took it over, but we are still hearing from the 2nd mortgage company. What should we do to get the 2nd mortgage off our back since the property is now owned by the 1st? Also, since it's now bank owned, should we continue to pay our property taxes? What are the repercussions if we don\\\'t continue to pay them?

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Asked 09/19/2009 01:03 pm CT (Los Angeles, CA)

My husband purchased a property in north las vegas a few years ago with a friend. The house went into foreclosure. My question is, can the bank come after me even though I am not on the mortgage or the deed? We were married when he purchased it.

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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 01/26/2009 10:40 am CT (St. Paul, MN)

i would like to know if you have two properties and one goes into foreclosure, does it afect the other property that I already sold as CD but still on my name or do the bank put a lien on the other property anyway and might creat problem or affect the CD deal . [Reston VA] =

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To start with, hopefully, the home you sold on a cd does not have institutional financing on it. If...

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Asked 01/18/2009 04:24 pm CT (Plano, TX)

Feel free to email me back. My question is: I have accumulated a total debt of approximately $60k with a net worth of roughly -$16k. The debts are with numerous companies for numerous reasons including credit cards, auto loans, student loans, etc. What I want to know is, with the current foreclosure market being like it is and so many homes being "dumped" so cheaply and under value, is it possible to find a home with a built-in equity to purchase that I can turn around and finance my other debts into the equity on the mortgage loan? I would consider it the opportunity to buy a home, while also "consolidating" my debts into the remaining equity of the home and reducing my number of payments and overall payment amount. Does this sound like a realistic and possible scenario that can be pursued?

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Becker, Hi. Regarding your question about taking equity out to consolidate your bills you must h...

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Asked 01/13/2009 01:49 pm CT (Los Angeles, CA)

My husband and I have secondary property that is in foreclosure. The properth has a first and second mortage loan. We were told that we must pay the second mortgage loan or we will be sued.

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I do not believe that is true, what I suspect will happen is when the property is foreclosed on you ...

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Asked 01/13/2009 01:48 pm CT (Los Angeles, CA)

My husband and I have secondary property that is in foreclosure. The properth has a first and second mortage loan. We were told that we must pay the second mortgage loan or we will be sued.

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Not necessarily true and there is no point in paying the 2nd if you can't pay the first. The 2nd wil...

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Asked 01/13/2009 01:47 pm CT (Los Angeles, CA)

My husband and I have secondary property that is in foreclosure. The properth has a first and second mortage loan. We were told that we must pay the second mortgage loan or we will be sued.

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Not true.

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Asked 01/10/2009 11:18 pm CT (Milwaukee, WI)

Hello... Just a quick question. OK... I have a refi in progress, and we should close by the last week of Jan. I learned that I am going to lose my job (closing our plant) on Jan 31. I am getting a nice severence, and still have a nice nest egg saved up in case of problems (2-3 years), so I'm not too worried about foreclosure. (If anything, a refi will help me to pay it off faster, as I would be paying less...) Do I need to disclose this at the closing, or to my loan officer? Or, since I'm technically still employed at the time of closing - can it be my little secret? Basically, is withholding this information considered fraud, or does the fact that I am truthful in all my statements (regarding CURRENT employer) mean I should be in the clear? I obviously don't want to do anything that will jeopardize my house.

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You would need to disclose that at closing. There will be a document that you will need to sign tha...

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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 12/17/2008 10:01 pm CT (San Jose, CA)

I have been hearing and reading for the past year about the mortagage crisis and resulting foreclosures and don't understand why these experts are coming to this conclusion. I can't wait until my loans convert. I have a 5.75% fixed rate that will convert shortly. My index is the 12 month treasury moving average which is at 2.0%. My margin is 2.25% giving me a fixed rate for the next twelve months of 4.25% which I confirmed with my lender if my loan were to convert today ie. a lower payment. I believe that most of the no interest loans originated three to five years ago would be fixed for the initial period at approx. 5.375% to 6.25% with margins of 2.25% to 2.75%. Also, most indexs used are the 6 mo. LIBOR, 12 mo. LIBOR, 11 district or one year treasury, all very low. By adding the margin most of these loans should refix at very favorable rates. Yes, there will be principal (repaid to yourself) and a 25 year amort period. Nevertheless, is the whole world wrong or am I not seeing this right? This mortgage resetting is a monumental part of this national crisis and causing widespread foreclosures because of supposedly higher monthly payments. As far as I can see the numbers just don't support higher payments and this foreclosure meltdown. Can you please clarify. Thanks, Rick

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Rick: Great analysis. Thank you for taking the time to show how a good adjustable rate mortgage is...

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Asked 11/19/2008 09:33 pm CT (Reston, VA)

i would like to know if you have to properties and one goes into foreclosure, does it afect the other property or do they put a lien on the other property.

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Eugenia, thank you for your question. The answer is that it depends, if you have any equity on the p...

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Asked 10/29/2008 03:25 pm CT (Detroit, MI)

What does it mean that my mortgage was charged off? Do I have to move? Who owns the house? I was told that they are not planning to put into a foreclosure. They asked me for a settlement amount.

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It probably means the lender doesn't think your property is worth enough to foreclose on. You want ...

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Asked 06/04/2008 09:00 pm CT (brownwood, TX)

my wife and i are going thru a divorce.we have a va loan that i used back in 1997. she wants the house.i dont.she has bad credit as i do to.she wont be able to get a loan on her own.i dont think she can afford to keep the house up.i dont want a foreclosure on me.she is adamate about staying in it.what are my options?

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I would definitely agree with getting the judge to order the sale of the house. Too many times I've...

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Asked 05/29/2008 07:07 am CT (Elizabeth, NJ)

I purchased a home with a friend. I did not qualify for the mortgage but my name is on the deed. She is currently unable to continue payments and the property is heading towards a foreclosure. Could the banks come after me now since I am on the deed?

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Asked 04/28/2008 05:21 am CT (cincinnati, OH)

my husband and his ex wife bought a house when they where married that was is in 1994. they been divorced since 1998 ,he left her the home because of there son and she was to take over the payments his name is still on the morgage we just found out it is in process of foreclosure. we decided that we would like to have it... because this has messed up his credit and has stopped us from buying are own.. what would be his chances in getting the home.

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Asked 04/26/2008 03:54 pm CT (east grand forks, MN)

i'm in foreclosure. single mom of three. i've tried quick sale,everything, working with the lender. i'm four months behind. can i sign my deed over to my friend and file bankruptcy on my loan and put the place up for sale... which is going to take a long time..... rural area... takes forever to sell..i'm also in flood zone by river. i don't know what to do? lost!

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Signing the deed over & declaring bankruptcy will not extinguish the lien on the property.. The bank...

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Asked 03/28/2008 12:09 pm CT (Baltimore, MD)

My grandfather can't afford his mortgage payments anymore. We are okay woth the thought of foreclosure, but we also have a concern. The situation is that he has land also in the state of Maryland; Can the bank (Washington Mutual) take that piece of land( almost ten acres) if he does go through with foreclosure? Also, besides the consequense of bad credit, what will happen to my grandfather because of the foreclosure?

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Asked 03/27/2008 12:32 pm CT (Mountain View, CA)

Can i be held responsible for my aunt who passed away without a will, who had also reversed her mortgage a few years ago. Her property is in foreclosure.

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