Posted on: 25th Mar, 2011 06:06 pm
i have two homes and one i cant sell, if i foreclose on the one , it has a primary and a second mortgage, the lender will not reduce the rates and no short sale, can they place a lien against the home i live in. also if the home goes into foreclosure is it covered by insurance from the lender and what happens with the taxes , a. lso how long before the lender takes possession, the two homes are in the same subdivision and have a yearly subdivision fee what happens with that . also since i have a junior in highschool can she apply for student loans for college in her name only or do they have to have my name on them . since the home i live in has a mortgage that is due in five years will i be able to apply for a new loan at that time ? at a higher interest rate?
Hi Shirley,
Welcome to Mortgage fit,
Your lender can place a lien on your existing home where you stay,if he/she fails to recover the due amount from the sale of the foreclosed property.In my opinion you should ask your lender to go for Deed in lieu of Foreclossure....That could be one of the solution for ths problem.
As far as student loan is concerned there won't be any problem,and your existing mortgage will not affect on the possibility to get the student loan.
Welcome to Mortgage fit,
Your lender can place a lien on your existing home where you stay,if he/she fails to recover the due amount from the sale of the foreclosed property.In my opinion you should ask your lender to go for Deed in lieu of Foreclossure....That could be one of the solution for ths problem.
As far as student loan is concerned there won't be any problem,and your existing mortgage will not affect on the possibility to get the student loan.
Hi shirley!
Welcome to forums!
In order to recover their debts, the lender can place a lien on the property you live in. The deficient balance resulting from the property sale will be recovered from the insurance. Unless the deficient balance is forgiven, you won't be liable for any taxes.
Your partner can apply for a student loan on her own for her college. I don't think there will be any issues in it.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
In order to recover their debts, the lender can place a lien on the property you live in. The deficient balance resulting from the property sale will be recovered from the insurance. Unless the deficient balance is forgiven, you won't be liable for any taxes.
Your partner can apply for a student loan on her own for her college. I don't think there will be any issues in it.
Feel free to ask if you've further queries.
Sussane