Posted on: 04th Sep, 2008 03:58 pm
I am a widow and due to high funeral costs for my mother and providing over 50% of her care the last year of her life, I have no funds and live on a fixed income. I have no equity in the house and don't see how I can ever have any equity.
andrea,
second mortgage lender( the one on which you are current ) will be eventually contacted by the first lender and you can gauge it from a common sense that you will be in loss.you may even loose your home.
i think you should make sure if you can refinance the loan if your credit score is good enough then you should surely try for this.
keep in touch............
:arrow: :arrow: :arrow:
second mortgage lender( the one on which you are current ) will be eventually contacted by the first lender and you can gauge it from a common sense that you will be in loss.you may even loose your home.
i think you should make sure if you can refinance the loan if your credit score is good enough then you should surely try for this.
keep in touch............
:arrow: :arrow: :arrow:
You have to look at what state you live in. In some states like Ca, there is a power of sale as security for the loan that means the lender takes back the home and sells it and your done they can not come after you for the deficency. This is limited to a first loan only that means the first loan you made to purchase the property, a first and second refinanced to one loan is still considered a first loan. But if you have refinanced your home your done.
I dont know of any lenders that are really modifying a loan thats why most get back into trouble, and no lender will because if it is done for one everyone will want the same deal and they are not going there. Lenders have already been bailed out by the Fed so they dont really care, your foreclosure is just a write off, why else would they foreclose on a home and say sell it for 250,000 when they could probably work out a deal with the owner for more money, again they dont want to go there it would tumble the whole financial game they are playing. Lets face it lenders made loans that should not have been made, they broke all the rules because there was too much money to lend and in the process drove up prices and then let them tumble. The whole economy for the last 10 years has been based on air money so every one that refied and bought a boat and a bmw benefited from what happened so all are to blame. when a lender said your 100,00 house is now a 400,000 house here is some money most took the money, so we have not seen the end yet, and finger pointing is bull because everyone benefited, if you signed a contract during this time you benefited if you got a job during this time you benefited.
The only real thing to do is to roll back and start over, hect the lenders have been paid for their air losses with bailout money anyway. I say every body quit making your payments until a roll back happens, the people rule they just dont realize it.
I dont know of any lenders that are really modifying a loan thats why most get back into trouble, and no lender will because if it is done for one everyone will want the same deal and they are not going there. Lenders have already been bailed out by the Fed so they dont really care, your foreclosure is just a write off, why else would they foreclose on a home and say sell it for 250,000 when they could probably work out a deal with the owner for more money, again they dont want to go there it would tumble the whole financial game they are playing. Lets face it lenders made loans that should not have been made, they broke all the rules because there was too much money to lend and in the process drove up prices and then let them tumble. The whole economy for the last 10 years has been based on air money so every one that refied and bought a boat and a bmw benefited from what happened so all are to blame. when a lender said your 100,00 house is now a 400,000 house here is some money most took the money, so we have not seen the end yet, and finger pointing is bull because everyone benefited, if you signed a contract during this time you benefited if you got a job during this time you benefited.
The only real thing to do is to roll back and start over, hect the lenders have been paid for their air losses with bailout money anyway. I say every body quit making your payments until a roll back happens, the people rule they just dont realize it.
i have filed for bankruptcy but my home has not been foreclosed to date. should i file a deed in lieu of foreclosure or will the bankruptcy take care of the foreclosure and i will only have the bankruptcy on my credit report.
Hi betty,
You can surrender the property to your lender and ask him to sell off the property asap in order to get rid of it. Unless the property is sold off at the auction, you'll remain liable for paying the maintenance of the property.
Thanks
You can surrender the property to your lender and ask him to sell off the property asap in order to get rid of it. Unless the property is sold off at the auction, you'll remain liable for paying the maintenance of the property.
Thanks
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