Posted on: 18th Feb, 2009 07:53 pm
I live in Jacksonville, FL and I need to foreclose on my condo. I'm moving out of town for a job & I can't afford to keep my condo. I'm severely underwater (paid 165K; owe 160K; worth less than 100K now) and I've been living off student loans that I have to pay back those now that I've graduated.
My mortgage was really sketchy. At the time of the mortgage, I made less than 11K a year (I have all my tax filings) and yet I got a 165K loan. They told me it was a non-stated income loan, but they lied about my income in the mortgage document. I didn't catch it in the mortgage docs. The loan is an 80-20 loan. 80% of the loan is with one company & 20% is with another company. I'm worried about the 20% company since they wouldn't get the condo and I still owe them 32K.
Can I sue the agent or company that got me into the mortgage? What do I about the 20% company? How do I foreclose? I'm broke; I can't pay a lawyer. Should I just tell the bank I'm forclosing & walk away? Is anyone going to come after me & garnish future wages? Can I settle with the 20% company? Are there any fees to forclose that I should know about? I've tried talking to every bank person out there & no one will give me a clear answer on anything. Please HEEEEEEEELLLLLLPPPPP!!!
My mortgage was really sketchy. At the time of the mortgage, I made less than 11K a year (I have all my tax filings) and yet I got a 165K loan. They told me it was a non-stated income loan, but they lied about my income in the mortgage document. I didn't catch it in the mortgage docs. The loan is an 80-20 loan. 80% of the loan is with one company & 20% is with another company. I'm worried about the 20% company since they wouldn't get the condo and I still owe them 32K.
Can I sue the agent or company that got me into the mortgage? What do I about the 20% company? How do I foreclose? I'm broke; I can't pay a lawyer. Should I just tell the bank I'm forclosing & walk away? Is anyone going to come after me & garnish future wages? Can I settle with the 20% company? Are there any fees to forclose that I should know about? I've tried talking to every bank person out there & no one will give me a clear answer on anything. Please HEEEEEEEELLLLLLPPPPP!!!
Hi heidiohde!
Welcome to forums!
You can sue the company which helped you in getting the mortgage but for that you will have to contact an attorney. If the first lender forecloses the property, he will first satisfy his loan. If there is an excess amount resulting from the sale of the property, he will pay that to the second lender. If there is no excess amount, then you will be liable to pay off the second lender.
If you walk away from the property, the lender will immediately foreclose the property. If you cannot pay the deficient amount resulting from the property to the lender, then he may either place lien on your other properties or can garnish your wages or your savings account. Moreover a foreclosure will also lower your credit score by 250 points.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
You can sue the company which helped you in getting the mortgage but for that you will have to contact an attorney. If the first lender forecloses the property, he will first satisfy his loan. If there is an excess amount resulting from the sale of the property, he will pay that to the second lender. If there is no excess amount, then you will be liable to pay off the second lender.
If you walk away from the property, the lender will immediately foreclose the property. If you cannot pay the deficient amount resulting from the property to the lender, then he may either place lien on your other properties or can garnish your wages or your savings account. Moreover a foreclosure will also lower your credit score by 250 points.
Feel free to ask if you have further queries.
Sussane
What if your property went into foreclosure 2 years ago and you walked away from it? Do you still owe condo fees?
How much can you rent the condo for?
Meanwhile, I know you are upset with the loan officer. You also may have a case if things happened the way you say. However, you did sign the documents. You signed the application which listed your income. You saw what the payments would be before you signed the documents. A red flag should have gone up to say..."hey, I cannot afford to pay that much every month."
I am not defending anyone for intentionally modifying your loan application so that you could get approved. What I see too often though is borrowers sign docs without reading them. When you purchase a home, it is potentially the largest purchase of your life. Read the fine print even if it takes two hours.
Meanwhile, I know you are upset with the loan officer. You also may have a case if things happened the way you say. However, you did sign the documents. You signed the application which listed your income. You saw what the payments would be before you signed the documents. A red flag should have gone up to say..."hey, I cannot afford to pay that much every month."
I am not defending anyone for intentionally modifying your loan application so that you could get approved. What I see too often though is borrowers sign docs without reading them. When you purchase a home, it is potentially the largest purchase of your life. Read the fine print even if it takes two hours.
Hi H....forget the foreclosure, as it will result in a huge fico score hit and you will be responsible for additional charges later. You can do a "short sale" and cover both mortgages. You just need an excellent attorney who decided to specialize in "short sales"
If you do not have a job that will allow you to pay back your student loans right away. You can put your student loans in deferrment. To put it in deferrment you simply call the lender for the student loan and ask for the paper work to put the loans in deferrment. The loans will be deferrment or forbearance for 6 months. You can also ask about consolidating those loans.
As far as your mortgage, I would recommend doing a short sale. You will need to call the lender for the first mortgage and get the short sale package from them. You will have to list the home with a Realtor. Find a Realtor that specializes in short sales.
The package you receive from the lender will ask for your financial information. Let them know about your situation in the hardship letter. The first mortgage company will contact the second company.
Another option you have is to renegoiate your mortgage, you can also put the mortgage in forbearance, deferrment, etc. However, when you can the mortgage company ask for the LOSS and MITIGATION department. The customer service person will not be able to help you with any of these options, so may sure you ask for the above department.
I hope this helps.
As far as your mortgage, I would recommend doing a short sale. You will need to call the lender for the first mortgage and get the short sale package from them. You will have to list the home with a Realtor. Find a Realtor that specializes in short sales.
The package you receive from the lender will ask for your financial information. Let them know about your situation in the hardship letter. The first mortgage company will contact the second company.
Another option you have is to renegoiate your mortgage, you can also put the mortgage in forbearance, deferrment, etc. However, when you can the mortgage company ask for the LOSS and MITIGATION department. The customer service person will not be able to help you with any of these options, so may sure you ask for the above department.
I hope this helps.
My condo amongst 115 in the building out of 204 condos, is going into
foreclosure the next month or so. I got laid off and everything is behind
5 month. I have zero funds to try an patch it up. The foreclosures and
short sales here are not selling at all, even for minimum amount.
What do i personally have to do if i find a foreclosure noctice at my door?
Do i have to call someone, go to court, or just do nothing?
foreclosure the next month or so. I got laid off and everything is behind
5 month. I have zero funds to try an patch it up. The foreclosures and
short sales here are not selling at all, even for minimum amount.
What do i personally have to do if i find a foreclosure noctice at my door?
Do i have to call someone, go to court, or just do nothing?
hi lemon,
you do not have to do anything. after the foreclosure notice, you will have to vacate the property within a certain period of time. if you want to keep the condo you should discuss your options with the loss mitigation department. have you tried to modify your loan to make payments affordable for you?
thanks,
jerry
you do not have to do anything. after the foreclosure notice, you will have to vacate the property within a certain period of time. if you want to keep the condo you should discuss your options with the loss mitigation department. have you tried to modify your loan to make payments affordable for you?
thanks,
jerry
I am going through a divorce, we have a condo on Okaloosa Island and its worth 70,000 , we owe 150 on it, interest only. My husband wants it to go back to the bank. I want to keep my credit. Is there anyway I can keep my credit.
Hi suzyq!
Welcome to forums!
If your name is not mentioned on the mortgage docs, then you can ask your husband to surrender the property. The foreclosure of the property won't affect your credit in a negative way if your name is not mentioned on the mortgage docs.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If your name is not mentioned on the mortgage docs, then you can ask your husband to surrender the property. The foreclosure of the property won't affect your credit in a negative way if your name is not mentioned on the mortgage docs.
Feel free to ask if you've further queries.
Sussane