 Suggestions to promote fast sale of house? |
| We are trying sale a house in Neosho Missouri and relocate to Arkansas. I already have a job and am in Arkansas, but my husband isn't. Its not a fancy house, but it is a nice house with a lot ... |
|
 Can our landlord do this? |
| We have been leasing our current home for four and a half years. We have been on a month to month since october of 07. We recently put in an application for a new home and were denied because our ... |
|
 I paid an electric bill. The electric company has no record of it. They say I owe $400+. I paid it? Help? |
| I moved 3 times in 3 or 4 years. I had electricity in one place, fine. Then I moved into Chicago, had it in my name, paid it every month and often extra. Then, I moved elsewhere and had it taken out ... |
|
| Im 18 i have a choice between a bmw or a property what must i go 4? |
| i love cars yet a property will be worthwhile because i can make money ... |
|
 How can I get a car back home after buying it? |
I don't have a license nor do I have insurance. I want to buy a car so my dad can teach me how to drive. How do i get it back home after i buy it
Additional Details
looks like i ... |
|
| Is owning your own home everything? |
I am 30 and live with my partner and 3 year old son.
At the moment we are renting our house and it is really getting me down. I want the security of owning our own home but when we tried for a 10... |
|
 My wife & I want to buy a Condo/home in West Los Angeles area. We have $10,000 saved.Do we have any options? |
| We have mid-level credit but is there any options with that amount of money? We are tired of renting & would love to be putting money in towards a place of our own. If anyone knows anything we ... |
|
 Buying a new home? |
| I am in the wanting to buy a new home and have found I really like and the owners of the home have just moved into their new home they had built and seem like motivated sellers. They have went down ... |
|
 Been married 33 yrs- homemaker, why can't I be on a mortgage but the Deed only ? |
| Odd after purchasing many homes with my husband and not being employed, I was included on both Deed and Mortgage. Now in the last 3 yrs. just to make a payment by phone I need his permission. I was ... |
|
 Can i make a person move who is paying for my house on a rent to own basis, because the house is not kept tidy |
| my wife has a nephew who is pay ing for a house on a rent-to-own-basis.he always pays on time, but the house is a wreck.his wife doesn't do much to improve the house.the walls are a mess, walls ... |
|
 We want to put ~$5k into our townhouse to make it more marketable. Best fixes for improving value 4 that? |
| We have a townhouse that is in a nice area outside of DC. We want to put some work into it over the next couple of yeras. We know we want new countertops (ours are HORRIBLE), maybe pergo or hardwood ... |
|
 How can I sell my house faster without dropping the price? |
| We have painted it, cleaned it- moved funiture around and people are still saying it's too cramped. What else can I do? My agent says it's because it a small house with a small kitchen ... |
|
 Me and my 2 buddies are thinking about moving to Cali... lotso f answers please.? |
We live in NY now. We plan on doing this in 2 years, when we graduate for college. We all understand what this is going to require.
We are going to save money now. We all have jobs, can ... |
|
 Better to live in bad area with nice flat, or nice area with worse accommodation? |
| I normally live in shared accommodation, but am sick of it. I am looking for a one bedroom flat but am struggling with the how much the monthly rents seem to be. So, do I compromise and move to a ... |
|
 SHould I buy a house or rent? |
| I am moving out of state to go to graduate school when I get there I'm trying to decide wether to buy a small house to get me through or just rent a place....so ... |
|
|  |
ruttster | Can't afford the house mortgage, can the house be given back to the bank? |
My parents have a 1st and 2nd mortgage on their house. They are getting older and cannot take care of or afford the house. The house needs a lot of work. Is their away to give up the house without having to pay anything to the lender?This is in New Jersey. |
 |
 
nottashygirl
|
Nope! You owe the bank the money. They will not take it off your hands, just because. They wouldn't make any money. Maybe it's time you try to sell it, and hopefully you will get enough to cover what is owed and break even. |
|
wizjp
 |
Deed in lieu of foreclosure is at the discression of the lender; and won't release the 2nd mortgage |
|
The casual poster
|
Two choices:
1) Sell the place and move some where smaller (cheaper)
2) Wait for foreclosure |
|
Mildred S
 |
You need to establish what the house is really worth and can be sold at . A realtor will tell you what the houses in your neighborhood are selling for. You need to know what they owe the bank on the house. You can call the bank for this information. Then you need to determine how much the difference is... this is their money / equity. I would get the house listed as soon as possible and try to sell it before they lose it. If they can't sell it , then they will probably want to consider a foreclosure. They will need an attorney for this. I would try for a sale of the house because there are a lot of people that do want to buy a house that needs fix up work at a discount because they can do the work and make money. You want to be sure you sell the house in "AS IS" condition so that no one comes back and tries to get money from them after the sale for warranty stuff. AS IS sale will ensure that they are protected. Sounds like they need a lawyer to help advise. Get more than one opinion. Don't pick the nice one .. pick the one that makes the most business sense. you can't really trust either. lesser of two evils ..lol. |
|
TMS
|
Sometimes the lender will take the house back and sell it. Your parents may be required to pay the difference. But not always. I would contact the lender on behalf of your parents to see if they can help you work something. The sooner you contact them the better. Have you considered selling the home? You could sell it for what they owe "as is". Good luck! |
|
acermill
|
The bank may consider a deed in lieu or a short sale of the premises. However, in most cases, if you sell for less than you owe, you are expected to cough up the difference to the bank/lender. |
|
TwinkaTee
 |
No, you can't just give it back. If that was the case, the banks would go broke!! What they could do is sell it at a reduced price (which will still give them a profit, if they have lived there for a while) and move into a smaller, more affordable home. |
|
hollywoodmelody
|
If your parents have at least 30% equity in their home you can do a leaseback program. The property is purchased by an indpendent investor and leased back to the homeowner for 1 or 2 years. The homeowner continues to make payments to the investor and can buy th home back at any tine before the expiration period at a premium of 10% investment cost.
Also you can submit to an Investor Network and can be sold prior to foreclosure. When an investor purchases the property the homeowner may have an opportunity to cash out some equity.
There are more choices as well such as a short sale,selling it themselves, lease-option,etc. |
|
Blue October
|
Don'tWorry is correct.....
so basically if they sell or it goes into foreclosure...they are going to be moving...make sure you think of that also.
the process for forclosure and the laws pertaining to foreclosure can be viewed at this site:
http://www.foreclosures.com/pages/state_laws.asp
click on New Jersey and ...you will see the process they may have to go through.
could you possibly purchase this home from them, due to their age it will possibly be hard for them to move. just an idea.
good luck :) |
|
gfgayle
 |
There are several options:
1) Contact a GOOD realtor to get a TRUE current value as well as the possibility of selling.
2) Contact the lender (1st and 2nd) & explain your situation. Ask about a) Deed-in-Lieu of Foreclosure, b) Reverse Mortgage. Your mortgage company may not dealin the reverse mortgage because not all do so that may be another call.
3) If you have anyone that can take over your payments (and the house they may rent to you) check with an realty attorney regarding a Quit Claim Deed.
4) Check mortgage documents to see if mortgage is assumable. This usually entails the purchaser catching up back payments and assuming the mortgage payments.
5) While talking to the mortgage company ask about putting the interest on the end of the term . This will bring the account current to give time to sell or make other arrangements. |
|
marxistharpist
 |
What you can do is take the home and refi it into a reverse mortgage for your parents, that way they don't pay money, but instead get a check every month. That way they keep the house and you don't have to worry about forclosure or BK. |
|
John M
|
they should contact the lender and explain the situation and see if there is a program to help them. Failing that, they can try to sell the house and when it comes time to close, the lender will have an opportunity to get most of the money due them and will probably accept the deal to close the books on an at risk loan. |
|
MJ
|
Some of the above advice is valid, however, I didn't see if anyone asked you "age" of your parents. If they are old enough, have you thought about a reverse mortgage. If they are eligible age and sufficient equity in property, the two mortgages would be paid off and they would not be required to move until they either sold the house or died. Perhaps you can edit your question. |
|
Tomk
|
In those unfortunate situatins, it is usually better to sell the property. If the bank repossesses it, then they will sell it cheap and you'll still end up owing moeny on the property after you have no house to live in. Say you still owe 50,000. The bank will charge you all kinds of fees associated with repossession and resell. They will sell it for 50,000 and deduct their fees of 10,000, so the result is only 40,000 toward repayment of the loan. You'll still be responsible for the remaining $10,000.
Bankruptcy or sell it yourself would be my answer. I may even find myself in the same situation in a few more years. We still owe a large amount on our home and I can't keep up the payments when they make me retire in 6 or 7 years. Haven't been able to save/invest in anything for retirement. So I can feel for your parents. |
|
H. A
 |
Deed it to them. It is a voluntary deed in Lew of foreclosure. The lender can not refuse it as you are granting it to them. It will damage their credit and they won't be able to buy a house for a few years. Why not try and sell it. |
|
Robin L
|
A home mortgage is a secured debt. Secured debt is debt that is held against an asset; if the debt is
not paid back by the borrower as agreed upon the asset can be taken by the lender. If you do not pay
back your mortgage in the manner specified in the mortgage agreement, your lender can take your
house. For this reason, it is essential that you do not fall behind on your mortgage payments.
If you are having trouble making payments or think you may be facing future payments that you
cannot afford, cut back on your spending. Do everything in your power to make up the missed or
late payments. If you have other debts that suck up your funds before you pay for your mortgage,
make your mortgage payments the top priority.
The following is a typical timeline, from late payment to foreclosure that shows what might happen if you
do not communicate with your lender and resolve late payment issues in a timely manner:
Day 1
You miss a mortgage payment.
Day 16-30
A late charge is assessed on the missing payment. The mortgage servicer (the company that
processes your payments) will attempt to make contact with you.
Day 45-60
The servicer will send a "demand" or "breach" letter to you pointing out that you have violated
the terms of the mortgage agreement. You are given 30 days to pay the delinquent amount.
Day 90-105
The servicer refers the loan to its foreclosure department and a legal representative to initiate
foreclosure proceedings. That representative may record a formal notice of foreclosure at a
courthouse (known as a “lis pendens”), publish details of the debt in the local newspaper, and
attend hearings on the case.
Day 150-415
You house is sold at court-ordered foreclosure sale or auction.
If you fall behind on payments and are unable to catch up then you probably cannot afford the
mortgage you currently have and must act quickly. Contact your lender immediately. Do not
ignore the lender’s letters or calls. Let them know that you are having difficulty and are willing to do
whatever is necessary to stay current on payments and keep your house. There are a number of steps
the lender may consider taking to remedy the situation, such as:
Repayment plan: The lender may be willing to agree to a new repayment plan and may split the
past-due amount so that a small portion is tacked on each future monthly payment amount.
Short refinancing: The lender may forgive some of your debt and refinance the rest into a new
loan that you can afford. |
|
my2sense 793
|
Contact an accountant or a tax attorney for advice immediately. It may be possible to save the house. Call a professional for real advice immediately even if costs a fee. The sooner the better. Hope it works out.
Call immediately. |
|
SCH
|
They could call and request a deed in lieu of forclosure (both companies would have to agree to this since they have two mortgages). She doesn't live in one of the 6 states that require the debt be expunged, so they would still likely be on the hook for the balance of the mortgage once the house has been sold...The problem would be that there is more than one interested party (unless the 1st & 2nd loans are from the same bank!) |
|
Lisa P
 |
I know some people are mentioning foreclosure. DO WHATEVER YOU CAN TO NOT HAVE THE HOME FORECLOSE!! You need to contact a realtor ASAP and tell you what the home is worth. If you owe more than it's worth call your lender(who holds the first mortgage) and ask about doing a short sale. My brother owed $330,000 on his first mortgage and $50,000 on his second on a home he owned in IL (he took another job in a different state and could no longer afford both house payments). The lenders contacted his real estate agent to see what the house could sell for- and the realtor told the bank $350k to get it sold. The first mortgage holder said that should be fine, and they contacted the second mortgage holder for him!!! His home sold in 3 days because the realtor priced it at $350k instead of $380k (it could have sold for that but may have taken 5-9 mos.). Expect some delays after the contract is accepted. It took the bank nearly 6 weeks to get all of the approvals at the lower price. My brother obviously didn't make any money off of it but the foreclosure wasn't on his credit and he didn't have to worry about anything. Banks want to avoid foreclosure because it costs them a lot of money in time, lawyers, etc...they'll make a deal with you if you ask! |
|
Monika Wilson
|
did your parents check into a reverse mortgage option? Talk to a local lender/bank if the house is qualifying. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
22 | 11 minutes(s) ago
| | | |
22 | 41 minutes(s) ago
| | | |
22 | 2 hour(s) ago
| | | |
22 | 5 hour(s) ago
| | | |
21 | 10 hour(s) ago
| | | |
22 | 2 day(s) ago
| | | |
22 | 3 day(s) ago
| | | |
22 | 4 day(s) ago
| | | |
22 | 5 day(s) ago
| | | |
22 | 6 day(s) ago
| |
|
Homepage 
Financial
Forum 
Renting & Real Estate 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
