 If we buy a different home and default on the one we have is there a law to stop us? |
We wanted to switch houses to bring our mortgage payment down. We talked to a realtor this morning and she was a crank and a half..so I don't believe what she told us.
She said that B... |
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 My renters claim a 'flea' problem? |
| They are new tenants. Two weeks after they moved in they claimed there was a flea problem. We've never lived there with our brood (three dogs, two cats). Also, they are the first people that ... |
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 How old do u have to be to own ur own flat? |
| e.g. rent a flat and also does anyone know how much u get when ur on the dolll? I'm not going on the doll lol !! I'm jst bein nosey .. Thanks =]... |
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 If you rent your home and pay to have pests professionally removed, can you legally deduct that from the rent? |
Since I rent, can the price for the professional pest control Orkin, Terminix or whoever, can that legally be deducted from the cost of the rent?
Can the entire price be deducted or only ... |
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 I have about $500K in savings, no income (law student), and am buying a $270K house. Need down payment advice: |
It will be a 3 bedroom, so I will be renting out, getting $1000 a month from renters. How much should my down payment be, considering my savings situations and lack of income?
Additional D... |
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 Can he do this? |
| My landlord has started charging £5 to deliver electric tokens (which we all have from him) yet he only comes round with them (the free delivery) every 2 weeks on a friday night. There is no other ... |
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 Is it better to have a two story or a one story house? |
I'm buying/building a new home in austin tx and would like some input from ya!
Is land cheaper if you build up instead of out? Do you get a bigger yard, are they any advantages?... |
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 What to do when you buy a house and the previous owners won't leave? ? |
| We closed on our house yesterday and the previous owners have not packed and show no signs of moving out. We told them it would be $40 a day for every day that they stayed after we took ownership. We ... |
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 Is a landlord required to install phone jack? |
| I moved into a house that was remodeled. The house does not have ANY phone jacks installed. Does the landlord have to install at least one phone jack? I'm in VA. I asked him and he said they don&... |
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 Is my landlord required to have keys to the house? |
| I have recently moved into a new house and the landlord is already behaving strangely. She turned up here unannounced on a saturday night and tried to push her way in. She says we have three sets ... |
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 Girlfriend on house title? |
after living with my GF for 3 years she now wants to share ownership of our house by having her name on the deed 50/50 - but I bought it with my money and pay the mortgage with my money.
is this ... |
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 Do I have to let my landlord enter my home to show to prospective tenants after he gives me a 30 day notice? |
| I live in CA. My landlord (without reason or explanation) gave me a 30 day notice to move, I agreed to move out within 30 days. During the 30 days do I have to allow him to enter my unit to show to ... |
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 Trouble with Letting agent and Landlord. Where do I stand? |
| I moved into a private property July 2007. Everything was fine untill the bad weather came and the house developed serious damp problems, the walls are black and Ive had to throw no end of furniture ... |
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Leah | If you buy a new house and walk away from your old one, can't they put a lien on your new house? |
My sister wants to get a new home and walk away from her old home. Can the bank connected to the old house do anything to the new home such as put a lien on it in order to collect the debt or do anything?
Additional Details
She's aware of what it will do to her credit but doesn't seem to care. I'm trying to knock some sense into her, she seems to think that she will be able to get the new home while she is still in good standing with her old home and then after all the paperwork has cleared walk away from it. |
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try2help
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She will have to qualify, and show she can afford two , again two houses. I keep hearing this. If you own five homes you can buy a sixth,,,,,,,,if you have enough income to keep paying on the 5 u already own, and qualify for the sixth. So,,,,,, very simple if she has enough good credit and income to show she can support two mortgages yes, else no.
One other thing -- the credit crunch. Mortgages no longer easy to get. Same thing for auto loans, better have a high score, no docs, and same co. giving first and second to avoid private mortgage insurance are long gone. Hard to get a mortgage in Aug. 08 period w/o down pmt and stellar, stellar credit.
Also, of course, if she defaults on the mortgage and lies on an app, has someone make believe by phone for instance she has a second job, for verification purposes, not only would she be civilly liable, but criminally liable. Now if she can afford two houses per cr. report and buys 2nd home and defaults on first , yes she is liable for judgement and lien on new home, some states if lien is big enough can force you to sell home. She is playing with fire.
If has problems paying for first home contact first lenders mortgage mitigation dept., you did not say if it was she did not like home , or it was a problem paying. If problem paying, mitigation dept. all banks have them, see if can get loan modified. Never hire third party for this, will take money and run, unless they agree to accept fees after performance of services, new laws going this way on so called mortgage mitigation policies.
She better get educated fast. Could make big mistake here, effecting her credit and family situation for years to come. |
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forbid3n fruit
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she can get a new home but the sale prob wont be complete until she pays off the old one or they can very well put a lien on her new house if she defaults in payment...not a good idea it'll screw her up for the rest of her life! instead of walking away maybe she can keep it and rent it out until she can pay if off.. |
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oceanb69
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I don't know how she will be able to buy a new home while having a mortgage on one already, unless she has a huge down payment..... |
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mamatsidale
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Mortgage is a lien against the PROPERTY not the INDIVIDUAL. THe only time a lien can be put against the person is in the case of a judgement (lawsuit). So make sure you talk it over with a lawyer, financial advisor so that you know the best way to sell your home and buy a new one. There are tax advantages ie 1031 that will help with avoiding paying taxes on benefits from the sale of the property. |
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Real Estate Guy
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She can do this. BUT!!!!!!!!!! the old lender will come after her (AND SHOULD) and the IRS will tax her on the loss.
I really wise banks would be a lot more firm on this type of situation. |
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mynữ
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between old and new one your sis still respond for that .the bank can not link or do any thing to the new your sis house , if she did not pay while she still own the old house be aware she will has a bad credit lost her old house |
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buttrfly52
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Depends on the contract she signed. She would have a very hard time getting a loan unless she can prove that she has the income for both mortgages, or that she has a renter in the old home.
As far as the question on the lien, that can try, but they would be in 3rd position (or more) depending on what other liens are on the property. Also, walking away from the old house will cause a HUGE ding to her credit, and she would have a hard time refinancing (especially if she has a loan that will require PMI). Quite a few thing to think about. |
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halfzeimer
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If your sis owes money to the bank, the bank will do anything they can legally do to recoup that money. That would include garnishment of wages and placing a lien on her new home. Why doesn't she sell the old home, and how in the world can she get a loan for a new house if she's walking away from her present one? |
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Nebraska Born and Raised
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She is still obligated to pay off her debts to the bank. Yes, they will do what is necessary to collect the money that is owed to them. |
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Hopeful Home Solutions
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Besides all of the comments above, if she can afford to buy another house, with downpayments, moving costs, etc., why would she just walk away from her old house? She should sell it so that the bank gets paid what they are owed. If the house is worth less than what's owed, she can either try a short sale with the bank (although it doesn't sound like she is in too distressed of a situation if she can buy another house, which means the bank will not allow a short sale), or pay the difference in what is owed to what it sells for. The bank isn't a charity, and your sister committed to an obligation that she should live up to if she can. Anything else is pretty disgraceful. |
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NewDealer
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Yes, the bank will go after all her possessions such as bank accounts(including those accounts that she is added to as a partner), car, new house etc. The better way to do it is sell the house, foreclose through the bank then buy the new house. Bare in mind that foreclosing a house will mess her credit history up and it will be harder to get a new mortgage |
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maxmom56
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They will foreclose on the old house and sell it. If the sales price doesn't cover the mortgage, your sister owes it. The bank can sue her for it. If they get a judgment, thet can place a lien against a new house.
Your sister has no chance of getting a mortgage for a new house if her old house went into foreclosure. |
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kapn
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Not to worrie........she won't be able to get a new house........no one in their right mind would give her a loan.......... |
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