 Roomate problem? |
| I recently bought a house on my own. I got a renter to help allivaite the added costs of living. But this current roomate seems to think he "runs the show". He takes things of mine and ... |
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 Will we be able to refinance our home ? |
| We bought our home in Riverside Ca. in 11/05 - we have a 5 years interest only loan - we have 3 years left on that loan. We can refinance at the 5 year point - but with the market the way it's ... |
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| How can you buy a house if you have bad credit?... |
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| is this legal . i have reported it many a time and he says its because of double glazing. whats my legal ... |
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| Ok, so on zillow.com is says the property is appraised at $125k-149k but I am only paying $84k for the house. I am waiting on my appraisal from the mortgage company. Is this appraisal used to ... |
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| My lease is up as of 7/30, but my new apartment won't be ready until 8/7.... |
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 What do you think??????????? |
What do you think of Oklahoma? Is it good or bad place to live, also whats the rent like around there (cheap or expensive). Be as honest as you can.
Additional Details
WOW!!! NOT THE ANSW... |
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 How does buying a home? |
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 Can a person put a lien on a house I've built that I didn't hire directly to do the job? |
| My husband hired this man (Mike) to put vinyl up on two of his houses. Mike subcontracted out the job to someone else (Joe) to do the job. My husband paid Mike for all of the work; however, Mike ... |
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 Can a landlord walk into your apartment, and can they charge a guest rent? |
| my fiance lives in arkansas and his landlord wants to charge me rent for visiting him for my 2 weeks holidays and his landlord also walks into the appartment and into his locked room when ever they ... |
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| Im looking to rent a house but i heard that you might have to pay some kind of property tax... i thought that was only if you are buying a house.... |
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| Do I have to wait 4 years to get a house!?!? |
| Me and my boyfriend just moved to Baltimore, MD and got our own apartment. We are both only 21. I lived with my parents my whole life (they live in PA, but work in Baltimore) My dad got my boyfriend ... |
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 Landlords, please help....? Un-cooperative tenants....? |
| My parents own 3 houses that they rent out to people. They have done this for about 6 years. This is the first time they are having problems with a tenant. They don't pay their rent until they ... |
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 Whose job is it to find a new roommate? |
I'm moving out and giving a 30-day notice as required by the lease. My roommate thinks it's my job to find someone else to move in - I think it's hers. Who is right?
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Duckie | In foreclosure, can they take other property? |
I can't make current mortgage payments, and am trying to sell. But if I can't it will go into foreclosure. If the bank sells the house for LESS than the loan amount, can they make me pay the difference? Can they take the mobile home I also have (that is paid for)? |
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newmexicorealestateforms
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First of all you are acting in good faith by attempting to sell the home that you can not make mortgage payments on, this should indicate to the lender that you are taking the only business common sense action that you can take. Armed with that Kudo you should approach the lender to make an agreement with you that allows for a mutual agreement between the two of you to allow you to continue to sell the home and in the agreement it is stipulated that in the event that the home is not sold within a specified period of time you will give them a deed in lieu of foreclosure and your credit and other assets will be protected. As to foreclosure; usually the creditor bids the debt as the price for the property at auction which satisfies the debt in trade for the asset, however if someone (including the lender) bids at less than the debt (assuming there is no "unjust enrichment" issues) then the lender has the right to take you back to court on a deficiency of the debt owed issue and if they receive a favorable judgement can then reduce such a judgement to a lien, attachment, garnishment, etc. If they then wish they can then reduce such a lien to another foreclosure or enforce the attachment or garnishment. Your best bet is to negotiate for the attempt to sell the property and in the worst scenario give them a deed in lieu of foreclosure. Ask your attorney to prepare the forebearance agreement with your lender. Of course if your situation changes and you can bring the payments, interest and penalties to date you can ask your attorney to file for a reinstatement action bringing everything back to par. |
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bonjovigroupie
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Normally with a foreclosure, the bank will take back possesion of the home after exhausting efforts for you to pay. The foreclosure will show on your credit report for 10 years BUT unless you used the mobile home as equity (which I am almost sure you didn't), they can't touch your other property.
They can't make you pay for something that you don't have anymore. You will suffer the foreclosure for that period of time but that isn't the end of the world either. Many people are forgiving if you can give a logical reason to why the home was turned back over. You won't be able to have the luxury of better interest rates and will have to put more money down on another home (if you try to buy before the foreclosure is off of your record).
Hope this helps. Good luck. |
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Mark V
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Whatever was listed as collateral for your mortgage debt is what you can lose if you don't meet the payment schedule you committed to when you signed the mortgage agreement. Was there anything in the mortgage agreement that says assets other than your house are collateral for the mortgage debt?
If you declare bankruptcy (as opposed to merely going into foreclosure), then you can lose all your assets to your creditors, within certain limits.
If you declare bankruptcy, you cede control of your financial decsions to the bankruptcy court. The court will typically appoint a trustee to oversee your financial affairs, and this trustee has the power to sell all your assets and distribute the proceeds to your creditors.
If the mortgage lender forecloses your house, and the resulting sale of the house does not yield sufficient money to completely pay off the mortgage debt, you will in general still owe the balance due to the lender. If they choose to try to collect that debt, they must take you to court, and they may decide it's not worth it. But then again, based on the assets they think you have, they may think it is worth it.
Declaring bankruptcy if you are faced with foreclosure delays the foreclosure, but takes control of your assets away from you and puts them in the hands of the bankruptcy trustee, who is duty bound to take the interests of your creditors into account when making decisions about your financial affairs. Bankruptcy also allows your creditors to take all your assets, not just your house, according to the decisions of the trustee.
If you are facing foreclosure, and you have equity of 25% or more in your house, it is usually better to sell the house, even if you get a low price and lose your equity, than go through foreclosure or even worse, bankruptcy. If you can sell the house without going through a foreclosure sale, it will also not be such a hit on your credit rating, which in turn will make it easier for you to rent a place to live and, when ready to, buy another house.
If the house is sold in a foreclosure sale, and the proceeds of the sale are enough to pay off all the debts against the house (mortgage plus any other liens secured by the house such as mechanic's liens or unpaid property taxes, plus the cost of conducting the foreclosure sale itself), you WILL be paid any excess. Your mortgage lender can't simply take all your equity if his debt is repaid and all other charges associated with the foreclosure process are paid for. But, if there is that much equity in the house, you can probably sell the house and avoid the foreclosure, although if it is a rushed sale, you will not get a very good price.
I can't tell you more without knowing more about the details of your situation. Good luck! |
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BrokenRomeo
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Nightmare Mortgages
They promise the American Dream: A home of your own -- with ultra-low rates and payments anyone can afford. Now, the trap has sprung
http://www.businessweek.com/magazine/content/06_37/b4000001.htm?chan=top+news_top+news+index_top+story
http://www.businessweek.com/print/magazine/content/06_37/b4000001.htm?chan=gl |
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przhm247
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They may be able to put a lien on it.
I'd push my Realtor like crazy to sell the place!!
You'll come back again! Just let all of the dust settle! |
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MadforMAC
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If they know about the mobile home you may lose that too. I suggest you move into that, if possible if you own it free and clear and try renting your home to make the payments (that is if you can get that much in rent where you live). Did you put the mobile home on your loan paperwork when you applied for the home loan? |
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hithere2ya
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If they foreclose, they will not also take the mobile unless it is tied to the note on the same property. If it is on the same lot, to be safe you should move it to a lot in a trailer park.
If there is a deficiency at the foreclosure sale they can come after you but I've never seen one do it. If they sell if for more than you owe they will not owe that to you as I understand it.
I hope for you that you get a fast sale. In general the east coast and left coast real estate markets are slowing but they- especially California are roller coaster markets anyway. Florida and other states that saw wild growth the last couple years will also see the most decline historically.
It may pay you to reduce the price to a fast sell price and let it go rather than loose it and get nothing. Buyer incentives help too if you have the equity.
Alternately, if you have good equity in your home, you can do an auction. It takes about 30 to 45 days from listing date to sale date, financing is lined up with a local lender as non-qualifying with a 20% down payment. That means if you are high bidder, if there is no reserve you have bought the house the financing is in place and you close within 7 days of the auction end. The note is paid off and you save your credit. |
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the_closer11
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They won't be able to take the motor home unless it's tied to the note on the home.
I would not count on the house selling prior to the foreclosure. Seek alternative financing. You're not going to be able to do a traditional refinance because the house is listed, and if you're in foreclosure I'm assuming that your credit is poor.
If you have equity in your house, I would suggest significantly lowering the sales price of the house. |
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Skinny
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Consider taking out a personal loan to catch up on payments or ask family for help (if possible)...but no the bank can only retake the property for it is the only collateral on the loan, they can then put whatever remains to be paid by you in collections if you fail to make those payments...more times than not the bank will get the remaining balance when they sell the house though...more times than not you aren't upside down in your house and they know that they just want what is owed to them and normally won't take less as they know it is worth more than what they are asking. |
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