 Foreclosure vs bankruptcy? |
| I have a house in CA and my primary home is in TN.What will happen if I have to forclose on home in CA, will I lose my cars? my primary home? and No I did not use anything such as my cars now or my ... |
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 Starting a career in real estate...? |
| I am thinking of starting a career in real estate. I know the housing market is in a state of decline and credit standards are becoming tight. As a result, commissions are going to take a dive for ... |
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 Question about my condo? |
| Our condo building is very nice, but the walls in the stairwell have gotten dirty over the last three years--the paint on the walls is a flat paint-basic that can't be cleaned by wiping the ... |
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 How to stop a foreclosure? |
| I was diagnosised with cancer in April of this year and have to undergo to different surgeries thus causing me to lose my income. Due to the excessive medical bills we are currently behind on our ... |
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 Help, how much roughly will I need to pay to rent? |
When I will start my apprentiship I should be earning at the least £10,000 a year but thats not including tax etc.
Me and a friend earning very similar want to start renting a flat but were not ... |
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 Re-Financing Mortgage-Why do i need a Apprasial? |
| I am comptley lost on mortgage issues. We are trying to refinance our motrage and they said we need an apprasial. Why do we need it? They said it costs $375 to get this. Why is it so much? Is it ... |
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 Mortgage loan approval? |
| When applying for a mortgage loan, and you are approved for 150k and the house you want to purchase is 130k, can they still loan you the balance of 20k (for like painting or furnishing the house) or ... |
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 Any suggestions on how to leagally irritate non paying bums to get them to leave a property? |
| They have been living there since Oct and it was actually sold to them on a land contract so in Michigan they have 90 days to get out. We received that info yesterday at court. We will lose the house ... |
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 Is it a requirement in PA that a landlord must repaint the apartment for new tenants? |
| our apartment has some major holes and exposed brick, rusty heaters,dirty carpets and yellowish stains on the celling. We just moved in, the house was build in 60th(lead paint was used); the landlord ... |
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 Does this sound okay? |
| My husband and I are looking at houses because we are expecting our first child and our little 2 bedroom house is too small! However, we do not have enough money for a down payment. So we were ... |
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 Help! Landlord wont give deposit back!? |
| I need your guys help, We've "checked out" of our unit, agent confirmed no damages etc, we have paid all our bills up etc, but now our landlord has disappeared and wont return our ... |
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 Is there a better way to get a mortgage than going through a bank? |
| I don't feel that my credit score accurately reflects my credit worthiness. Where can I find a lender that reads in between the lines?... |
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 If I buy a house by 95%mortgage, can I make conversion in my house within the first year of pay back my mort? |
| I am a first time buyer, so will I face any barriers to the mortgage supplier when I convert my house before i pay back all the mortgage?... |
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 How can i evict someone from my own apartment? |
i live in los angeles. i don't expect the evictee to be violent.
Additional Details
in california there is a law preventing people from being kicked out of a place that they have ... |
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 Can my landlord throw me out if I dont sign a new lease? |
| I live in New York and I am not to sure If I want to stay in my apartment. I am not ready top move but I dont want to be stuck for here for another year. Can he tell me I have to move if I dont sign ... |
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 Can my landlord kick me out for having sex? |
| I rent a room in a woman's suburban house in Missouri on a monthly basis, and the other day she asked me to not have sex in her house anymore. I asked if she just wanted me to keep it down, and ... |
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 Can I afford this home? |
| I make 1800 a month with taxes and health benefits taken out. My bills add up to 1400/month (Utilities, Gas, Food, Phone, 300 in savings). Mortgage would be around 750/month. Can I afford it? Is it ... |
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 How do I quit the HOA (home owner's association), does transferring the deed helps? |
PLEASE READ before answering irresponsibly:
The HOA my house is in does not care for trash or water or anything that I know of because I pay for all those bills. In addition, there is NO gate or ... |
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bigbrownie | Stuck in ARM,What can i do to avoid foreclosure? |
my payment went from 1500$ month to 2800$month over 3 year period, can`t afford to pay that amount and pay all necessary bills and credit cards so didn`t pay credit cards now my credit score is below 500 and no one can help me get out of this mess ,we have been to many companies none can do anything for us.have 100k equity in home and both wife and i work full time and make over 100k a year.i don`t want to have to sell my home but i can`t keep paying that amount and it still can go higher!! o yea and did i mention it`s "interest only" on top of all that so not only am i going broke and further into debt but no $ off prin. balance HELP?! ANY SUGESTIONS,thanks. |
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bigoilman
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This is a tough but all-too-common situation. Many of my clients are people in this same situation. If you decide to sell but don't want to "give it away" in this soft market, I may be able to help. You don't say where you're located but I can offer you an option that will work for you by:
1. Protecting your $100k in equity
2. Keeping you from becoming a "landlord" and all of the hassle that entails.
3. Keeps this property from affecting your debt-to-income so that you can buy another house.
I'm associated with a group of investors nationwide and the company that we work with on these deals has been in business since 1984. If we can come up with a solution that works for you, great! If we can't it never costs you anything to find out.
Contact me if you'd like more information. I can e-mail you a brief overview of what we do.
Best of luck to you. |
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Landlord
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Gawd, you make it sound like this is some unexpected thing that happened to you when you were unprepared.
This is what you signed up for. Did you think they were kidding?
You are lucky, you have equity.
Sell the house and buy something in your price range. Your "price range" is whatever you can afford with a FIXED rate loan.
If you can not refi you really have no other options other then selling. |
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all4equines
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first see if you can transfer all your credit card balances over to one low interest card. that way you aren't falling behind on multiple cards, you'll be able to make min payment on 1 card & bring your credit score back up. Then if you have extra bdrms or a basement in the house, rent it out to a student or single professional. Now, talk to your lender-they don't want to foreclose because then they get stuck with the house in a soft market. They may be willing to work with you to make sure they still get paid & you keep the house.
Also, do you have cars you can trade in or sell & get something cheaper/more gas friendly? Call the utility companies & have them put you on a budget plan-fixed cost every month based on yearly average-so you know what that will be every month. you really need to cut where you can-disconnect cable, internet, landline phone, lower level plan on cell phones,whatever you can truly live without so you can put that towards the mortgage. You really don't want to lose your home if you don't have to. Last resort sell the house & rent something inexpensive so you can save up & buy again in a few years. good Luck |
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DebtFree
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can't refi and cant afford payments? may have to sell. go back to renting again for a few years, not a bad thing until you get the mess cleaned up. |
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Cinderelly
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Just sell the house. You can't refinance with a credit score like that and you can't continue to pay that much for long, plus a foreclosure stays on your credit history just as long as bankruptcy does. Put the house up for sale as quickly as you can, at least you have a good amount of equity so you'll be left with something. Put that money aside and rent a place to live in while you work to bring your credit score back up. Then you can use the money you have saved to buy another house when the market is better and there are more regulations on these lenders who are handing out variable rate loans like crazy. Do it now before you get behind on any payments or the lender will threaten foreclosure and have more say in approving the sale and you might not end up with much. By the way, do you have a pre-payment penalty? That can really hurt you too because that payment needs to be made and the loan paid in full before the lender will approve the sale. If they can't get an offer high enough to cover all the fees and costs, you might be forced to make a short sale, which would leave you with nothing and the lender losing out on money. If that's the scenario, be sure you have it in writing that the lender is accepting the amount of the sale as payment in full of the loan and you are no longer responsible for it. I had to make a short sale early this year and the lender was trying to get me to sign a document saying that they were accepting a certain amount toward the balance of the lien but that I was responsible for the remaining balance. I told my broker there was no way I was signing that and they could just foreclose. They went ahead and took the money as payment in full. They'd rather get whatever money they can now than have to put up the cost to begin foreclosure and put the property up for sale themselves. |
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Casie
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You & a lot of others who got ARM's recently. They are meant for short term, then you refinance to a fixed rate. At least, that's what most good investors do, short term only. Interest only loans are best for short term also. like 1-2 years, then refinance.
You have $100k of available equity in the home? You could refinance a little of it to a fixed loan. Shop around with a few different banks & mortgage companies to see what you can do. |
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Phil
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a. Generate more income: You may consider renting one or more of the bedrooms out. Though you lose some privacy, you can use the income to start fixing your credit problem.
b. Trim unnecessary expenses: Cut back on utilities and other unnecessary spendings.
c. Read Susie Orman's book! |
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Zack
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Hi,
I used "Credit Solution" to settle my debt and avoid foreclosure. They managed to reduce my debt up to 58%.It's legitimate.I came accross this company on NBC News Special Edition.Check it out here:
http://memurl.com/kitalo |
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linda
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sell the house, Down size, sell new cars, buy and pay in full for 1 "one" older model car.
Good Luck, Your going to need all the Luck you can get |
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skigator93
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If you truly have $100k in equity in the house - sell it, as that is your only avenue to avoid financial ruin. The market is so soft right now, you might have problems selling the house, but if you clear enough to get out of debt - you'd be foolish to stay with your sinking ship. Rent an apratment and save to start over - just think of what great deals will be available on houses in a year from now! |
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