 HELP!! Tenants are absolutely insane - called the police? ? |
Hi everyone,
I posted a while ago about how my parents have insane tenants. Recently we had a family emergency that my parents had to tend to the past few weeks. Last week we got a letter ... |
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| My sister has an adjustable rate mortgage. Over the past year her mortgage payments have gone up several times. Now her monthly mortgage payment is $2,235 for a 2000 sq ft home in a nice area. No ... |
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 Advice...................... |
| ive been seeing my girl for 5 years, ive got my own house, got approx £130K IN equity, she could sell hers and walk away with £180k, put the 2 together and get a nice place together.................... |
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 If someone makes $96,000 a year and has a credit score of 700, what kind of home loan can they get? |
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| i have investments in retirement accounts that i cant touch around 42k and only about 30k for a 10% down on a 300k loan.... |
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| I have a friend who wants to get a mortgage broker license in PA and eventually in other states. He has 5 DUI's!!! We have a $100 bet if he can or can't get his license. I am pretty sure he ... |
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| I know NOIC give a loan without pmi to first time home buyers. I am with National city. How can I terminate this problem to avoid this extra amount on my loan?... |
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 My landlord sold the house we're renting. Buyer says we have to be out tomorrow with no notice!? |
| I live in Arizona. Our landlord dissolved our lease in Sept allowing us to live here free as the home was preforclosure. If it had foreclosed we would have had 30 days from sale to move. Now buyer... |
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 I spoke to a loan officer about a home loan he told me he can get me 30 year fixed at 6.5 but? |
| I just went to the national bank website and found out I can get 6.125 can I just apply direct or what do I say to the loan officer that is helping me lower my APR?... |
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Can I open a business on land zoned for agricultural use? Can the zoning be changed after you purchase the land? If so, how difficult is this to do?
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I want to open a ... |
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Davis R | We have no choice but to foreclose on our home. What will we still be responsible for if we walk away? |
We purchased our home for 420K over a year ago. Planned to refinance and lock into a better loan. Unfortunately, when we went to refinance the value of our home went down conciderably. Worth only 300K now, or currently loan is terrible and unaffordable, unable to sell to get out from under this... and my spouse lost her job. We fear that foreclousing is our only way out. What will we still have to pay or be on the hook for? Is it possible to buy a more affordable home in 6 months to a year? Thanks! |
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Landlord
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How much $ you will be responsible for depends on your state. You have to remember that the bank gave you 420k and you spent it. It was real money. In some states you will owe the differance between what it sells for and the amount you were given. Some states allow you to declare the differance as income and the bank gives you a 1099 to show your "profit". If they sell it for 300k you claim an additional 120k income on your state and federal income tax.
Don't be thinking about buying another house. This isn't going to happen. By foreclosing you are documenting that you are perfectly willing to $crew teh bank out of the money they gave you. No others are going to let you do it again to them as long as it appears on your credit report. It will be for 7 years after you get it all squared away.
Avoid foreclosure any way you can. You can sell the wifes car since she isn't working, maybe yours too nad get something reasonable. The money from that may hold you until the market finishes evening out. (I think in 2 years) |
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Hammer&Drill
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You will be responsible for any shortfall in what your mortgage company fails to get when they sell your house, plus rates if you do not take out everything including the carpets and light bulbs.
You are better of staying in there until they kick you out, but you can negotiate to pay what you can afford for now until you are in a better position, and try to sell it your self, as you will be after as much as you can get but if you leave it to them they will just auctioning it off as they know you will be liable for the shortfall.
Otherwise a change of name and address where no one knows you will buy you time, just change your birth date as that is what they use, but if you also have children they will find you on the school registration so a name change would be essential. |
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Sparkles
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Do not force the mortgage lender to forclose on the property. Offer to relenquish the property. This will eliminate the foreclosure process which can save you thousands of dollars in money you will owe them if they do foreclose. |
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marsminute
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With so many people unable to pay, some lending places are willing to let you slide for a few months if they think you can get things together eventually. They'd rather have you as a paying customer again than be stuck with yet another house that THEY can't even get rid of.
Where in the world do you live that your house value went down so much???? |
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lindaquilts
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Contact a real estate attorney. It will be well worth your while. Also, check with friends and neighbors for a reputable realtor, they can help you sell, and get some of that debt down - they can also offer you options that you may not have been aware of - there are ALWAYS options! Don't give up, be resourceful and don't fight with your mate during this time. Stick together, don't rush into anything, take your time and be wise! |
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Brent Y
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You need legal advice, as the laws differ in every state. Suffice to say that it is possible your ouse can be sold at auction for far less than you owe, and you can be responsible for the shortfall, which might drive you into bankruptcy, which could really screw your plans to buy later, unless you live in a state that allows private financing and can find the right house...more advice than you can get here, and more specific advice, is needed. Contact some agency like Legal Aid in your area. |
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jaqster
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i wish i knew the answer to give you, but i don't. what i will say is to purchase suzy ormond book for women only. it is a book on finance including forclosures, loans etc. also look for her on the financial cable stations because you can call in and pose your questions to her directly. god bless you. |
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bonnie w
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Can you get someone to assume the loan? Can you get a loan modification with the lender or it must be adjusting to a higher loan amount? |
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dolthara
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a forclosure on your credit will make buying a new home a LOT more difficult, especially in the time frame you are talking about. Talk to your bank about your options. They aren't going to let you off the hook, but they might have advice on ways you can soften the blow. you MIGHT be able to find an investor that will buy you out, but a lot of times you will loose money in that deal too. good luck
additional: get a second opinion on that appraisal,,,, it sounds a bit off to me |
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