rwayne45 asked:


My house is in foreclosure. It will be auctioned in 3 weeks. The bank would like me to try and sell it in the next 3 weeks, which is impossible. They have said if there is an offer made on the house before the auction, they will forgive the difference in sale price vs. mortgage balance. If I let it foreclose they are saying they will come after me for the difference. How do I know if I have a non recourse loan-I live in Calif. or what can they expect to get from me if I don’t have even enough money to pay my mortgage. I am definitely worried about them trying to take what little amount of anything I have left or garnishing my wages. Can anyone help or know the answers?
Thank you!

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S R asked:


I bought a house about 7 months ago with my then fiance. She let after only 1 month and the payment was based on both of our incomes. Now my savings have dwindled to nothing and I have been told I will be layed off in 2 months if I don’t take their job offer in another city. I have had my house for sale for 4 months and no “bites” at all and now I am wondering what would happen if I stop paying and let the bank foreclose? What are my possible options -I cannot afford to keep the house and would like to get out(my company has offered me another job in another city -with a paycut).I have an FHA loan and my ex-fiance is also on the mortgage- what would I be liable for if I just stop paying?I have 2 months left here-should I live “rent free” for those 2 months and build my savings back up a little and let the bank figure out I am not going to pay ? Or should I inform the bank of my intentions?Also what effect on my credit rating will a foreclosure have?I have had excellent credit and have

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BMO asked:


Will I be able to obtain a loan?
Last year my husband stopped paying our mortgage payments (without my knowledge) our home was foreclosed and I really want to purchase a home myself, but my name was on our old mortgage and now this has affected my credit. I am afraid that I will not be approved for a mortgage and that I will not find a realtor to work with me.

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emartel01 asked:


I have a question regarding my Home Equity Line and Foreclosure. If my home is foreclosed what happens to my home equity line? Am I still obligated to pay the home equity line? Or is it part of losing the home?

I’ve heard that if the mortgage loan and home equity line are together with the same bank, then the whole thing is foreclosed. Is this correct? Can someone please explain?

At this point I just want to get rid of the house and all of the debt. Can I file for bankruptcy and claim my home equity line in bankruptcy? I personally just want to get a fresh start without all of this debt.

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Funky Chicken asked:


Currently we are able to make our house payment, however, the mortgage is about all that we have the money for. We have nothing left over for retirement, savings, family vacations, nothing. We are in a good loan, so no worries there. We bought at the absolute peak at $475,000. Similiar homes in my area are now selling for $350,000. In my humble opinion, with the economy looking like it’s going to get worse before it gets better, I think that home values are going to fall another 15% or so. That would put home values in the area at around $300,000, and us $175,000 upside down. OUCH. I think that it will be around 2015 at the minimum before we see homes approach the 2005 values. Why shouldn’t I just walk away or short sell? Foreclosure is not what it used to be, and that extra $1500-$2000a month we would save on the mortgage would go a long ways to helping our savings account/paying off credit card debt. We would be saving $24,000 a year!!! Is this a no brainer?

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meandmybabe1014 asked:


My home loan is currently in underwriting and I have been told with the above lender. However I blogged them and read some pretty bad things about them in regards to how they handle loans , most of the blogs were for people in foreclosure… but still bad stories. Anyone have any comments on this lender?? .. Good or Bad please.

Thanks in advance! =0)

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tlc asked:


I’ve lived in my home for 7 years. With the way the housing market has been, the homes in my neighborhood have dropped in value so much that even after 7 years, I’m upside down in my mortgage. I have no choice but to move up north for a better opportunity. There’s no way I’m going to sell my home for even an even amount on the loan and was thinking about a short sale or even letting it go into foreclosure. Would this effect my co-signers who already filed chapter 13 last year?
ok, so it looks like I’m at a dead end. Does anyone have any advice for getting out of this house without having to pay over 30,000 in lost equity, closing costs, and commissions???? Damn ecomony….should of sold four years ago when I had equity built up!!

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simple asked:


The value of my home has gone down significantly to the point I cannot sell. My mortgage balance is 385K and the house was appraised for 180K. I am making much less money and the only way to pay my mortgage for the next few months is to apply for a personal loan at the bank or sell my car and take public transportation, after which time I would need the market to be back up otherwise it will only have bought me time. Should I just enter foreclosure now? What should I do? I love my house and have put all my money into upgrades so this is a difficult decision I need help with.

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aaron_esq asked:


In spring 2004, a person a know bought a house by signing a contract to that person who sold the place. Well, most recently, that person had a notice that some law firm threatened to foreclose the property as a result of the person who sold it to them was in default of the payments (nearly $11,000) and had owed a substantial amount of property taxes to the county in which it was not paid in more than 17 years (that’s a long time). The person who bought the property from the person who sold it wants to work out with the law firm to buy the property before it auctions in a month to buy the place but needs a loan but her credit rating is terrible and had been paying the house payments for it every month since buying it and had worked so hard to keep this place from foreclosing. Had some trees planted as well. She also wanted to find out the bank/lending company which had been financed by so maybe that person who bought the property can take over the payments from the person who sold it after like I said had worked hard to prevent foreclosure. That person had nearly a month to work out a plan to save the property or it is auctioned. What can be done to save it? Neither the law firm or the person who sold the place to the person I know has not returned calls.

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lorraih asked:


We have been approved for a deed-in-leiu of foreclosure on a property in Arizona. We have the documents giving up our rights for the home. In addition to that the bank sent us a note for $25,000. Claiming it is for the mortgage insurance. There is an anti-deficiency law in AZ stating that the lender cannot come after the borrower for any deficiencies (losses). I am wondering if they are just trying to get their money back by hoping I dont’ know the laws. Or avoiding having to sue me later for it- Which wouldn’t be worth the court costs.
If I had the 25G in the first place, I would have just sold the house for $25,000 less. -stupid bank-
My question is if this request for the loan is legit. And if not, what should I tell the bank when I don’t approve it.
Thanks all!
Also, we are not in the finantial position for a lawyer. We are military. We were in AZ where we bought the home. We got restationed in North Carolina. We tried to sell the AZ home and after a year we couldn’t and decided to do this instead of a foreclosure. Paying both a mortgage and rent out of pocket have eaten away at our savings. We make 33,000 a year. We don’t have the money for a lawyer anymore.

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Straight-Up asked:


A husband and his wife divorced, but the wife was ordered to remain in the home until her death. The house would go back to the ex-husband after her death. In the meantime, the ex-wife took out a 2nd mortgage on the home, but died before the loan was paid off. This 2nd mortagage was in her name only. The house will be up for foreclosure soon, the ex-husband just found out about this when he tried to get the deeds. Can something like this happen? Doesn’t her debt die with her or go on to her beneficiaries? Can he be made to pay this debt, in order to keep his home? Please, help me to help my friend.

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nanookbear1 asked:


I am looking for anyone who would have any advice on foreclosure matters. I was just served with a default of payment notice from an attorney concerning my home loan, the attorney has asked me to write a proposal with the due date being the 16th of this month. however i do not know what a proposal consist of and there is no one at the office all week.
i was also wondering if there is a reinstatement period after a default of payment has been issued and how long does that give me? they have not listed my house in auction or in the paper as of yet. but the bank will not speak to me.

any advice at all or personal experience please i am residing in canada and i truly wish to keep my home all the default payments can be made i just need another month or so that is why i am asking about how long the reinstatement period is after default has passed.

thank you
the lawyer is out of the office all week so i cannot ask him.

also i have made arrangements with my bank and have talked to them but when i went for my chemo for my cancer i missed 2 of my arrangements now i have to go through this lawyer not the creditor who happens to be gone all week of my deadline. my payments have always been on time for the last 5 years its just now, i got sick

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sugarplum1922 asked:


I live in Florida. I dont want to even explain why I am in foreclosure because it is just a mess. We were taken advantage of by the bank, and basically they changed our loan without permission…with a fixed rate. I am done with the stress, and just want out as soon as possible Im having a baby, and cant handle dealing with this when Im supposed to be happy.

My husband is military as well, so we just should have never bought a place in the first place..i feel like an idiot.
im two months behind…

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Lukin471 asked:


Here is the story, my wife’s best friend is married. When they purchased their first home her husband’s credit was poor so they received a better interest rate by titling the home in only her name. Now many years later they were forced to relocate and they have found themselves backwards in their mortgage and apparently are unable to sell. I am not certain exactly how much more they owe than the house is worth but I get the feeling that it isn’t more than $20,000 or $30,000. They have rented for nearly a year now and have been paying their mortgage. She called the other day to tell my wife that they got her husband pre-approved for a home loan and they plan to buy a new house in only her husbands name and let the house in her name go into foreclosure. To me, this sounds pretty crazy and I am certain it must come with consequences. They apparently feel like they are going to come out smelling like roses with only her credit being trashed for seven years.

I have my suspicions of what really will happen but I was hoping that an authority might be able to weight in here.

Thanks!
One thing no one has touched on is that if they let their original house go into foreclosure will they be on the hook for whatever the bank loses on the deal? If so is bankruptcy and option for only her, so it wouldn’t affect her husband or their new mortgage?

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PrimaDonna asked:


My parents left my sister & I their house when they died. We tried to sell it but couldn’t. Now it is going into foreclosure & we are on the will. Are we responsible for the mortgage that my dad had? My brother-in law says we are because we are the heirs & even though we didn’t sign for the loan we are going to be named in the foreclosure. Anyone have any ideas? Thanks

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