Dian D asked:


I am 17 years old and I am leaving for college this fall. I have filled out the FAFSA and I didn’t qualify for financial aid because my parents make too much money. They make around $70,000 a year. The problem is, a couple of years ago my mom lost her job and not long after our house went into foreclosure. My parents credit is so screwed up its not even funny. Yeah they make a lot of money, but they are so deep in debt it ridiculous. My cost of college is around $15,000 a year. I have filled out scholarship after scholarship. I haven’t heard from any of them yet, but there is still time. I will probably have to end up getting a private student loan which doesn’t bother me. I don’t care to pay it back, I just don’t think I am able to get one because of my parents credit and I don’t have anyone that could co-sign for me. Please help!

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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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Kim asked:


go default on mortgage? We are going thru short sale/foreclosure situation and stopped paying mortgage for a month now. Would a car loan lender raise rates based on our mortgage default? Or is the loan rate fixed for the terms of the loan?

loans for people in foreclosure

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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penny asked:


We just got our 1st mortgage out of foreclosure and we need a loan to get caught up on 2nd – quick! We have a few pretty minor issues which are being taken care of. We had perfect credit for nearly 20 years until a few years ago. We filed bankruptcy in, I think, 2001.Hope this helps, credit guru!Also, we are self-employed and our income is very good now.

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