Posts Tagged ‘first mortgage’

How do you handle 2nd mortgages on short sales?

Friday, February 26th, 2010

Is there a web page that explains, or does anyone know how I handle the second mortgage on a short sale? I’ve done a few short sales, but only with a 1st mortgage. I’ve tried a few with a second mortgage and I was told by the first mortgage, that the max they would allow the 2nd to get was ,500. Another time, I was told by the 2nd that they wanted ALL of their money. They (HSBC) said that if they are going to lose out in getting paid, then why help the owner and out let the owner get away scott-free.

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How will the banks treat this one?

Sunday, February 14th, 2010

Was living in one condo and needed money for down payment on a larger one for my family. The first condo was for sale but is just sat, so I rented it, when the new one was completed. Now the payments on both are crushing me. 50 on the first and ,350 on the new one. I can handle the second one okay, that’s where we are living now.

On the first condo, I borrowed money on a home equity loan for additional down payment on the second. First mortgage is for 5K, the amount on the home equity is K. So I owe a total of 0K, the market is now 9K

On the home equity I can still write a check for K…….at the time they issued the loan it was worth more……..

Did I mention that my tenant just moved out, he was only good for 0 per month…….so 50 minus his 950 left me 0 per month in the red. Now it’s the full 50……..this is a seasonal community and the rental market is weak…..

Here’s the question, if I write the a check for the remaining ,000, left on the home equity from the first condo……..then just let the bank have the unit back……..

what are they likely to do and
what will they do to me?

The K in money I clearly have no intent of paying off unless by some miracle the unit sells for 5 and I can wipe out everything and walk away…..

If you have any other input I’d appreciate it. Thanks

Thanks from Florida :(

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can anyone explain a public auction on real property ?

Wednesday, February 10th, 2010

hi , this is a newspaper ad to the house of my dreams and my husband and i would like to bid on it but we’re unsure because there are two different amounts listed could someone please help me understand exactly what this listing says ? what amount is the bidding going to start at ? and what does each amount mean ? also what is the process in bidding on a home at a public auction ?
thanks so much
SUPREME COURT OF THE STATE OF NEW YORK COUNTY OF COLUMBIA MID-HUDSON VALLEY FEDERAL CREDIT UNION, Plaintiff, against NOTICE OF SALE Index No.:2009/6211 ROBERT M. DAULEY and NANCY L DAULEY, Defendants. In pursuance of a Judgment of Foreclosure and Sale, entered in the above-entitled action and bearing date the 19th day of October, 2009, I, the undersigned, the Referee in said Judgment named, will sell at public auction in the corridor of the Columbia County Court House, in the City of Hudson, Columbia County, New York, on the 14th day of DECEMBER, 2009, at 10:00 oclock in the forenoon of that day the premises directed by said Judgment to be sold, and fully described in the attached schedule. Also known as: 23 County Route 10, Livingston, New York Approximate amount of judgment lien ,364.16, plus interest and costs. Premises will be sold subject to provisions of filed judgment and terms of sale. The Premises are sold subject to a first mortgage in the principal amount of 6,000.00 plus interest and possible collection costs. FRANK A. CATALANO, Referee CORBALLY, GARTLAND AND RAPPLEYEA, LLP Attorneys for Plaintiff 35 Market Street Poughkeepsie, New York 12601 SCHEDULE A – DESCRIPTION ALL that certain plot, piece or parcel of land, the buildings and improvements thereon erected, situate, lying and being at Linlithgo, Town of Livingston, County of Columbia, State of New York on the southerly side of Columbia County Route #10. BEGINNING at a point at a concrete monument located at the northeasterly corner of the premises herein to be conveyed and the southeasterly corner of lands now or formerly of Nordfors. Thence S 36 56 30 W 135.09 feet to a concrete monument and along land of Nordfors, thence S 35 37 00 W 73.91 feet along lands of Nordfors to a pin; thence S 54 13 50 E 104.50 feet along lands now or formerly of Albert Bender; thence N 36 26 40 E 210.00 feet to an iron pin along lands of Kanapes; thence N 54 50 50 W 104.42 feet to the point or place of beginning. All as shown on a map entitled Property of Angelo Rabuano, Town of Livingston, Columbia County, New York prepared by Raymond M. Lubianetsky, dated May 6, 1974 and filed June 24, 1974, Map No. 5092.
RS4T11/13,20,27&12/4#3675

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I have 2 mortgages I can pay for one and not the other. Can I live in the house?

Tuesday, February 9th, 2010

My first mortgage is 180,000 payments 1121.00 2nd mortgage 30,000 567.00 a month. I can only pay for the 1st mortgage which is 1121.00 Can I file bankruptcy on the second mortgage but still live in the house.
Or what can I do so I can still live in the house I can only pay for one.

Default on Home Equity Line?

Sunday, January 17th, 2010

About a year ago my family experienced a horrible financial hardship when I lost my job. We also lost our home in foreclosure during this time as well. When we were in good standing thoguh we had a 10K dollar home equity line that we had used to "fix up" the home. This was a secured debt tied to our home as is customary. When the house went into foreclosure, the bank that issued the home equity line was only paid 1500.00 by the first mortgage holder instead of the full 10K. Why this happened I have no idea, since the contract verbage states that if I default they take possession of my home and can go as far as auctioning it off if need be to collect.

Recently I have been receiving calls from the bank that issued the home equity line want to set up payment arrangements with me to pay this debt off. We do not have the money to amke these payemtns since my current position literally pays 40% less than I was amking prior to my job loss. The bank has also threatend to file a judgement against me and possibly garnish my wages. My question is this: If the debt was secured with my home, and the bank did not collect when the house was sold/ went into foreclosure thne what rights do they have to file a judgement or even try to collect? IN other words can they actually sue me or are they simply trying to get me to sign off on an "unsecured" loan so that they can actually hold that document over my head??? ( this option is on the table at present) Please help…. we are in a desperate finacial time already and surely can’t afford to pay any more than we already are. It is a struggle just to "eat" and pay the utility bills not to mention a 250.00 loan payment.

Thanks-
The home was located in Mississippi

How can i get rid of my home equity line of credit?

Saturday, January 16th, 2010

I have done loan modification with my first mortgage.

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If I take out a home equity loan to pay off a HELOC (100% of which was used to buy the same home), can I ..?

Friday, December 4th, 2009

get interest deduction beyond the first 100k.
Details:
500k home: 250k down payment, 250k HELOC for the rest.

I want to take out a home equity loan to pay off the HELOC so I can fix my rate.

Is the home equity loan tax deductible in its entirety (i know the first 100k is).

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Foreclosure…bank seeking judgment on Home Equity Line of Credit?

Monday, November 23rd, 2009

I was told by my real estate agent that if I did a short sale or foreclosure on my home in Arizona, that both the first mortgage and Home Equity Line of Credit (taken out 9 months after home purchase) would both be relinquished in a short sale or foreclosure. Because the house had dropped significantly in value and half the lots were vacant from owners doing the same thing, I decided to proceed with the short sale. It wasn’t approved and went into foreclosure. Now the bank is pursuing judgment against me to garnish my wages. Unfortunately, I can’t afford to retain an attorney. Is this a case I can win, even if I represent myself in a civil suit against this realtor? I also have email documentation asking him specifically how both loans would be treated. He responded with "Don’t worry, I have it!" I also have a witness to him telling me this verbally. According to the anti-deficiency laws, the second loan is not forgiven because it’s Non-Purchase Money, is this correct? Also, I’m wondering if I have a strong enough case to pursue this in civil court, representing myself.

Would refinancing our home to a lower rate enable us to get cash out?

Tuesday, November 17th, 2009

We just purchased our first home back in March of 2009 at a 30yr fixed 5% interest rate. It is an FHA insured loan and we are eligible for a "streamline" if the interest rates drop below our 5%. If the rates do drop below 5% over the next couple of months, would we be able to get cash with the new refinance? We would go with another 30yr fixed below 5%. We bought our home for 0k in March 2009 and our payments are ,400+ a month with everything included in that payment.

The reason I ask is because we really need to get ,000 asap. What about equity line of credit? Is it possible that our home is worth a little bit more than what we paid back in March 2009? We did a lot of cosmetic modifications to it. But I know equity loans are much higher than our current 5% interest rate.

I am new to all of this. Thanks.

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Can I get a home equity loan with a first mortgage?

Monday, November 16th, 2009

I am buying my first home with an FHA loan. The mortgage company I am using doesn’t do a 203K loan and I would like to use money to improve the house. I was approved for ,000 more than purchase price and only want K max. My credit is not perfect… I’m trying to find out the chances of being able to get a home equity loan with a first mortgage. The house is valued 7K and the loan will be for 9000. Any help would be great!

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