You have to call your bank directly (the 800 number will be in your mortgage statement) and ask their customer rep for loss mitigation department number and fax number to send the loan modification request.
And also ask them which number to call for follow up after sending the loan modification request ..Good luck!
Certified Short Sale Specialist
In an effort to reach out to distressed homeowners, who are experiencing a hardship and can not afford their mortgage, we are committed to providing the most up-to-date information to homeowners. Todays
This is a legal question, not a real estate question. Realtors are not qualified to give legal advice. I highly recommend you speak with a qualified real estate attorney.
Now, I can tell you that a friend of mine was in a similar situation. Here's what he found out...Yes, the 2nd can foreclose, but if they do they will have to take over the note on the 1st mortgage. Do you really think the 2nd will want to have to start making the payment on the 1st? Especially since you're upside down on the amount? I don't think that would be in their best interest.
Again, always seek legal advice from attorneys...not a Realtor. Not even me. :-)
Homeowners that may be considering moving into a bigger home because there was an addition to the family or maybe downsizing because your children have left for college and your needs for your current
When you say foreclosure, are you talking about a REO? If so, it often takes the bank awhile to get the work approved and done. I had a REO that was suppose to close in December but didn't close until February waiting for seller to complete repairs. Just keep pushing. If the seller is not a bank and is losing their home, they might not have the money to repair. Is there any equity where you can amend escrow to withold the amount for repairs? Then you can then fix it after close. If there is no equity, and the seller cannot afford to fix, you would probably have to sue for performance.
Good luck,... more
Depends on whether you are month-to-month or on a lease (and what it says).
You might be interested in the following:
(Also has link to 2012 update)
My question is, "Why are all the prior tenants in the garage?" jk
Your best bet would be to get legal advice from a real estate atty or call Fair Housing or HUD.
Good luck!... more
The time can vary, but you will most likely be contacted in the next week by a representative from the bank. They will normally offer you cash for keys to relocate. The time to vacate can vary but they usually request vacancy within 30 days. The issue of children is something that varies with the state and bank.... more
Have you tried to do a loan modification? How far out is the trustee sale? Do you have income?
If you have enough income to pay for your loan even a modified loan you may be able to keep your home.
1) Do you owe more than your home is worht? Is your first loan more than $729,000
If your first mortgage loan is more than 31% of your gross income you may be able to have your mortgage reduced to 31%of your gross income.
Most home owners include too much debt. By setteleing credit card debt you can let your lender know your no longer paying credit cards so you can have enough money for your mortgage.
Your lender wants to know that your making an effort to pay them first before they make an effort to take off such a large amount of interest or principal.
You may be able to contact your lender yourself and ask for a modificaion but make sure if your negative before you call that you stick to your negotiated financial plan so you can stick to your mortgage payment.
You may be much better off if this will allow you to keep your home. Setteling unsecured credit cards or unsecured second loans may be worth it to keep your mortgage
925 699 5041... more
Short answer is that it was listed for sale prior to the actual trustee's sale/judicial sale. Just because an auction or trustees sale has been scheduled, does not mean that it will actually take place. They are only initiating the process. To successfully foreclose on a property it takes follow through.
There are many reasons why and how this can happen. In the meantime, remember that the home is owned by the person listed on the DEED. For the most part a deed holder can start a sale of the home/property at anytime they are the property deed owner.
But here are a few reasons it may be a short sale even though it is/was on the auction block:
1. The lien holder (Typically Lender) has decided to postpone auction.
2. Bankruptcy has been filed, foreclosure halts, owner can still list the home for sale.
3. Owner/Borrower has negotiated to have foreclosure postponed by attempting to do a short sale.... more
Two weeks ago, we closed another successful short sale negotiation with a lender for a homeowner in Stockton, Ca. I have worked with most of the major banks such as Chase, Bank of America, Wells Fargo,