by admin on October 19, 2009
I just tried to do a short sale but my 2nd mortgage lender wouldn’t accept the offer. It is going to foreclose. It is vacant and was vandalized with flooding some time in the past few days and is terribly damaged.
If the bank is taking it away, could I be held negligent for not mitigating the damages from the obvious water damage caused by the vandalism?
Could I be liable for damage to the neighbors property from the water seaping into their walls?
Do you know the foreclosure process? What might expect after the foreclosure if the second lender has to take a huge loss?
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by admin on October 16, 2009
by admin on October 12, 2009
by admin on September 30, 2009
I received the papers 2 weeks ago that our bank is foreclosing on our home. I have not received any additional information, but we are not fighting the foreclosure. The truth is we can not afford our home due to my husband’s job loss. How long do we have before we are evicted, and what is the notification process for this eviction? Can they just show up unannounced and throw us out? I am clueless. Thank you.
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by admin on September 8, 2009
Due to some unforeseen medical problems and the laziness of our wonderful workers compensation board my wife and I were “forced” into foreclosure. We miss having a house and want to get into another one within the next year and a half or so. I’ve had a steady job for almost 7 years and my wife is still out of work due to medical reasons but has steady income from SSI and comp. What do I need to do to get another house?
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by admin on August 31, 2009
A friend of mine got screwed into a scam to buy some homes to rent out and supposedly make some money. In the end he has been through many tenants and been unable to make the payments due to lack of renters and the declining market. A couple of them have started to go into pre-foreclosure and he is wondering what liability he will have with the banks if they go into complete foreclosure. He understands his credit is shot…which it already is, but not sure what else he will be liable for….
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by admin on July 29, 2009
I modified my mortgage a few months ago and still struggling. I owe $315 and it’s worth about $200. So, after thinking about it I am considering just letting it go into foreclosure. Since I have already been thru this process with them and re-negotiated my mortgage, is the foreclosure process quicker? Will they start the forclosure process after I have missed only one payment? How long do I have to try and save money and find somewhere to live? Has anyone been thru this?
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by admin on July 27, 2009
We rent out the house and live in another state. We are concerned about what the mortgage company would be able to take from us other than the house if a foreclosure happens?
For example: bank accounts, paychecks, future annuity payments, or any thing else owned?
We are not financially able to continue making payments long term but are current with payments at this time. We have also tried selling but with no luck.
We are a married couple but only one of us on the deed, if this makes any difference.
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by admin on July 13, 2009
I purchased my home in April of 2006 for $675,000, no money down. It is now worth roughly $525,000 and I am facing foreclosure. I have not re-financed and my understanding is that I have a non-recourse loan. Will I owe the IRS taxes when my property is foreclosed on?
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