Short Sale, Foreclosure, Bankruptcy

Why Not Short Sale?
Filed under: Foreclosure, Bankruptcy
Hello,
I have been trying to sell my home taking a huge loss of coming out even…meaning the $250K i downed is gone with me not owing anything to the 2 lenders or them to me. However, no one is buying my home even at this crazy low price for me to get out without owing the banks. now i feel like i have to resort to foreclosure/bankruptcy measures if i have to lower it again? I am sorry i have to ask lots of questions.
My question is more specific to virginia’s law on bankruptcy and foreclosure.
1) should i file for bankruptcy first or go through with foreclosure first to have it be included in ch.7?
2) i have a 1st trust and 2nd trust on my home. I hope to include this into my chapter 7. Would both trusts be able to be included or would the 2nd lender be able to sue me to pay them back?
3) Will foreclosure be reported on my credit along with bankruptcy? is there a way i can avoid it and just have the chapter 7 only reported?
4) will I still have to wait the 5 yrs to buy the home even though the foreclosure is included in the chapter 7?
thank you so much for any advise you can offer.
LV (more…)
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August 18, 2008
Florida Lis Pendens
Filed under: Foreclosure, Florida
I recently received a copy of the Lis Pendens filed against me in Florida. Along with the Lis Pendens was a request to the court for a new Promissary Note, stating that the original had been lost. I did not find a copy of an executed Note in my closing package.
Can I dispute the loan altogether if the Lender does not produce the original or certified copy? Would this be a claim against the Title Company that closed the loan?
Thanks,Deb (more…)
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August 16, 2008
Hope For Homeowners
Filed under: Foreclosure, FHA Loan
Public Law No: 110-289 - more commonly known as “The Foreclosure Prevention Act of 2008″ - was signed by President Bush on July 30, 2008. This thing is something like 700 pages long; plus it’s tough to read primarily because there are no indents in the FHA foreclosure refinance section called “Hope For Homeowners”. Nevertheless, anyone in the mortgage industry should familiarize themself with this section below called “Hope For Homeowners” which details the FHA plan for homeowners to avoid foreclosure through a short refinance.
(warning monstrous paragraph below) (more…)
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August 15, 2008
Short Sale & Retirement Accounts
Filed under: Short Sale
I bought a condo in Florida ( with two partners) for 700K, 3 yrs ago. Current value 350K, Partners have left. My funds are exhausted. My assets are 401k and IRA plus equity in other investment property. Is there any way to protect assets, in the event of short sale or deed in lieu?
George (more…)
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Was This a Short Sale or Not?
Filed under: Credit Reports, Short Sale
We have been transfered with a company to a new state from Georgia The company provides a buyout once you can not sell house. Our buyout is for 391,000 and owe 455,000. We have a mortgage and equity line both with Wells Fargo.
They have sent us the short sale package explaining we will be obligate to pay the shortfall after net sales on a no interest note. How does this affect our credit and will it affect buying a new house in 4 months?
We have good credit now, in the mid 700’s. Also, do lenders negotiate the total amount to be paid back after reviewing the financial statement we submit? And would we be better off have a short sales specialist to handle this for us since we are not familiar with all procedure details?
Candee (more…)
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August 13, 2008
Lost Credit Card Statements?
Filed under: Credit Cards, Credit Reports
I check your site every day for the most updated information. I believe you have the best site on the web for credit information.
I had an old Capital One credit card account, with a perfect payment history, which I had not used for some time. There was still a balance of $800 on it when it was sold to another credit card company. I was notified that the account was being transferred, and that I would be notified by the new account holder very soon. After a few weeks had passed, I contacted Capital One, who told me that they could not give me any information, and that I would have to wait until I was contacted by the new debt holder.
After a couple more months (in March, 2007), I received a “Past Due” invoice in the mail. I found out that evening that the credit card that had been issued, as well as all the bills and notifications that had been sent, were in the possession of a step-daughter who was living with me at the time. The card had not been activated. I called the number on the bill and paid the entire amount that day. The credit bureaus show a payment history on this account of April and May, 2006, OK; June, 2006, 30 days late; July through December, 2006, OK; January, 2007, 30 days late; February, 2007, 60 days late; March, 2007, 90 days late.
I am trying to buy a business, and I feel like this account will prevent me from qualifying for a loan. It is the only thing in the last seven years that is derogatory on my report.
I am wondering if I should dispute the incorrectness of the reporting on this account, or whether I should just have a letter attached to each bureau report explaining the circumstances. I am in a big hurry, and need advice as soon as I can get it.
Cheryl (more…)
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TILA Multiple Violations
Filed under: TILA
I have a question about the TILA act.
We have a second mortgage with a private lender that we just found out has 5 TILA violations. I was told that each violation is $2,000 each.
My question is: Do the violations count towards each owner? If there are four owners, does that mean each owner owes $10,000 plus the servicer?
Jen (more…)
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August 12, 2008
Bogus Non-Profit Advertising
Filed under: Mortgage
Attorney General Andrew M. Cuomo announced his office has stopped a Syracuse-area reverse mortgage lender from preying on seniors statewide through false advertising and portraying itself to be a local non-profit organization.
Under a settlement reached by the Attorney General’s Office, Upstate Capital, Inc. of Basile Rowe in East Syracuse, must reform its marketing practices and indicate that it is a registered mortgage/reverse mortgage broker. The company must also pay $20,000 in costs and penalties to the state.
This settlement is one of several initiatives the Attorney General has undertaken to help stem the tide of abuse and fraud in the mortgage and housing industries. “Consumers must remain vigilant in the midst of the national mortgage crisis,” said Attorney General Cuomo. “There are unscrupulous individuals seeking to take advantage of homeowners who have worked hard their whole lives to secure equity in their properties. This settlement serves as both a victory for New York’s homeowners and a warning to all companies that they must clearly state their intentions when seeking business from unsuspecting consumers.”
In an attempt to solicit business from senior homeowners across the state, Upstate Capital presented itself in promotional materials and flyers as the Association for Better Living (ABL), Inc., a non-profit organization. Before ceasing operations in 2002, ABL specialized in upgrading housing conditions in Central New York. Michael Gilman of Dewitt happens to be Director of Operations for Upstate Capital as well as President of ABL.
Starting in July of 2007, Upstate Capital sent flyers portraying itself as ABL to seniors statewide promoting a “new government program” that “protects seniors” by providing a monthly, tax-free income with no income or credit qualifications. The company also claimed that the “lifetime” program required no repayments. Consumers were directed to call the company to obtain a free packet of information on the program. They would then be contacted by an Upstate Capital representative “on behalf” of ABL.
The solicitation, however, neglected to say that the source of the money was actually a loan, and that the product the company is peddling was actually a reverse mortgage.
A reverse mortgage is a loan product available to seniors (62 and over in the United States), and is used to release the home equity in the property as one lump sum or multiple payments. In a reverse mortgage, the home owner makes no payments and all interest is added to the lien on the property, which is due and payable upon the transfer or non-use of the property by the homeowner.
Source - New York State Attorney General
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Foreclosure Aftermath
Filed under: Judgment, FCRA
Hello Paul, my husband and I fell on hard times two years ago and had our house foreclosed upon. We did however attempt to work with the lender. We had a neighbor who was willing to assume our mortgage or purchase our home at a discounted rate.
Unfortunately, our mortgage company outsourced their collections department overseas and once our account ended up their, we were never able to speak with an English speaking person again. Noone could understand what we were trying to do. We eventually got frustrated and let the house go into foreclosure.
We have since been working very hard at restoring our credit. I recently pulled my husband’s credit report to see how our credit score was. We have managed to raise it signifigantly.
Unfortunately, I just noticed something I had not noticed before. There has been a judgement placed on our account in the amount of $56,000 from our previous mortgage company.
What does this mean and is there any way this can be removed. We would like to someday purchase a house again but there is no way we can pay $56,000. Am I out of luck?
Thanks so much for this sight and any answer would be greatly appreciated.
Amber (more…)
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August 11, 2008
Credit Repair Seminar Survey Says!
Filed under: Credit Repair Seminar
It’s a potpourri of answers on this week’s www.vrtmg.com/framirez . The registration page of our free credit repair seminar asks the following question:
“What would you most like to accomplish AFTER raising your credit score?”
Here are thirty recent responses:
Improve my credit score!
We want to buy a house
i would just like the burden of bad credit behind me
buy a home
My interest is in concentrating on reducing debt, paying the banks and educatiing others on making educated decisions regarding investments.
refi
Purchase a House
Investing in property
Purchase a bigger home.
my motrage companey send wrong payment information to credt buero
buying a home
buy a house
To Purchase rent property in the future. So i don,t have to work so hard. Smile.
house
refinance at a better rate
Purchase a home
I am a small business owner I would like to be able to receive my inventory on a net 30 basis instead of paying cod for all of my merchandise because I have bad credit.
Buy investment property
I just want all the trash and errors deleted from it. I own my home outright (paid for) as well as my car. I just want my credit reports corrected.
refinance arm mortgage
lease a car
Buy first home, and not worry about getting declined
Take out loans and start a business
finance my lease for own house
Buy a house
sleeping better.
finding a way to fix credit
purchase a home. Thank you Sam
buy a home
start a new business here=> www.vrtmg.com/framirez OR listen to our pre-recorded call
(212)990-7059 press either option 1 or 2