We bought the house in dead of winter. Didn't know the basement flooded horribly! It was so bad one time the water stayed in basement for so long it made me sick from black mold. The mortgage co. foreclosed and now the house is condemned probably for the mold reason. They plan on tearing it down, will I be liable for the remainder of the mortgage?
127488
If you have mortgage insurance, this is when you use it.You are responsible and you need to get some Legal Aid. Your Realtor should have known the conditions, was the Realtor working for you or the seller. You might want to contact the local Board of Realtors.
447685
The holder of the second mortgage could in theory foreclose on your home, even though you're up to date with the first mortgage and the taxes.  It's conceivable that your situation (widow of a veteran) might give you some extra protections, but I think that's a long shot, and you would have to ask an attorney about that.  The suggestion some other folks have made to refinance is certainly worth looking at.  If the interest rate on your first and second mortgages is relatively high, it's possible that by refinancing (that is, getting a new loan to replace both old loans) you could afford the payments on the total amount owed. A call to the first lender or to any mortgage broker could answer that question.\n\nOne other thing to remember is that the second lender probably would like to avoid foreclosing, as it's expensive and time-consuming, and if you don't have much equity in the home, the lender may not get his money back.  So he may have an incentive to negotiate with you--that is, to take a smaller monthly payment or to agree to some other terms that would work for you.  There is no harm in contacting the lender and talking to him.
526817
If your name is not on the mortgage then you may not be liable for the debts incurred on the house.\n\nIf your name is on the title then you have a stake in the assets of the house.\n\nIt seems you are sitting pretty.
295235
In California our lendor did not require it, and we ended up not paying for an inspection.  We had no problems.  Most home builders will provide a pretty decent warranty that you can use to fix things that come up (and they will) during the first year.  \n\nA walk through is generally required and you will probably find somethings and they will probably point out some things they are aware of....if something makes you think an inspection is needed go for it....but I'd save the money.
269736
It is silly to let a house go into foreclosure unless you've exhausted your other options.\n\nIf the house is worth at least the amount of the loan, you should put it up for sale immediately.
69055
I think you need to ask a lawyer in the jurisdiction where you live. I suspect your brothers portion of the mortage will still be owed to the mortgage company.\n\nDoes he have a will? That can make a difference.\n\nThe idea that a person's debts die with them may not be true. The debts may become a part of their estate along with any assets.
217973
I would file tommorow if I was you, once they get a judgement you cant include them in your bankruptsy. I just filed in october and it was over in march. I downloaded the forms from gov.org website and did it myself, I filed it myself and included a form to ask the court for a payment plan for the court costs which were $187.00, to be made in payments. We filed chapter 7, and because we didnt have more than 25% equity in our home we got to keep it. We wernt behind on that bill. So we just keep on paying it like usuall. We got to keep one car for each of us. Both were already paid off. My husband had one judgement that was not allowed to be discharged. And our home equity loan and mortgage was not entered as a discharge, because we are still able to pay for that. We got $69,000 dollars worth of debts discharged (meaning we don't have to pay them)The day you file, you have to pay $50 dollars toward the total if you file the form asking for the payment plan. The forms are kinda hard to understand at first.The packet is about 20 pages. One ask to list all secured debts, which are home loans or car loans. And then you list all your unsecured debts on one page meaning credit cards and hospital bills and the like with all the totals and names and addresses of the debtors, and then a page to list your income and what your personal assets are like jewlery, art work etc. Just work one page at a time, you can do it. But work fast before the judgement, and don't tell them you are doing it. The day you file you and get a number you are protected from them harrassing you, calling you or sueing you. The papers are free to download of the government web page. You have to decide which one to file chapter 7, 11, 13 depending on you particular circumstances. 7 is total and if you own more that 25% equity in a home they can sell the home to satisfy the debtors. 13 is a repayment plan I think. And state to state has different rules. Now you have to have credit counciling to, I think. The second web site has the forms free to download and the rules of the credit counciling and a listing of the individual states that you would live in. I hope this has helped you. Remember the law was set up for you to help you, when you cant pay the bills. Dont let anyone shame you. Its your right to file..
159885
We bought a foreclosed home last year.  We found it listed in the MLS, right along with all of the other houses in the neighborhood.  Our Realtor showed it to us.  We made an offer and had an answer the same day.  It took six weeks to get a closing on a cash deal.  There was some extra paperwork, mostly releasing the bank from any liability for things not working.\n\nThe house had been vacant for 2 years, and had not been well maintained prior to that.  Once we had the power turned on we found that the furnace, fridge, and hot water heater did not work.  We fixed the hot water heater for $20 in parts and the furnace for an $85 service call.  We did have to buy a new fridge.  We have replaced all of the floor coverings, some drywall, gutted the kitchen & bathroom, made some repairs to the roof.  We are still messing with the plumbing.  We are very close to being done with the renovations (finally), and it is starting to feel like home.\n\nOn the up side of all of this, we got our house for less than half of its market value.  By doing the work ourselves we saved a ton of $$$ on the rehab.  I would go this route again.\n\nMy advice to you would be to locate a Realtor in your area.  There are some that specialize in this type of listing.
502961
This will show up as a Foreclosure and ruin your credit. \n\nIt will be very hard for you to purchase a new home in your new state, not impossible but very very hard. You'll be looking at an interest rate of 9.5% on up. \n\nMost lenders won't finance with a Foreclosure on your credit report. I would suggest a REFI w/ Foreclosure Buyout.
651631
My husband & I bought a foreclosed home last year.  We actually looked at several.  We chose this house because of its location.  It had been vacant for 2 years, and not well maintained prior to that.  We knew all of this before we made the offer of nearly 25% less than the asking price (which was low for the area to begin with).\n\nThere was some extra paperwork, mostly releasing the bank from any liability for things that did not work.  Nothing worked.  Our offer was accepted within 24 hours, and it still took 6 weeks to close on an unoccupied house with a cash purchase.\n\nWe have been doing renovations since December.  We have been doing them ourselves and have saved tens of thousands of dollars.  Even with all of the work we have still spent less than 1/2 of the curent market value of similar homes in this area.  If we had it to do over, we would.
530474
Good luck; it's tough to be in that situation.  As previous answerer suggested, have you spoken to your bank?  Ask for loss mitigation department...or their attorney.  They might want to work something out with you.  However, I don't agree that it costs the bank "$60k" to foreclose on a house....much less for the legal costs and real estate doesn't depreciate that much in a forced sale.  But odds are that if it's gotten to foreclosure, you have already gone past trying to work it out.  \n\nYou can file bankruptcy if you think you have the income to meet monthly obligations on the mortgage in the future.  That will allow you to work out payment of the past due balance.\n\nAnd yes, if the property doesn't bring enough at sale to cover the mortgage and legal costs of the foreclosure, technically the bank can come after you for the deficiency.  They don't always do that however because of restrictive rules on sale of the property and they know if you had trouble paying your mortgage, how are you going to pay the deficiency?  But, it definitely will go on your credit and will affect your ability to buy another house in the foreseeable future.  Do your utmost to try to work the matter out with the attorney or the bank if at ALL POSSIBLE.
579950
I hope I am understanding this correctly.... you paid your mortgage loan off and there is documentation somewhere that there was a forclosure and a line of credit, that you knew nothing about...\n\nDid you find all this on your credit report/ is this on your credit report?  What I would do if that is the case, since the lender refuses to help you correct a mistake that was obviously made by them, is get in contact with equifax, explain the situation and dispute this information and have it cleared from you, as for proof, you have the notice where you paid off your mortgage.  \n\nIt doesn't really sound like anyone has stolen your identity or a line of credit has been opened... YET.  It seems as if there was an error when your bank reported this information.\n\nCall equifax or write a letter\n\nMail\nEquifax Information Services LLC\nP.O. Box 740256\nAtlanta, GA 30374\n\n1-800-685-1111
557153
Questions to resolve...\n\nHow much is the house worth? - Get an appraisal\n\nIs the 1000/mo applied to interest only?  Does it cover the entire amount of interest?  Will the balance at the end of a year be lower, higher, or the same?\n\nIs there a clause that will allow you to get out of the whole deal completely if you change your mind, or find out that the property is bug infested, or has mold damage, or is falling down, etc.?\n\nAsk the seller for a current title search evidencing the property is free and clear of all liens etc, except for the seller's current mortgage.\n\nThis could be very complex depending on the terms of the land contract (lease purchase).  I would contact a real estate attorney to make certain you understand and agree with all conditions.
325784
You should contact the lender (the holder of the mortgage) for help.  They can advise.  They are the REAL owner of that house.\n\nYou have no reason to want to enter the house, so don't.  Force a sale of the house or have your ex-bf refinance and buy you out.
313385
I am not the dragon fly but I am a loan officer whose e-mail works :-)\n\nPerhapse I can assit you with your mortgage needs.\n\nDrop me a line with your mortgage scenario (purchase, refi etc) and I can tell you if I can assit you or not.\n\nKevin 866-562-6838 x 106\nkruorock@firstratelending.com
400393
I would talk to the builder and the agent you worked with.  If the price came down, and you are paying more than the value of the home, you may be able to get out of it.\n\nBasically you need to know if you're buying above value, or if the other buyers are simply buying below the real value of the townhouse.  Once you apply for a mortgage, it won't make sense for you to buy the townhouse above the market value.  \n\nWhether other people are getting a better deal is another story.  They may be worried about sales, so they dropped the price.  But again, it's all about value.\n\nAlso speak with the agent/builder and ask why prices have gone down.  Tell them of your concerns, and ask about value.  Check your paperwork to see what options you have.\n\nLearn more about mortgage, credit, and  finance at:\n\nhttp://www.thetruthaboutmortgage.com
408516
First step is to read your contract.  There is a section that deals with "losses we cover."  Read it and the accompanying "losses we do not cover" section very carefully.  In most contracts, accidental release of water is covered, but there are often exclusions for back-up of water (unless you purchased this coverage separately as an endorsement to the policy - often called sump pump or water backup).  If you have questions, you should contact your agent (assuming you purchased through an independent agent).  If coverage would not be afforded, do not file a claim\n\nThe next place to look for help is your warantee.  At purchase you should have been offered the option to buy a homeowner's warrantee.  If you purchased this coverage, it will likely cover the damages and repairs minus a small deductible.  \n\nIf you didn't purchase that coverage, likely your home inspector did not check for this while he did your home inspection.  You can check CLUE (Comprehensive Loss Underwriting Exchange - see your agent about this) to see if a related claim was ever filed.  \n\nDefinitely get a second opinion about the cost of repair.  \n\nI hope you get your issue sorted out - best of luck!