Need information 1st mortgage current and 2nd foreclosed have buyer. ok with 1st lender, do I need ok from 2nd mtg company? Or submit payoff info to title co and they pay all?
216967
If your second mortgage is in foreclosure then there would be a lis pendens filed against your property, which prohibits the sale until the mortgage is either brought current or the property is foreclosed upon. You will have to call the company that you have your second with to find out for sure.
280068
That is a great way to sell the properety and you are protected by the second trust deed on the property. It is not as difficult as most will have you believe.\n\nA title company will record your deed along with the first trust deed at closing.  Make sure there is a penalty for late payments also make sure there is a date that they must pay before. The amortization is up to you as well as the due date.\n\nYou need to find out if the lender will allow a 2nd mortgage on the properety even though you are willing to do one, some mortgage lenders want the buyer to come in with some type of down payment or clsoing cost. Find this out from he lender or broker that got the first mortgage for them.\n\nIf this is allowed, good then go ahead and record your 2nd deed. You might want to tell the closing agent that you want to be notified in the event that the buyers fail to make a pyment to the first mortgage. If they fail to make a payment you should make the payment to protect your position as the 2nd. Even if they fail to pay the first and keep paying you you can still foreclose on them. This is the reason for the notification.\n\nIn the event you are required to foreclose on the property for any reason to include them not paying the first or paying you, find a professional company to do the foreclosure for you. There are so many little laws and stuff that must be done, they will do it for you.  Whatever their fee for the foreclosure you can add to the mortgage that they still owe you so it will be free service to you. Don't be afraid, because they are set up to do this type thing and will protect your rights and you will get the house back in time. You may then re-sell the property again for the current appraised value.\n\nWhile in foreclosure you will be required to keep the 1st mortgage current, in the event the property does not sell at the foreclosure sale. Or let them know that you as the 2nd has placed the house in foreclosure and they will be paid upon sell of the property.  If you fail to make any payments to the first mortgage and the house fail to sell you would have to make a lump sum payment to them. \n \nI hope this has been of some use to you, good luck.\n\n"FIGHT ON"
323067
Your income plays a part in this as well.  If they feel you don't make enough to handle the mortgage, plus the utilities, plus property taxes, plus homeowners insurance, plus your outstanding loan.  If I were you I would pull my credit report & make sure there was nothing showing that wasn't mine.  Also, the county or state may have some 1st time homebuyer programs available.
425148
Go to legal aid on Monday with your copies of all the papers including the receipts for payments. You may end up owning the mortgage company if all you say is true. I wish you the best of luck.
413636
If you are refinancing to payoff a mortgage in foreclosure, they will want the outstanding principal balance, all of the back owed interest, plus their foreclosure/attorney fees.  Depending on how far gone the payments are and what your house is worth, you may be able to talk them into taking less by waiving some of the legal fees, etc.
452862
Here are my two absolute rules for the first offer: \n\nOne, I want to know what the seller paid, when they paid it, and get an estimate of what they currently owe on it. This information is available from examination of the Land Records in most of the US, but may not be where you are.  Taking that information, I calculate what I think is their "walk away price", meaning that if they accepted, they'd leave the closing table with nothing at all. You have to add the mortgage payoff to their expected closing costs, like realtor fees, transfer taxes, etc. \n\nTwo, I don't WANT the seller to accept my first offer.  If they do, I know I offered too much. \n\nYou can offer the 120, and they either accept or counteroffer. If they counteroffer at say 140, and you say no, they cannot hold you to the 120. That offer has been rejected.   If you're willing to pay 120, offer it (or less), and if they say "no", you're not out anything.
198883
No... All lenders will try to "retain" their customers... to be honest I don't now what they meant by saying they'll sign off on it.  When you refinance..the title company will order what is called a "pay off" from your current lender....  Once you sign documents and your state recision period is up (in california it's 3 days) the new lender will wire the funds to pay off your existing lender
7160
Most creditors are willing to work out a payment plan with you rather than reposess or foreclose. It is cheaper for them to work it out with you, then to foreclose. Smaller companies are harder to deal with since they will generally pass it on to a collection agency since they may not have the resources to work out a payment plan. Whatever you do, do not ignore them. It reflects better on you if you go to them first, and they are usually more willing to work things out if they know what is coming, and they have programs for most situations, such as deferring interest on a mortgage loan, or lowering the minimum payment.
312946
You where essentially buying a trailer from someone who didn't own it yet. Call an lawyer, but I am quite sure you are out of luck unless you can make a deal with the foreclosing agency. Next time make sure the seller has clear title to trailer before handing over any money. Without documentation all you are paying for is glorified rent.
223231
The good of what your trying to do is consolidate debt which typically reduces your monthly cash outlay but may also include additional tax savings for you at the end of the year since you normally can write off mortgage interest but not interest on vehicle loans and credit cards.\n\nThe bad is you will be adding to the debt burden on your home and possibly extending the amount of time required to pay off that debt. \n\nYour 3 options really are refinance all of your debt into one new loan assuming that your equity in the property is high enough to allow this without adding mortgage insurance, take out a home equity loan (2nd mortgage) and pay off your debt with these funds or three open a home equity line of credit (2nd mortgage) and pay off the debts. \n\nDepending on what type of loan you currently have refinancing everything into one loan usually makes the most sense since you will have a much lower interest rate on a loan in first lien position than any type of second mortgage. However if your current loan has a really low fixed interest rate then it may be in your best interest to do either a home equity loan or a HELOC... Basically at the end of the day you need to look at all three options and figure which has the lowest monthly cash outlay and go with that... Your loan officer or mortgage professional should walk you through the numbers, present the products (good/bad of each), give you their opinion and then let you make your choice based on what is right for you.\n\nI am a loan officer so I slant towards using a broker versus a single specific lender or bank. I beleive in the broker transaction for a few simple reasons; we run your credit one time and then shop your loan to multiple lenders. If you do this every bank will want to run your credit which will most likely lower your FICO score. Secondly shopping your scenario takes time. We know who to call and what the lender is looking for to give us a good solid quote; not that you can not but I bet you have your own carreer to work on M-F... This is what we do for a living. Lastly we know which lenders programs are geared more towards your specific scenario. \n\nI would stay away from companies like lending tree etc unless you really read the fine print and are fine with them selling your 'lead' to every mortgage person under the sun who will then run your credit report prior to speaking to you thus lowering your scores. I have called on these leads before and have been told I was the 20th person to call that day! In reality find someone you are comfortible with and trust. Ask a family member or friend who they have used in the past and if they would either use that person/company again... \n\nIf you have any questions please feel free to contact me anytime at Kruorock@firstratelending.com or 866-562-6838 x 106.\n\nGood Luck!\n\nKevin
295137
There is a great company tat can be of great help to you.\n\nQuadLakes, LLc 586-738-6541. Mr. P. Stiles\n\nThey are well seasoned in the foreclosure business.
115866
The mortgage lender will not provide an attorney for you.  If there is an attorney at the closing, be assured that unless you signed a retainer agreement hiring that attorney to represent you, that attorney is representing someone else.\n\nThe answer to whether you need an attorney is "it depends."  (Sorry, but true.)  If you are questioning ANYTHING about the transaction, I would advise hiring an attorney for a flat fee (as opposed to an hourly rate) to review the paperwork prior to closing (if it's a basic buyer/seller transaction, reviewing the paperwork should not take more than a couple of hours, at most) and possibly accompany you to the closing.  Again, if it is a simple transaction, the closing should not take longer than a half-hour or so.  You can very likely get legal representation for that amount of time (two hours to review documents, plus accompanying you t the closing) for around $1000.00 or so.  It seems like a lot of money, but considering what you're paying for your home, I think it would be a good investment.
605517
First of all you are purchasing the property in a as-is condition and the bene does not plan to do anything about that situation.\n\nThe Bene will have someone there to ensure that they make the minimum bid of whatever the loan is. So if the loan on the property is 150K to include all foreclosure fees, attorney fees, recording fees and any other cost to complete the foreclosure, the lender will have someone there to bid 150K. After he bids that he probably will not bid again.\n\nKeep in mind if the property is being sold at the foreclosure auction the person performing the auction will want to see your cash or cashiers check before he will allow you to bid on the property. So make sure you have enough cash on hand. You will not be able to bid unless the cash or cashier check is there,  you can not win the bid and say you have to go get the money.\n\nThe lender will in most instances get rid of the person residing in the property now, that need not be a concern of yours.\n\nAt this point it is useless to approach the owners. You must contact them at the beginning of the foreclosure procedures but long before the lender has set a sale date or trustee sale. That is the best time to purchase a foreclosure is by contacting the owner before the property goes to sale by the lender.\n\nThe only liens you have to worry about is the one you are bidding on. The other thing you might have to bring current is the taxes, but most of the time that is included in the fees the lender had to pay out.\n\nTo check for liens on the property you can get a title company to either give you a title report or a property profile. By this lender foreclosing on the property any junior liens are wiped out unless the junior lien take over the foreclosure from the senior lien holder\n\nI hope this has been of some use to you, good luck.\n\n"FIGHT ON"
671789
Let me break this down for you.\n\nWhen you refinance the loan, the finance company needs to find someone to buy the loan.  However, they also want the money that you bring at closing to pay their own bills  ==> so what some businesses do is that they close you first at the agreed-upon rates and then they gamble that they can sell the mortgage at a profit to another mortgage company in a relatively short time frame (Fannie Mae, SunTrust, Bank of America, Countrywide,  Wells Fargo, etc.).\n\nI want to be clear.  Once you sign documents at closing, it is your obligation to make the mortgage payment ONLY -- even in instances where the refinance company can't sell the loan.  \n\nYou are NOT responsible for correcting their poor business judgment. If you closed on the home, both YOU and THE FINANCE COMPANY signed a legally binding document.  \n\nYou must make the mortgage payments . . . \n\nIn turn, the refinance company is responsible for servicing the loan until they can find a suitable buyer of your mortgage.  Then, when they sell your mortgage successfully, they are legally required to inform you of your new mortgagor\n\nIf the refinance company is NOT in the administrative business of servicing loans, that is THEIR problem -- not yours.  It only becomes YOUR problem when you relieve them of their obligation by signing NEW documents for a new refinance!!\n\nDon't do that . . . \n\nOnce the refinance company fails to pay your property taxes and insurance as documented in the papers you signed at closing, they have violated their duties as fiduciary of the money that you are paying in escrow on a monthly basis.  \n\nThey are also in breach of contract!  And this is a material breach of contract!  They probably are also in breach of several Truth-in-Lending laws as well.\n\nYour mortgage payment should include (principal, interest, taxes, and insurance).  The taxes and insurance portion of the mortgage payment is the amount that should be placed in the escrow amount on a monthly basis and paid to the appropriate parties when due. \n\nYou have to take care of business now, because they are in big trouble:\n\nFirst, make copies of:\n\n(1) the settlement statement you received at closing and/or Good Faith Estimate (hopefully, you should have both).\n(2) the insurance cancellation letters and deliquency notices, if any, from the county tax assessor's office.\n(3) any checks or money orders you made to the refinance company when you brought money to closing. (front and back copies)\n(4) any checks or money orders you paid for property taxes and insurance (front and back copies).\n(5) The truth-in-lending disclosure that shows the annual percentage rate (APR) of the mortgage and your payment schedule.  \n\nNext, contact the Attorney General of the state in which the refinance company is domiciled and report this immediately. \n\nPlease be sure to send a copy of this letter to the refinance company putting them on notice that you are on the case like Magnum P.I.  \n\nBe sure to send the letter to the refinance company CERTIFIED (no-need for return receipt) and keep copies of the receipts from post office.\n\nThe Attorney General will assign a case worker who will review all of the above-mentioned documents you sent them.  The Attorney General will contact the refinance company on your behalf and demand that they will respond to you and him usually within 30 days.\n\nNow, if this company is a big bank, like Wachovia, N.A., SunTrust, N.A., or Bank of America, N.A. or a federal savings bank, you can also send a letter to the COMPTROLLER OF CURRENCY for the state in which the refinance company is domiciled.   Google to get the address.\n\nThey will assign an investigator, who will get down to the truth of the matter.\n\nAnd lastly, do NOT sign any more documents.  They have screwed up big time and they want you to sign more documents to cover up their errors.  \n\nAnd worse come to worse, make a copy of this e-mail and take it
646899
if your PMI exceeds 400 a month- something is wrong--check with a mortgage Broker- who represents different lenders- and get an opinion of you mtg deal- sounds like you got a less than wonder full mtg deal--perhaps because of poor credit ratings-- or maybe the home was bought for no down payment-some of these seem attractive-yet can be very costly because of high interest rates or added extras like PMI- go to a broker or bank ASAP- don't wait to find out what can be changed- do it ASAP- and hopefully- someone can find you a better deal, right now !!! i am a retired CPA & CFP and a former bank auditor--if i can be of further help to you- holler back at me- good luck to you !!
271927
I think you have a lot to take into consideration here. First and foremost you should know how your credit report looks if you have a spouse you'll need his too. You'll also need W2's from the last 2 years from your job,tax W2's will do, proof of income and earnest money to put down when you sign a contract at least but no more than $1,000.00. The most important thing to look at right now is the interest rates. The better your credit the better the rate you'll get. Please go to a local bank or other surrounding banks and see if they could lock in a low interest rate for you why you shop around. They don't have to know exactly when you're going to buy. When buying your home always ask the seller to pay for your down payment and closing costs. The way to do this is to give him or her close to the asking price when you bid and stipulate in the contract that they are to pay your down payment and closing costs. Usually if they are getting close to full asking price they'll take the offer because they were leaving room to come down anyway. When looking at homes don't show to much emotion especially if you really like a house because if you do they'll know you really want it and they may not be willing to negotiate with you. Showing a lack of interest while your in the home is always better, even though you're dying inside to make an offer. It'll be in your best interest to wait till you talk to the realtor if you choose that route to show your enthusiasm. You can always buy a forsale by owner home too! It's less complicated and easier all the way around. The seller will and should be the one to get the lawyer to handle everything. This is quite simple, because you can call the lawyer and see how everything is going to. They do the appraisal, title search, closing and anything else that needs recorded and done. Before you know it you'll be sitting in your new home. I'd start now so you have everything in order. The loan already approved is the most important thing of all. Ask some people who have mortgages with banks not mortgage companies for referrals. Mortgage Cos. have a lot of hidden fees that you have to pay where as a bank doesn't. Good Luck...Happy House Hunting.
525632
By all means. Yes! however , I wouldn't be asking nor would I be demanding. The best approach is a non-confrontational statement of facts approach that goes something like this: Our lender has sent out his appraiser to your house. The dollar amount they are willing to lend does not provide sufficient funds for us to consummate the purchase of your house at the price we thought we would be able to pay. We still would love to buy your house but to do so we would only be able to pay "X". If this is agreeable to you please let us know ASAP as we will need to continue our house search if it is not.\nOh, by the way someone has removed part of the climbing wall that we had both agreed would remain and I have 3 estimates attached to this letter for what it would cost to put it back in the condition it was in when we reached our agreement. This also needs to be addressed either thru the replacing of the missing portion of the climbing wall or the retention of "X" dollars in escrow to cover the cost. Thank you. We look forward to hearing from you and hope we can work out these details speedily.\n\nDO NOT CLOSE ESCROW UNTIL YOU ARE SATISFIED. Everyone else makes money when you close. The seller, lender, Realtors, title company etc. YOU HAVE THE POWER TO HAVE IT YOUR WAY UNTIL YOU CLOSE ESCROW THEN IT ALL GOES AWAY.