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Quit paying second in 2011 since house was totally underwater. Another new servicer through an LLC has now sent a notice of default with a cure amount listed, which happens to be approximately half of balance when interest, late charges are added in. Is your First Lien totally underwater, or treading water?

Is your First Lien totally underwater, or treading payday loans racine wi water?

Legally, whenever these loans transfer to a new servicer... Or a Homeowner can wait for the loan to simply expire. You need to do a cursory Google Search and learn your state laws regarding this. There is simply no equity in the home, once again, assuming the Estimated Value is accurate to even potentially recover the amount needed. Assuming the estimate you gave is accurate, they are not going to foreclose on you. There is simply no equity in the home, once again, assuming the Estimated Value is accurate to even potentially recover the amount needed. Assuming the estimate you gave is accurate, they are not going to foreclose on you. Looks like my next step is to check my state laws and then possibly see if the lien holder will consider a settlement that we can manage. We did contact them with a low settlement offer a few months ago but the servicer would not present it to the lien holder without financials which we refused to give. Since 2007, the LoanSafe forums have helped millions of homeowners over the last 13 years either save their homes with a loan modification, obtain a short sale, forbearance, or walk away legally from their underwater mortgages. Sounds like your bank was paid for the foreclosed property and there was a surplus. Could be there were excess funds in the escrow account, new buyer was required to pay any back taxes to get clear title to property and the excess went back to you. You need to contact the foreclosing attorney, and law firm that carried out your foreclosure. You want a itemized accounting of disbursements to lien holders, and fees. There might be a surplus of money your entitled to. Since 2007, the LoanSafe forums have helped millions of homeowners over the last 13 years either save their homes with a loan modification, obtain a short sale, forbearance, or walk away legally from their underwater mortgages. SFR Rental Washington State purchased for 265k in 2006. Probably worth 325-340k on a retail sale, much less on a foreclosure. Then PNC, then SLS) (I do not know if it helps me, but I have the payment history with PNC which shows the amount LHFS is sending me is incorrect) I stopped paying the second in 2012 because I owed way too much, everyone was getting bailouts, and the rent was not enough to cover the mortgage.


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I am past the personal statute of limitations on the debt, as far as I know. I followed the LoanSafe thread on settling a second, which basically said to ignore the lender until they send you a reasonable offer. From doing some research, it seems IslandCap LLC is owned by a company called Ophrys LLC.

Ophrys LLC is owned by another corporation and it looks like a guy named William Weinstein. I am providing this info in case anyone has experience working with, negotiating, and hopefully settling with any of these companies.

This letter they sent is the same letter that I was given before the official notice of default on a foreclosure once.

It has all the 30 and 60-day notices of what will happen, and all the URLs and phone numbers for assistance.

It looks like they are starting the foreclosure process, which I guess I always knew was a possibility as property values have improved over the years. Besides reading forums on this site, one of the reasons I never wanted to do bad credit signature loans an official settlement package with the lender was that I made good money and did not want them to see my pay stubs. Here is the kicker for today: I am unemployed, with the last 7 months being rough financially, and I can claim a true hardship. I would be willing to pull some money from retirement to make them go away.

I break even on the 1st mortgage payment with the rent, but cannot afford the 2nd mortgage on the property. Should I call the loss mitigation department at Land Safe Home Services? It seems that there is a specific person referenced in the letter, with an email address. It sounds like it is possibly time for you to engage them to seek settlement. The chances of you being able to collect for pennies on the dollar are slim because you have a significant amount of equity.

In my honest opinion, the days of receiving cents on the dollar settlements are gone. However, your negotiations could delay them from pursuing foreclosure - it could also make them expedite, you never know. I am not speaking of experience with the people that you have mentioned and hope that someone chimes in that has. As long as you get a job and receive your first check before the first payment due date of the new loan and have history in the same line of work we may be able to make some magic happen. Since 2007, the LoanSafe forums have helped millions of homeowners over the last 13 years either save their homes with a loan modification, obtain a short sale, forbearance, or walk away legally from their underwater mortgages. Is there an easy way to find out who is the current second mortgage need cash quick lienholder on my property?

Some will have this info available online, but most offer free search at the county building. Not sure if your town tax dept is your register of deeds or not.

In very rare circumstances, people have had liens removed and not be notified.

Usually any activity on your deed will at least get you a letter stating what happened. You could also pay to have a title search done on your property. This is what happens when you apply for a mortgage-the bank wants to make sure you have a clear title to the property. If you havent filed bankruptcy, the chance of the lien being removed is almost bad credit signature loans zero. After bankruptcy, the lien holder knows they dont have any recourse except to take the property back through the lien.

They wont do that, especially with a second mortgage, and get stuck with a property that has to have the first mortgage paid off in order cash advance san antonio to take possession.

Since 2007, the LoanSafe forums have helped millions of homeowners over the last 13 years either save their homes with a loan modification, obtain a short sale, forbearance, or walk away legally from their underwater mortgages. I lost my job in January 2018 and stopped paying my 1st and 2nd mortgage. I got ahead of this and told the bank I was going to sell the house and applied for hardship. We spent savings fixing up the house, thought we had an offer in May, it dragged out, and in the end they changed their mind. Good news is I finally secured a good job, getting ready to start at the end of July.

We want to stay in the house and are re-applying for assistance under the new circumstances (income). When the original file (PNC terminology) expired July 1st I was told to re-submit. I have no savings other than 401k to immediately try and catch up on my back payments. Legal Fees: I would like to avoid this, but 24 hour payday loans it appears the bad credit signature loans firm has been engaged and I will be on the hook. I could catch up on my back payments using 401k money to get out of the foreclosure I am in, wondering if doing this will save me legal fees at this stage. The question you want to ask yourself is - are you going to inevitably fall into default again even after pulling funds from your 401k? You can always get a loan against your 401K and avoid the tax consequences of pulling a withdrawal.

I would suggest contacting your servicer and asking them for forgiveness of legal fees if they have been assessed.

Many different things to think about in this case.... Since 2007, the LoanSafe forums have helped millions of homeowners over the last 13 years either save their homes with a loan modification, obtain a short sale, forbearance, or walk away legally from their underwater mortgages.


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Sounds like your bank was paid for the foreclosed property and there was a surplus. Could be there were excess funds in the escrow account, new buyer was required to pay any back taxes to get clear title to property and the excess went back to bad credit signature loans you. You need to contact the foreclosing attorney, and law firm that carried out your foreclosure. You cash loans to your door want a itemized accounting of disbursements to lien holders, and fees. There might be a surplus of money your entitled to. Since 2007, the LoanSafe forums have helped millions of homeowners over the last 13 years either save their homes with a loan modification, obtain a short sale, forbearance, or walk away legally from their underwater mortgages. The ding on credit will show up as a instant cash loans online now pre-foreclosure in redemption status, Steep says, which will result in a loss of 80 to 100 points. This means a short sale with a previous FICO of 680 will see it fall to 580 to 600. The good news for short sale sellers is the wait is much shorter before buying another home. They can buy again in about 18 months at a good interest rate, says Steep. The bad news is a seller could be subject bad credit signature loans to a deficiency judgment for the difference between the loan amount and the amount paid. In California, purchase money loans are not subject to deficiency judgments however, hard money cash advance direct lenders only no teletrack loans, equity loans and refinances are. Other states have laws regarding personal guarantees, which could also result in a deficiency judgment if the home owner is personally liable for loan repayment. The lender has sole discretion whether to pursue a deficiency judgment in those instances when the judgment is permitted.

To determine whether a pending foreclosure or short sale is subject to a deficiency judgment, talk to a real estate lawyer. But seek legal and tax advice before making that decision. The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice.