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Recently we initiated SS process with BOA and based on initial HUD settlement statement that my negotiator prepared there is an 20K deficiency compared to my original loan balance with BOA after all the agent commissions,attorney fees.. I also have 2nd Heloc loan which is almost 50K under water. If this SS goes thru did 20k deficiency bad credit loan direct lender with BOA will be forgiven under MSDR Act?. Any advantages of being the loan owned by Fannie Mae in order to eligible for this Act? Under what circumstance they can file deficiency judgements in recourse states like NY?. You need not avail yourself of the provisions of the MDRA.

This reason alone is often enough for the homeowner to throw in the towel, blow up the deal, and go to FC. You might visit the SOJL thread for more info on that topic. Wanted to share my delemia with the group… We purchased an investment property condo in Florida in 2004 and now its worth half the price since then. I did some homework and discovered Green Tree Servicing would allow us to apply for a Loan Modification because of Fannie Mae allowing LMs on Investment Prop. After jumping through all their hoops we were told by the GT rep reviewing our paperwork that we were rejected payday loans in nevada based on the fact that we had to be 2 months behind on our mortgage payment. Said we could reapply again, but we faced the possibity of our payment going higher… WHAT??? I worry though because we submitted our financials as part of the Loan Mod process. I know now after reading your threads, this was probably not a good idea.

I did some homework and discovered Green Tree Servicing would allow us to apply for a Loan Modification because of Fannie Mae allowing LMs on Investment Prop.

After jumping through all their hoops we were told by the GT rep reviewing our paperwork that we were rejected based on the fact that we had to be 2 months behind on our mortgage payment.

I worry though because we submitted our financials as part of the Loan Mod process. I know now after reading your threads, this was probably not a good idea.

Location : FL Welcome to the community, and thanks for your post. I empathize with your frustration in dealing with GT. Either way (loan mod or FC), I recommend you immediately stop paying GT, property tax, etc. This is my first post, so please bear with the length of this post. If I should be posting in another forum, please direct me there. My husband and I filed a Chapter 13 Bankruptcy in Oct. Our first lien is with Wells Fargo, and our second with a local credit union. As we found out during the bankruptcy, payment history for neither loan appear on our credit report.

After we inquired, both lenders advised us that because of the bankruptcy they legally are not allowed to report payments.


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At the time, it was rather disconcerting, because we were never late with those loan payments. Due payday loands to personal health reasons, we are no longer able to stay in the house. We have had it listed for 6 months, but live in a very rural area, and the real estate values will take years to rebound here. In order to set ourselves up for a short sale, we stopped making payments on both loans in December. Our realtor has dropped the price 3 times, but there have been no offers instant pay day loans - several lookers, no offers. What is really annoying is that WF is now reporting late payments on our credit report - no other payment history, just the late payments, but only with Equifax - not TransUnion. I filed instant pay day loans a dispute with Equifax stating that the debt was included in the the bankruptcy, but they came back saying the lender says it is correct. I have found no way to successfully dispute the Credit Bureaus. The second lien holder still reports loans for 1000 no payment history, just that it was included in the bankruptcy. We have received a letter from them, stating that they are not collecting a debt because of the bankruptcy, but will proceed with foreclosure. We instant pay day loans have not replied since they are in second place behind WF. They said they would be willing to consider it, even with the second, but we need to do a financial interview, and our realtor says we will have to do payday laons the same if we do a SS - and he has a possible SS offer coming. My main question is (other than the late payment reporting by WF) are we required to participate in their financial interview since we are no longer responsible for the loan since the BK13 discharge? We have already found a house to rent installment loans bad credit and will be moving in 3 weeks. I am inclined to try for a DIL if we are not required to participate in the financial interview. DesertDawg Thanks for your post and welcome to the community. You could try for a DIL, but there are several problems with that. I thought I broke it into several paragraphs, but guess I have not figured out how to do that. I thought I broke it into several paragraphs, but guess I have not figured out how to do that. Has a loan broker told you that you can qualify for another mortgage sooner if you do a SS or DIL as opposed to a FC? Has a loan broker told you that you can qualify for another mortgage sooner if you do a SS or DIL as opposed to a FC? No, but from what I have been reading, it is possible to buy 3 years after a SS, but longer with a FC. If you have other information, I would definitely welcome it!

No, but from what I have been reading, it is possible to buy 3 years after a SS, but longer with a FC.

If you have other information, I would definitely welcome it!

I recommend you consult with a couple of experienced loan brokers in your locale to see what they say. I recommend you consult with a couple of experienced loan brokers in your locale to see what they say. Tom, from everything in this thread, I understand that SS is not advisable. We emailed the lawyer and expressed our reluctance to share our financials with the lenders.

Her response was - well, you had no problems sharing your financials when you purchased the loans, why do you balk at sharing the information now?

Anyway, we have a situation that is giving us some worry. Back in 2009, we transferred the property to a living revocable trust, and recorded that transfer with our local county.

Under these circumstances if title to the property is transferred to a corporation (which then becomes the trustor), the language of SB 931 would not protect the borrower. But the anti defiency protection would not be affected for an outright foreclosure? Thanks to Tomeason for directing me to this thread. Tom, from everything in this thread, I understand that SS is not advisable. We emailed the lawyer and expressed our reluctance to share our financials with the lenders. Her response was - well, you had no problems sharing your financials when you purchased the loans, why do you balk at sharing the information now? Needless to say, I am beyond infuriated at her response. Anyway, we have a situation that is giving us some worry. Back in 2009, we transferred the property to a living revocable trust, and recorded that transfer with our local county. Under these circumstances if title to the property is transferred to a corporation (which then becomes instant pay day loans the trustor), the language of SB 931 would not protect the borrower. Under CCP 580b the borrower would retain the protections of CCP 580b. But the anti defiency protection would not be affected for an outright foreclosure? This, as you know, is a very common practice, and the counties and the courts have construed that you, as trustee of that living trust, are still the owner (as though the transfer never occurred).

I stopped paying last August when they tried to up my mortgage (had had a prior modification) due to circumstances, I could not afford and house under water.... Being discharged under bankruptcy: What a substantial education! Any realtor says they want the financials for a SS and I am not willing to give those up. The main reason is my spouse is not on the note (was with a former, deceased, spouse) so why make my spouse a target in a deficiency? I looked at the thread on the credit effect, and the comment earlier in this one about the Fair-Isaac scoring but the most recent is last year. Have there been any changes to the credit effects in 2013? I recommend you visit several of the many dedicated credit sites on the net for recent info.

I looked at the thread on the credit effect, and the comment earlier in this one about the Fair-Isaac scoring but the most recent is last year. Have there been any changes to the credit effects in 2013? As you can tell we have thousands of members who have considered walking away from their property, and many whom are in FL as well. 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. Most of the information you find here is easily available on the internet.

You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. First off, put your ego in your pocket some of this stuff goes against much of what we believe bad credit personal unsecured loans guaranteed and the way we were raised. Of course, if the critics or their colleagues do how can instant pay day loans i get cash now the same thing, they are SMART. We are doing it to stretch the time and make it look better until we see what the future legal environment will be.

We qualified without claiming the first one was a rental.

Do not include rental income if you are not really doing it.

Another comment on rental (instant pay day loans this applies under Florida law YMMV). An attorney suggested initially that one should rent out the home while all this is going on and keep the income, as has been advised here many times. As soon as I mentioned that little fact, he said it might not be such a good idea. In Florida, that pool is a liability and if someone is hurt or worse in it, I can be sued. Initially, I was going to just let the home go to foreclosure but, since that will take a while, I was advised to try a short sale, partly for appearance. While the effect on a FICO score is somewhat vague, some creditors may look at the line items and a foreclosure is viewed worse than a short, the idea being you got something for the bank.

YMMV I still think a foreclosure is more convenient but I would have little control over the time line. If no instant pay day loans deficiency is possible short sale or foreclosure is the way, and do it simply. While putting short-sale first may be contrary to parent loan some advice on the board, with which I agreed at first, my new mortgage process showed me something.

The question was asked on the forms whether I had a Foreclosure, deed-in-lieu or repossession within the last 3 years.