Payday loans plano tx

Can I assume I can use the outstanding mortgage principal listed on the form as basis for negotiating a settlement to release the lien from the property? I maybe selling the home and relocating in 6 months, and would like to get this second mortgage monkey off my back for a clean closing. Specialized loan Servicing, LLC sent me a IRS form 1098 for 2018 on a heloc loan that was discharged 10 years ago in chapter 7. I have never received a form 1098 since the chapter 7.

Can I assume I can use the outstanding mortgage principal listed on the form as basis for negotiating a settlement to release the lien from the property? I maybe selling the home and relocating in 6 months, and would like to get this second mortgage monkey off my back for a clean closing. Hi Pomona, depending on your location, the closing attorney or title company will be able to request a payoff statement for you at time of sale. They will use that amount to pay off the lender from your sale proceeds.

As far as negotiating a settlement prior to that, it seems to be more difficult now than it was when all our values had tanked. Specialized loan Servicing, LLC sent me a IRS form 1098 for 2018 on a heloc loan that was discharged 10 years ago in chapter 7. I have never received a form 1098 since the chapter 7. Can I assume I can use the outstanding mortgage principal listed on the form as basis for negotiating a settlement to release the lien from the property? I maybe selling the home and relocating in 6 months, and would like to get this second mortgage monkey off my back for a clean closing. I would check with your county register of deeds to make sure SLS holds the lien. After 10 years, it may have changed hands several times. It is strange that you would now recieve a 1098 for mortgage interest. If they know you intend to sell in 6 months, they have no reason to accept a settlement offer. I faxed SLS a copy of my original settlement offer I sent to them last year - the only response I received was a letter of intent to foreclose and have 33 days to cure the loan.

There are some familiar robo signers on the document.

Also, even though heloc was discharged from my personal debt, it appears that SLS setup an account for me regarding this loan. We want to list the house in a few months, and understood payday now loans that the heloc would have been satisfied after the sale.

I want to insure that I have proper documentation referencing the loan and the lien would be released at close. My wife and I are more or less in between jobs now, so I doubt if we would be able to refinance the 1st by rolling in the second with it. 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.

Guess we just need to forge ahead with a fistful of daisies and our faces to the sun, and count our blessings as we go. Hey Maurice I had a question for you with regards to a similar situation with Nationwide Credit as well.

I am looking to sell my home and have a 2nd that was closed as a charge off with OCWEN with a balance of 45K back in 2014. Now not knowing and thinking of settlement, I had been making payments every month to NCI at the same amount as the original 2nd mortgage payment.

NCI guaranteed loans online in my last phone call to them asked ME if I would consider a settlement on the account, my current balance is 39. If I can get this new mortgage and sell my current home, would it be more inclined for NCI to settle with me since OCWEN already released the lien 2 years ago?

I have not seen this issue where the lien was released on the 2nd, with a Closed - Charge-off account on the credit report, but I have been paying consistently for the last 2.

I have reached settlement with BofA on my 3rd HELOC.

There personal loans greenville sc is a provision that states it will be reported as settled for less than full amount - so akin to a short sale. At the moment, I qualify for a refi on my 1st and 2nd, but with the problem 3rd my loans were to high against the equity in the house. With the 3rd HELOC gone now, I am in good shape from a LTV, but my credit will now take a hit due to the settled for less than full amount. Is BofA required to file a report, or do they have the option to do nothing (i. Hey Maurice I had a question for you with regards to a similar situation with Nationwide Credit as well. I am looking to sell my home and have a 2nd that was closed as a charge off with OCWEN with a balance of 45K back in 2014. Now not knowing and thinking of settlement, I had been making payments every month to NCI at the same amount as the original 2nd mortgage payment. NCI in my last phone call to them asked ME if I would consider a settlement on the account, my current balance is 39. If I can get this new mortgage and sell my current home, would it be more inclined for NCI to settle with me since OCWEN already released the lien 2 years ago? I have not seen this issue where the lien was released on the 2nd, with a Closed - Charge-off account on the credit report, but I have been paying consistently for the last 2. Have you tried to qualify for a new loan payday loans plano tx with all the documentation and support you have including making payments on the loan?

I would advise you have someone payday loans plano tx send the file completely through underwriting to determine any obstacles or hurdles you have to jump through before you sell right away. I would be curious if you could get the credit bureaus to update your credit report with the documentation you have.

I have reached settlement with BofA on my 3rd HELOC. There is a provision that states it will be reported as settled for less than full amount - so akin to a short sale. At the payday loans plano tx no teletrack payday loans moment, I qualify for a refi on my 1st and 2nd, but with the problem 3rd my loans direct payday lenders online were to high against the equity in the house. With the 3rd HELOC gone now, I am in good payday loans va shape from a LTV, but my credit will now take a hit due to the settled for less than full amount.

Is BofA required to file a report, or do they have the option to do nothing (i.

Have you tried to qualify for a new loan with all the documentation and support you have including making payments on the loan? I would advise you have someone send the file completely through underwriting to determine any obstacles or hurdles you have to jump through before you sell right away. I would be curious if you could get the credit bureaus to update your credit report with the documentation you have. So we wind up not being able to obtain a new mortgage because even with the lien released on this portion of the mortgage, the loan was listed as a charge-off and a 180 day late payment and therefore was considered a foreclosure. The conventional mortgages you need to be at least 4 years post charge off and FHA was 3 years. Our 2nd lien was released as promised last summer by Ocwen (NCI).

We approached 7 years of our last payment this month. Two unsecured loan for bad credit of the credit bureaus automatically deleted the account and on TU I disputed the account as too old to be on my file. Now we are working with a lender on refinancing again and so far everything looks good!! Keep us in the loop as things progress with your situation, this is a very common circumstance that many are going through right now. We filed taxes as normal and got a letter from the IRS stating that they received a 1099c from Ocwen that we did not claim. We need to file a 982 which I thought was filed by our tax person but it was not.

Unfortunately this enters into an entirely new realm when it comes to the options you have. Even though you received a 1099C we have seen that the lenders still hold liens against the property. Why would you have to pay taxes on a debt that has been cancelled but yet there is still a lien against the property that would prevent you from refinancing or would need to be loans for bad credit no guarantor paid off upon the sale of the home.

This is happening way more often than it should be and I think needs to be addressed with the consumer financial protection bureau.


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I have already sought out advice from our in house attorney here and they mentioned that the signature loans las vegas bad credit rules are so unclear which has given these lenders the ability to keep the lien against the home. Unfortunately this enters into an entirely new realm when it comes to the options you have. Even though you received a 1099C we have seen that the lenders still hold liens against the property. Why would you have to pay taxes on a debt that has been cancelled but yet there is still a lien against the property that would prevent you from refinancing or would need to be paid off upon the sale of the home. This is happening way more often than it should be and I think needs to be addressed with the consumer financial protection bureau. I have already sought out advice from our in house attorney here and they mentioned that the rules are so unclear which has given these lenders the ability to keep the lien against the home.

Was your tax person actually a paid tax preparer or just someone you know who payday loans plano tx did your taxes? It will make a differance if you have to defend this with the IRS. I went through bankruptcy in 2012, and second mortgage still has lein on property but I have not paid anything in almost 3 years. Never recieved any 1099, but my attorney advised me to file form 982 if I did.

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. In almost every instance, there is a compelling reason to eventually settle with the 2nd lender. To extinguish (re-convey) the 2nd lien that encumbers the property.

In certain rare instances, that need to eventually extinguish the lien may not exist. When the 2nd loan is so underwater that it will take many, many years for the property value to recover enough to put that 2nd clearly in the money. If, however, that sold out junior loan is a recourse loan, then the sold out junior is payday loans plano tx not legally barred from suing the debtor for money due on the note. Finally, settling with a sold out junior lender is always less of a challenge than settling with a 2nd lender.

Because a sold out junior is an unsecured lender, and thus has no leverage, and is quite happy to ever see any more money on that note!