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. 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. My belief is that the new revisions are protecting banks and lenders more than the consumers. Now, as victims from the subprime mess continue to grow, bankruptcy filings are going up and this may yet be another kink in the growing mortgage crisis. Filing bankruptcy up until 2005 was pretty inexpensive proceeding. There are a couple of different types of changes we propose. One is to make filing for bankruptcy less complicated. The other is that bankruptcy laws be changed to give people more tools to deal with foreclosures, including these exploding adjustable rate mortgages (ARMs) you see now, where payments just go so high because of the interest rate adjustments. So we propose changes to make bankruptcy more useful. The two months, or slightly longer, is how long mortgage companies will usually give debtors to catch up outside of bankruptcy.
Our proposal is to take the ARMs and re-amortize them over 30 years as a fixed rate.
You re-amortize it over 30 years and pay off the mortgage that way. One of the nice things about bankruptcy until 2005 was that it was a pretty inexpensive proceeding. All of these are new requirements, along with the requirement of obtaining credit counseling before bankruptcy and a credit education course during the case.
SM: Steve Bartlett, president and chief executive of Financial Services Roundtable, an organization that represents financial-services companies, in May in Congress that the new bankruptcy reform law is working well as evidenced by the big decrease in filings since it was enacted.
He bases that on the fact that the number of bankruptcy personal credit line filings are down. There need loan was kind of a superficial publicity when the new law went into effect. People have tendencies bad credit loans payday loans in murfreesboro tn direct lenders no fees to put their heads in the sand and wait for a solution to come. 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. Please Read our Can anyone give me some advice on if I file Bankruptcy chapter 7 during a forebearance and am in suspended foreclosure, will the bank try to lift the stay and foreclose or continue to work with me? Any help,advice or suggestions would be appreciated. On a more serious note, that is a very good question.
Who knows with these banks wanting to pull peoples homes out from under them. I understand it is bad credit payday loans direct lenders very easy for the banks to get the stay lifted and sell if they want to. Especially in Chap 7 which is useless to keep home, only delay sale until stay lifted. Moe and Evan: there are already several threads that deal with monthly installment loans for bad credit this and related issues. Can you combine them so that the information is more accessible?
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 live in GA, and I bought my current home in 2005 during the real estate boom. However, since then the house has lost value and I am thinking of walking away.
The details are this: I have never defaulted on my mortgage, I have a credit score of just under 800, and my credit history is great. All my credit card balances will be paid off in the next 2-3 months, and I will have no other debts.
So, my wife and I have a contract on a new house, which we are pre-approved (currently in underwriting) for a loan on the new house. Both of our names will be on the new loan and the new deed. My questions are this: 1) What is the likelihood Suntrust will seek a deficiency judgement against me for the loss within the 30 day window GA allows?
They cannot touch your new house, but it is important to remember you are responsible personalloans for your house until it forecloses. You need to live in it, rent it or make it appear to be personalloans lived in to get your cash for keys, and keep bank from locking you out. I would be happy to answer any questions you post on this thread. I was beginning to think that no would would reply.
We have personalloans tried to sale, rent, and even contact suntrust for a modification, all with no avail.
I searched for answers on liens for a buy and bail scenario, but could not find any. How did you find out that online payday loans for bad credit the could not touch the new house? I will not be living far away, and plan best funds on keeping the lawn up, but other than that the house will remain empty. I have read a little about it, but not sure how to go about making it happen.
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Mulligan- it is hard to find buy and bail answers on line, ill try to help. I spoke with a real estate attorney and lender has to win a confirmation hearing to proceed with liens or judgement. Almost never happens in Ga due to cost and 30 day window.
Your new house and foreclosure property are not related and new house would not be involved. Speak to a real estate attorney face to face to ease your mind.
Cash for keys personalloans is offered by foreclosing lender or investor(usually Fannie Mae or Freddie Mac) after foreclosure sale.
Whoever forecloses will send a real estate broker to home usually within two days after sale. They will look for signs of occupancy and leave a number to call.
If home is vacant they will just change locks and proceed to try to resale. If you are foreclosed before debt forgiveness expires you would have no tax issues. Keep questions to one or two at a time and more people will join in. Look up threads by lexie mustang and scared walker in ga for good info. Thanks for all of the tips and advice, I greatly appreciate it. My loan is not with Fannie Mae or Freddie Mac, so I guess cash for keys is not an option for me. Cash for keys is offered by banks also, so I would probably not mail in keys. You said suntrust was servicer, do they also own mortgage? Do not falsify any loan documents or sign off on anything untruthful. A loan company with in house underwriters will be easiest to deal with. By naming the owner of your note , other people might have further advise on cash4keys. I was thinking that by sending in the letter and the keys that it might get them to get the ball rolling more quickly, as they will know that the house is vacant. Also, insurance was paid on the house (through escrow) last August. Should I keep the policy on the house current until foreclosure? I forgot to mention the loan process we are in now. We are working with a local lending company that does have in house underwriting. We have not falsified any information, nor do we plan on doing so.
After looking at our financials, the lender pre-approved us for our loan with no contingency on selling or proof of rent for our current home.
We have sent in all of our documents, and we are going through underwriting.
The bank will take care of paying taxes and insurance.
You might check with your homeowners insurance company to find expiration date. If it expires before foreclosure you may need get a loan fast a policy to protect you personally in case someone were to get hurt on property. The bank will take a policy to protect their investment. Good news is Ga foreclosures seem to be moving along quicker than personalloans other states. Hopefully for a lot of people they will extend the tax forgiveness for several more years as this mess is far from over.
I am glad to hear that the foreclosures are happening more quickly in GA, and we are very excited about the new house. From what I have read, we will not look good to suntrust when foreclosure time comes, as we have no high value assets or high dollar savings accounts coupled with our new mortgage to pay. Our credit started with average of three agencies at a 798. I joined credit karma and they send credit score updates about every 4-6 weeks. The foreclosure does not show on my credit as of yet (going on 3 months). Either I slipped thru the cracks or it will show up soon.
No credit cards changed my limits and we even had discover and several others send pre-approved letters.
Ill let you know if foreclosure hits credit, but so far so good. I am hoping mine makes a that good of a rebound, as I will have zero credit card debt before this process starts, and plan on keeping it that way. I am hoping mine makes a that good of a rebound, as I will have zero credit card debt before this process starts, and plan on keeping it that way. Initially I got a lot of robocalls from the first mtge company but very few live calls. I pretty much ignored all calls from the 1st and answered about 3 calls from the 2nd who seem to be much more aggressive. I got a letter at the beginning of January which was my official notice of default for the 1st mortgage, but basically, not too much correspondence from either company. As for credit rating, mine was on the low end of good and has taken a moderate hit. One credit card lowered my limit but no one else has and I still get credit card offers and balance transfer offers. The credit rating they show for me is probably 20 points higher than one of the 3 major credit reporting agencies I checked on the same day. Credit Karma is good to let you know when anything has happened on your credit report - such as a late payment reported. And to be honest, every time I read stories on here of how the banks are jerking people around and playing games with them - that makes me feel even more glad that I decided not to play their games.