Foreclosure Prevention Counseling
Forums Foreclosure
Where are all the foreclosures? good web sites?
Where are all the foreclosures? the good web sites? Any good real estate forums?
The best source I found on the Internet is … http://FindBargainRealEstate.com
Foreclosure Loan Forgiveness
Hypothetical line of equity and questions about Short Sale?
If someone is potentially facing a short sale, but still has 30k left in a line of credit, is it possible that the person to use the 30k to pay off student loans and other debts to the credit line if they know they are already facing a short sale or foreclosure? Due to the mortgage relief waivers Act was enacted just a person who no longer have to pay tax debt relief, therefore, the additional money used from the line of equity would not be taxed. Would it be smart to pay off student loans with that money if I knew he would lose the house? Please, no answer to say, I'm asking hypothetically if it would be possible use this $ $ without charge.
I think the short sale approach assumes the debt is nothing but satisfied and other charges (HELOC) are not applicable. The owner would accept the original short sale, the owner of the second (the HELOC) that want their money back.
Chase Mortgages Foreclosures
Bank foreclosure tax benefits?
I've been trying to modify my mortgage for 18 months with Chase and simply not helpful. I have a property is backwards now I owe 450K and has a value of 360K. It almost seems as if you prefer the foreclosure to help me change my mortgage. My question is if you close the loan or file bankruptcy can recover Chase 90K in tax cuts? It seems that if you can, it's a no lose for them, get the house and can write-in the 90K as a bad debt. Why modify the mortgage if I'm not late and still make payments?
Any fiscal benefit could be obtained by Chase suffering loss of a foreclosure is much less than the loss suffered – less than 1 / 3 in most cases. If you are making your payments time and are able to do so, then that is what you need to keep doing. The fact that today is upside down is irrelevant. The economy will recover, the values of property is recovered, and was right side up over time. The loan modification programs were established for people who can not afford their mortgage payments due to rate resets significantly increase payments beyond what they could. You are not on the ship and as you can afford to make their payments that are expected to do so. The mod loan programs that were never intended to offer a ransom otherwise creditworthy homeowners who had suffered losses role in equity due to the collapse of the housing market. If you stop making your payments will eventually lose the house to foreclosure. That trash your credit. Since you can actually afford the payments would not be a candidate for mod loan programs.
Home Foreclosure Advice
Need advice from an experienced user buying a home!?
I wanted to know what was the best option, lease income, owner finance the purchase of a foreclosure, or something else? earning less than 20k a year, are not available down payment, but I know it is still possible for me to get a house of my options are very limited.
Since you do not have the down payment funds that might be better to wait out and get more money saved waiting for your income to increase. owner finance will not work because they need less for at least 10% down to cover your expenses closing. Most want at least 20% less. Lease Purchase may be an option, but again, you do not have money deposited and can not pay or save enough for the year at once. A foreclosure will probably be in the condition that repairs are needed and again, you have no money to carry out. There are also taxes and insurance that have a factor in when you own a home. No down payment will also give a higher monthly payment. It's a big target but it sounds like it should be at a future time.
