Posts Tagged ‘Foreclosure’
Forced Bankruptcy?
June 11th, 2011 | 
Author: josh m asked:
Due mainly to a mold infestation, I’m strongly considering letting my house go to foreclosure. I have several other reasons for this, but my question is, how likely is it that the mortgage lender will file an involuntary bankruptcy petition against me in order to collect the outstanding debt? I currently owe 57K on the loan, but if the house went to auction today, I don’t see it bringing more than 25-30K (it’s currently under renovation) In effect, I would have no future plans whatsoever of paying the outstanding balance. Rather, my aim (and the very reason I’m considering this option) is to maintain my current cash reserves, and buy a home with cash in about a year. That said, you can understand why I’m looking to avoid a bankruptcy hearing altogether, in order to keep my current cash reserves. I sincerely appreciate any and all knowledgeable answers!
Kansieo.com
Posted in Personal Finance | 
Tags: Aim, Avoid Bankruptcy, Bankruptcy Petition, Cash Reserves, File Bankruptcy, Foreclosure, Mold Infestation, Renovation | 
4 Comments »
WILL I BE ABLE TO REFINANCE MY MORTGAGE?
da boomp asked:
A little over 2 yrs ago my house was in foreclosure. I got the money to pay up full and saved it by about 24 hours. For the last 2+ yrs, I have made the full payment ON TIME every month but my credit is shot.
The mortgage is at 7.75% with plenty of equity in the house. Will I be able to re-fi? If not with my present mort. co., anyone else?
Are Lending Tree, Quicken, etc., legitimate mortgage companies (they advertise a lot). I was in the military in the 60’s, could I still qualify for VA?
Any plusses or minuses to either?
A lower interest rate will help me get by on my retirement pay. I’m in Illinois, if that makes a difference. Thanks for any advice.
mortgage refinance
Mortgage Refinancing Process?
bored_at_home asked:
I have 2 missed payments and now I am receiving phone calls and letters from banker saying they will foreclose if not paid in full within days. I have not received a certified letter yet, so I am not in foreclosure. I started talking to a broker to refinance my mortgage. Can my current mortgage lender foreclose if I am at the early stages of a refi? So when exactly during the refinance process can my current mortgage lender no longer foreclose on me? During escrow? Once I signed the application? During underwriting?
Another question, who notifies my current lender that I am in the process of refinancing so that they dont foreclose my house? Should I called them?
mortgage refinance