Open Question: What Happens to the second mortgage??

Open Question: What Happens to the second mortgage??
I unfortunatley lost my house in foreclosure, I had an 80/20 loan. The house sold for a lot less than purchased, it wasn't enough to cover the first, but I got a 1099 from them, the second mortgage is still calling me trying to collect I honestly don't have any extra funds to pay. What happens now? Will they also send me a 1099? or what can I do please help!!??
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Open Question: is the balance from the foreclosure be counted as income?
What are the pros and cons of foreclosure?I heard the balance from foreclosure will be considered an income?
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Open Question: home loan question?
I filed bankruptcy after my husband died and our house went into foreclosure. That was 2 years ago. I have a credit score of 589. Do you think I could qualify for a home loan? I am also eligible for a va loan.
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Open Question: Where online can I find statistics of a city? Stats such as the number if homeless, foreclosures, and so on.?
The city is Detroit,MI.
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Open Question: Are there any small commercial properties for sale in Los Angeles area .?
I am interested in buying a commercial or foreclosure single home along a major LA road such as La Cienega Blvd., Crenshaw Blvd., or on some other major traffic road way . This is for a take away food shop. La Puente, Torrance, Inglewood any of these areas is OK as long as the maximum price is not more than 80,000 dollars for the free standing property.
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Open Question: Why are they hiding how bad the macroeconomics totality is against the american people?
Can you imagine if someone wrote about that tied it all together? from the record consistently high gas prices which could suddenly go much higher at any time now, record budget deficits, free falling dollar, 15% of american manufacturing has been outsourced overseas and of course the record jobs being outsourced, record trade deficits, an economy that is headed towards being a mostly service based economy, record influx of illegal aliens taking jobs and depressng wages, HB1 visa imports of cheap labor instead of investing in educating our children to do those jobs, high drop outs rising, 2 wars going on which look to be very perpetual…iraq alone is soon to reach 2 trillion dollar mark, millions of working americans unable to afford having health inusrance cause health care is unaffordable as well as pharmaceuticals, millions of americans losing their homes due to foreclosures even though interest rates are extremely low, the stock market is lacking confidence yet all I am hearing is temporary band aid solutions, blame some poor sap arguments, and (gulp) some people are even claiming that what we need to do is do more of the very same things in terms of economic/fiscal policies that we have been doing the last several years that have led to this mess in the first place. Why is no one stepping up and being honnest with the american people and calling a spade a spade and advocating serious fundamental change in a new complete direction…almost…starting all over again…and draw up a new economic plan. This path that we are on is not working…ok, its working for some people but not for the country as a whole. After all oil and gas companies have been making record profits and so have pharmaceutical companies..and american companies that do outsource jobs and get access because of it to new markets overseas do have more profits.
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Open Question: How would foreclosure on a home I own in the U.S. affect my credit in Canada?
I was transferred to Michigan a year and a half ago, only to recently lose my job. I returned home to Canada yet I still have a brand new home in Michigan that nobody wants to buy. I'm considering foreclosing on it as I cannot afford to continue making payments, and I'm curious to know if my canadian credit rating will be affected at all if I go this route.
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Open Question: FHA Mortgage Loan Default?
My husband and I were forced to relocate. We rented out our home that was an FHA guaranteed mortgage. The home was destroyed (literally more damage than the property is worth). We are unable to repair or rent out. We made payments for some time, but are no longer able to do so. We did not qualify for forebearance or special programs as we did not live there. We attempted to sell, even at a reduced amount and had no luck. 6 months on the market, and not one interested person. Attorney letter stated that the home is going to auction. What happens after this? If it's auctioned for $10,000 but we owe $27,000 —does my mortgage insurance cover the balance or do I fax wage and IRS garnishments? Please do not answer if you are speculating on what will happen. I would like a response from someone who has a factual answer. I realize that foreclosure is not a responsible thing, but given our situation, there is no other option —so, you don't have to tell me that either. Thanks! The home was rented by advice of Midland Mortgage Company. We did not qualify for help because our income decreased. We were FORCED to relocate to seek specialized medical care for my son - thank you. The home was destroyed due to ignorance by the renter. They paid the mortgage and made minor repairs per their contract. We made no money from it. However, they weren't handy people. Their work to the plumbing resulted in a collapsed sewer line. The roof leaked & leaked & leaked and I was not told. I would have filed an insurance claim on that. This caused roof and raftor damage as well as wall damage inside the home (structural walls). Should I go on… In addition, after abandonment of property, I learned that the home was subject of a drug bust in which a great deal of what one would call cosmetic damage occured. Home had hidden "compartments" cut into walls. The walls now have holes all in them. The ceiling has holes as well as the law enforcement officer entered the attic and broke through in a few places. I could go on forever, but I think you get the point. Now homeowners insurance will cover this malicous damage. This was our primary residence for 2 years. So, before we rented it out, we got permission from the mortgage company and followed all the mortgage companies guidelines for renting. Thank you Lisa Texas — refinancing not an option due to son's increasing medical bills. Refinancing would be a temporary solution. I still could not salvage the home for the amount of damage — yes, that's our fault — not the mortgage companies — but unfortunate situations strike most of us unperfect people.
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Tags: home equity loan, foreclosure