May 12, 2008
Open Question: If I have money to buy a house in cash, should I look at foreclosures? Where can I go online to do that?
Where to start. Husband lost his job a month before we got married. Found another job fairly quickly. Signed our lease. I lost my job a week after we got back form honeymoon. Already moved into apartment. I was breadwinner. Credit card balances accumulated. Ended up with a bankruptcy. Discharged in 2002. Husband switched fields into trucking (much better pay) and 2 years ago he lost his job again (started new job, then had a traffic violation during probation). A week later found out I was preg w/baby #2. Struggled like crazy to make ends meet. Every time we almost get caught up, we have another $1000-1,500 expense (house, medical, car,etc). Needless to say we have no savings, 2 kids, & I am not working (childcare $). I am tired of fighting. Mortgage went up 3% in Dec due to ARM ($350 MORE PER MONTH!). Bank keeps threatening to foreclose (not even 60 days at the moment). Food or mortgage, you know? More to come… Not sure how to proceed. Obviously as we already had a bankruptcy, I REALLY don't want to go that route again. We are planning to call the bank together tomorrow to discuss our options. Selling isn't an option as there are already 2 units for sale that haven't sold in about a year. To break even we'd have to sell for more than it's worth right now (it's a condo). Plus, is it wise to invest our money in a condo right now (to ready to sell) when I could be paying other things? I guess we need advice as the best course of action. Should we let them foreclose? Will Deed in lieu of foreclosure better? Obviously if they auction and we owe thousands we'd need to file again. 
Plus, will we EVER be financed again? For a home or a car? Our cars are current right now (low payments - come out of account automatically). I'd like to own again in the next few years, after we establish a savings and I am working again. Is it possible? Personal experience would be loved, from others that have been there or loan officers, etc. Thanks so much. We really don't know what to do. more…
They had her sign on a home and state she was to occupy the home, when really she was to rent it out. After a bunch of missed payments the house went into foreclosure. The home had 2 mortgages on it. The 2nd mortgage company has now sent the balance of the 2nd mortgage to collections. Can they do that? I heard that if the house is sold after foreclosure, it wipes out both mortgages. Any Real Estate Professionals or Attorneys please help my friend!!! Thanks! more…
with a tanking economy , home foreclosure , lost of americans jobs , high prices at the gas pumps ,rising cost of food ,high insurance premiums , etc etc , and all this happening on a republican president watch who went to war that is costing this country trillions of dollars a war with no end and had nothing to do with this country security . isn't it very delusional for you peoples to think that the american people will vote for mccain or another four year of the same old fail policies of the bush adminitration ? more…
My parents have a mortage with Countrywide and we finally got a notice of foreclosure with them( with some options to stop it, but highly doubt we will use them). It said that the foreclosure process may take as little as two months. But a week ago we got a letter from some debt collector(Recontrust company) that two weeks after the letter they will schedule the sale of the property. But Countrywides name was not mentioned in the letter at all, why? Does this mean that we have two weeks to move out? or will have have at least 3 weeks to move out after the sale of the property? My parents have a mortage with Countrywide and we finally got a notice of foreclosure with them( with some options to stop it, but highly doubt we will use them). It said that the foreclosure process may take as little as two months. I thought that we had some time left until then. But a week ago we got a letter from some debt collector(Recontrust company) that was contacted by mortage electronic registration systems, inc.that two weeks after the letter they will schedule the sale of the property. But Countrywides name was not mentioned in the letter at all, why? Does this mean that we have two weeks to move out? or will have have at least 3 weeks to move out after the sale of the property? more…
1- charge offs 2-30,60,120 day lates 3-judgements 4-collections 5-inquiries 6-bankruptcy 7-foreclosure * please dont respond with ..you cant…or wait 7-10 years…or dispute and just hope..or contact the company directly …what I would like to know is from the people that know ..how I can dispute and it will work …how I can sue (small claims)…and what kind of letters I can send ..and to whom .. sample letters would be great too ! THANKS ! more…
They had her sign on a home and state she was to occupy the home, when really she was to rent it out. After a bunch of missed payments the house went into foreclosure. The home had 2 mortgages on it. The 2nd mortgage company has now sent the balance of the 2nd mortgage to collections. Can they do that? I heard that if the house is sold after foreclosure, it wipes out both mortgages. Any Real Estate Professionals or Attorneys please help my friend!!! Thanks! more…
I've had my eye on a house for a while and noticed that now in the public records forum that there was a "judgement of foreclosure $120,000" then it read "case dismissed". Does this mean that the house HAS been foreclosed on? Very confused here more…
Tags: foreclosure, home equity loan
