Comments for Foreclosure University - Your Online Real Estate Investing Resource http://www.foreclosureuniversity.com/blog Foreclosure - Real Estate Investment : Short Sales Wed, 18 Jan 2012 20:00:03 +0000 hourly 1 http://wordpress.org/?v=3.3.1 Comment on Equity Line of Credit and Foreclosure by Marie http://www.foreclosureuniversity.com/blog/48/equity-line-of-credit-and-foreclosure/comment-page-2/#comment-69974 Marie Wed, 18 Jan 2012 20:00:03 +0000 http://foreclosureuniversity.com/blog/2008/09/30/equity-line-of-credit-and-foreclosure/#comment-69974 Jared- We owned a property in Fl, relocated due to a job. The home in FL went into foreclosure which was just finalized a couple of months ago. The property had a first mortgage as well as the equity line both with Wells. The equity line was issued to us when we purchased the house in order to put the 20% down. I have seen where both reflect on my credit report; first as foreclosure and eqiuty line as charge off. I haven't received a 1099. I do however have an attorney office which serves as the collection agency trying to collect on the equity line, he has mentioned the actions that could take place in order to receive repayment. Does this mean they are filing judgement against me or is he just trying to pressure? Should I wait this out or try and come to a settlement? If I do try and settle would my best option be to negotiate directly with the lender in order to clear charge off from my credit? What would be the percentage I should offer; also am I obligated to provide financial statements with an offer? Should I hire an attorney or do you think this is something I can accomplish on my own? I apologize for all the questions, but would like to go into these negotiations with some knowledge. Thank you very much in advance! Jared-

We owned a property in Fl, relocated due to a job. The home in FL went into foreclosure which was just finalized a couple of months ago. The property had a first mortgage as well as the equity line both with Wells. The equity line was issued to us when we purchased the house in order to put the 20% down. I have seen where both reflect on my credit report; first as foreclosure and eqiuty line as charge off. I haven’t received a 1099. I do however have an attorney office which serves as the collection agency trying to collect on the equity line, he has mentioned the actions that could take place in order to receive repayment. Does this mean they are filing judgement against me or is he just trying to pressure? Should I wait this out or try and come to a settlement? If I do try and settle would my best option be to negotiate directly with the lender in order to clear charge off from my credit? What would be the percentage I should offer; also am I obligated to provide financial statements with an offer? Should I hire an attorney or do you think this is something I can accomplish on my own? I apologize for all the questions, but would like to go into these negotiations with some knowledge. Thank you very much in advance!

]]> Comment on Equity Line of Credit and Foreclosure by Amy http://www.foreclosureuniversity.com/blog/48/equity-line-of-credit-and-foreclosure/comment-page-2/#comment-68409 Amy Tue, 10 Jan 2012 22:03:19 +0000 http://foreclosureuniversity.com/blog/2008/09/30/equity-line-of-credit-and-foreclosure/#comment-68409 I received a 1099-a form for my first mortgage on my house and also the equity line. When I received the 1099-A for the equity line the bank marked that the borrower is not personally liable for repayment of the debt. Before I received the 1099-A my account went to collections, I fought it, but started paying it back. I am now working with the bank and have been told that the bank made an error and wants to send me a revised 1099-A showing I am liable for repayment. What are my rights as of right now? I am in AZ and the house that foreclosed was in GA. I received a 1099-a form for my first mortgage on my house and also the equity line. When I received the 1099-A for the equity line the bank marked that the borrower is not personally liable for repayment of the debt. Before I received the 1099-A my account went to collections, I fought it, but started paying it back. I am now working with the bank and have been told that the bank made an error and wants to send me a revised 1099-A showing I am liable for repayment. What are my rights as of right now? I am in AZ and the house that foreclosed was in GA.

]]> Comment on Equity Line of Credit and Foreclosure by Shiva http://www.foreclosureuniversity.com/blog/48/equity-line-of-credit-and-foreclosure/comment-page-2/#comment-68145 Shiva Mon, 09 Jan 2012 20:39:22 +0000 http://foreclosureuniversity.com/blog/2008/09/30/equity-line-of-credit-and-foreclosure/#comment-68145 Hello Jared, Wondering if you could help me out with a simple question. I had a home in CA that I was attempting to modify my loans after being laid off. During that process my 2nd mortgage, HELOC, was transferred to another loan company. (Both 1st & 2nd with BofA) The HELOC was paid off and had a zero balance and never used. After I was unable get the modification decided to do short sale, and that was unsuccessful, the home went into foreclosure. I am now trying to close my HELOC with the 2nd loan company, but they are stating that I must provide the closing cost fees to the county to get it closed out. If I had the money to pay the fees I would have paid the mortgages and not got into foreclosure. If BofA still owned the 2nd mortgage I don't think they would be asking for closing cost fee to close out the acct. Let me know. Thanks Hello Jared,

Wondering if you could help me out with a simple question. I had a home in CA that I was attempting to modify my loans after being laid off. During that process my 2nd mortgage, HELOC, was transferred to another loan company. (Both 1st & 2nd with BofA) The HELOC was paid off and had a zero balance and never used. After I was unable get the modification decided to do short sale, and that was unsuccessful, the home went into foreclosure. I am now trying to close my HELOC with the 2nd loan company, but they are stating that I must provide the closing cost fees to the county to get it closed out. If I had the money to pay the fees I would have paid the mortgages and not got into foreclosure. If BofA still owned the 2nd mortgage I don’t think they would be asking for closing cost fee to close out the acct. Let me know. Thanks

]]> Comment on Equity Line of Credit and Foreclosure by Rob http://www.foreclosureuniversity.com/blog/48/equity-line-of-credit-and-foreclosure/comment-page-2/#comment-67209 Rob Wed, 04 Jan 2012 23:21:22 +0000 http://foreclosureuniversity.com/blog/2008/09/30/equity-line-of-credit-and-foreclosure/#comment-67209 I live in California but owned a rental in AZ that was foreclosed on. The 1st mortgage filed a 1099 on me over a year ago. Now the company that I had an Equity line of credit with is sending me collection letters. Can they come after me for that money? Is my only recourse bankruptcy? Thanks, rob I live in California but owned a rental in AZ that was foreclosed on. The 1st mortgage filed a 1099 on me over a year ago. Now the company that I had an Equity line of credit with is sending me collection letters. Can they come after me for that money? Is my only recourse bankruptcy?
Thanks,
rob

]]> Comment on Equity Line of Credit and Foreclosure by Jaisa http://www.foreclosureuniversity.com/blog/48/equity-line-of-credit-and-foreclosure/comment-page-2/#comment-65168 Jaisa Mon, 26 Dec 2011 15:54:47 +0000 http://foreclosureuniversity.com/blog/2008/09/30/equity-line-of-credit-and-foreclosure/#comment-65168 Hello, I have a home in California purchased in February 2004,in December 2007 I moved to Puerto Rico due to a job transfer. My first mortgage is with Bank Of America (145,000) and a home line of credit with Chase (175,000). I rented the property but the rent did not cover the entire mortgage payment, so I had to come up with an extra $600 every month. I paid on time during three 1/2 years the first and second (interest only to afford the pymt). Six months ago I stop making the payments since I could not longer afford it, before doing that I called the banks but neither one wanted to adjust rates because I was current. Today I found out while checking by credit report that Chase charged off the line of credit. At the present time I am working with a realtor to shortsale the house for $170,000. I have not purchased a home in PR, I am renting. What are my options? Thank you. Hello, I have a home in California purchased in February 2004,in December 2007 I moved to Puerto Rico due to a job transfer. My first mortgage is with Bank Of America (145,000) and a home line of credit with Chase (175,000). I rented the property but the rent did not cover the entire mortgage payment, so I had to come up with an extra $600 every month. I paid on time during three 1/2 years the first and second (interest only to afford the pymt). Six months ago I stop making the payments since I could not longer afford it, before doing that I called the banks but neither one wanted to adjust rates because I was current. Today I found out while checking by credit report that Chase charged off the line of credit. At the present time I am working with a realtor to shortsale the house for $170,000. I have not purchased a home in PR, I am renting. What are my options?

Thank you.

]]> Comment on Equity Line of Credit and Foreclosure by lily http://www.foreclosureuniversity.com/blog/48/equity-line-of-credit-and-foreclosure/comment-page-2/#comment-63038 lily Fri, 16 Dec 2011 05:23:55 +0000 http://foreclosureuniversity.com/blog/2008/09/30/equity-line-of-credit-and-foreclosure/#comment-63038 Jarad: my home was foreclosed in iowa july 2009, there was 2nd loan still open according to the bank people said. but my credit report said this account is charge off, I was thinking once foreclose, should wipe out all the loans, can you explain what is iowa's law. thank you for your help! Jarad:
my home was foreclosed in iowa july 2009, there was 2nd loan still open according to the bank people said. but my credit report said this account is charge off, I was thinking once foreclose, should wipe out all the loans, can you explain what is iowa’s law. thank you for your help!

]]> Comment on Who is responsible for the difference of the original loan amount if a short sale is accepted? by Jon http://www.foreclosureuniversity.com/blog/25/who-is-responsible-for-the-difference-of-the-original-loan-amount-if-a-short-sale-is-accepted/comment-page-1/#comment-62652 Jon Wed, 14 Dec 2011 13:07:42 +0000 http://foreclosureuniversity.com/blog/2008/07/08/who-is-responsible-for-the-difference-of-the-original-loan-amount-if-a-short-sale-is-accepted/#comment-62652 If I did a short sale in 1999, and two years later the lender sends me to collections for the difference without notifying me how do I fight this, also the lender is now out of business. I have hired credit agents to help me get this resolved, they can’t even figure this out. I’m in collections for 50k! If I did a short sale in 1999, and two years later the lender sends me to collections for the difference without notifying me how do I fight this, also the lender is now out of business. I have hired credit agents to help me get this resolved, they can’t even figure this out. I’m in collections for 50k!

]]> Comment on Equity Line of Credit and Foreclosure by Jill http://www.foreclosureuniversity.com/blog/48/equity-line-of-credit-and-foreclosure/comment-page-2/#comment-62079 Jill Mon, 12 Dec 2011 02:33:35 +0000 http://foreclosureuniversity.com/blog/2008/09/30/equity-line-of-credit-and-foreclosure/#comment-62079 I should have mentioned it was chapter 7. I should have mentioned it was chapter 7.

]]> Comment on Equity Line of Credit and Foreclosure by Jill http://www.foreclosureuniversity.com/blog/48/equity-line-of-credit-and-foreclosure/comment-page-2/#comment-62043 Jill Sun, 11 Dec 2011 23:56:01 +0000 http://foreclosureuniversity.com/blog/2008/09/30/equity-line-of-credit-and-foreclosure/#comment-62043 My now ex husband and I had to file bankruptcy in 2009 in order to keep our home. We have since divorced, and had to let the home go In to foreclosure. We had a 1st and a line of credit. The house auctioned off on October 18, 2011. My questions are, will they come after us for the line of credit, and if so is it true in the State of Arizona (county of Maricopa) do they have to let us know in writing within 90 days from the date of Auction that they are doing so? If the do not do anything in that 90 day's they can do nothing? I was told this by an Attorney. Also, I live in another county and have my Father living with me and am going back to school in January. so my money is very tight only source of income right now is spousal support, can they put a hold on my spousal support and also can I file anything in the new county I live in if need be. I never get anything but regular looking bills showing late from them. Is there anything I can do to protect myself? Or do I have to do something with my ex husband Involved. I ask because I think we should be 50%, I am afraid to check in to anything as they may hold me liable for 100%, even if it is a small percentage of the entire amount. I have so many more questions but this is a start. My now ex husband and I had to file bankruptcy in 2009 in order to keep our home. We have since divorced, and had to let the home go In to foreclosure. We had a 1st and a line of credit. The house auctioned off on October 18, 2011. My questions are, will they come after us for the line of credit, and if so is it true in the State of Arizona (county of Maricopa) do they have to let us know in writing within 90 days from the date of Auction that they are doing so? If the do not do anything in that 90 day’s they can do nothing? I was told this by an Attorney.

Also, I live in another county and have my Father living with me and am going back to school in January. so my money is very tight only source of income right now is spousal support, can they put a hold on my spousal support and also can I file anything in the new county I live in if need be.

I never get anything but regular looking bills showing late from them.

Is there anything I can do to protect myself? Or do I have to do something with my ex husband Involved. I ask because I think we should be 50%, I am afraid to check in to anything as they may hold me liable for 100%, even if it is a small percentage of the entire amount.

I have so many more questions but this is a start.

]]> Comment on Equity Line of Credit and Foreclosure by Jarad http://www.foreclosureuniversity.com/blog/48/equity-line-of-credit-and-foreclosure/comment-page-2/#comment-62327 Jarad Sun, 11 Dec 2011 14:07:57 +0000 http://foreclosureuniversity.com/blog/2008/09/30/equity-line-of-credit-and-foreclosure/#comment-62327 Joel, You need to read the article we wrote on <a href="http://www.foreclosureuniversity.com/studycenter/freereports/note_buying.php" target="_blank" rel="nofollow">buying notes</a>. It is a great solution if you are upside down, current or not on your mortgage, and want to stay in your home. We have the ability to negotiate with your 2nd lien holder and completely wipe it out. This option is TONS better than a short sale or foreclosure because it doesn't affect your credit like a short sale or foreclosure would. Joel, You need to read the article we wrote on buying notes. It is a great solution if you are upside down, current or not on your mortgage, and want to stay in your home. We have the ability to negotiate with your 2nd lien holder and completely wipe it out. This option is TONS better than a short sale or foreclosure because it doesn’t affect your credit like a short sale or foreclosure would.

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