Posts Tagged ‘short sale’

Avoid Foreclosure With These Homeowner Options

September 13th, 2012 by Jarad

Avoid Foreclosure – Here are Options of Homeowners

Avoid ForeclosureThere are a ton of homeowners right now struggling to make payments and hoping to avoid foreclosure because let’s face, things just aren’t the same as they were before the market took a dive.

People are working harder and longer for about half or a third of what they use to make. Retirement accounts look about as good as they did when you first started dumping into it. Any savings has been depleted.

And now to make things worse, even if you wanted to sell your home, most homeowners wouldn’t be able to because their home is not worth what they paid for it. Yes, nearly 25% of all homeowners are underwater or upside down, meaning they owe more than what their home is worth. […read more]

Transferring Property To Another Person

April 19th, 2012 by Jarad

Transferring Property To Another Person – Is it Possible?

Transferring property to another personQuestion:  We are considering using a holding group and transferring our property to another person to avoid having to hassle with a short sale ourselves; in California, can my lender come after me for transferring property without their prior authorization? This holding group says they take care of everything including the lender.

Answer:  – Transferring property to another person using a quit claim deed or warranty deed is not illegal, however just because a different name shows up on title and a new owner is recorded on the county records, you are still liable for paying off the loan(s)! […read more]

Short Sale? Can we Settle instead of payment plan?

March 8th, 2012 by Jarad

Question:  We are in the process of doing a short sale to sell our condo in Illinois. We have a mortgage and a line of credit through Wells Fargo. The mortgage is approved for short sale, asking us to bring $20k to closing. The line of credit is almost approved but they are saying that we will have to settle that loan AFTER we close by setting up a payment plan. We cannot afford to pay on this line of credit and we are now considering foreclosure. If we foreclose, can the bank come after our assets? Can the bank come after us for the line of credit? We are moving out of state. Will we have to go to court? Will foreclosure permanently be on our record, or just for 7 years? Will we be able to get loans in the future? Thank you for your help!

Can I Short Sale My HELOC?

March 1st, 2012 by Jarad

Question:  I may need to short sale my home in Washington DC. My second is a line of credit of $80K. Is it possible that that lender approve a short sale, or will they automatically not, just because it is a line of credit and not a regular mortgage loan?

Can you buy a house and then short sale your upside down house?

February 12th, 2012 by Jarad

Question:  can you get another loan buy a house and then short sale your upside down house. is it legal

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