I want to sell our son our house we dont owe that much on it but have other bills. With the money we get we will pay off our other debts which are draining us. Then we want to buy it ba ck for the same price. Is this kosher.

Powered by

Bush gave everybody a free house on taxpayers credit...his buddies sold the mortgages to forigners, then made massive bets that these people would not repay the loans. if fact, bush's cousin, herbert walker, headed the "mortgage default insurance/gambling dept" at goldman sachs. bush's top donors were a huge homebuilder and the top subprime lender. here is the video...go to the 4 minute mark to hear him say it. http://www.youtube.com/watch?v=knqq x7sjos8 here is the offical white house text of that speech he gave in atlanta on june 17, 2002. http://georgewbush-whitehouse.archi ves.gov/news/releases/2002/06/20020 617-2.html here is the offical white house fact sheet: http://georgewbush-whitehouse.archi ves.gov/news/releases/2002/06/20020 617.html bush said "...that's why i've challenged the industry leaders all across the country to get after it for this goal, to stay focused, to make sure that we achieve a more secure america, by achieving the goal of 5.5 million new minority home owners. i call it america's home ownership challenge. and let me talk about some of the progress which we have made to date, as an example for others to follow. first of all, government sponsored corporations that help create our mortgage system -- i introduced two of the leaders here today -- they call those people fannie may and freddie mac, as well as the federal home loan banks, will increase their commitment to minority markets by more than $440 billion. (applause.) i want to thank leland and franklin for that commitment. it's a commitment that conforms to their charters, as well, and also conforms to their hearts." (please note that bush appoints leland and franklin to their jobs at fannie mae and freddie mac so when he asks for 440 billion that is basically a presidential order) also note: the govt can not force a bank to make a bad loan. and surely, an all republican govt would not force a bank to make a bad loan. in 2002, republicans controlled both congress and the white house. you can't blame this on democrats and barney frank. in fact, bush's top 2 banking appointees have stated that the cra - community reinvestment act - has had absoutely nothing to do with the banking crisis. bush appointee federal reserve chairman ben bernanke said "experience runs counter to the charge that cra was at the root of, or otherwise contributed in any substantive way to, the current mortgage difficulties." in a november 25, 2008, letter, federal reserve chairman ben bernanke stated: "our own experience with cra over more than 30 years and recent analysis of available data, including data on subprime loan performance, runs counter to the charge that cra was at the root of, or otherwise contributed in any substantive way to, the current mortgage difficulties."

And if this didnt happen he would be called racist by the dems that oversaw the program

Powered by

I understand that 'sub-prime' loans are being forclosed on left and right, and i understand why. but what i don't understand is this: if i have a 'sub-prime' mortgage for more than 80% of my home's value i am also paying pmi - private mortgage insurance. quite literally, i am paying for my mortgage company's insurance policy against the loss they will encounter if i default on my mortgage. so, if i default the mortgage company gets my house and sells it and then makes an insurance claim (against the policy i paid for all those years) against any net losses. so if they can't lose - they make money if i pay my bill and they don't lose money if i don't - then how come they are going bankrupt?

Not everyone has PMI...Mortgage companies don't want to own or manage properties...they want the cash. Foreclosure means they own a property and incur all the expenses associated with maintaining it. Mortgage companies don't want this overhead and often have to sell the property to recover something/anything they can. In the end it's often not enough to cover their loan so they end up bkrpt. PEACE!

Powered by

My mom just received this letter at our home the other day & i had a few questions in regards to it. 1. it was dated feb. 7 2011 - since we don't plan to establish the payments to recoup and retake the house, how long do we until we are forced out? (estimation would be fine) 2. it also says "you must still pay other obligations such as insurance and taxes" - is the amount payed usually high? and what if it isn't payed when we move out? 3. also the letter was only titled with my mother's name (my father was only listed with her as joint tenant in the letter) - they are going through a divorce which is the primary reason we haven't been able to make payments, does the letter only having her name on it mean the mandatory payments must be payed by her and not him? - clarify that please. 4. last question is this notice of default and election the letter that is warning us to be prepared to move out or is there another letter following this one that will contain that. extra details: we're in california, the date the end of the letter was feb. 4 2011. any help on this matter is greatly appreciated as i do not know much about foreclosure/ mortgage etc. thanks

In California the time frame after the Notice of Default is filed is 120 days. The foreclosure should be complete in early June. It will probaby take about 30 days after that when your mother is forced to vacate. I wouldn't bother paying either the property taxes or the insurance. There will a Notice of Trustee Sale that will be mailed and posted on the property in about 60 days. I'm assuming that you are going to let the house go back to the lender.

Powered by

I've trimmed down everything i reasonably can, except our car insurance (it doesn't run out until january), and now we are still $300 short on our monthly budget. our interest rate hasn't gone up, it's just that our household income is down about $5000 less than what we had when we purchased the house 2 years ago, and inflation has eaten up everything else. i've heard that you can work with your mortgage company, but i called the company that handles our first mortgage and they couldn't have cared less. our income is above the poverty line, so we can't get help with food or utilities. so now what the heck do we do? should we walk away for the house? (nothing's selling in this area.) should we default on other bills instead? or should we be more aggressive with the mortgage companies that we are currently with?

I'd definitely have another go at the mortgage companies. If that doesn't work, I'd default on just about anything before I'd default on the place where I live!

Powered by

Here is the deal: i took advantage of the $7,500 first time homebuyer tax credit in 2008. this was not the $8k credit that came in 2009. the 2009 credit is not a loan. my tax credit is a $7,500 loan, set to be repaid in $500 installments over a 15 year period. so here is where things spiral into a possible disaster for me: i made the first $500 payment while filing my 2010 taxes in february. i owe $7,000. the rules of this credit state that the irs can bill me for the entire amount due if i change my address. (in other words, if the property i received the credit on is no longer owner occupied or sold) well, i purchased my home three years ago. i owe 145k. it is worth 115k. i can rent it for a straight across break even amount, which would cover the mortgage, taxes, insurance, and property management fees. that is where my luck ends. i live in the central valley of california. unemployment is straddling 20 percent, and work is scarce. my construction job involves me driving up to 200 miles per day for work (when there is work) , and the car repair costs are crushing me. i have the option to move asap, or file for bankruptcy in the next few months. right now, my credit is flawless, other than the mounting debt i am incurring every day i stay here...and i will default if i do not leave. its just a matter of time... so my question is (in a nutshell), is the irs going to demand $7,000 from me when i move, or do they have provisions for a situation like this? i cannot be the only one facing this problem!

Yes you will owe it in full. They will not demand it, even though it is due on move out date, until taxes next year. This will not be effect by a bankruptcy, it will be a tax debt and you will have to pay it no matter what you do.

Powered by

My mother just passed in november .a few months prior to her death she moved to an apartment due to financial difficulties( taxes and such on house).the month she moved her bank also got sold and switched to a new name.as of now i'm farely certain her mortgage is in default by 6 months. just a few questions maybe someone here could clear up for me.1 is what now happens to the house as she had no insurance on it in event of her death. 2.when i went to the bank to close her checking account i had them check on it for me and they could not find anything with her having a loan with them.i know they should have it on files because her new mortgage payment book was from the new bank. also all her mail is forwarded to my home and as of yet i have not recieved anything regarding forclosures or anything even about late payments..i'm just a little confused on all this it almost as if her home and mortgage doesnt exsist.

You should contact a title service company in your area to research the status. Look in the yellow pages under 'Title" and pick one. Explain your situation and they should be able to help you find the info you need for around $100. Good luck, and my condolences on your loss.

Powered by

My mother in law bought the house i lived in with my husband and family in 1996. she died in 2004, and my husband inherited her property. a friend of his told my husband that until you settle the estate through the courts, you don't have to make the house payments. ha, ha, that wasn't true. so my dumb husband does not make the payments, and the house goes into foreclosure, which he didn't even try to stop...he never even opened the court papers...it was a default judgment. i knew nothing about this; he never told me, and since the mortgage was still in his mother's name, all the paperwork went to the house she had lived in, and i didn't see it. so, the house came within 24 hours of being sold at sheriff's sale. my husband declared emergency bankruptcy. he then dismissed it and went through loss and mitigation with the mortgage company...but...he never took his mother's name off the mortgage. then, he died suddenly last february, just as the original loss and mitigation agreement was coming to an end. i called to explain the situation to them, and the company told me to keep making the payments until they told me otherwise. in may, they put me on the "obama plan" and told me it would run out in december...but...despite the fact that i sent several death certificates in to them, and talked to them, my late mother in law is still on the mortgage, and the company still calls and asks to speak to her. the furnace quit in october, a high pressure pipe burst at the beginning of november, the house needs many repairs, since my late husband was a do-it-yourselfer who used duct tape to hold everything together. last month, my 3 kids and i couldn't stand it any longer, since there was no heat, no hot water, (the hot water tank went too), and we had to keep the water shut off until we needed it because the pipe leaked. there was no money for repairs, since my husband left no insurance, no money, and nothing but unpaid debts. so we moved into an apartment. i can't sell the house, the area i live in has so many houses for sale it's not funny. i am not listed as the owner, my husband's name is still on the property, and i’m not on the mortgage. can i just turn the property over to the bank, and leave it at that. i don't want anything more to do with it. i hate it, and i just want to be free of it. since i don't own it, or am not on the mortgage, and my husband left no estate worth speaking of, can i hand over the keys and walk away. i live in ohio.

Get a (good) lawyer involved.

Powered by

My husband died early this year. he had, so he said, and insurance policy for $88,000.00. he got papers every year from prudential which he opened and put away. when he died, however, and i called the company, i found out that he had lied, (not the first time), and the only insurance he left was a 2000.00 policy in his parent’s name, he had let the other policy lapse last year. the house i am living in now was in foreclosure...my late mother in law bought the house back in 1996 and we paid her rent money every month towards the mortgage payments. after she died, my husband took the advice of a friend of his at work who told him, "you don't have to make any house payments until the probate is settled", which of course was not true. so my husband, while assuring me he was making the house payments from a checking account he had in his own name was in fact not making them, and lying to me about it. (yes, i know he was an idiot, but it gets worse.) without telling me a word about it, he allowed the house to go into foreclosure, it was a default case, and he didn't even open any of the papers he got from the court. the papers all went down to his late mother's house, since the loan was in her name, and i didn't see them, or i would have taken steps to stop it. (he also let her house go into foreclosure and lost it at auction last year. yes, an idiot.) the first i heard of it was when he told me that the house was due to be sold at sheriff's auction. frantically, i looked on line and he declared emergency bankruptcy with less than 24 hours to go before the sale. he then went through loss and mitigation. right now, they want to refinance the loan but the loan is still in my late mother in laws name, even though i have sent them 4 copies of her death certificate, and called them 7 times to explain the situation. i don't even want this house any more because i can’t stand it, it needs major repairs, and our next door neighbor is crazy and keeps gossiping about us all over town and is showing an unnatural interest in my pretty 19 year old daughter. we saw a house in town that we love and can get for $65,000.00. unfortunately, i don't have much money at all, since i had to pay off a few creditors after my husband died unexpectedly in february. right now i am not working; i lost my job early in 2008 after the company i worked for went out of business. i have been applying for jobs ever since without success, and believe me i'm not picky. i don't have a very good credit history right now, since my late husband and mother in law took out credit cards in my name after we moved and the applications came to my mother in laws house (where we had lived) and they filed them out, maxed them out, and never paid on them. (my husband told me at first it was my mother in law who took them out herself, telling me this after she died, then late in january he confessed that he had taken them out with her too, (believe me when i say if there hadn't been a death there would have been a divorce)). so i don't know if that's why i can't get a job or if it's my age. (i'm in my mid 50's and a lot of companies are hiring younger people now.) my 22 year old son, who is out of school and working, and my 19 year old daughter who goes to school and works part time live with me, and i get a social security check for me and my 12 year old daughter every month. we want this house very badly, i can't sell mine right now because it needs too many repair jobs, which my husband never did, and i don't have the money to have them done. we really want the other house. is there anyplace we can get a loan in our situation? anyone who can give me some good advice, (and not smart mouth me about my situation, or my horrid late husband and his equally horrid mother), i would so appreciate it. this house is driving me to despair and i so want to start out in a new place, fresh away from any reminders of my late husband and away from the hideous neighbor. (this reads like a bad movie, i know, but it’s all true.) thank you!

You need to rent for a while. You are in no condition to assume a loan even if a lender were to grant you one . How would you ever keep up the payments and maintain the house without a job? I don't want to be cruel but the most sensible option you have is to forget about home ownership until you are able to clear up this mess and find work. You realize that if the mother-in-law applied for credit cards in your name that this is fraud? Have you reported this to the police in spite of her being deceased? Have you disputed the credit card charges on those cards? You have a lot of unpleasant work to do. Sorry.