If you need to keep the house, call me and I do arrange real equity lending - meaning I will use the equity on your property to momentarily ease your financial status until you get back on your feet. Check with your bank as they may add additional interest on the late payments or foreclose you. You can also skip a payment at no charge (most banks offer this feature) I think once a year. Also check with your mortgage insurer if there is a plan available for you to momentarily get you out of trouble. email me - debtfree@victorcatalan.ca if you need further information.

Powered by

I have a 30 year mortgage and, like many, have fallen onto hard times. i can move into another house which i own that has no mortgage payments. i do not want to hurt my credit by defaulting on my mortgage payments. how would i get someone to take over my mortgage payments (sell that house) so that they can own the house and not me?

Try to consult a professional in this area. Try to work with your bank. Just hang in there, as hopefully these tough times will come to pass. Here's an informative article on tips to avoid mortgage defaults, and one of them includes what you are doing--working on and not ignoring your problem: http://yourhandymanzone.com/Your_Handyman_Zone_How_To_Pages_Real_Estate_Zone_Buying_Your_House_Mortgage_Default_Avoid_Foreclosure.htm Hope you find this helpful. . . Source(s): The Internet is what I use. I'm pretty knowledgeable about the Internet. I have a firm belief in helping people with what I know, including from my development of sites, such as the one cited above. Sharing really is caring, and I wish those who I help can reciprocate by sharing what they know.

Powered by

I have my home financed through vhda,i am behind on my payments ,can i put my home up for sale to pay off the balance left on the total amount of the payments and still have money left?

In most cases, yes. As far as having money left over...it all depends on the real estate market in your area, the value of your home and how much you still owe on your mortgage. I highly recommend working with a realtor. You'll sell your house faster and probably for a higher price than if you tried to do it on your own. Also, keep the lines of communication open with your mortgage company. While you're trying to sell your home, see if you can work out a repayment agreement with them, so you don't fall even more behind on your payments. You wouldn't want them to foreclose on your home before you can sell it. If they have already started the foreclosure process, you may be able to work out a "short sale". This is where you have a buyer for your home, but the amount they are willing to pay is less than the payoff amount of your mortgage. You will not get any money back, but you will be free of the debt and you won't have a foreclosure listed on your credit report. I don't recommend going that route alone. You will definitely need the help of a realtor, attorney, title company or all 3. Best of luck.

Powered by

I live in california and both properties are in california. primary in san francisco, rental in richmond. if i let the banks foreclose on my rental property can they come after my primary home? the value of my richmond property has gone down by 40%, and i owe more to the banks that what i could sell it for. i have been struggling to make the monthly payments since last nov 2007, and as a real estate agent, i have had no sales since 12/07. therefore i can no longer make my mortgage payments. i cannot sell or refinance my rental property due to the decrease in value. i have contacted bank of america, washington mutual and the many "consumer" counseling sites such as 999-hope for help. but all tell me that unless i stop making payments the banks will not talk to me about modifying terms. however, once i stop making payments i will then ruin my credit. and so i have until may 15, 2008 to either make my payment or not. and at this moment i am thinking of stopping payments.

On the upside, if you default on your primary residence, you can escpape the ordinary income & tax of debt cancellation http://www.irs.gov/individuals/article/0,,id=179414,00.html Unfortunately, this does not apply to investment properties. It may be better to let the primary residence foreclose & then move into the rental home. Most banks will not work out a short sale or loan modification until you prove assets, income, etc., in addition to being late on payments to the point of foreclosure process being on your doorstep.

Powered by

My friend was selling his house and couldn't make the mortgage payments while the house was on the market. he said the real estate agent/company would pay his mortgage while it was up for sale. then when the house sold, they deducted it from the price of the sale. how is this done? also, if you don't make any mortgage payments while the house is on the market can it go into foreclosure?

the real estate agent "loaned " your friend money to make mortgage payments while the house was on the market,or during the closing period,,these payments were rightfully deducted from the net profit,if any,from the sale

Powered by

Or just paying interest on the bridge?

Bridge loans are granted if you have a home you are selling has equity, depending on the value, usually 80% of the equity. Example: Home being valued @ $100.000.00, Balance owed $50,000.00 Bridge loan 80% of %50,000.00 = $40,000.00. Term payment is usually based on 30 yr fixed equity loan peramenters. 6 mos. is the usual term, with an extention of and addittional 6 mos. if required. You will be making monthly pmts. on the bridge until your home sells. And @ the present equity loan rate. Bridge loans are invoked to help the cust. pay for closing cost, down pmt. on his new purchase. ( Please Note), you must qualify for the loan with all monthly debt, and they have a ballon note, with a lein applied to selling property. Hope this helps, Good Luck!

Powered by

Due to loss of income, we have decided to sell our house and rent for awhile. we are not upside down on our loan, and maybe even gained a bit of equity (maybe $5k). but my question is, if we put the house on the market and then stop making the payments- what will happen when we try to close? this is not something we plan to do but just wondering in case we have no other choice. thanks!

~~The mortgage holder will begin foreclosure proceedings. Then it goes against your credit which can make it very difficult to get into a rental (they always pull a credit report on you). In some states, they can come after you for the difference of what they can sell the house for if they foreclose. If you are selling it call the mortgage holder. There are programs available to help with temporary or permanent loan modifications for people in your situation. They may be able to greatly reduce your payment until you sell it without hurting your credit.~~

Powered by

I'm late for 3 months now but this started 8 months ago when my working hours has reduced. i contacted the bank many times and they don't have any solution for me now unfortunately. they said i can sell it or go for short sell. please advice me. i want to thank everyone for your answers. i really appreciate it.

No not at all. You can list it for sale as any other property and at the value that its worth. If a low offer comes in (lower than what you owe on it) your agent or you can contact your bank and ask if they will accept the offer. If they accept it you will be free of the debt and house but wont have any money out of the deal. You may also be stuck paying the difference from what it sold and what you owed unless your agent negotiates that in with the short sale. If you can sell the house for more than what you owe then the difference is yours minus selling fees and taxes etc.. Being late wont effect anything other than possibly making your potential profit less due to late fees and added interest on payments missed. Hire a real estate agent that is good with shortsales incase thats the routs you must take.

Powered by

The size of mortgage we can qualify for depends partly on our present debt including our mortgage payments. right? so if we sell our present house, our present mortgage payments will end, and we will qualify for a bigger mortgage than we otherwise would. right? and that implies we should sell before we apply for prequalification? or is that not how it works?

Hi Dilbert, Here is something that's happening right now to move up buyers. They sell their home and then find out that they can't qualify for a new mortgage. You are right that the size of mortgage you can qualify for depends partly on our present debt including our mortgage payments but your pre-approval can be based on the contingency that you sell your current home prior to closing on the new loan. With all of the changes to mortgage underwriting guide lines, I think you should get pre-approved before you sell your current home.

Powered by

It is vacant since last may. i am hoping that i can deduct mortgage payments along with the interest?

You are able to deduct mortgage interest only from a primary and second home you own and are liable for the loan. So even if you do not still live in this home and you are not renting it out, you are able to deduct the mortgage interest only. Laura H – H&R Block – Senior Tax Advisor 5 **This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided.

Powered by

I am also in chapter 13, just barely making my mortgage payments. my house needs new carpet. but new roof,siding windows and deck. i cant sell house for what it is worth what do i do?

Pay your mortgage and sell anything that's not required (clean the garage, attic and basement!). Your bankruptcy will allow you to keep your private residence, so that's really the main concern. With an upside-down mortgage (which is what you have) it's not worth trying to sell it. What are the rents going for in your neighborhood? Find out, because I can assure you that other home owners are probably in the same boat. Once you find out what your house can possibly rent for (hopefully at least cover your mortgage payments), then rent it with an option to buy. Your prospective tenant/buyer will not be reliant on Section 8 or disability income because you will do a credit check! Also, you will check how long they have had their current job, etc. Getting out of your situation isn't hard, you just can not panic. Even if you like the house, if you can't afford to keep it then it's just a nice house in a nice neighborhood. Here's one resource, he's a real estate investor you can call for help with your situation: I answer my own Phone! (970) 726 7979 I've also listed a course to learn more about this method because it might be the answer to your problem. Hope this helps. and the second website address belongs to that telephone number (he's an attorney and will be able to steer you in the right direction). All the best...and don't panic.