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Answers (5)
- John Valdez, "John Valdez"
- Contributions:419
Just checking your current status...Has it changed? You may want to look at the recently implemented HAFA (Home affordable Foreclosure Alternatives) program by the government. There is a FREE Hafa hotline that you can call to get recorded info. 1-888-503-6759 ext911.
- CORONA NICK
- Contributions:2218
Nothing... 2nds wont foreclose... they know that in the end, they wont get anything... so why waste the time and money to foreclose??? They are in 2nd position... meaning, whatever your house sells for, the 1st gets paid first, then the 2nd... and if your value doesnt even cover the first....they know theres nothing there for them.
- DaveAndersson
- Contributions:268
Only chapter 13 can get mortgage debt removed and you have to contest it with the creditor/lienholder. As long as you are in the home, they still have rights to your property. You can get them to settle for less, but this can be a very difficult process and make sure a lawyer looks over the verbiage of the settlement. Good luck!!!
- Edwin Baloloy, "Edquity"
- Contributions:183
Does Wells have the 1st mortage as well?
Have you received an Notice of Default yet?
Have you received an Notice of Default yet?
- Tony Veltri, "Tony Veltri"
- Contributions:146
Zand, what is your long term goal? If you are going to live in the home, you may want to try and get a loan mod. They are labor intensive and NOT guaranteed. But if you want to live there and that is going to be your home, market value is really secondary to cost of living. If you total payments are equal to, less than or slightly higher than renting, why not pay as agreed (there are many reasons, just a probing question)? If you are thinking of moving, you may try a short sale and get both banks to accept less than owed to satisfy your debt to them keeping in mind that you will be 1099'd for the amount forgiven. With you address and some additional information, I could give you some options. You can look me up via my profile and let me know. Good luck!!!
MY 2d mortgage of 300000 with Wells Fargo in CA is chasrged off. filed 7, 4 months ago.Implications?
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