Walk Away's Advice

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Walk Away wrote:

PMI and Mortgage Forclosure
I had a mortgage forclosure this past October . Condo goes to auction in mid January . I paid PMI every month for almost four years . How do I found out if the lender ever collected on this policy ?At the time the mortgage went delinquent, about $123,500 was still owed . That is higher now due to attorney fees, interest, late fees etc. .I was told that PMI usually covers around 28% of the loan amount .I have not heard anything from this insurer in about a 1 1/2 years .Just trying to get some more insight into PMI's role in the forclosure process .Any info./advice would be appreciated .Thanks .
January 08
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Seeking Info On Cartus Asset Recovery
I have a condo mortgage. It has been in default for two years. It was my primary residence, but I moved over year ago.The lender, PHH, has yet to complete the forclosure and take over the unit. I had a legal firm last year that was trying to negotiate a deed-in-lieu/consent forclosure. After five months nothing had been resolved and the legal firm just abandoned the effort.So, now it has just been a "zombie mortgage" for the last six months.Recently, I was contacted by Cartus Asset Recovery by mail. They want me to enter into a "short-sale program" they offer on behalf of PHH. I learned that they are operated by PHH.The paperwork they sent states, "this is an effort to collect a debt". Just wondering what possible, "can -of-worms" I could be opening up by doing this?If the unit would sell, would they still pursue a deficiency?Seen online where some people dealing with Cartus could never get an agreement with them regarding pursuit of a deficiency. If that is the typical case, why would anyone enter their short-sale program? At some point, it would go to market or auction anyways upon completion of the forclosure.Suspicious that it would just keep the forclosure stalling to continue and reaffirm me being tied to the debt.Any comments,advice, knowledge would be appreciated. Thanks.Is this
May 28 2013
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Sue For Deficiency Amount
Typically, what threshold dollar amount will prompt a mortgage lender to sue for the deficiency on a forclosed mortgage? I have a condo in pre-forclosure. Original loan amount $129,000.00 . Approx. $ 123,500.00 still owed. Current value on condo, +/- 30,000.00 . Located in Cook County IL. .
January 31 2013
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Paid PMI on mortgage. Mortgage is now in default, 18 months. How does PMI come into play with this?
Mortgage is grossly underwater,(ltv is over 300%) . Stopped making payments 18 months ago. Tried negotiating a deed-in-lieu/consent forclosure using a law firm, with no success. Firm has pretty much bailed on me. Will not return calls or emails. It's a condo in a 40 year old building and will not sell. Told lender just hurry up and forclose. How does PMI affect this situation? Should'nt provide some shield from being sued for any deficiency?
December 11 2012
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Deed-in-Lieu Request Denied, What Next?
Mortgage has been in default for almost 18 months. Hired a law/debt reduction firm to try and and negotiate a deed-in-lieu/consent forclosure. Mortgage lender is not willing to entertain that option now. Though that was an option they initially stated on paper that I could request. They are turning it down now because I did not try a reduced payment plan first. It was never stated in their written proposal that a reduced payment plan must be tried first before any other options would be considered. Anyways, I do not want to keep the property, it is a 40 year old condo that has not been remodeled in 20 years. Property will not sell. Valued at around $30,000. Still owe $123500.00. Should I just tell them to forclose. At least I can stop making the condo assessment payment every month and maybe I can make it in under the mortgage debt relief act before 12/31/2012, to taxes on the deficiency. Any advice/opinion is appreciated. Thanks.
November 20 2012
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Looking to rent again. Northwest Burbs of Chicago or Rogers Park area.
Looking for rental agents willing to work with a person with marred credit. I stopped paying my grossly underwater condo mortgage, ( LTV about 300% ), six months ago. I want to start looking to rent again, but not sure what to expect. FICO is around 650 currently. No other deliquent debt existing. Looking to rent in the northwest suburbs of Chicago or Rogers Park area of Chicago. I have a steady/permanent job. Gross over over $60,000 a year.
December 16 2011
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Strategic Defaults and Mortgage Debt Relief Act of 2007 . Will They Wash ?
Typically, will a STRATEGIC DEFAULT on a mortgage qualify for the Mortgage Debt Relief Act of 2007 . I still have the ability to pay the monthly mortgage . After following/researching the housing market, (short & long term outlook), for over 18 months, its not making any financial sense to continue with it . The place has lost over 50% of its value since the fall 2007 . Other conditions, an interest rate over 7 percent . Paying PMI . Annual 10 percent property tax increase . Condo association fee every month . Condo association will not let me use it as a rental unit .I owe over $123,000 dollars on a condo that would probably sell for +/- $50,000 dollars . It's located in Mt. Prospect, IL . Northwest suburb of Chicago .Any thoughts, insights, information would be appreciated . Thanks.
August 25 2011
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Recourse/Non-recourse loans and Deed in Lieu
Recourse and non-recourse loans as they pertain to a deed in lieu . Looking for a definition in laymen's terms . Thanks .
August 21 2011
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Deed In Lieu tax obligations ?
Under the Mortgage Forgiveness Debt Relief Act, what tax obligations apply for a deed in lieu ? An RE attorney told me there is no tax on a forclosure through December 2012 .
August 21 2011
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Strategic Default, Should I Even Speak With The Lender ?
I have chosen to strategic default on my condo mortgage, ( located in Mt. Prospect, IL) . Without going into a whole lot of details bringing me to that decision, should I even bother speaking with the mortgage lender ? Or should I just walk away and go rent when the time comes .
August 19 2011
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