adhocusage's Advice

Contributions are sorted newest to oldest.

  • 6 Contributions
  • 0 Best Answers
  • 0 Helpful

adhocusage wrote:

SS cancelled - Buyer yet to sign
Hi ExpertsPer the Short Sale Addendum the Short Sale has been cancelled. The Agent says he is waiting for the Buyer to sign the cancellation. It has been few days and have not heard from the buyer. Can the buyer cause any problems? This is primary residence and the seller wants to keep  the property.TIA.
January 09 2013
(0)

How to keep the house if the bank rejects short sale?

Answer
>In essence although you have an offer, your bank has not approved your >short sale.  Nowadays most bank will try to offer a loan modification prior >to the acceptance of a short sale.  Who is doing the negotiations with >your lender?Currently bank is still reviewing the statements. So far i have not received any information regarding Loan Modification.
December 11 2012
(0)

How to keep the house if the bank rejects short sale?

Answer
I have not done loan modification so far .. bank is still in the process of asking for documents and reviewing. My realtor should be pulling out the listing as of 12/31/2012 if the bank does not decide by then. The buyer and buyer agent is aware of that. The agreement has been signed regarding the same.What i am confused is whether i can contact the bank now to tell them i want to keep the house. Can the buyer come after me if i do that? Will the addendum take care of it?
December 11 2012
(0)
How to keep the house if the bank rejects short sale?
I have listed my house for short sale and have a buyer. The documents have been submitted to the bank and it has been more than 40 days and have not heard anything from the bank. I have made it clear from the beginning that if the bank does not give the verdict by 12/31/2012 i am pulling out the short sale ( i have two loans). The buyer agent and the buyers are aware of it and a short sale addendum had been added. I don't mind going through the short sale if the lenders approve it but in case they don't and the government does not decide on extending the mortgage forgiveness act, i want to pull it out. What happens if the bank rejects my short sale? Does it automatically mean it leads to foreclosure? what if i make attempts to pay the past dues and tell the lender that i want to keep my house? This is in California.Thanks
December 10 2012
(0)

if i owe more than my home is worth, can i restructure my loan to reflect its present value?

Answer
Eric What do you mean by Short Payoff? Can you explain it? I don't understand. I am the original poster.
October 23 2009
(0)
lowering mortgage
HiMy home value is $262,000 or so it shows in zillow. My last appraisal took place around may 2007 put it at $315,000; I am sure it would be around $250,000 today. My first mortgage balance is around $275,000 and my second is at around $47,000. I tried calling my first mortgage lending bank and they were mentioning about Obama's plan for HomeOwners. But my annual first mortgage payment + Property Tax + Home Owners Insurance + Home owners association fee is not exceeding 31% of my annual gross salary. I have been paying more for my second mortgage to bring it down monthly but of late i have stopped doing so and is paying extra only for the first mortgage (due to financial situation). In the last four years i have not missed on a single payment and has been paying both the loans in time.  1. Is there any way i can get the mortgages refinance to the existing value of $250,000 (or whatever it is). 2. Is there any way the lenders would agree to write off my extra loan?  3. In case i lose my job, can i do a short sale? How will it affect my credit rating?
August 02 2009
(0)