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Can you work out deal with mortgage co. to return home without foreclosure?
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Can you ever purchase a home again after having a foreclosure?
Yes, you just have to either deal with high interest rates or wait until the seven year period has passed. It's sad, but true. There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure. I would advise looking into this first.
Do you get the best deal by buying a house at a foreclosure auction?
Yes, you get the best deal by buying a house at a foreclosure auction. You can read more at www.realtytrac.com/foreclosure/Auction/how-to-buy-homes-at-auction.html
Can I get a home loan while I am in bankrupsy?
can i get a loan to get caught up on my mortgage before foreclosure i have a good job now CAN I GET A MORTGAGE LOAN WHILE IN CHAPTER 13 BANKRUPTCY Yes, you can. However, it will be at a very high interest rate. Approach your local credit union for the best deal.
Why is Best Offset Mortgage a good deal?
Best Offset Mortgage is a good deal because of the low rates. Various banking institutions offer different rates and can vary greatly, so an Offset Mortgage is the best deal.
What are mortgage rates without the hidden fees?
Really, the banks are going to be your main option. Your best choice would be to try negotiating with your bank for a deal.
What is the difference between a short sale and a foreclosure in real estate matters?
When the owner of a home can no longer afford to make payments on their home mortgage, the home may be sold in a short sale before it enters into foreclosure. A short sale is one of a homeowner's last resorts. It occurs when a home is sold for less than the balance remaining on the mortgage. Typically the homeowner and lender strike a deal in which the homeowner agrees to accept less than the amount they owe on their home (making no profit) in exchange for the lender forgiving the remaining amount on the loan. This process may still damage the homeowner's credit, but they will avoid foreclosure. If a homeowner can't make payments on their mortgage and the home does not sell through a short sale, the lender can take possession of and sell the property by a foreclosure proceeding. To find out more read the full article on Nestiny.com
How can one figure out if the bank is offering the best deal for a mortgage?
There are several ways to figure out if the bank is offering the best deal for a mortgage. The interest rate on the mortgage is an important factor, lower is better. The length of time over which the mortgage is being paid is important too.
What are the factors that make a mortgage a deal?
There are many factors that make a mortgage into a deal. Some of those factors include the rates, price of the property, and the location that the property is currently in.
Can a homeowner just walk away from their home without a financial hardship?
No. The mortgage company will foreclose and take possession of the property and foreclosure costs are high. Those costs will be added to your debt. You may also have incurred property tax debt. These will be reported to your credit record. You should talk to your lender and try to negotiate a better outcome. You may be able to sign the property over to the lender by a deed in lieu of foreclosure. Walking away is the worst way to deal with the situation. Resolve it responsibly before you move on.
Is there any way to get out of a mortgage without foreclosing or selling?
Most refinances are done to "get out" of a mortage and get a better deal. If this is not an option due to lack of equity, or credit; it is now more possible than ever before to actually renegotiate with your current lender. Lenders are currently acquiring many more properties than they want to hold due to foreclosures. This provides a huge incentive to make it possible for their current customers to be able to afford their mortgage payment and not have to sell or face foreclosure. == == Yes, pay the mortgage in full. Another option is to deliver the deed (the rights) to the house "in lieu of" (instead of) foreclosure. The lender would have to agree to this provision. In this instance, the consumer is handling over the property and all his equity in exchange for the debt being cancelled. Obviously, a mortgage lender would only consider such an option if it was in their best interests. Deed in lieu of foreclosure is considered a derogatory credit notation, although not as bad as foreclosure itself, and will remain on a consumers' credit report for 7 years. Just be aware that if a deed-in-lieu is approved, that the lender does report it to the IRS as a 'forgiven debt' so there are tax consequences. I believe that it�s considered income to you, and therefore you have to pay taxes on it. The advantage to the mortgagor of a DIL vs a foreclosure is that it does look somewhat better on your credit report, and you don't have to worry about the lender seeking a deficiency judgment against you in the event that the property resells for less than the mortgage amount. You should be aware that I'm not an attorney, but I did work in mortgage servicing for a numbers of years.
How can one be sure they've found a good deal on their mortgage?
The biggest indication of if someone got a good deal on their mortgage would be their interest rate. A low interest rate, generally five percent or under, is a good deal on a mortgage as long as it is fixed. A varying rate would be a bad deal. Another sign of a good deal would be if the mortgage is held by a reputable lender who has a good reputation for customer support as there may come a time when one would require assistance with their mortgage and great customer support is a good added value.
Can a second mortgage lender garnish wages in SC for a foreclosure where the first lien took back the collateral?
If they were not part of the foreclosure deal, meaning that they didn't sign off on the short sale, then the loan is still outstanding. I suppose you didn't make the requested payments, so they are following up by garnishing your wages for payment. Check in with a real estate attorney, but you probably have a choice between paying up or having your wages garnished.
