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Our mortgage has been sold 3 times and our HELOC once. They said the loan now needed to be repaid within 5 years, since we have already been 10 years.

My issue is that nowhere in our paperwork does it say anything about payment terms and dates. My question is do I just accept what they are saying or seek a lawyer to figure out why they are saying we have 5 years to pay the loan in full. I also considered refinancing into a VA loan and combining the 2 payments.

They cannot legally extend you a loan unless they disclose the terms which include the interest rate, secured loan years fixed, APR etc. If you cannot find the paperwork, try asking the mortgage servicer for copies. The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect i need cash the opinions of the firm or any individual attorney. Since 2007, the LoanSafe forums have helped millions of homeowners over the last 13 years either save their homes with a loan modification, obtain a short sale, forbearance, or walk away legally from their underwater mortgages. I live in Indiana and my house was discharged in bankruptcy 3 years ago without a reaffirmation agreement. Other than homeowners association fees, am I liable to to anything without a reaffirmation agreement? My homeowners insurance is in escrow and paid as part of my mortgage payment. Can I be sued for escrow shortage due to not paying my homeowners insurance if I foreclose? To payday loans salt lake city utah the best of my knowledge, no, you cannot be sued for homeowners insurance. This insurance is essentially for you the mortgagee and the bank who is the lien holder to cover damage to the home in case of damage and or injury. Since you are no longer liable as the mortgagee, I would assume this would make you no longer liable to protect your portion of interest in the mortgage. The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice.

Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.

Please Read our After legal advice, seek a mortgage professional in Indiana that helps overcome foreclosure, bankruptcy, divorce, and other life events. With more home mortgage i need cash loan programs than others, we can often find a program that works for you: Get free mortgage help today.

Since 2007, the LoanSafe forums have helped millions of homeowners over the last 13 years either save their homes with a loan modification, obtain a short sale, forbearance, or walk away legally from their underwater mortgages. Last 100 loans October she died and left me no way to make the mortgage payments. The loan company, (Ocwen), has filed the notice of default, and the time limit of three months, when they can set an auction date, is coming very soon. Last October she died and left me no way to make the mortgage payments.

The loan company, (Ocwen), has filed the notice of default, and the time limit of three months, when they can set an auction date, is coming very soon. Between auction date and you having to actually move out is probably more like 6 months. Most states allow homeowner 90 days to redeem property after auction, but not sure about California. Looking down the road, I would not pay for your new home in full. Put a down payment on the home and get a 15 year mortgage if possible, or even rent an apartment for a year. You want to be sure the area is where you want to stay. Unless you are very familiar with the area or have friends or relatives who you can count on for good advice, I would just rent for a while.

Since 2007, the LoanSafe forums have helped millions of homeowners over the last 13 years either save their homes with a loan modification, obtain a short sale, forbearance, or walk away legally from their underwater mortgages.

I continued to receive mortgage statements but I had no idea why.

I recently applied for an FHA loan and was told that CAIVRS was reporting me delinquent on an FHA loan which appears to be the loan on the property I though had foreclosed. It is only now that I realized that it was the HOA that foreclosed on the property and now I am not sure what to do. Since 2007, the LoanSafe forums have helped millions of homeowners over the last 13 years either save their homes with a loan modification, obtain a short sale, forbearance, or walk away legally from their underwater mortgages. We purchased our first place back in 2005 and had a 1st and 2nd. Refinanced 2 years later and had 40k on 2nd mortgage.

We rented it out in 2010 through 2012 and bought a new house in 2012. So it shows amount of 0 and charged off on credit report for both mortgages.


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Received 1099A forms for both 1st and 2nd mortgage this was for 2015. Since 2007, the LoanSafe forums have helped millions of homeowners over the last 13 years either save their homes with a loan modification, obtain a short sale, forbearance, or walk away legally from their underwater mortgages. My husband i need cash lost his job back in 2010 and through a series of bad luck, we ended up foreclosing on our home.

However, we are in a better financial situation now and would like to come up with a plan for how to move forward. First Mortgage - listed on our credit report as Foreclosure Redeemed. Second Mortgage - listed as Charged of as Bad Debt - Profit and loss write-off. Other than receiving a privacy i need cash notice from money loan online the second mortgage company (Ditech), we have heard nothing from them.

And the house was located in Ohio (we live in another state now) and I know they have a much longer SOL. I have looked at credit repair companies and even called a few attorneys, as I just want to know how to move forward here. My husband lost his job back in 2010 and through a series of bad luck, we payday loans best ended up foreclosing on our home. However, we are in a better financial situation now and would like to come up with a plan for how to move forward. First Mortgage - listed i need cash on our credit report as Foreclosure Redeemed. Second Mortgage - listed as Charged of as Bad Debt - Profit and loss write-off. Other than receiving a privacy notice from the second mortgage company (Ditech), we have heard nothing from them. And the house was located in Ohio (we live in another state now) and I know they have a much longer SOL. I have looked at credit repair companies and even called a few attorneys, as I just want to know how to move forward here. If first mortgage foreclosed, second mortage holder got nothing except the lein. If so, then there probably isnt a lien anymore since new owners would have to have a title search done to finance the purchase. My situation is similiar, but I filed chapter 7 bankruptcy. I plan on selling in 5 years or so, and I dont want any surprises coming up as that second lien would be a problem Thank you! How will settling affect our credit in regards to purchasing a home in the future (maybe two years)? Also, since no one from Ditech has contacted us, I am nervous that trying to settle may be like waking a sleeping bear. How will settling affect our credit in regards to purchasing a home in the future (maybe two years)? Also, since no one from Ditech has contacted us, I am nervous that trying to settle may be like waking a sleeping bear.

Did you recieve a 1099-C when the second was charged off? Thats one of the reasons I filed bankruptcy, because the debt is discharged. Theres a big difference between forgiven debt and discharged debt. By IRS rule, mortgage loan debt canceled by lenders is taxable as ordinary income to borrowers of those canceled loans.

So you might have to pay taxes on your lender-forgiven second mortgage. Before waking any sleeping bear, I would check with your former home county clerk and see if there is still a lein on the property. And run a current credit report if you havent in the last 6 months. We do check our credit and that is where we see that the loan has been charged off.

I understand that to mean that we still owe the money, which is why I wonder if we should try to settle. You bring up a good point though, if we do settle, do we have to pay taxes on the rest? Since 2007, the LoanSafe forums have helped millions of homeowners over the last 13 years either save their homes with a loan modification, obtain a short sale, forbearance, or walk away legally from their underwater mortgages.

Our goals are to remain in our home, avoid foreclosure and bankruptcy at all costs. Several years ago we took out a HELOC from HSBC to consolidate debt. We paid the HELOC for a couple years, and then my husband got laid off his job.

Occasionally they send us a bill asking for 40K, which is what they say the amount owed was. We have never talked to anyone there, never acknowledged the debt at all. My current harebrained scheme is to wait until October, when the date of last activity on our credit reports is over 6 years old.

Then plan is to wait another year for it to drop off the credit reports. Sometime I want to do a title search and see who may payday faxless fast cash loan hold liens on our property.

What do we do if after this drops (assuming nothing bad happens in mean time) we find that someone (HSBC?

What would be the best course of action if we get another settlement offer? I really appreciate any help or suggestions, or really any information at all. Kim, I would love to help you with this issue, we have programs available for 1 day out of foreclosure sale, so there are more options available than other lenders are telling you about: We purchased our home in 2003.