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I certainly look at housing much different than I did back then and will even tell you that I thought exactly like you when I bought my first house almost 30 years ago. However, when you get older, risk tolerance changes and I could not go through it again. You brought out different views, very important ones. Jzone is more humble and conservative in future decisions. Where as, OutsickToday is seeking opportunities at a risk and actually took advantage of the previous situation. But the bottomline is everyone background and situation are different. One may have family depending on them to have a shelter. Other may have rich relatives to retreat when all personal installment loan is gone. But high on the list, if it is true with what damage the Corona virus can do, we will all need to be humble and conservative. You buy a house, raise a family and then downsize to high acceptance payday loans direct lenders a smaller house when you retire. Invest your money in the stock market, not in your house. And I agree with you that home ownership does give you financial benefits and stability that a rental apartment can not. Your last sentence sums it up well for you and what you consider an acceptable level of risk: It sounds like we both made it through the 2008 crisis but in different ways. I loans lenders only certainly look at housing much different than I did back then and will even tell you that I thought exactly like you when I bought my first house almost 30 years ago. However, when you get older, risk tolerance changes and I could not go through it again. I have helped a lot of people on here in the past save their homes and I concur with you, about the house is a home. I will not loans lenders only help anyone who is trying to profit off advice here, for their investments and believe people like that should be banned from this site. I believe that is not what this site was intended for.

On what grounds would there be a wrongful foreclosure claim?

Did they do something in particular, wrong that could be used in your favor? If you had made the 3rd Payment, they would have released the NOD and would have had to start the entire foreclosure process from scratch. I used some people help from here and I appreciate it a lot. The rate is calculated for a 20 years amortization. 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.

Hello All, I am still here and see some of familiar names, still.


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My 10 years are passed already, wow,,,after postponing I dont know how many hundred times we have another sale date on this Wednesday.

ANY THOUGHTS, SUGGESTIONS, OR ADVISE IF THEY FORECLOSE THE DAY AFTER TOMORROW...

What I mean is at one point we knew it will foreclose and my lawyer says she may go after wrongful foreclosure. Hello All, I am still here and see some of familiar names, still.

My 10 years are passed already, wow,,,after postponing I dont know how many hundred times we have another sale date on this Wednesday. ANY THOUGHTS, SUGGESTIONS, OR ADVISE IF THEY FORECLOSE THE DAY AFTER TOMORROW...

What I mean is at one point we knew it will foreclose and my lawyer says she may go after wrongful foreclosure. Hello All, loans lenders only I am still here and see some of familiar names, still. My 10 years are passed already, wow,,,after postponing I dont know how many hundred times we have another sale date on this Wednesday. ANY THOUGHTS, SUGGESTIONS, OR ADVISE IF THEY FORECLOSE THE DAY AFTER TOMORROW... What I mean is at one point we knew it will foreclose and my lawyer says she may go after wrongful foreclosure. On what grounds would there be a wrongful foreclosure claim? Did they do something in particular, wrong that could be used in your favor? If you had made the 3rd Payment, they would have released the NOD and would have had to start the entire foreclosure process from scratch. Thanks for the answer but as I mentioned the amount of the payments were very high and they made 2 big mistakes on calculating property tax and insurance. I sent them both documents and told them to correct it then I will pay. About the wrongful foreclosure I have thousands of pages of facts and evidences from Countrywide, MERS, Bank of America, SLS all the way to Nationstar and MR. For now the sale date is postponed again because we filed a TRO and thanks again for your thoughts and I welcome new ideas. Thanks for the answer but as I mentioned the amount of the payments were very high and they made 2 big mistakes on calculating property tax and insurance. I sent them both documents and told them to correct it then I will pay. About the wrongful foreclosure I have thousands of pages of facts and evidences from Countrywide, MERS, Bank of America, SLS all the way to Nationstar and MR. For now the sale date is postponed again because we filed a TRO and thanks again for your thoughts and I welcome new ideas. Razmik, if you can go back with copies of receipts for when you paid for homeowners monthly loans insurance, they will wipe out the amounts from your delinquent escrow account. Gather up all the documents, put together detailed notes, and send a little package to your servicer.

I would also make a phone call, so there are detailed notes on the account. You can also change out the policy they have purchased for you. Get a quote from Travelers or Progressive for homeowners insurance, and when they ask for payment, just tell them your account is escrowed. They will bill the mortgage servicer, and it will get taken care of. You will need to get documentation together, and go to the county. In all honesty, I think a Loan Modification is your best route. Can you even rent a similar home, for less than what the purposed payment was? Can you rent out the current house, for more than the Modified Payment?

I just (late last year) did a cash out refinance on my current home and used that money to put down on another. I think I will be able to sell the current house (going to list shortly) for a descent price and get a little equity still out of it.

My understanding is that the same process applies as any other loan, except I took cash out, so the lender COULD file the foreclosure as a judicial and seek a deficiency judgment.

However, that is unlikely given that most are non-judicial foreclosures and the lender would therefore not be able to seek anything after that.

Once the COVID19 finished damaging the stock market. Prez creates some funny businesses with funny jobs, print funny money, and paying people with funny money. He will probably win the next election, if he did this. Once loans lenders only the COVID19 finished damaging the stock market. Prez creates some funny businesses with funny jobs, print funny money, and paying people with funny money. He will probably win the next election, if he did this. I bought the new house back in November and got offered a new job to relocate about the same time, took a cash out refi same day loans direct lenders to have the down payment liquid and ready to go for approval. I close this month on the 26th and have put down 3k earnest money and another nearly 4k for upgrade down payment. On top of that I signed stacks of purchase agreements and so on not with any thoughts that I would ever have to reconsider. This mess blew up and I am about to list my current house as I near closing and will be between two so schools can finish for the year for kids, etc.

And plus if the RE market crashes I would rather be stuck in the new location with a little cushion than the old location underwater and basically back where I was in 2010 when I left a house to buy another and let the first go after renting it a bit. Timing wasnt the best but you never know, I might be able to sell this current one before the cards tumble.

I am thinking a few steps ahead to decisions that I hope never have to be made. I just (late last year) did a cash out refinance on my current home and used that money to put down on another. I think I will be able to sell the current house (going to list shortly) for a descent price and get a little equity still out of it. My understanding is that the same process applies as any other loan, except I took cash out, so the lender COULD file the foreclosure as a judicial and seek a deficiency judgment. However, that is unlikely given that most are non-judicial foreclosures and the lender would therefore not be able to seek anything after that.

Im not sure if what you did makes any financial sense at all. You refied the old house but used the money to buy another house? And you already went through the previous market collapse in 2008-2010 when you lost that house.

I learned my lesson when I was in the same situation. Filed payday loans ga bankruptcy but stayed in my house with no intention of selling , refi or moving in the next loans lenders only 10 years at least. Houses are a place to live, not an investment for most people. I hate to say this but the current environment is not to blame for your troubles. Markets go up and down and we are just at the beginning of a down market in housing and stocks. California may be differant than other states, but you have to realize that from the previous down market and not repeat it. Unless you absolutely can afford this new house and sell the old one, you should probably back out and take the limited losses now. The risk is too high that you could lose both houses. However I am not interested in what you think I should do, or what lessons I should have learned.

In fact, I think I did pretty good with the crash in 2008. I had a house that I was upside down in and I went and purchased another and rented the upside down house. It got wrecked and beat up and I collected rent and let it go. I purchased the new house in 2010 and made a lot off of it because it was purchased at a deep discount.

So that equity I did not allow to just evaporate like I did before.

I did a cash out refi and put the money in a savings account to use for the down payment on a new house. I still have equity left to sell and maybe have about 40 or 50k leeway. Maybe I have to drop the price, maybe it gets so bad I cant sell. I already got my money out of it, unlike last time when I lost all the money I put down.