I hold a house salaried for & my fiance & I are moving into it, her house have a 200K mortgage + 25k equity loan?
she can't sell the house in todays marketplace to break even without going to closing with prob 60k, The giving plus taxes, house bills, car note are too big and she wants to foreclose, but she is not sure what the best way of doing it is? should we contact the dune a few times to inform them of her hardship? will the bank or FDIC, which owns the loan in a minute, garnish her wages? and can the bank trimmings her wages for the equity line of credit? can the bank put a lien on my house?
Answers:
I would first suggest to rent the property out?
If that's not an option you can try to go for a short public sale where the banks will market the property below her mortgage(short) such as $150,000 and the bank will forgive the rest. Some states will require you to pay the diffences contained by taxes as capitol gains, but i think Bush outdo something to waive that for a period of time.
No the Bank can not ganish her wages in a event she does run into foreclosure because it is non-recourse loan. They will seize the property as collateral but nothing else. Same go for the question about lien on your home.
But try to rent it out to cover the mortgage, or even somewhat less is ok since you will be getting the write offs.
a; while you are legally separate, her credit and financial problems are
hers; not yours.
b; to oblige her--check with your cpa and atty; and consider this
unique approach--
beside your assets, buy a profitable biz near your home. Where you
can be an absentee owner. Assign 1/2 of the web profits
to her lender--do not give anyone but YOUR bank a lien on your house.
that channel, in 2-3 yrs, her house will be paid stale, and then,
you can keep or get rid of the business.
i am available to guide you and her and her cpa on this
happy new year Source(s): biz professor + RE broker
a ridge can certainly garnish your wages and put a lien on your or her assets if you are both signed as title owners and/or are both on the loan. further, you could find foreclosed upon w/just defaulting on the 2nd mortgage.
it sounds like she needs (is looking for) a short public sale. where, if the bank agrees these language, you sell the property and the bank declare debts nullified- even if it's sold below the debt you owe them. the fdic is an insurance company, which is actually a type of bank-- i do believe that they are also able to accessories wages, though i have never heard (firsthand) of them doing this.
in that are 2 problems i can think of and you should probably figure out beforehand you go further. the thing give or take a few short-sales is that a bank will likely NOT agree if you are surrounded by a good standing with your payments. while this backwards, it's across the world how it works. i'd suggest explaining the situation more so- they know whats going on in the economy, but here is no guarantee.
2nd thing is that your 2 mortgages are with separate bank, so it seems that they would both have to agree to a short-sale..... but i'm not 100% on this any Source(s): former mortgage banker, other
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Answers:
I would first suggest to rent the property out?
If that's not an option you can try to go for a short public sale where the banks will market the property below her mortgage(short) such as $150,000 and the bank will forgive the rest. Some states will require you to pay the diffences contained by taxes as capitol gains, but i think Bush outdo something to waive that for a period of time.
No the Bank can not ganish her wages in a event she does run into foreclosure because it is non-recourse loan. They will seize the property as collateral but nothing else. Same go for the question about lien on your home.
But try to rent it out to cover the mortgage, or even somewhat less is ok since you will be getting the write offs.
a; while you are legally separate, her credit and financial problems are
hers; not yours.
b; to oblige her--check with your cpa and atty; and consider this
unique approach--
beside your assets, buy a profitable biz near your home. Where you
can be an absentee owner. Assign 1/2 of the web profits
to her lender--do not give anyone but YOUR bank a lien on your house.
that channel, in 2-3 yrs, her house will be paid stale, and then,
you can keep or get rid of the business.
i am available to guide you and her and her cpa on this
happy new year Source(s): biz professor + RE broker
a ridge can certainly garnish your wages and put a lien on your or her assets if you are both signed as title owners and/or are both on the loan. further, you could find foreclosed upon w/just defaulting on the 2nd mortgage.
it sounds like she needs (is looking for) a short public sale. where, if the bank agrees these language, you sell the property and the bank declare debts nullified- even if it's sold below the debt you owe them. the fdic is an insurance company, which is actually a type of bank-- i do believe that they are also able to accessories wages, though i have never heard (firsthand) of them doing this.
in that are 2 problems i can think of and you should probably figure out beforehand you go further. the thing give or take a few short-sales is that a bank will likely NOT agree if you are surrounded by a good standing with your payments. while this backwards, it's across the world how it works. i'd suggest explaining the situation more so- they know whats going on in the economy, but here is no guarantee.
2nd thing is that your 2 mortgages are with separate bank, so it seems that they would both have to agree to a short-sale..... but i'm not 100% on this any Source(s): former mortgage banker, other
Related Questions: