Posts Tagged ‘bankruptcy’
Loss Mitigation Center
September 1st, 2009
Loss Mitigation Center
Question: Loss Mitigation and "The Center For Responsible Lending"?
The Center For Responsible Lending always cites the "lack of effort" that lenders are making with regards to working out a solution to the foreclosure increase.
As a Loss Mitigation Consultant I can say that I rarely get a call back from homeowners in trouble and all I'm calling to offer is a loan modification from their lenders.
It's free money and in many cases a way for these people to keep their homes and make a fresh start.
It's time people take responsibility for their own actions.Didn't we learn anything from the DNC list the FCC now governs, all that did was send $12-$15 per hour jobs to India where the FCC has no authority.
Answer: x
How To Get Your Loan Modified
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Should I sell my house?
August 18th, 2009
I am a single mother of two and get no child support. I am forever fighting with loss mitigation to avoid foreclosure, and I am aging years at a time with all the stress maintaining my household involves.I put no money down and even with the slow market, if I sell my house I will make a profit - I think. I have been an owner for four years and I don't think I am upside down but you never know. Different Realtors give me different quotes. I am just scared about losing my home and not having anywhere to go to. I filed bankruptcy that was final not so long ago so my credit is not looking pretty. So if I sell my house, I will have to rent. I know that renting will be much cheaper but what about my credit. Things are very confusing to me and different people seem to give me different ideas of what to do and what is going on.
Posted in Foreclosure, Loss Mitigation | 
Tags: aging because of stress, am i upside down, avoid foreclosure, bad credit, bankruptcy, bankruptcy finalized, best option for me, best selling option, child support, credit and renting, do i need to sell house, fight with loss mitigation, fighting with loss mitigation, file bankruptcy, Foreclosure, household, Loss Mitigation, make money if sell, money, no money down, renting, sell a house, sell for profit, sell home, selling a home to avoid foreclosure, selling a home to prevent foreclosure, selling for a profit, should i sell my house, single mother, stress | 
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Mortgage Forgiveness Short Sale
June 2nd, 2009
Mortgage Forgiveness Short Sale
Question: If i short-sale my house for $200K and i owe $425K on my mortgage do i still have to pay the difference?
My mortgage is $325k 1st loan & $107k heloc. Do i still have to pay the difference to my lender? Can they go after me even if i qualify for debt forgiveness?
Answer: A short sale requires permission of the lender, otherwise you have defaulted on your loan, so without their permission you would have to pay the difference.
The good news is the IRS just ruled that you are not liable for taxes on the amount of the loan forgiven by your lender.
New Tax Rules for Short Sales - Foreclosures