Nevada program would buy underwater mortgages
The proposed program would have the state create a $ 150 million nonprofit to buy up distressed mortgages en masse and refinance them. The newly appointed … Eighty percent of respondents said they had never heard of the Home Affordable Foreclosure …
For more informaiton please visit here…
Proposed Nevada program would buy 52000 underwater mortgages
The proposed program would have the state create a $ 150 million nonprofit to buy up distressed mortgages en masse and refinance them. The newly appointed … Eighty percent of respondents said they had never heard of the Home Affordable Foreclosure …
More informaiton please visit here…
Question by stargazer29us2006: Is there such a thing as home loans based on wages rather than your credit?
Is there such a thing as home loans based on wages rather than your credit? I don’t have good credit because of some old bills. I’m paying them off. My rent is never late. I make around $ 40, seek 000+ a year (depending on overtime). Where can I go for this type of loan?
Best answer:
Answer by Dixie Darlin’
Nowhere, there is no such loan.
Loan approvals are based on a variety of information like, they will review your finances, such as income, job history, credit history and other credit factors.
Add your own answer in the comments!
Question by Rose Arizona: What’s it called when you basically stop mortgage payments and give your house back to the bank?
We have a mortgage, information pills loaned from the bank, information pills and we’re considering just giving it back, malady because we can no longer make the payments. What’s the official term for that?
I guess I know it’s called foreclosure, but I thought that was only if it was initiated by the bank, and not the loanee.
Best answer:
Answer by charlie
Foreclosure
If you can try to keep making payments or sell your house it would be best. Otherwise it’s going to ruin your credit.
If you the borrower initiate then it is called deed in lieu of foreclosure. You still get a hit on your credit but it’s not as bad as a foreclosure.
Keep in mind you might still have to pay deed tax on thecanceled debt which is considered as income. The tax is calculated on the basis of unpaid balance.
What do you think? Answer below!
Deed in lieu of foreclosure — meaning you’re giving the deed back instead of having the bank foreclose.
being a dead beat.
The end result it is called a foreclosure no matter if you turn the house over to your lender or the lender actually foreclose on you because you fail to make the monthly mortgage payments .
You must be approved for a deed-in-lieu of foreclosure. This simply means that the lender or bank accepts the house from you, thus you are no longer obligated for the monthly mortgage payments nor the upkeep of the house.
If you contact your lender they might be able to work something out with you about your payments.
You should contact your lender’s Loss Mitigation Department. Don’t be thrown off the trail by some telephone answerer insist on speaking to a person from the Loss Mitigation Department and don’t get off the telephone until you have spoken to someone from that department.
Ask if there are other programs available to you that can eliminate you from your existing situation.
I hope this has been of some use to you, good luck.
“FIGHT ON”
First try contacting your lenders loss mitigation dept. It may be hard to get to the right person. If you are 2 payments or more behind on your mortgage they can start the foreclosure process.
Time isnt on your side. Try working with a loss mitigation company that will work on your behalf with your lender to get an option that will keep you in your home. Foreclosurelight Loss Mitigation LLC helps many homeowners this way,