Posts Tagged "Auction"

What happens to a second mortgage when a home is purchased at a foreclosure auction?

on Sep 4, 2012 in FHA Information | 4 comments

by Valerie’s Genealogy Photos Question by buad0118: What happens to a second mortgage when a home is purchased at a foreclosure auction? I am going to bid on a house at foreclosure and it has a 1st mortgage of $ 280K and a second of $ 70K. The lender on the first two mortgages is Decision One Mortgage. The lender at foreclosure is Countrywide. Does this mean that if I buy this house at foreclosure that I will own additional money to the second mortgage or just the first mortgage and back taxes? Best answer: Answer by Karen RIf Countrywide is currently the 3rd mortgage and you buy it at their foreclosure sale you will be responsible for the 1st and 2nd mortages plus taxes. Add your own answer in the comments! What happens to a second mortgage when a home is purchased at a foreclosure...

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HUD to Auction $1.7 Billion in Delinquent Property Mortgages

on Aug 17, 2012 in Unique Loan Programs | Comments Off on HUD to Auction $1.7 Billion in Delinquent Property Mortgages

Question by Brad F: What if I signed an intent to occupy on an FHA mortgage, visit this page and didn’t end up moving into the property? My mortgage broker didn’t mention I signed an intent to occupy on my mortgage. My intention was to use the property as a rental property. What happens if I do not occupy the property?? Best answer: Answer by PatrickIf you signed the paperwork saying you would live there and you do not live there then it would be considered mortgage fraud. I’d try to get this corrected because if they find out on their own that you rented the place out they may call the mortgage due immediately. Also most “intent to occupy” clauses only last for 1 to 2 years. Check the document you signed to see what the time you must occupy is. Good Luck! Add your own answer in the comments! SOCCER-CUP-SPONSOR by Sisa Majola SOCCER-CUP-SPONSOR by Sisa Majola. JOHANNESBURG July 31 Sapa. THERE WAS NO SPONSORSHIP ISSUE: KHOZA. Premier Soccer League (PSL) chairman Irvin Khoza said on Tuesday the new sponsorship deal for the MTN8 cup tournament had … For more informaiton please visit here… Hankyoreh Korea's most trusted newspaper for 8th straight year The Hankyoreh was chosen as the most trusted newspaper the 8th year in a row in a survey of experts conducted by Sisa Journal, cheapest an independent weekly magazine. On August 12, prostate Sisa Journal announced the results of a survey titled 'Who Moves Korea … For more informaiton please visit here… Melbourne end five game losing streak Cooper Cronk, Justin O'Neill and Sisa Waqa all finished the match with doubles as the visitors left AAMI Park looking for answers following Melbourne's return to form. Under pressure coming into the match, Craig Bellamy's side got off to the best start … If you would like more informaiton please visit here… Question by : Trying to refinance an underwater mortgage using new FHA guidelines? My house is under water, pilule I was trying to refinance using the new FHA guidelines where they will write off as much as 10% of the principle. The rules say that you have to work with your current lender. I was doing that but now my lender says that they can’t work with me because they don’t own the loan, it is in a mortgage backed security. What can I do? Thanks Acermil, you said Lenders who own current loans are not required to participate in the FHA program, under the new guidelines. Such participation is purely voluntary. If your lender will not participate, there is nothing you can do about it. Your lender must be willing to reduce your principal by at least ten percent. If they will not provide a reduction, you cannot refinance under the FHA program. My understanding is that in order to finance under the new FHA regulations, you MUST be current in your loan. What is the point of new FHA regulations if the lenders are not required to use them? Why would they do a principle reduction if they don’t have to? My house is 100K under water, the loans are at 6 and 7 percent, I just want to refi at 4.5% Best answer: Answer by acermillLenders who own current loans are not required to participate in the FHA program, under the new guidelines. Such participation is purely voluntary. If your lender will not participate, there is nothing you can do about it. Your lender must be willing to reduce your principal by at least ten percent. If they will not provide...

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