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imacowgirl
Joined: 26 Apr 2008
Posts: 1
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| Posted: Sat Apr 26, 2008 11:38 pm Post subject: Ready to give up on finding a loan |
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Well here is the short of it. We filed BK and will be 2 years from discharge this october but we have done a walk through on the home loans we had but are going to walk out as we need to move and can not sell due to the drop in value.
As of right now we are current on everything and have been even before the BK. No lates.
This month was our last payments we plan on paying on the 1st and 2nd.
We would like to buy a home where we are moving but will rent if we have to. We don't have much to put down, about 5000.00. There are a couple houses that are REO that we would not mind, around 140,000. We just can not seem to get a loan because of the mortgage payments on the house we are walking away from. They are causing our Debt ratios to be to much even though, technically we will no longer have those payments.
Anyway, any thoughts.
Thanks
We live in Northern California |
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Jason Hall
Joined: 07 May 2008
Posts: 10
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| Posted: Wed May 07, 2008 9:59 pm Post subject: |
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To Whom It May Concern:
Based on the information that you provided, it is not impossible for you to obtain another home. |
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sauron
Joined: 11 May 2008
Posts: 3
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| Posted: Sun May 11, 2008 6:16 am Post subject: |
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| don't give up. there's still hope. there's still something you can do, just don't give up. |
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Steve Ching
Joined: 01 May 2008
Posts: 29
Location: Bellevue, Washington
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| Posted: Mon May 19, 2008 8:31 pm Post subject: Re: Ready to give up on finding a loan |
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imacowgirl wrote:
This month was our last payments we plan on paying on the 1st and 2nd.
Anyway, any thoughts.
Might I suggest first checking if your existing 2nd is a promissary note (a promise to pay back the lender regardless) which will be enforceable in court as a judgement against you leading to garnishment of your wages.
The next thing you might want to do is contact both of your mortgages loss mitigation departments and explain the situation and ask for principle reductions to enable you to make the payments or sell the property.
Loss mitigation takes several months. I am assuming a deficiency judgement by your second mortgage lender will take far longer to pay off...especially if they lose a large amount of money.
If you plan on moving try to find a local real estate agent to list your house as a short sale and help walk you throught the process. |
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