Tag Archives: second mortgage
- Debt Relief Law Center Attorney Takes Cash to Modify Mortgages and Gets Disbarred Instead
A Los Angeles attorney accused of misappropriating $1.1 million from 10 clients has agreed to be disbarred, the State Bar announced Wednesday. In one of the largest misappropriation cases ever handled by the Office of Chief Trial Counsel, Vafa Allan Khoshbin [bar# 165486], 52, had promised clients he could get their first mortgages modified and [...]
- What is the Best Way to Stay in Our Home; Foreclosure or Short Sale? – Marc
“Dear Andy, We (my wife and I) have been in our home for 7 years. We are current on our payments on both our first Loan of +/- $370k (5 year ARM tied to LIBOR) and our Second loan of +/- $75k with Citibank. We paid $499k for our home with only $15k down. Our [...]
- Can Specialized Loan Servicing 2nd mortgage note foreclose on me? – Belinda
Hi I have a first mortgage with BOA @ 110,000 a second with Specialized Loan Servicing @ 26,000 I owe more than the house is worth. Todays market value is 108,000. I am in the middle of a modification with BOA been going through it for almost 18 months… I stopped paying my second note [...]
- Should We File a Chapter 7 and Chapter 13 Bankruptcy to Save Our Home? – Tom
“Dear Lewis, I live in Nevada, the highest unemployement in the nation. Both wife and myself have been laid off. I was laid off Feb this year and my wife Feb last year. We have a stack of collection accounts and we have not paid our mortgage in a year. We want to keep our [...]
- Why It Makes Sense to Consider Debt Settlement for Second Mortgages and HELOCs
The debt settlement strategy has generally been limited to negotiation of unsecured debt accounts like credit card debt, store charge cards, personal loans, and medical bills. With secured debts, there is always collateral at stake, in the form of property like a home or vehicle. Given the right of secured creditors to foreclose or repossess [...]
- Can My Second Mortgage Company Foreclose on Me? – Sharon
“Dear Andy, Purchased home in 2005 in Michigan with a 1st and 2nd mortgage with same lender. Modified the home became delinquent again modified. now 1st is current and 2nd has been charged off. was offered a settlement but did not have cash on hand. what should we be worried about. can second foreclose 1st [...]
- Do I Have to Pay My Second Mortgage Home Equity Loan After My Bankruptcy? – Julie
“Dear Lewis, I filed Ch. 7 bankruptcy last year. I did not file on my 1st home mortgage or my 2nd mortgage – home equity loan and chose to continue paying them. I never signed any reaffirmation statements after the bankruptcy. Recently my loan officer pulled my credit and saw that my reports show I [...]
- We Can’t Afford Both of Our Mortgages, What Should We Do? – AR
“Dear Steve, We have a 1st & 2nd on our home. The 1st is for 124K with Citimortgage, the 2nd is a home equity line of credit with Bof A for 250k due in 2015. Our home is now worth approx 220k. My husband has was unemployed for the last 2 years. Recently back to [...]
- I Had a Foreclosure And They Only Took Away My First Mortgage. – Ana Maria
I had a foreclosure and they only take the first mortage and now after a year they want to pay them the second one, whhy? i dont have a home any more!i have debts in credits card and loans about 50,000.oo i live in Ca. What can i do, do i have to go to [...]
- Scott Writes Me and Asks For Help – “We Are Behind And Overwhelmed”
Scott wrote to me at GetOutOfDebt.org and asked me the following question. If you have a question you can visit GetOutOfDebt.org and ask for my free help also. “Dear Steve, We have too many bills and not enough money. We owe $30,000 in debt besides my mortgage. We are behind about 1-2 months are most [...]
- We Used to Run a Daycare Business in Our Home And Then It Was Foreclosed On. – Caroline
Caroline “Dear Steve, We used to own a home with a 1st and 2nd mortgage. Because we were unable to keep up with the mortgage payments after our in-home daycare business closed, our home was forclosed in June 2008 and was sold in auction for about the same amount as our 1st mortgage I also [...]
- What Happened to My Second Mortgage. Where Did It Go? – Eric
“Dear Steve, Had a hardship in ’07 (layoff) which put us into a tailspin for two to three years. Just got a good job this last month and got my first mortgage back in order through the HAMP program. Meanwhile, about two months ago, CitiMortgage got a summary judgment against me for the 2nd mortgage. [...]
- I’m Divorced and Confused By a Demand That I Pay on an Old Mortgage. – Stephanie
Stephanie “Dear Steve, My husband and I divorced over 10 years ago, when I sold our house it wasn’t enough to pay off the second mortgage, and since they had messed up in the paperwork they signed off and the sale of the house and we assumed the loan. I never signed a new contract [...]
- What You Need to Know Before You Refinance Your Home to Pay Off Debts
Consolidating your debt with the equity in your home can be a terrific money-saving strategy. The interest rate may be much lower than you’re paying on your other bills and, if you itemize on your tax return, you can usually deduct the interest you pay – making the effective rate of the loan even more [...]
- Our Home is Currently Worth Less Than We Owe On It. – Chris
“Dear Steve, Our home is currently worth less than what we owe on our first mortgage. We purchased our home in 2003 and it was valued at $224K. Our mortgage broker, who we believed was a friend, took us sub-prime when we would have qualified for FHA or Fannie Mae we later learned. Our interest [...]