The loan is in his name with me as co-borrower. Due to his illness we filed for bkruptcy three years ago before he died. The loan has been 'sold' or transferred twice since then. I am receiving a VA pension from his wartime service that barely covers the bills. I have cleared up most of my financial problems from his long-term illness and am rebuilding my credit with small available balance credit cards. Can they take my house away even if I am up to date and current on my first mortgage plus taxes and insurance? Damnit. Last hurdle...
2006-11-06 01:44:44 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
The holder of the second mortgage could in theory foreclose on your home, even though you're up to date with the first mortgage and the taxes. It's conceivable that your situation (widow of a veteran) might give you some extra protections, but I think that's a long shot, and you would have to ask an attorney about that. The suggestion some other folks have made to refinance is certainly worth looking at. If the interest rate on your first and second mortgages is relatively high, it's possible that by refinancing (that is, getting a new loan to replace both old loans) you could afford the payments on the total amount owed. A call to the first lender or to any mortgage broker could answer that question.
One other thing to remember is that the second lender probably would like to avoid foreclosing, as it's expensive and time-consuming, and if you don't have much equity in the home, the lender may not get his money back. So he may have an incentive to negotiate with you--that is, to take a smaller monthly payment or to agree to some other terms that would work for you. There is no harm in contacting the lender and talking to him.
2006-11-06 02:17:12 · answer #1 · answered by matthew s 2 · 1⤊ 0⤋
Honestly, you should be more worried about paying the second mortgage than credit cards. A mortgage is a secured debt, credit cards are not.
Matthew is pretty much right but the fact that you are the widow of a veteran doesn't mean anything when it comes to paying your mortgages. If you can't afford the house then you either need to find a place you can afford or go to work if the VA pension is not cutting it.
If you have a VA loan you need to contact them first.
I'm sorry about your husband.
2006-11-06 03:59:52 · answer #2 · answered by BoomChikkaBoom 6 · 1⤊ 0⤋
Hello ayden
riht, first of all, how much is the second mortgage, and how much equity do you have in the property ? why not aproach it this way, make a deal with the 2nd mortgage lenders regarding the repayments whel you rethink things, then see if you can refinance the first and second mortgages into one whole new mortgage using the equity availabe in the property, try and get one of those low rate loans on the ouse, in this way you get out of the existing loan structure with two payments to different lenders and into a new fnancing structure that hopefully is not such a challenge to pay off and you keep your home without the stress.
2006-11-06 01:54:45 · answer #3 · answered by Latin Techie 7 · 0⤊ 0⤋
Just in case you should retain an attorney to help you. The only other recommendation I would give is search in these sites for potential assistance to you:
US Government Housing assistance grants all areas:
http://12.46.245.173/pls/portal30/catalo...
US Government Grants page: http://www.grants.gov/
US Federal Domestic Assistance catalog for all Federal Programs available to State & Local Governments & the Public
http://12.46.245.173/cfda/cfda.html
Department of Veteran Affairs – Home buying programs for Veterans:
http://www.homeloans.va.gov/veteran.htm
You could also ask the first lien holder to refinance the first and second as to avoid foreclosure and at an affordable monthly payment this would be a good faith attempt on your part in avoiding future problems.
I wish you the best
Buena Suerte
2006-11-06 02:09:06 · answer #4 · answered by newmexicorealestateforms 6 · 0⤊ 0⤋
oftentimes a will is accompanied interior the long-term. one ought to finally end up spending a lot of money and time combating a will... and nonetheless lose. depending on how far the place of work work has long gone with the foreclosure, the brother ought to get the value up as much as now and sell however the economic organisation might would desire to comply with it. often, there are particularly some previous due costs and such that the economic organisation is keen to swallow if the brother has the funds to get the loan up as much as now. often a economic organisation will earn extra money from the loan than from a foreclosure (particularly in todays marketplace).
2016-10-21 08:46:24 · answer #5 · answered by lagrone 4 · 0⤊ 0⤋
You might try to work with the bank. Find an attorney to see if you could file for reorganization or re finance the balance of the loan.The last thing any bank wants is to take your home,they want there money. good luck
2006-11-06 01:55:18 · answer #6 · answered by echochat40 2 · 0⤊ 0⤋