my sister has 2 houses that she needs two let go into foreclosure in WA?

Question

but she also has a house on her name in OR and a house on her husband name....long story short everything is upside down and she`s afraid she`ll lose the house if the morg. co. comes after her...the reason she`s losing the houses is the business went down..

Answer 1

She doesn't have to let a foreclosure happen.
The mortgage companies can actually take her personal home if they lose money on the sale. Why not have them suggest a short sale? They could also rent out the houses and work out some sort of repayment plan with the mortgage companies. She can also sell the houses to one of those places that buys for cash - she might not make a profit, but she'd get out of the houses without a foreclosure.
The mortgage company just wants their money - they'd be more than happy to work out a payment plan - because if they foreclose they have to pay those fees, plus they usually don't sell the house for enough money to cover the balance of the loan. I'd have them find tennants asap and try to get the mortgage company to possibly extend the loan a few months to eliminate what's in arrears.

Answer 2

Your sister as several options about her property that is about to go into foreclosure

#1 She can let them go into foreclosure

#2 offer a deed-in-lieu of foreclosure

#3 Try and work something out with the mortgage company
(Short sale is one)

#4 She can sell the houses

She need to contact her mortgage company's Loss Mitigation Department.

Can she predict how long her business will be down and expected income once going again?

If she has other properties, then normally they are not touched, only those that are offered as collateral on the note she signed.

If she has a property that her husband is on the mortgage and it is not a part of the foreclosed property, again this should be safe property.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 3

This will be a tough one for her, but there are somethings that she can do to help herself.

All of the properties are upside down? Ouch. But she can go to each lender and ask for some forbearance on her mortgages. The banks might reduce her mortgages on each property. This will give her some equity, but it will be a taxable event. So say they reduce her mortgages by $50k, she'll end up claiming $50k additional in income that she didn't even touch. But money to the tax man to save the homes? Sounds like a deal to me.

How are the additional homes structured? Are they in LLC, C-corp, S-Corps, or all in her and her husband's name? If they're all listed together, then the bank can go after your sister.

Answer 4

Is there a 4 3 hundred and sixty 5 days college/college on your community? in that case, this is incredibly helpful to evaluate posting it for hire interior the school newspapers. Dig deep for stable potentialities and decide for all male or all lady. point out which you're open to sub-leasing , yet that one renter has to truthfully sign via fact the in charge leasor. Thereby in case you have 3 bedrooms you are able to hire to 3 people, which truthfully covers your notice with a sprint cushion thrown in. you will ought to take deposits from all renters. in case you're valuable with the condo element make preparations to advance up correct funds on the two or the two between the mortgages. they're going to attempt to allow you to already know "no" here via fact drawing/paying down correct additionally the double whammy results of increasing hobbies payoff and thusly ends up in a shorter payout. so which you are able to persist and demand. i'm going to upload a source to this submit in a couple of minutes that must be waiting that may assist you accomplish the early repay area.