Feb
16
what are my rights re behind repayments on mortgage?
By
had mortgage for 12 years & have fallen behind many times but have always fixed arrears in time given.ive paid a few thousand in defaults etc.at one point i was $12000 in front but they mismanaged an account i had with father(sharing second mortgage)it took 1 year to correct(i lost $12000 in process but was corrected)now 3 months behind.am selling house 17/7/08.what are my optoins?can i settle when sold?ill be able to make 2 more payments between now & 17/7.my broker has offered no assistance or sympathy just thraets of losing house if arrears not corrected
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2 Comments
May 29th, 2009 at 10:09 pm
You’re so close to be out of it, that if you can make up the payments I would and be done with it in July. It will hurt your credit of course, but it is better than defaulting.
Your broker is a jerk and I would tell him that! As close as you are, you won’t lose the house,but you may not have any cash at closing. Make sure that JERK shows you the HUD statement the day before closing - demand it!
June 4th, 2009 at 9:17 am
First off, find out the foreclosure timeline for your state. In California, you have another 4 months. If you have equity in the home when it sells and you will be close to the end of the foreclosure deadline, then contact your lenders and ask for an extension. They will want to see that you have a purchase offer in place before giving you an extension.
If you have no equity, then ask for a short sale from your lenders.
I have no idea why your broker can’t help you. Feel free to e-mail me if you have more questions.
Regards…