Foreclosure, REO, Short Sale & Repos Q: My mobile home has been for sale for some time now, with no luck selling. I would like to move and get a house on land. What are my options and what are the consequences for doing a voluntary repo? I owe about $40,000 on my loan, and have lived there for five years with no late payments. Thank you.
View Answer Q: I occasionally read in the newspaper reports that the number of foreclosures on mortgages is increasing, and I have often wondered what happens to the mortgage and property when such occurs.
View Answer Q: We keep hearing what a great time to buy a house this is. Everyone talks about "short sales" and "REO’s." Please discuss the difference and tell us your opinions toward this type of purchase.
View Answer Q: What are REO’s and Short Sales?
View Answer Q: I purchased a home with my boyfriend in 2004; he remained in the home after we broke up. He passed away in 2006 and had not paid 3 mos (mortgage, utilities, taxes). I moved back into the home, got current on the bills and was waiting for our prepayment penalty to be up when market crashed. Now I am left with an interest only ARM, upside down about $109,000. I am current on my payments and my rate changes in 10/2009; because of this the bank will not help me. I am considering letting the property foreclose because I don't see any other options (looked into short sale and deed in lieu). I'm wondering if there are any considerations due to the fact that the primary borrower passed away.
View Answer Q: What are the current rules and complications of a Short Sale on my credit?
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