I am not behind on payments but since i lost my higher paying job and money is tight I need to get out of my loan, I am in an interest only loan, which the payments will go higher, and I do not have money or equity to refinance. I feel this is the only way to get out fo this situation beisdes foreclosure. Also does Deed-In-Lieu affect your credit score?

Technorati Tags: credit score, deed in lieu, Foreclosure, interest only loan, job, money

I have asked a question regarding this topic, but now I am wondering from my previous question and answers, does anybody know what factors in to the bank decision whether or not to proceed, after foreclosure, in filing a deficiency judgement? having lived in the house for 2 1/2 years, in an interest-only loan, the bank has gotten alot of money already and would not be "losing" anything, would that be something that is factored into the decision? I live in Nevada so anybody that knows Nevada foreclosure process specifically would be great! I also have a 1st and 2nd which was done to avoid PMI I heard the 1st will sometimes "buy out" the 2nd in the event of foreclosure has anyone heard of this?

Technorati Tags: deficiency judgement, Foreclosure, interest only loan, money, previous question, question and answers

I have asked a question regarding this topic, but now I am wondering from my previous question and answers, does anybody know what factors in to the bank decision whether or not to proceed, after foreclosure, in filing a deficiency judgement? having lived in the house for 2 1/2 years, in an interest-only loan, the bank has gotten alot of money already and would not be "losing" anything, would that be something that is factored into the decision?

Technorati Tags: deficiency judgement, Foreclosure, interest only loan, money, previous question, question and answers

I have a 1.25% negative am loan that i need to get out of, i currently owe 673,000.00 for both my first and my second, my question is can i get a loan that is not a negative am loan and have my payments at 2,500.00 including my taxes? Even if i have to get myself into an interest only loan for the first 3-5 years or so, by then my wife and i would be off better financially and can refinance into something fixed. My home is worth about 750,000 so i still have some equity in it and have had this negative am loan for about 2 1/2 years now. I was on lending tree and put my info in the mortgage calculator and it brought out different scenarios and one did have a payment of 2,400.00 is this realistic? i pay 8,000.00 in real estate taxes a year.
I realize i cannot get an interest only loan plus get my taxes paid for 00.00 So can i get a payment of 00 without the taxes? for 673,000?

Technorati Tags: interest only loan, lending tree, mortgage calculator, real estate taxes, scenarios

I am one of those brilliant individuals that bought his first house using a no money down, interest-only loan at the top of the market last year in Southern California. For us, it looks like foreclosure is the best option (as opposed to short selling). I’m wondering if we are culpable for property taxes and HOA fees?
This question is specific to whether I am required to pay property taxes and HOA fees while going through a foreclosure…

I am one of those brilliant individuals that bought his first house using a no money down, interest-only loan at the top of the market last year in Southern California. For our specific scenario, it looks like foreclosure is the best option (as opposed to short selling, re-fi, getting roomates, etc).

I’m wondering if we are culpable for property taxes and HOA fees?

Technorati Tags: fi, first house, Foreclosure, hoa, interest only loan, money down, property taxes, southern california

i bought a condo two yrs ago with subprime credit, interest only loan. i counted on improving my credit score and refinancing before ARM expired. my score is now 720, but condos in my complex and neighborhood have depreciated and keep declining. i owe 190,000; recent comps are ,000 – 0,000. County officially devalued the property and reduced tax. Spoke to my lender–said they can’t do anything. I could rent the property for less than half the mortgage payment, not counting HOA dues, insurance, etc. ARM % doubles in one year, but everyone expects forecolsures from subprimes to increase, more condos on market, lower prices. I’ve contacted 2 different ‘programs’ advertising help for my situation, both said nothing I can do. Historically these properties took 12yrs to recover from last price drop. i retire in 6 yrs, need to break even on sale by then, or foreclose. What should i do now? Any options–or hope of quick recovery?
Thanks for all suggestions so far but: i don’t qualify for short sale yet, i’ve researched this. the lender won’t negotiate anything right now because the market in Sacramento is so bad and my loan is so ‘upside down’ it’s standing on its head. the HOPE program/bailout info is about credit counseling only; my credit is not the problem, score is now high–my problem comes from the increase in interest rates over past 2 years and huge decline in the market in my area. Not the lender’s fault, or mine. Any other solutions besides foreclosure? thanks.

Technorati Tags: bailout, comps, condos, credit counseling, credit interest, credit score, decline, Foreclosure, hoa dues, hope program, insurance, interest only loan, interest rates, mortgage payment, neighborhood, recovery thanks, refinancing, subprimes

I have a friend who has lived in her current home for over four years and was sold a Power Option loan, but was told it was an Interest Only loan. They are pretty much backwords on their mortgage and in major confidence card/ car loan debt. I just found out that they will be losing their home to foreclosure at the end of the month, and they will file bankruptcy.

Is there a way we can help to keep their home from foreclosing? Any help, or tips is wonderful!

Technorati Tags: bankruptcy, Foreclosure, interest only loan, mortgage