home lenders refinance mortgage

December 25, 2010

Foreclosure consequences on my rental property in Michigan?

DeuceCat asked:


I moved to Oregon 3 years ago. My home in Michigan never sold. The rent income has been below my mortgage the entire 3 years. I can no longer afford the mortgage and my renter is moving out in 1 month. I am considering letting the bank foreclose on the house since I can’t refinance and can’t afford to pay someone to manage the property for me. I have a 80/20 split loan thru Countrywide (now B of A)
I know that the lenders can come after you and there are tax consequences but…the house is valued at $63,000 and I owe $63,000 on it. Any idea how much I may be penalized or responsible for if they foreclose? This is SO stressfull. Any help is appreciated.

Ronald

February 20, 2009

If I refinance my home to cash out equity and end up foreclosing in the future, what can happen to me?

iboughtanightmare asked:


I like many others am in financial trouble and am having problems paying my mortgage.
I’m thinking about refinancing my home (for no more than it’s current market value) and taking my equity so I can pay off my car and a credit card.
If I do that, and still end up facing foreclosure in the future – what can happen to me besides having my credit ruined?
I live in Arizona – the law here states that – “A lender may not bring a deficiency suit against a person who lost a property that is 2.5 acres or less at a foreclosure provided the property is a single one-family or a single two-family dwelling.”
I fall into that catagory. Basicly, I’m wondering about future pit-falls if the worst case scenerio happens and I do end up foreclosing after I do a cash-out refi.

ADRIAN

February 6, 2009

Can I get a Hard Money loan & then Refinance Mortgage on a foreclosure property?

J Storm the Phenomenon asked:


And How do i go about it? I took a brief real estate class and i remember the general discussion of hard money lenders and how they give you a large sum for a short time for things of this nature. I’m thinking about getting my first home but have limited funds and thought of this as an alternative.

DORIAN

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