Comments for Northern California Mortgage Mods http://norcalmortgagemods.com Surviving the mortgage mess Fri, 20 Apr 2012 00:09:59 +0000 hourly 1 http://wordpress.org/?v=3.3.2 Comment on Should You Keep The House? by Cathy Moran http://norcalmortgagemods.com/2012/04/19/should-you-keep-the-house/comment-page-1/#comment-13491 Cathy Moran Fri, 20 Apr 2012 00:09:59 +0000 http://norcalmortgagemods.com/?p=565#comment-13491 If you filed Chapter 7 and got a discharge, the HELOC has no recourse. Your personal liability was discharged. Their only remedy is to foreclose and that seems unlikely if there is no equity for them in the property. If you filed Chapter 7 and got a discharge, the HELOC has no recourse. Your personal liability was discharged. Their only remedy is to foreclose and that seems unlikely if there is no equity for them in the property.

]]> Comment on Should You Keep The House? by Louise Shelton http://norcalmortgagemods.com/2012/04/19/should-you-keep-the-house/comment-page-1/#comment-13490 Louise Shelton Fri, 20 Apr 2012 00:05:00 +0000 http://norcalmortgagemods.com/?p=565#comment-13490 Dear Cathy, Thank you for creating such a helpful website. It is obvious that you care about people. However, I'm waiting with bated breath to find out whether to pay my second mortgage, or as some have advised, to let it go and see if the bank offers to take a smaller cash settlement. I am in the last few months of a temporary mortgage mod on the first from BofA as servicer. Wells Fargo holds both the 1st and 2nd mortgages. The 2nd is a recourse loan as it is a heloc taken out after the initial purchase. If I can get rid of the heloc I will actually have a small amount of equity. At least I could sell if they do not extend my modification. What should I look out for if I stop the payments on the second. Also, my husband and I had to declare a chapter 7 bk. two years ago. Thank you in advance for any info could provide. Dear Cathy,
Thank you for creating such a helpful website. It is obvious that you care about people. However, I’m waiting with bated breath to find out whether to pay my second mortgage, or as some have advised, to let it go and see if the bank offers to take a smaller cash settlement. I am in the last few months of a temporary mortgage mod on the first from BofA as servicer. Wells Fargo holds both the 1st and 2nd mortgages. The 2nd is a recourse loan as it is a heloc taken out after the initial purchase. If I can get rid of the heloc I will actually have a small amount of equity. At least I could sell if they do not extend my modification. What should I look out for if I stop the payments on the second. Also, my husband and I had to declare a chapter 7 bk. two years ago.
Thank you in advance for any info could provide.

]]> Comment on Foreclosed? Don’t Take A 1099 Lying Down by Six Rotten Reasons Not To File Bankruptcy http://norcalmortgagemods.com/2012/02/18/foreclosed-dont-take-a-1099-lying-down/comment-page-1/#comment-13381 Six Rotten Reasons Not To File Bankruptcy Thu, 05 Apr 2012 13:55:37 +0000 http://norcalmortgagemods.com/?p=529#comment-13381 [...] and loan modification issues and the taxes that may follow.  He’s written recently on Foreclosures & 1099′s  and Four Don’ts When You’re Behind on Your Mortgage. [...] [...] and loan modification issues and the taxes that may follow.  He’s written recently on Foreclosures & 1099′s  and Four Don’ts When You’re Behind on Your Mortgage. [...]

]]> Comment on The Tax No One Owes by Cathy Moran http://norcalmortgagemods.com/2012/03/09/the-tax-no-one-owes/comment-page-1/#comment-13158 Cathy Moran Sun, 11 Mar 2012 00:45:30 +0000 http://norcalmortgagemods.com/?p=554#comment-13158 In California, anyway, homeowners dues don't become a lien on the property until the HOA gives the homeowner notice and then records a lien. That lien can be foreclosed just like a mortgage. I haven't seen many (any?) foreclosures by HOA's, but they are wildly variable creatures, often driven by non business motivations. In California, anyway, homeowners dues don’t become a lien on the property until the HOA gives the homeowner notice and then records a lien. That lien can be foreclosed just like a mortgage. I haven’t seen many (any?) foreclosures by HOA’s, but they are wildly variable creatures, often driven by non business motivations.

]]> Comment on The Tax No One Owes by WD Ford http://norcalmortgagemods.com/2012/03/09/the-tax-no-one-owes/comment-page-1/#comment-13156 WD Ford Sun, 11 Mar 2012 00:29:46 +0000 http://norcalmortgagemods.com/?p=554#comment-13156 Thank you for your insight into the choice homeowners with income challenges face in settling liens. Question: how about homeowner's dues? Where do they fall in the range of what has to be paid or not? Thanks, WD Ford Thank you for your insight into the choice homeowners with income challenges face in settling liens. Question: how about homeowner’s dues? Where do they fall in the range of what has to be paid or not?
Thanks,
WD Ford

]]> Comment on 5 Things That Can Be Done If You Are Behind In Your Mortgage Payment by Behind in Your House Payments? Sell. – Northern California Mortgage Mods http://norcalmortgagemods.com/2012/01/01/5-things-that-can-be-done-if-you-are-behind-in-your-mortgage-payment/comment-page-1/#comment-12816 Behind in Your House Payments? Sell. – Northern California Mortgage Mods Wed, 01 Feb 2012 04:19:22 +0000 http://norcalmortgagemods.com/?p=463#comment-12816 [...] couple of weeks ago, I wrote an article about five things that can be done if you get behind on your house payments. I promised to take each suggestion in turn, and elaborate on the general [...] [...] couple of weeks ago, I wrote an article about five things that can be done if you get behind on your house payments. I promised to take each suggestion in turn, and elaborate on the general [...]

]]> Comment on New California Law Extends Time Periods For Foreclosures by Christopher C. Smith http://norcalmortgagemods.com/2009/06/16/new-california-law-extends-time-periods-for-foreclosures/comment-page-1/#comment-5705 Christopher C. Smith Sun, 26 Dec 2010 05:00:52 +0000 http://norcalmortgagemods.com/2009/06/16/new-california-law-extends-time-periods-for-foreclosures/#comment-5705 Is this law still in effect as of Dec. 25, 2010 here in California? "California Foreclosure Prevention Act"...we had a loan issued in July 2007(Countrywide) in Ventura Co., CA for $697,000...in construction business here, fell behind on payments, got a loan modification after 15 months with BofA(acquired our Countrywide loan), loan modification dropped monthly principal/interest/impound payments(2% interest for 5 years)...loan mod Fedexed to us from Recontrust mid March 2010...stayed current throught Sept. 2010...filed for chapter 7 bankruptcy on Sept. 13, 2010 with income problems still continuing to stay up with mortgage and bills...debts will be discharged on Jan. 3, 2011...we received NO Notice of Default prior to filing bankruptcy....what can happen next with BofA Home Loans? Do we have "time to buy" to attempt to cure our default with them...work is starting to pick up...much better than last year at this time... Thank you for your assistance...Chris & Suzanne Smith 12/25/2010 Is this law still in effect as of Dec. 25, 2010 here in California? “California Foreclosure Prevention Act”…we had a loan issued in July 2007(Countrywide) in Ventura Co., CA for $697,000…in construction business here, fell behind on payments, got a loan modification after 15 months with BofA(acquired our Countrywide loan),
loan modification dropped monthly principal/interest/impound payments(2% interest for 5 years)…loan mod Fedexed to us from Recontrust mid March 2010…stayed current throught Sept. 2010…filed for chapter 7 bankruptcy on Sept. 13, 2010 with income problems still continuing to stay up with mortgage and bills…debts will be discharged on Jan. 3, 2011…we received NO Notice of Default prior to filing bankruptcy….what can happen next with BofA Home Loans? Do we have “time to buy” to attempt to cure our default with them…work is starting to pick up…much better than last year at this time…

Thank you for your assistance…Chris & Suzanne Smith 12/25/2010

]]> Comment on Got Foreclosure Stories? by Joanna http://norcalmortgagemods.com/2010/10/17/got-foreclosure-stories/comment-page-1/#comment-5198 Joanna Tue, 16 Nov 2010 20:33:56 +0000 http://norcalmortgagemods.com/?p=337#comment-5198 Has anyone tackled the Short Sale issues? We have been trying to get a short sale approved by Citi Mortgage. Since they took over 2 months to assign the file, we lost the buyers. It has taken another 2 months to find new buyers, and now the account has been assigned to a collection agency. Why can't there be limitations and rules on how the lenders are responding to short sale requests? Thanks Joanna Has anyone tackled the Short Sale issues? We have been trying to get a short sale approved by Citi Mortgage. Since they took over 2 months to assign the file, we lost the buyers. It has taken another 2 months to find new buyers, and now the account has been assigned to a collection agency.
Why can’t there be limitations and rules on how the lenders are responding to short sale requests?
Thanks
Joanna

]]> Comment on Beware of Advice from “Loan Mod Experts” by Ron Stone http://norcalmortgagemods.com/2010/01/30/beware-of-advice-from-loan-mod-experts/comment-page-1/#comment-4427 Ron Stone Sun, 27 Jun 2010 21:02:18 +0000 http://norcalmortgagemods.com/?p=322#comment-4427 I also read that the IRS is jumping in the foreclosure game. I read that if a borrower that did a cash out refi, loses their home (whether they walk or not) they will get a nice big tax bill for any write off (income) from their lender. Man, people are getting hit from all sides. It's a war out there and the little guy is losing. I also read that the IRS is jumping in the foreclosure game. I read that if a borrower that did a cash out refi, loses their home (whether they walk or not) they will get a nice big tax bill for any write off (income) from their lender. Man, people are getting hit from all sides. It’s a war out there and the little guy is losing.

]]> Comment on Beware of Advice from “Loan Mod Experts” by William http://norcalmortgagemods.com/2010/01/30/beware-of-advice-from-loan-mod-experts/comment-page-1/#comment-4278 William Mon, 03 May 2010 16:16:24 +0000 http://norcalmortgagemods.com/?p=322#comment-4278 Bankruptcy is a big hurdle to jump so make sure to take a good look at your finances before taking the plunge! Bankruptcy is a big hurdle to jump so make sure to take a good look at your finances before taking the plunge!

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