Here’s the question…
“I have 2 mortgages right now. The first is a fixed 30 year loan for $442,500 @ 6.5% ($2754/Mo.) with Countrywide, and the second which is killing me is $132,500.00 @12% ($1466/Mo.) with HSBC - figures are pretty close I believe.
I know Countrywide as of today is helping people with mortgages that [...]

Here’s the whole question:
“We have a HELOC that we have been paying on time no lates. However, our 1st mortgage may go into default. What happens? If the 1st does go into foreclosure are we still responsible for the HELOC? “
What Happens To HELOC During Foreclosure?
Since the HELOC (Home Equity Line of Credit) [...]

Here’s the question, then I’ll answer.
“We are in foreclosure and the lender will eventually get our house. We fell behind on the mortgage and didn’t make much of effort to save it since our mortgage balance was greater than the house was worth. My question is, will we be taxed on the difference?”
Tax [...]

Here’s the whole question:
“My primary house was cash-out refinanced to pull out the equity to buy another house free and clear. Later I pull the equity out of the 2nd house and bought a 3rd house. Now it’s so hard for me to pay 2nd and 3rd house due to hardship and bad renters and [...]

Here’s the entire question:
“If the lender takes a deed in lieu of foreclosure on a piece of property, does the lender have to pay any additional taxes other than whatever proceeds were received during the borrowers payment history. i.e. My borrower has made interest payments for 1 year, now they want out. I realize I [...]