Here is 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? Rephrased: What Happens To HELOC During Foreclosure? My answer: Since the HELOC (Home […]

I will reprint this is a great question, then answer it below. If I accept a deed in lieu of foreclosure will I owe my lender any more money? A deed in lieu of foreclosure agreement is when the lender agrees not to pursue a foreclosure action against the borrower in exchange for the borrower […]

Another great question. I will reprint the question, then answer it below. Can non US citizens buy foreclosure homes in the United States? My answer: Sure. Help yourself! Non citizens buy US real estate all the time, including foreclosure homes. Private parties buy usually as second or vacation homes. Florida has a big constituency of […]

This is a tough question. After 20 years of marriage, my husband and I bought our first home in 2005. Do to a personal situation my husband moved out of the home in May 2007. We have not been to court but he gives me $1500 a month towards the mortgage. When I first applied […]

Here is the question, then my answer… My loan is being serviced by EMC. Please advise me what to do to lock in my interest for an extended time and cost involved. My answer: Mortgage servicing companies including yours are the first contact to attempt to negotiate a loan modification to your existing mortgage. Loan […]

Here is the Bank of America loan modification question. Keep in mind Bank of America bought Countrywide just prior to us receiving this question from a visitor. 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 […]

Here is the question, then I will 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 […]

Here is 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 […]

First the question, then my answer will follow just below. Can a foreclosing lender lien other real estate or bank accounts? My answer: In most states, the foreclosing lender (usually the first mortgage holder) has an obligation to declare how he will “collect” on his defaulted mortgage. This selection by the lender will determine how […]