Foreclosure in 04210>Question Details

Jllavoie, Home Buyer in 04210

I am late on my mortgage and struggling to catch up, today the mortgage brokers called and have offered to settle my loan.

Asked by Jllavoie, 04210 Wed Oct 14, 2009

What does this do to your credit and what would happen to the 2nd loan? Also its a Condo so who would be responisble for paying the condo dues?

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Answers

5
CCC’s answer
Hi,what kind of settlement? Second loan will want their money. You should start taking to the second mortgage too.
You are responsible for the HOA as long as the property is under your name. Same as the house bills.
Please explain the offer.

Benito.
0 votes Thank Flag Link Wed Oct 14, 2009
Late payments definitely hurt your credit score and account for a 1/3 of what makes up your credit score. The best thing you can do is contact your lender sooner rather then later so they can work with you. Many people wait and wait, not a good idea. A short sale has less of a negative effect on your credit then a foreclosure does but you have to prove a valid hardship. Typically condo dues that are in arrears are due at the closing so the bank would most likely have to pay if you don't have the money.

I hope this works out for you!

Christopher Pagli
Accredited Buyer Representative
BenchMark Real estate
100 Congress St
Portland Maine
914.406.9023
MyMaineAgent@gmail.com
0 votes Thank Flag Link Thu May 21, 2015
I'm a top producing agent in my areas with many recommendations and awards for accreditation. I also have plenty of housing options especially completely remodeled homes done through my family business at the best prices and quality wok performed from renovations to closing the deal not to mention top level advertising if you are looking to list or see what your home is currently worth. please feel free to contact me with a detailed search criteria for me to send you excactly what your looking for and assist you with finding the home of your dreams.. looking forward to assisting you.

John Sullivan
Century 21 Advantage
207-754-9492
johnsullivan@century21-advantage.com
0 votes Thank Flag Link Tue May 19, 2015
By the way Jllavoie,

Just a follow up...if you can do a short sale on the condo, that would have much less negative impact on your credit score than a foreclosure. If you are located where I believe you are, Tanya Busch would be the person to call! Her phone number is 689-9880 or her e-mail address is realtor@tanyab.com. Again, if you have any questions, please feel free to call me at 975-9330. Blessings!!
0 votes Thank Flag Link Wed Oct 14, 2009
Hi Jllavoie,

Before you agree to settle the loan, please speak with a qualified Realtor so that you get good advice on your situation! There are many unscrupulous people out there trying to prey on people who have fallen behind in their mortgages. I would be happy to recommend someone in your area to help you out! Give me a call at (207) 975-9330 or e-mail me at steve@TheMidCoastGroup.com.
0 votes Thank Flag Link Wed Oct 14, 2009
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