Foreclosure in Union City>Question Details

Kathy, Other/Just Looking in Union City, CA

Need to pay back ACORN what I owed?

Asked by Kathy, Union City, CA Mon Nov 24, 2008

My home may be foreclosured soon. I borrowed $10K from ACORD when I bought the house two yrs ago. After the bank took my home, I can walk away without paying back bank anything. I know my credit will become worse. But, do I still need to pay back $10M to ACORN? Anyone can help me. Thank you.

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If you haven't walked away yet, check out the 90% refinance offered by FHA. There are a list of lenders cooperating with FHA on this. ACORN was a program specifically offered by Bank of America and I believe Citi. I know BofA is working with owners, not sure about Citi at this time.
In addition, with the news today that the Federal Government will be buying back mortgages from Fannie Mae, Freddie Mac and Ginny Mae, rates are dropping like a rock today and may continue for the near future
Best regards, John
0 votes Thank Flag Link Tue Nov 25, 2008
Kathy,

Was that loan part of purchasing your house or did you take out from equity for something else? It all depends on the loan whether you used for purchase or not. If it's not foreclosed then short sale will be best so that we can settle all the numbers before close of escrow. I'm trained in negotiate with the lenders and doing short sale, so if I can help you with anything or have any questions, please let me know. You can call my cell 510-366-9405 or email me at blaison@blaisonsamuel.com.

Blaison Samuel
Certified Short Sale Expert
0 votes Thank Flag Link Tue Nov 25, 2008
Kathy:

I'm so sorry to hear about your home. John Dutra with Metrocities Mortgage can most likely answer your question, or direct you to an answer. He can be contacted at jdutra@metrocitiesmtg.com.

In addition, have you considered a short sale for your home? If you have any questions in that regard, please comtact me at carl@carlmedford.com.
Web Reference: http://www.carlmedford.com
0 votes Thank Flag Link Mon Nov 24, 2008
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