However, if the pool loan is on the home as a lien, then it is concerned a junior lien if the home forecloses. If the primary mortgage cannot get their loan amount back through a foreclosure sale, the junior liens are wiped out - they get $0.
I also recommend that you not let the home foreclose. That will significantly damage your credit even more. Consider selling the home as a short sale. The lender pays your closing costs, the primary loan is reduced so it will sell, and any junior liens are negotiated for a smaller settlement of full loan value.
The sale of your home will payoff the primary and junior liens.
Please contact me at 832-330-4588 with any questions. We specialize in short sale negotiations and work with realtors in the San Antonio area.
Foreclosure Prevention Network
Providing Short Sale Negotiation, Training and Loan Modification
Address: PO Box 1998 Spring TX 77383.
Web Site: http://www.TrademarkForeclosurePrevention.com
Trademark Realty Investments
No, we are just way behind on payments !
Most 1st mortgages specify what they will allow juniors liens to accept in a short sale, knowing if the home forecloses they will be wiped out entirely.
As far as the value of the home vs the outstanding mortgage, that is the purpose lenders do short sales. They will do an appraisal of the home to get a current fair market value and determine their discount based on that amount. So a lender will accept an amount less than what you owe on a short sale because they know that they will probably get less if they foreclose and try to sell it months later as a REO property.
The most important issue for you now is has a foreclosure trustee sale date been scheduled by your lender? We are able to get most banks to postpone the foreclosure date when we submit our short sale package as long as it is more than 10 days prior.
We donot want to foreclose. It would have to be a "short" sale. Both with the house and the pool.
The pool is with a different company , and they may be hard to work with.
Our house is /worth about $300,00 however now we would be lucky to get clost to $200,000 for it.
So, have you ever dealt with a pool finaning company?
Sorry to hear of your problems with your home.
The home and pool may well be separate loans...you really need to find the paperwork and check.
My recommendation is to contact a real estate attorney to assist you. As real estate agents, we are prohibited from providing any legal advice.
Call me if you need the name and phone number of a good real estate attorney.
Dominick Dina, Broker/Owner
Christian Realty San Antonio