Foreclosure in 78258>Question Details

Sassygrl, Home Seller in 78258

Possible Foreclosure Home and Pool

Asked by Sassygrl, 78258 Tue May 26, 2009

Our story is about the same as everyone elses.

When we puchased our home we were making about $2,000 more a month than we are now.
Not only has our home went down in value thousands of dollars, also, about 2 years ago we had an inground pool put in. Thinkng everything was great. Big mistake.
We have talked to several banks about refinancing the pool, the interest is 12.5 %. And the title company cannot find the closing papers. On the contract it's listed as a 2nd Mtg. But when we tried to refinance together we were told no, its not a 2nd mtg. I don't think it's a 2nd mtg, they ask no questions about the house at the time.
I think its a loan company that only does pools .
My question is, if we have to let our house be foreclosed, what recourse
will the pool loan people be able to take with ?
I have read the doc's and it looks like they would put a lein on the house. If the house is foreclosed on, then what will the pool loan company be able to do to us? Do they sue us?

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Answers

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BEST ANSWER
I agree with Dominic.

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.
Phone: 832-330-4588
E-Mail: info@TrademarkForeclosurePrevention.com
Web Site: http://www.TrademarkForeclosurePrevention.com
Blog: http://www.shortsalereporter.com
0 votes Thank Flag Link Tue May 26, 2009
At this point I suggest you contact me by phone so we can discuss the details more thoroughly. Don't put your phone number on-line. If you drop me an e-mail at info@trademarkforeclosureprevention.com with your phone number I will be happy to call you or you can call me at 832-330-4588.

Jim McNinch
Trademark Realty Investments
0 votes Thank Flag Link Tue May 26, 2009
""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."""

No, we are just way behind on payments !
0 votes Thank Flag Link Tue May 26, 2009
Our company has been doing short sales for over 6 years and have done over 200 short sales. Many of these have had 2nd mortgage liens as well as mechanics liens (such as your pool). While a mechanics lien is not as common as a 2nd mortgage, they are treated very similar in a short sale. Your home will not sell with a lien against it, so it will need to be resolved.

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.
0 votes Thank Flag Link Tue May 26, 2009
Jim,
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?

Thanks
0 votes Thank Flag Link Tue May 26, 2009
Hi Sassygirl,

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.

Best wishes,

Dominick Dina, Broker/Owner
Christian Realty San Antonio
(210) 273-9082
0 votes Thank Flag Link Tue May 26, 2009
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