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Foreclosure in Westport : Real Estate Advice

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  • Local Info11
  • Home Buying31
  • Home Selling2
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Activity 5
Mon Apr 3, 2017
Angelica P answered:
Hi,

I have emailed you regarding this.


Thank you for using Trulia!

Angelica
Consumer Care Advocate
0 votes 1 answer Share Flag
Thu Jun 28, 2012
Ruth Watson answered:
Private mortgage insurance (PMI) protects the lender in the event of default. The lender owns the policy not the borrower. It is not like other types of insurance that you could buy in the event you had a sickness or disability where the policy would make your payments for you...you are the owner of those policies...similar to the AFLAC commercials. PMI is a bank-owned product, not a borrower owned product. Therefore it is not a foreclosure protection policy for the borrower.

If you are having trouble making your mortgage payments, I suggest you contact the bank directly and see if you quality for any of the Making Home Affordable Programs called HAMP or HARP. Thes programs are set to expire after 12/2012. Based on what you find out from the bank as to whether you qualify for any of these programs, I would then contact an attorney.

Good Luck,

Ruth Watson
203-257-7625
www.ruthwatsonrealty.com
Serving Fairfield County Connecticut
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1 vote 3 answers Share Flag
Tue Jun 12, 2012
Matie answered:
Depends on the loan

Typically California does not go after deficient judgement however there are some exceptions such as if its a second loan or refinance

It is highly unlikely that they will go after you for a judgement due to the time consuming process and costs also the legal ramification of selling the house at the court house however you never know

I recommend you get a good real estate agent that can negotiate your way for you be sure to have it on the approval letter that there will be no clause pursue
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Tue Jun 12, 2012
Nancye Fritz answered:
It will all depend on your lender. I would agree that some banks are collecting fromt he insurance companies that than go after the owners. I had this happen with a Deutshe Bank loan.

Keep in mind that you will only get a small percentage of what the cabinets are worth, so you need to ask yourself if it is worth it. most banks have a "cash for keys" program where they will pay you to vacate after the foreclsure if everyting is left in good condition. This may be a better course of action for you.

Depending on your bank there are many ways to avoid foreclosure, that may be in your best interest. Make sure you have checked all the options.
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0 votes 7 answers Share Flag
Mon May 11, 2009
Chris Grushin answered:
Jane a mortgage is made on a home and if you strip out essential items which make it habital it would then be considered a shell. I would consult with a real estate attorney because it sounds like you are seeking legal advice. I'm sorry to hear of yohardship. Best of luck in the future. ... more
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