I would like to take this opportunity to let you know that it was a pleasure buying our home from you. You were very professional, but at the same time friendly and courteous. You were very thorough with the paperwork as well. I noticed how you verified all of the forms to make sure no signatures were missed. You have answered all of our questions, and you also have assured me never to hesitate if I need to contact you in the future. We love the house, it fits us just perfect. Itís been a pleasure working with you, hope you have a wonderful day!!
What I have to remember is this time last year as far as how busy I was-we had a First Time HomeBuyers ietinticnve going which for me lasted just about all year even tho it ended with contract deadline April 30, 2010. The program brought buyers young and older out into the market. The young realized that with good credit they could buy something for less per month with more square footage than what they were renting. The older realized they could move back to home town and family and have choices in the market. So this year is going to be different but good.
it depends on eatlxcy how long ago you purchased your current home. FNMA (Fannie Mae) will acknowledge you purchase of the existing home, and in some states it must be over a year ago. Also, most Lenders will require a Comp Rent Schedule on the current home, as well as you would have to have 30% Equity in your current home in order to use if as a rental home with rental income. Maybe you can carry both payments. I work in the industry and it really is different state by state. Good Luck
Credit Card Insurance provided for renltas is a re-embursement of cost which means you must first pay to have the repairs done then submit the receipt to the Credit Companies Insurance. They can take as long as they like to re-emburse you and there is a chance you may not be fully re-embursed. Also there is the matter of Loss of use which is not covered by CC Insurance or Personal Insurance. This means that while the vehicle is being repaired and not producing revenue, you are still essencially renting a vehicle sitting in the repair shop. Only the Loss Damage Waiver offered by the rental industry allows you to just walk away.
I would get an agent that will represent you. The budiler and his agent want all they can get for the home, you don't want to pay more than you have to, do you? An agent who know the area can help you.
It's an unfortunate suitation, and the people telling you that you have no options are probably not correct.The fact that you pay on time does reduce the urgency that the bank feels towards working with you though.I'm in the mortgage industry but I recently met a lawyer who deals exclusively with loan modifications all over the country.Email me if you want, and i will forward his contact information to you. He will give you a free consultation and let you know if he thinks he can help you or not. It's probably worth your time to explore having a professional help you out of this mess, as the results they get can be a lot better then the results you can get on your own.edit: Also, just FYI, if you stop paying the 2nd, it will ruin your credit, but they won't foreclose. Since the first mortgage will get paid first, the second mortgage holder really has no recourse against you except to put the bad marks on your credit report.
The sheriff sale is all about owrisnhep of the property.It has little to do with the debt.Unless the proceeds of the sheriff sale were enough to pay off the mortgage in full with every fee they tack on in addition, you're still late.Obviously the outstanding balance on the loan is lower, but it is still an outstanding debt.Probably an exception is if your state does not allow for deficiency balances or if the judge ruled that they did not deserve one.
Every card is different, and the card copianmes can change their insurance carriers without notice. Most of them give collision damage waiver only. If you have an accident, they will cover repairs over and above the rental company insurance, but they do not cover the cost of a replacement rental for you to drive. Very few of them cover liability. The most complete coverage may be offered by your insurance company, for a lower fee than the waivers offered by the rental copianmes. In Manitoba, for instance, we sell (to Manitobans) a rental car policy that gives $ 50 deductible for damage, loss of use coverage, and 5 million dollars liability coverage, and this package can be bought to cover a rented car anywhere in Canada or the US. So, before you rely on your credit card, read the wordings booklet, then talk to you auto insurance agent.