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  #1  
Old 09-21-2005, 02:30 AM
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Join Date: Jun 2005
Posts: 9

Need advice FAST!!!

What is the name of your state? Michigan
My husband was offered a job in another state and left to take that job in July, 2005. We have our home listed, but has not sold. We owe about $50,000 more on the property then it's worth, so our real estate agent tried to negotiate a short sale. We have since purchased a new home in the state my husband's job is in. The 2nd mortgage holder has issued notice for a sherriff's sale on the property in Michigan and the 1st mortgage holder has also sent a letter stating that they, too, are proceeding with foreclosure.

My questions are:
1). Can either mortgage company do anything to take away the home we just purchased?

2). What are some likely outcomes in a situation such as this?

Thanks for any advice!
  #2  
Old 09-21-2005, 03:00 AM
Senior Member
  
Join Date: Apr 2004
Location: Bay Area, CA
Posts: 10,190
I have a question for you,**************....Why are they foreclosing? It is not because your house did not sell.
__________________
It is our unanimous opinion that you are damn right and it should be obvious to any moron that your (ex) (SO’s ex) (boss) (landlord) (local police) should be immediately (jailed) (fired) (reprimanded) (arrested) (demoted) (shot) (evicted).
In fact, you are so astonishingly correct in this matter, it will not surprise us one bit if you are offered a generous settlement, because, by golly, that’s just how it should be.

You Rock,
Love,
Us
  #3  
Old 09-21-2005, 06:26 AM
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Join Date: Jun 2005
Posts: 9
We were behind in our payments when we moved, and we could not afford to maintain the payments at the residence in Michigan. Any advice?
  #4  
Old 09-21-2005, 09:26 AM
Member
  
Join Date: Mar 2002
Posts: 218
As long as you keep making your payments on the new home, there is nothing that will happen to it.

Did the agent get anywhere with the short sale?
  #5  
Old 09-21-2005, 10:07 AM
Senior Member
  
Join Date: May 2000
Location: Catatonic State
Posts: 75,781
Quote:
Originally Posted by --PARIDISE--
I have a question for you,**************....Why are they foreclosing? It is not because your house did not sell.

**A: very good question. It gets to the truth of the matter.
  #6  
Old 09-21-2005, 10:33 PM
Junior Member
  
Join Date: Jun 2005
Posts: 9
HomeGuru...why don't you "get to the heart" of your comment? I wasn't trying to hide any information, I just thought that it was obvious we were behind in our payments, otherwise, they wouldn't have any reason to foreclose on us. I was under the impression that these message boards were to be used as a source of information...not a forum for you to show off your arrogance and condecending nature...my mistake.
  #7  
Old 09-21-2005, 10:35 PM
Junior Member
  
Join Date: Jun 2005
Posts: 9
Samm1970,

Thanks for your response. Our home is still listed for sale by our real estate agent, however, the 1st mortgage holder said they will not talk short sale with him.
  #8  
Old 09-21-2005, 10:58 PM
Senior Member
  
Join Date: Apr 2004
Location: Bay Area, CA
Posts: 10,190
[quote=momx6]HomeGuru...why don't you "get to the heart" of your comment? I wasn't trying to hide any information, I just thought that it was obvious we were behind in our payments, It was far from obvious. The Free Advice Crystal Ball is in the shop.


otherwise, they wouldn't have any reason to foreclose on us. I was under the impression that these message boards were to be used as a source of information...not a forum for you to show off your arrogance and condecending nature...my mistake. What information would you like? How to pay your bills?
__________________
It is our unanimous opinion that you are damn right and it should be obvious to any moron that your (ex) (SO’s ex) (boss) (landlord) (local police) should be immediately (jailed) (fired) (reprimanded) (arrested) (demoted) (shot) (evicted).
In fact, you are so astonishingly correct in this matter, it will not surprise us one bit if you are offered a generous settlement, because, by golly, that’s just how it should be.

You Rock,
Love,
Us
  #9  
Old 09-21-2005, 11:04 PM
Senior Member
  
Join Date: Apr 2004
Location: Bay Area, CA
Posts: 10,190
I have another question,**************..Why are you buying a new home when you could not pay for the one your selling?
__________________
It is our unanimous opinion that you are damn right and it should be obvious to any moron that your (ex) (SO’s ex) (boss) (landlord) (local police) should be immediately (jailed) (fired) (reprimanded) (arrested) (demoted) (shot) (evicted).
In fact, you are so astonishingly correct in this matter, it will not surprise us one bit if you are offered a generous settlement, because, by golly, that’s just how it should be.

You Rock,
Love,
Us
  #10  
Old 09-22-2005, 10:16 AM
Junior Member
  
Join Date: Jun 2005
Posts: 9
WOW!!! Is arrogance and the ability to be as condescending as humanly possible contagious on this board? "Paradise" and "Homeguru": If your only purpose for offering "advice" on this board is to degrade people with your sarcasim, Then I suggest you also get on the Credit Boards...there are plenty of people there that have also run in to some hard times financially and I'm sure you would get just as much satisfaction from kicking them when they're down as well!

It isn't that we can't afford a mortgage payment...we are making the mortgage payment on our new home with no problem...the problem was that we could not catch up the amount that was in arrears, and, because the house was mortgaged for more then it was worth, the bank would not work with us on making payment arrangements. We obviously had decent credit before all of this, otherwise, we would not have been able to obtain another mortgage.

In answer to your question as to what advice I am in need of? I was sincerely looking for advice on what the most likely chain of events and outcome would be in our situation. I know how to pay our bills under normal circumstances, however, our 3rd child has been diagnosed with cancer, and our Blue Cross/Blue Shield policy capped out after we hit the $1 million limit on our health insurance policy...So let me ask you "Paradise" and "HomeGuru", is your goal on this board to offer any expertise you may have in regard to Real Estate Law, or is it simply to degrade people who are going through a very difficult time in their lives? I think your responses to my questions and inquiries say a whole lot more about your character then the assumption you made about mine!
  #11  
Old 09-22-2005, 10:46 AM
Senior Member
  
Join Date: May 2000
Location: Catatonic State
Posts: 75,781
Quote:
Originally Posted by momx6
HomeGuru...why don't you "get to the heart" of your comment? I wasn't trying to hide any information, I just thought that it was obvious we were behind in our payments, otherwise, they wouldn't have any reason to foreclose on us. I was under the impression that these message boards were to be used as a source of information...not a forum for you to show off your arrogance and condecending nature...my mistake.

**A: your other mistake is in thinking that being behind on payments is the only reason for a lender to file foreclosure action. There are many other reasons such as not having insurance, not paying real property taxes, building code/permit violations, violations of CC&R's, committing waste, illegal use etc.
So you see, things are not that easy and simple when dealing with legal issues. That is why we need the complete facts in order to respond with advice. Something that you did not give us. So that's the heart of my comment that you can take to heart.

signed,
an attorney with
Heart and Soul
  #12  
Old 09-22-2005, 04:24 PM
Member
  
Join Date: Aug 2005
Posts: 161
Quote:
Originally Posted by HomeGuru
**A: your other mistake is in thinking that being behind on payments is the only reason for a lender to file foreclosure action. There are many other reasons such as not having insurance, not paying real property taxes, building code/permit violations, violations of CC&R's, committing waste, illegal use etc.
So you see, things are not that easy and simple when dealing with legal issues. That is why we need the complete facts in order to respond with advice. Something that you did not give us. So that's the heart of my comment that you can take to heart.

signed,
an attorney with
Heart and Soul
Way to go HomeGuru. Your compassion is shining through now.
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