Your experience / knowledge is required …. Foreclosure?
A year ago, my brother leverage $ 50k in home equity to pay down payment on a house (and consolidate your unsecured debts). The $ 50K package was treated like a 2nd mortgage on the house he bought time Wells Fargo leads the 1st mortgage. Like most people, it is now overwhelmed by approx. $ 60-70K and is now in the position where they can not pay your mortgage because of the slowing economy has forced me to have the potential to exclude your home. My question is, if I have the 2nd mortgage and WF is 1, but the value of the house is less than the total amount payable (between WF and me), I just SOL? WF or before closing, the bank pays me off before taking the house back, or is entirely possible that the bank would cancel what they are owed (about $ 115K), I do not pay, but let me keep the house? How it works? By Please help. Thank you
First you have a note secured by a deed of trust? If so, you must file a lien on the property. When the owner first Mortgage means that the next in line to receive the fund balance. As the amount of your grade is less than the balance of equity is the total loss, but they must still file. The owner of the first mortgage is a priority. The bank will not let you keep the house. A real estate attorney may be able to help and maybe if I could afford to pay his brother could do a deed in lieu of foreclosure for you. I suggest you try to help his brother as you are an investor in the property. You can try to negotiate with the lender for a loan modification. Or building could be rented to tenants if the income to cover payments. Or you could get one or two roommates to help pay the mortgage. Investigate all options before foreclosure. Even if the property is upside down, if you can keep it for, say, five years, the value will again increase. His brother must live somewhere, why not stay there instead of renting somewhere else? It is a terrible moment – good luck to you both.
Labor Beat: Wells Fargo Foreclosure Protest June 11 2009
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