Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Susan asks…

How will House health care repeal followed by either failure in the Senate or veto, boost the US economy?

I thought House Republicans were going to make improvement of the nation’s economy their #1 priority.

Instead, they’ve made it their first task to engage in the merely symbolic gesture of voting to repeal health care legislation.

Surely House Republicans aren’t so stupid as to believe that the Senate will also vote for repeal and that Obama will sign it. And I’m pretty sure that their mathematical skills are sharp enough for them to figure out that they would never have the votes to override a veto.

How many jobs will be created by passing legislation that will inevitably fail to become law?
How much will it reduce the deficit?
How much US debt will it pay off?
How will it reduce the mortgage foreclosure rate?

If the House Republicans were really concerned about the economy, why would they devote so much time and attention to something that will have no economic consequences whatever?

Your Questions About Foreclosures

The Expert answers:

I hope the House Republicans will listen to a fellow Republican.

“While House Republicans are working to repeal the law, Frist — a Republican doctor — disagreed with their course of action. ‘It is not the bill that [Republicans] would have written. It is not the bill that I would have drafted. But it is the law of the land and it is the platform, the fundamental platform, upon which all future efforts to make that system better, for that patient, for that family, will be based, and that is a fact.’ ”

http://firstread.msnbc.msn.com/_news/2011/01/18/5871407-daschle-frist-strickland-stress-bipartisanship-on-health-care

Your Questions About Foreclosures

Betty asks…

Will a foreclosure mess up my fiance’s credit if it is finalized after we are married?

My mortgage is severely underwater. Realtors have given us 0 real chance of selling it for anything close to what I owe. We met with a lawyer who informed us our best financial option is to stop paying and allow the house to be taken in foreclosure. I am aware of the damage this will do to my credit, but I am curious is this will have adverse consequences on my fiances credit. Her name is nowhere on the mortgage. We are getting married in May, but the foreclosure will not be complete by then. Will her credit be ruined as well?

Your Questions About Foreclosures

The Expert answers:

It should not as long as you continue to keep your credit separate. Don’t apply for any joint accounts.

Your Questions About Foreclosures

Chris asks…

What happens if l abandon my home after allowing it to go to foreclosure?

I own a Michigan home with a mortgage and needed repairs that I can’t afford. I put my house for sale, but it hasn’t sold for over a year because most people here in Southeast Michigan can’t afford to buy a home, and no one wants one with problems. I want to move out of state (Missouri) into an apartment, but I can’t afford rent and a mortgage. If I leave my house and stop making payments, it obviously goes into foreclosure, but what are all of my consequences if I don’t pay the mortgagee anything? The house gets repossessed, but then what? The mortage that I’m paying is much higher than the value of the house, so my equity is gone. There is no benefit to owning it or living in it, so I just don’t want the responsibility of the house anymore. Please advise options.

Your Questions About Foreclosures

The Expert answers:

It would affect your credit, thus making it hard to purchase a house, buy a car, and possilby even rent an apartment. You need to try to afford the repairs on your home and relist the house. Also, your current bank may be willing to do a short-sale on your Michigan home. That’s when the bank is willing to let you sell the house for less than the outstanding mortgage owed.

Your Questions About Foreclosures

Joseph asks…

I live in California and have a rental property in AZ. If I short sell am I protected from tax penalties?

If I short sell my house in Arizona. What are the pros and cons of the short sell. I live in California but have the rental in Arizona. What’s insolvency and how do you claim that? What are my consequences of a shot sell vs a foreclosure?

Your Questions About Foreclosures

The Expert answers:

If you foreclose you still owe the deficent amount since this is investment property.

If they agree to short sale you can keep that money, but you have to pay federal and state income tax on it.

Your Questions About Foreclosures

Robert asks…

What are all the legal ramifications of foreclosing on investment properties?

We own 2 investment properties that we are unable to sell and can no longer make the payments on. If we foreclose on them, what are the consequences? Can the bank come after us for the difference once it sells them? Can they come after our house? Will we need to hire an attorney for anything or simply walk away and let the foreclosure goes its course. We do realize this will remain on our credit for 7 years but do not wish to file for bankruptcy. Thank you for your informed answers!

Your Questions About Foreclosures

The Expert answers:

Hire an attorney asap. Walking away is never, ever a good idea.

RE your own house: you definitely need an attorney for this one. Generally, it depends on who owns what. For example, your own residence might be owned by you personally, and the other properties as LLCs or some other entity.

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Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures

Your Questions About Foreclosures

Your Questions About Foreclosures