General Housing Information
questions & answers
Question: We have 2 homes 3 mortgages all mortgages were with Bank (Proper name removed). Our residential home is on trial modification. Bank sold the loan in July with our investment property to a loan servicing company (Proper name removed) before I could finish with it's modification, I want to modify our HELOC loan that Bank holds on the investment property also. If I can't modify these 2 loans the house may go into foreclosure. My question: If Loan Servicer suggests fore closer whats going to happen with our HELOC loan with Bank.? Loan is around $101,000 HELOC at 83,000 and house is worth about 145,000.We really don't know whats best for us
Answer:
Unfortunately this is a situation common to many homeowners facing foreclosure. An issue homeowners must be aware of is whether there will be a deficiency after the foreclosure. AZLawHelp has an article on Foreclosure Deficiencies in Arizona that may offer some insight.
Essentially, most home loans are protected against having a deficiency, however there are exceptions that arise with multiple loans, a HELOC being a common case. Homeowners facing foreclosure or worried about having a deficiency should contact an attorney directly for specific legal advice. Additionally, there are HUD Approved Housing Counseling Agencies that are often help the homeowner work with lenders. Homeowners facing foreclosure in Arizona, may utilized the online application portal to apply for free and reduced fee legal services, located on the top-right of AZLawHelp under the LegalLEARN section, or follow the link.
QUESTIONS
-
We have 2 homes 3 mortgages all mortgages were with Bank (Proper name removed). Our residential home is on trial modification. Bank sold the loan in July with our investment property to a loan servicing company (Proper name removed) before I could finish with it's modification, I want to modify our HELOC loan that Bank holds on the investment property also. If I can't modify these 2 loans the house may go into foreclosure. My question: If Loan Servicer suggests fore closer whats going to happen with our HELOC loan with Bank.? Loan is around $101,000 HELOC at 83,000 and house is worth about 145,000.We really don't know whats best for us
STORIES
LegalLEARN
-
Free & Reduced Fees Legal Aid Resources
Click Here to apply online, or call
866-637-5341.
FIND LEGAL HELP
- Please select your county of residence below.
OTHER LEGAL RESOURCES
-
State Bar of Arizona
www.azbar.org -
Maricopa County Bar
www.maricopabar.org
Referral number 602-257-4434 -
Pima County Bar
www.pimacountybar.org
Referral number 520-623-4625 -
National Domestic Violence Hotline
800-799-7233 -
Bankruptcy Court Self Help Center
866-553-0893 -
Certified Legal Document Preparer Program
Link
ORGANIZATIONS
- Confidential Intermediary Program
View full description - Friendly House Immigration Service
View full description - Southern Arizona Legal Aid, Inc.
View full description - Southern Arizona Legal Aid, Inc. - Casa Grande - Pinal County
View full description - Catholic Charities - West Valley
View full description
Generic versions of the drug Cialis, sold as tadalafil, now available from many manufacturers.