- This topic has 72 replies, 16 voices, and was last updated 17 years, 4 months ago by
lonestar2000.
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July 19, 2007 at 1:32 PM #9544July 19, 2007 at 1:56 PM #66527
waiting hawk
Participantits to late. That 2nd is going to be with him for a long time as the 1st is tied to the house, the 2nd is tied to him. If they sue he could still have to pay back that second even though he would be gone from there. I’m bettin that the mirage of 100k equity was long gone before the default started.
July 19, 2007 at 1:56 PM #66591Participantits to late. That 2nd is going to be with him for a long time as the 1st is tied to the house, the 2nd is tied to him. If they sue he could still have to pay back that second even though he would be gone from there. I’m bettin that the mirage of 100k equity was long gone before the default started.
July 19, 2007 at 2:07 PM #66531Quietcat
ParticipantWell the $100K equity is my number and I believe conservative . . .
Anyway, why would the holder of the 2nd come after him assuming they are made whole at the 1st’s sale on 8/15? That may be a large assumption, but again let’s assume that for the sake of my education. So let me restate my question: “If” the 2nd holder is made whole at the 1st’s sale, why would they still go after my stupid brother?
July 19, 2007 at 2:07 PM #66595ParticipantWell the $100K equity is my number and I believe conservative . . .
Anyway, why would the holder of the 2nd come after him assuming they are made whole at the 1st’s sale on 8/15? That may be a large assumption, but again let’s assume that for the sake of my education. So let me restate my question: “If” the 2nd holder is made whole at the 1st’s sale, why would they still go after my stupid brother?
July 19, 2007 at 2:28 PM #66533ParticipantI always understood as the first is purchase money and any HELOCS or 2nd’s are tied to the person almost as if it was like a credit card. Either way it is to late if they already foreclosed. If he really had that much equity why would he let it go? Does he have mental issues?
July 19, 2007 at 2:28 PM #66597ParticipantI always understood as the first is purchase money and any HELOCS or 2nd’s are tied to the person almost as if it was like a credit card. Either way it is to late if they already foreclosed. If he really had that much equity why would he let it go? Does he have mental issues?
July 19, 2007 at 2:34 PM #66537gn
ParticipantQuietcat,
>> he has no way to save it other than buying it
>> back at the sale. Does this sound correct?Yes. Also, most of that $100k will go toward the fees associated with the foreclosure & the cost of selling the house (i.e. broker’s fees & other selling costs).
Are the 1st & 2nd original loans (i.e. taken out at the time of the purchase) or are they refinance loans ?
I’m asking b/c:
1. The lenders may have a hard time selling that house.
2. The lenders may have to sell the house at undermarket value.
3. Depending on how “conservative” your estimate is, there may not be enough $ from the sale to make the lenders “whole”. In this case, if the loans are refinance loans (recourse loans), the lenders can go after your brother.FYI, original loans are non-recourse loans.
July 19, 2007 at 2:34 PM #66601ParticipantQuietcat,
>> he has no way to save it other than buying it
>> back at the sale. Does this sound correct?Yes. Also, most of that $100k will go toward the fees associated with the foreclosure & the cost of selling the house (i.e. broker’s fees & other selling costs).
Are the 1st & 2nd original loans (i.e. taken out at the time of the purchase) or are they refinance loans ?
I’m asking b/c:
1. The lenders may have a hard time selling that house.
2. The lenders may have to sell the house at undermarket value.
3. Depending on how “conservative” your estimate is, there may not be enough $ from the sale to make the lenders “whole”. In this case, if the loans are refinance loans (recourse loans), the lenders can go after your brother.FYI, original loans are non-recourse loans.
July 19, 2007 at 2:42 PM #66539ParticipantMental issues? Nothing diagnosed, but he’s just real flakey . . .
July 19, 2007 at 2:42 PM #66603ParticipantMental issues? Nothing diagnosed, but he’s just real flakey . . .
July 19, 2007 at 2:43 PM #66541ParticipantI believe the 1st is original and the 2nd was a method to get some cash out. Not sure why he didn’t refi the whole thing, although it may have been a credit issue . . .
July 19, 2007 at 2:43 PM #66605ParticipantI believe the 1st is original and the 2nd was a method to get some cash out. Not sure why he didn’t refi the whole thing, although it may have been a credit issue . . .
July 19, 2007 at 2:47 PM #66545GoUSC
ParticipantI don’t buy “really flakey”. There is such a lack of personally responsibility in today’s society. So let me get this straight:
1. Buys a house he couldn’t afford.
2. Probably went into a toxic loan.
3. Either never read the loan documents or did read them, realized they were crap but assumed he could refinance.
4. Decided to stop paying his bills.
5. Got many noticed over 10 months but decided to tell the lender “Go To Hell” and continued to not payment.
6. Lender foreclosed on his deliquent ass.And now you/he feel he is entitled for $100k in equity? Get real.
July 19, 2007 at 2:47 PM #66609ParticipantI don’t buy “really flakey”. There is such a lack of personally responsibility in today’s society. So let me get this straight:
1. Buys a house he couldn’t afford.
2. Probably went into a toxic loan.
3. Either never read the loan documents or did read them, realized they were crap but assumed he could refinance.
4. Decided to stop paying his bills.
5. Got many noticed over 10 months but decided to tell the lender “Go To Hell” and continued to not payment.
6. Lender foreclosed on his deliquent ass.And now you/he feel he is entitled for $100k in equity? Get real.
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