My mortgage company offered me to my second loan for a reduced amount to pay. Do I take it?

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2 days ago I received a letter from Aurora Loan Services, they are with me in about half of my second mortgage and that if I do, my credit will be considered pay to be paid in full. I have them in 30 days and payment must be made in the form of a cashier’s check or money order. They also say they give me an IRS Form 1099-C for’ve never late for a payment the amount vergeben.Ich, but I have a terrible loan I can not trust my bank (just google Aurora Services ready and you’ll see why), and I think soon refinance (it may not be possible since my loan rated higher than what is my home). Some details about the offer and the loan: the first loan: $ 189,000 30 years (five years interest only) April 6.5% for first 5 years, then he will bisZweiten loan: $ 45,000 30 years fest13 April % *** are only paying $ 20,000, it’s worth my loans *** Total: $ 234,000 My house is now worth $ 210,000 to 220.000Ich called today and she said that there was no more information than I could get only the letter, in which there is not much fine print is pretty much said everything I said here. They were friendly, but I do hilfreich.Sollte supply? Does this blow and kill me in my time income tax? What questions should I ask and he is as good as it sounds? Professional advice is welcome.
if the husband and wife own the house together, can one of them (without the other white) $ borrow from the bank for mortgage equaty seond or on the house? What happens if the second mortgage could not be, and take forceclosure? If the perosn other officials of Laon, he / she not know? The house is about $ 800,000. first mortgage is 200,000. 400.000.In that the second man was ready a few months ago. Should I sue husband or the lender?

  1. Reply
    January 24, 2011 at 11:08 pm

    My goodness – why are they offering you such a sweet settlement on that second loan?
    Just out of the blue?
    Could you get the contract in writing before sending them a cashiers check?
    That would be the only possible way.
    They could just take the 20 grand and then say there was no settlement.

    Taxes would be the least of my worries.
    You will have to pay taxes on the “gift” amount they gave to you.
    If it bumps you in a higher tax braket – you still come out winning if its a real deal and not a scam.

  2. Reply
    Glenn S
    January 24, 2011 at 11:28 pm

    I’d jump on that immediately. That’s an unbelievable offer. Go talk to a CPA and see what the tax consequences might be. Then go and refi the 1st TD on a 15 year loan at about 4.5% full amortized.

  3. Reply
    January 25, 2011 at 12:20 am

    We received almost an identical letter from Aurora on December 7, only our payoff (on a $ 37,000 second mortgage is $ 13,000.) We have also never been late, past the 15th but never past the 30th. You are right, there is no real fine print and the people we spoke to said they had no other info other than the letter. Weird.

    My question is, do you think they would allow a refinance, using that payoff amount? We asked a similar question but I got no real help. Any more info you have would be helpful, if you’ve dug up any more info since yesterday let me know! Good luck!!

  4. Reply
    January 25, 2011 at 1:19 am

    If I understand what you are asking, if your husband is not on the loan with you or vice versa, then yes, one can take out a loan without the other. However, if your second delinquent. The first mortgage will know and they will step in, because of course, they are the first. You need to talk with your second mortgage company, they do have options available to you.

  5. Reply
    January 25, 2011 at 2:19 am

    Both husband and wife are on title to the home, so no s/he cannot obtain a equity loan or line of credit without the other spouse’s knowledge.

    Everyone on the title to the home must be a party to any and all loans made against the property in order to avoid this situation you are describing. Besides, no lender in their right mind would do this after finding out only one of two owners would be on the mortgage.

  6. Reply
    Real Estate Guru
    January 25, 2011 at 2:26 am

    If a husband and wife own the house together, and both are on the mortgage, then all SUBORDINATE loans must be obtained with both signatures and both names…one cannot further mortgage the property into debt without the knowledge of the other.

    If the HELOC defaults, then the second lienholder can foreclose on the home.

    Since both parties will be on both loans, then it’s irrelevant if only one party is responsible….b/c they both are.

    No way around it.

    PS: If you live in a marital interest state, even if only one spouse is on the mortgage and you have both spouses on title, the spouse that is not on the 1st mortgage still has to sign what they call the “marital interest docs” on the HELOC at closing…which acknowledges that he/she understands that the property is being mortgaged further.

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