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tludlam
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Post subject: Question about 2nd Mortgage  Posted: Wed Sep 12, 2007 12:41 pm |
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Joined: Tue Jul 17, 2007 2:27 pm
Posts: 25
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My client is behind on the 1st but the 2nd is taken out of their account. So, they are not late on this one. They wanted to know if they needed to close that account. I don't know what to tell them. They are scared that the 2nd won't work with this short sale because they are not late on that one. What do I do?
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deborahdawson@kw.com
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Post subject: Hope this helps Posted: Wed Sep 12, 2007 9:09 pm |
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Joined: Thu Aug 16, 2007 8:51 pm
Posts: 8
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If they are late on the first, I see no reason for them to keep paying the 2nd, doesn't help save the home if first decides to foreclose. If the hardship is there, where is the money coming from for the 2nd.
D
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DD
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tludlam
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Post subject: Posted: Thu Sep 13, 2007 5:18 am |
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Joined: Tue Jul 17, 2007 2:27 pm
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The 2nd is only $249 a month. When I did their financial worksheet, they were -$1400 a month, if they tried to pay all of their bills. The first is $1200, which they cannot pay. Do I suggest that they close the account that the 2nd is coming out of? Can I legally tell them to do this?
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deborahdawson@kw.com
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Post subject: Posted: Sat Sep 15, 2007 12:57 pm |
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Joined: Thu Aug 16, 2007 8:51 pm
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Don't Tell Your Customers What To Do Give The Suggestion/choices, They Have To Decide What They Should Do. Is 1400 What They Have Left Over After Paying All Bills Including 1st Mort.? If So Then Wheres The Hardship, They Have Money Left. Or Is 14oo What They Have Left After Paying All Other Bills With The Expection Of The
1st & 2nd Mort.? If So This Leaves Them With Only 200 Which Isn't Enough For 2nd, Or Any Money For Basic Survival Needs.
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DD
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deborahdawson@kw.com
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Post subject: Posted: Sat Sep 15, 2007 1:10 pm |
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Joined: Thu Aug 16, 2007 8:51 pm
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If They Are -1400 Then They Have No Money To Pay The 2nd. They Don't Have To Close The Acct. But If Theres No Money Whats The Point. If They Can't Close The Acct. For Some Reason, Maybe 1st Mort. Bank Won't Allow, Borrowers Bank Will Keep Sending Nsf For The Drafts. 2nd Should Become In Default. Talk To Your Broker On What Or How To Handle Suggestions/situations Like This. Not Sure What Your State/county Regulations Are.
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DD
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tludlam
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Post subject: Posted: Wed Sep 19, 2007 4:49 am |
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Joined: Tue Jul 17, 2007 2:27 pm
Posts: 25
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The 1st mortgage is not taken from acct. My clients would be -1400 if they paid both mortgages. The 2nd is taken from the acct and is only $249. Luckily, my clients decided on their own to stop payment.
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