Recent content by faroff

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    Tax Return Income

    So would like to get a 2nd home eventually but need to show more income for DTI purposes. I'm a W-2 employee but also building a new small business to help bring in more income due to the covid days. I know the extra work is 1099 so how do I show the 1099 income along with my W-2 on my tax...
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    Lien on House

    One last question if I may Moe. What are your reasons for saying property values will be 50% in two years? I live in a beach community that is growing rapidly. Houses are selling around here. My wife and I have a 7 year plan to then sell and retire. With that comment I'm now possibly...
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    Lien on House

    Thanks Moe- I did call county recorder and they transferred me to the court house, and neither of them were much help. I've decided just to go to an attorney. They are charging me $375 for a full title search. I just thought it would be worth it. While I have, if you don't mind answering...
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    Second Mortgage Charged Off in 2012 - Lien Still Held by Credit Union

    Thanks so much. Do you know where I could start the search online for State or County system? What would I google to find it?
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    Second Mortgage Charged Off in 2012 - Lien Still Held by Credit Union

    Hi- If you don't mind me piggy backing off this post. My situation is 10 years ago I filed for BK. Unfortunately I did not have it discharged. Fortunately the BK and the debts have fallen off my credit report. However I had a loan with the SBA and they did come after me. I didn't have many...
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    Lien on House

    I want to look into a HELOC, but how do I go about seeing if there a lien on my house after my 1st mortgage? Do I have to go to an attorney for a Title Search? Thanks.
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    Possible HELOC

    Probably a dumb question but what the heck. I currently have 2 mortgages on my home. The second is a lien from the SBA. I have read that you can offer them a Offer in Compromise (OIC). So a thought was if I could take out a HELOC as a 3rd mortgage. Offer an OIC to them and use the HELOC to...
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    Seterus Bank

    Thanks Erik!
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    Seterus Bank

    Hi all. I just received a letter from Seterus Bank who holds my mortgage. It states they have applied a $5,000 HAMP incentive to reduce my unpaid principal. It also states that I may also qualify for a reamortization of the UPB. I'm assuming this is a good thing??? Can someone actually...
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    Sba Loan With My Home As Collateral

    Hi Maurice, I did file for BK in 2010. Unfortunately I did not get my discharge. Therefore the last few years have been tough to say the least, but old debts have fallen off,etc. We are slowly but surely getting back on our feet. I really do not want to go that route again...
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    Sba Loan With My Home As Collateral

    Ok here's my story. Back a few years ago I was doing quite well being involved in real estate. I took out a loan from CIT in 2008 just as things were turning south with Real Estate and the economy. I had to pledge a few things and foolishly included my primary residence. Very foolish...
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    Insolvency

    So what exactly is insolvency? If you have a 1099-C form you just received for debt forgiveness, do you still have to claim as income? If you have a large debt and can't pay as you have no assets can you get out of it and not have to file Ch.7?
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    Sba Default Help

    Thanks Maurice. Unfortunately I pledged property which may not help me with the SOL. :( I did speak to an attorney who advised me to check the Register of Deeds and see if on the deed if the bank (CIT) is on there or if it actually says SBA. He said more than likely it will be just CIT...
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    Sba Default Help

    Really? Nobody???