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  1. Jzone

    Settling a 2nd mortgage in default

    Here is foreclosure timeline in Michigan. Minimum of 6 months and can be up to 12 months. That timeline starts after foreclosure proceedings have started - which in your case, sounds like have not even started yet. ---------------------------------------------------------------------- From...
  2. Jzone

    2nd mortgage charged off by original creditor/can debt collector foreclose

    Yes, mine was a home equity line of credit (HELOC)
  3. Jzone

    Settling a 2nd mortgage in default

    What did they want to inspect? And did they say who they worked for?
  4. Jzone

    Settling a 2nd mortgage in default

    In most cases, the lien holder is simply not doing anything. They hold the lien and can wait until you want to sell or refinance. In my situation, both my 1st and 2nd mortgage were discharged in Chapter 7. Continued to pay on the first but not the second. 2nd mortgage holders can foreclose but...
  5. Jzone

    VA Loan Question

    Unfortunately, children of veterans do not qualify but surviving spouses do. Not all who have served in the Armed Forces qualify for a VA loan. You must meet at least one of the following criteria to qualify: Served 181 days of active service during peacetime. Served 90 consecutive days of...
  6. Jzone

    Bank of America Defrauded HUD and left us holding the bag!

    This is a lien you were not aware of? Or its a lien from a loan that was not paid/written off, etc...?
  7. Jzone

    Should I Refinance and pull money out to buy second home?

    Do you want/need two homes? How close are you to retirement? How far away would this second home be? Pesonally, I would wait until I was within a year of retiring before I purchased a second home. And remember, finding a place to retire to takes a lot of thought. Unless you are moving to an...
  8. Jzone

    2do Mortgage - Ocwen PHH NewRez Nationwide Direct Inc

    Even though banks dissolve, they still have some "assets". Like mortgage debt. These are sold, assigned and transferred to other banks or investors. I've been dealing with my 2nd lien situation almost 10 years after bankruptcy. I had a 1st and 2nd mortgage and did not reaffirm either one...
  9. Jzone

    I'm back with tons of questions on refinancing our home.

    Is your current rate fixed at 3.99%? That's not really a bad rate, but there probably are some slightly better out there. Why do you want to refinance? Couldnt you just sell the house, take the $100,000 in equity and buy a smaller home somewhere? Or even rent an apartment or house? My biggest...
  10. Jzone

    Unemployment as a source for downpayment pahment

    I would say yes, but your bank will make the final decision. My wife and I have a joint bank account. Mortgage is only in my name. She works part time. Only requirement was that since we were married, her name is also on the deed to the house. She had inheritance money in our savings account...
  11. Jzone

    Settling a 2nd mortgage in default

    Here's my sample letter I send to my debt collector/lien holder every time they send me a notice of the balance owed. Modify as needed. ------------------------------------------------------------------------------------------------------------------- Dear XXXXX Homeowner Support Team, This is...
  12. Jzone

    Loan modification partial claim

    A quiet title action may be something to look into: https://www.investopedia.com/terms/q/quiet-title-action.asp
  13. Jzone

    citibank discharge of mortgage

    Why was Citibank suppose to discharge your mortgage in 2001? Do you mean release a lien? Mortgage debt is "discharged" in bankruptcy. Some lenders may refer to paid off mortgages "discharged" also. Liens are released when the mortgage is paid off.
  14. Jzone

    Realtime Foreclosure Initiation

    Many people, including myself, are in the same situation. I filed in 2011, did not reaffirm 1st or 2nd and just kept paying on the first. The 2nd was sold to debt collector. Have not received any foreclosure notices, but I do receive a letter probably once a year with a balance due to release...
  15. Jzone

    Old Citi 2nd mortgage help

    In most states, the lien must be recorded with the county to be valid. So that may be one direction to take. You may also need to file a quiet title action or quit claim deed. Both remove clouds on titles but do so differently. A quit claim deed gives away a persons right to property. You are...
  16. Jzone

    Old Citi 2nd mortgage help

    How was this lien discovered if its not recorded with your county? Do you remember if you simply "settled the debt" with Citi or if the lien was to be released as part of the settlement? Some companies will purposely not put "release of lien" in the settlement paperwork so the lien remains...
  17. Jzone

    refinance

    Probably. A charged off account means nothing to you. A “charge off” is an accounting term that means your lender no longer considers the debt collectable. A charged-off loan, is still considered an obligation that you will probably have to pay. Have you recieved any collection notices in the...
  18. Jzone

    Second mortgage charge off after foreclosure

    I'm sure you meant your home was foreclosed on? Not you foreclosed on your home? Foreclosures generally will stay on your credit report for 7 years. So you are probably pretty close to having it off your credit reports. I would get all 3 of your reports and make sure they are off of all of...
  19. Jzone

    Old HELOC - what to do?

    I'm guessing that your bank or title company has put a hold on the proceeds? What are they saying the reason is? If they are saying its the lien from the HELOC, I would check your county register of deeds and see if it is still there. It may have been released and then that $40K would be yours.
  20. Jzone

    2nd mortgage charged off by original creditor/can debt collector foreclose

    Some good replies so far, and I will give you my experience. Always check your state laws about foreclosure because they are not the same in every state. My experience is in Michigan. I filed Chapter 7 bankruptcy and continue to pay on the first but not the second mortgage. I haven't made...
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