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pineville23

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  1. the 2nd can't sell your debt to a collection agency or get a judgement. they also can't garnish wages. Yours is a little different situation with the loans not being from a home type loan. They are personal loans.
  2. no, if the 1st and 2nd were done on the same day, then no judgement or defiencey by the 2nd can be done in oregon once the 1st forcloses. this is great news!!!
  3. I just found this for those in Oregon. After foreclosure with the 1st, this bill prevents 2nds (or assignees) from being able to sue, get judgements, or selling the note to collection agencys. As long as the 1st and 2nd were done on the same day with the same mortgage company. Even if the second was sold immediately to another bulk mortgage buyer. Is this correct? Also, if the house was foreclosed and sold, (by the 1st.) Then the second becomes an unsecured loan and can be discharged during a bankruptcy. Is this also true?
  4. I tried to do a short sale but EMC foreclosed on the house before it went through. a month before they foreclosed, they sent me a letter stating my statefarm insurance was canceled because the house was empty, so they were going to insure the home for me. a month later they foreclosed. another month goes by and now they are trying to send me a bill for $1200.00 for homeowners insurance! are they just that stupid? why would I buy insurance for a house that I couldn't afford and that was about to be forclosed or short sold? what do you think?
  5. they take me to court, or seek a judgement, or garnish my wages, or sell my note to a Collection agency? I don't understand your technical language answers. it seems that you guys just want to argue between yourselves instead of answering my questions. thanks.
  6. In order for the 1st to foreclose, don't they have to satisfy the second somewhat to remove the 2nds lien? or does the 2nd just get ignored by the 1st and left on their own to collect? what did you mean that I may have already killed myself? as in, paying way too much to settle? Yes, I'm not great at barganing. I just need to know if they have to contact me first before they persue any judgements or sell my debt to collections, or garnish my wages. I really appreciate your help but some of your guys answers are vague because I need laymans terms rather than abreviations and technical facts that are hard to interpret. thank you for the responses. sorry, I'm not dumb, just need easier to understand terms. thanks in advance for all answers.
  7. I should have a chance to defend myself before any garnishment or judgement. right?
  8. well, tried to do a short sale, they worked with my short sale people for a long time but EMC (the 1st) decided to foreclose, (it was a junky little house)I haven't heard from the 2nd. I have made several offers to them for approx. 8%. keep getting denial letters stating "offer too low". should I wait for them to contact me in hopes they will give up? or keep offering. I owe $53,000. my last offer was $4,200. If they sell me to a collection agency, don't they have to let me know? I'm trying to settle before this happens. it's Franklin Credit. I have the $4200. why won't they accept it? are they planning something else? this is in oregon state.
  9. I just got off the phone with a guy from Franklin (2nd loan). I told him I'm trying to work this out but no one will call me to negotiate. my last offer was $4,100. on the $57,000. I owe. He said to offer 10% and they will probably settle the account. I also asked about selling the remainder to collections. he said they won't do that nor will they send a 1099. I was also concerned about attaching a lien aganst my current property. He stated the whole matter will be dropped. He explained that the 1st cannot perform the short sale unless the 2nd releases their interest. so, my offer has to be considered because otherwise, the 2nd will get $0. then I asked if I can get all of that in writing along with the acceptance letter of my offer and he said they would do that, "no problem". I realize that they still might report the money forgiven to the IRS but he said sometimes it gets forgotton with the thousands of foreclosures going on right now. I'm gonna hope for the best!
  10. What does H&W mean? Husband and wife? He said it would make it harder to attach a lien to the property. What is TBE? sorry but I don't know the abbreviations to terms stated as I'm sure other newbies don't know them either. thanks
  11. another family members name is on it also (not my wifes but my moms name) I was told to do this by a real estate attorney on a free consult. He said it would make it harder to for them to apply a lien to this property. also, this property I live on with the manufactured home has gone down in value so much that the property has virtually no equity. just the value of the Manufactured Home. I guess I'll keep trying to settle with the 2nd. what do you think of trying to make them produce the note?
  12. I have a pretty decent job still. should I keep trying to settle with the 2nd? Or, should I just let the pieces fall where they may? My hobby is working on older cars and have quite a few in various degrees of repair, none of which are worth very much nor are they registered in my name. I really don't have much equity in the manufactured home I'm living in now so: what can they do if the short sale goes thru, or if it doesen't? I'm worried about a wage garnishment that will take years to pay off. I'm also worried about the IRS and the State of Oregon tax if I'm given a 1099. will they give me time to pay? Or, should until I find out what they're going to do and then claim bankruptcy?
  13. I refinanced my 1st home in 2004 with a first and 2nd mortgage in oregon. $115,000 on the first (with EMC), $57,000 on the second (with Franklin credit). I lost my job in 2008. was on unemployment for a while but was only able to find another job 150 miles away. I owned another piece of property (free and clear) close to where the new job is. I was still paying the mortgage payments. Since I owned the property, I purchased a manufactured home ($80,000. call this house #2) and put it on the property, moved in and am living there now. I couldn't afford the payments on both houses. I tried to rent the 1st house, renters paid 1 payment and never another after. took 6 months to get them out. They complained that the house needed work to be lived in. this put me behind by more than 6 months. I couldn't catch up so I quit paying both the 1st and 2nd in august 2009. the house does have a bad foundation (approx. $30,000 to repair.) I found a company that buys short sale houses. This company has been negotiating with the mortgage holders to buy it by doing comps in the area and deducting the foundation repair costs. I am still working at the new job. My question is: if the short sale goes thru, say for $40,000. I know that the 1st will send me a 1099 for the difference. but what will the second do? 1099 me? or sell the note to a collection outfit that will get my wages garnished? I have been trying to settle with the second for a little less than 10%. they keep denying it saying my offer is too low. what are my options?
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