Quote:
Originally Posted by kymburley  It adjusts to prime + 5% and then rounded to the nearest 1/8th. It is currently at 8.15% |
Just caught this mistake. The first adjusts to the 6 month LIBOR + 5%, rounded to the nearest 8th. It is currently at 8.125%...
I think I'm going to update this thread periodically for those of us who live in Washington state. I haven't been able to find much information on this process for people living here.
Today I made an appointment to meet with a real estate attorney Tuesday. I am very interested in learning what the consequences are regarding the 2nd mortgage - $77k balance. We (I - my husband is deployed) are moving back into house on 3/1 and I really don't want to, and hope to find out that the consequences are the same if we live in the house or not. I would also like to find out if it's too late to file bankruptcy if the house forecloses. There was a rumor last fall that you can't bankrupt if you get foreclosed on and it doesn't satisfy the 2nd mortgage. That would really suck, if that's the way it is. I need to know there's some way out.
Professor -
I was wondering if you can answer me this: is there any benefit (other than living free) to living in the house vs. living somewhere else during this process? We moved out in November because the buyer's needed to take occupancy early. When they discovered their financing was declined they moved out. I'm wondering if I need to move back in to be protected under any "principal residence" criteria.
Also, do you know if my house gets that NOD is it too late to try to do a loan modification? I want to try again after the March bank statement drops around the 23rd, so the "rent" the buyers were paying doesn't show up - plus my unemployment ended and won't show up.
Thanks -
Kim