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  1. Jzone

    Selling Home Second Mortgage Huge Amount Interest in Payoff

    If you havent been paying since 2009, you will run into trouble at closing. Did you just stop paying or file bankruptcy? Bamkruptcy would protect you from owing the debt, but SLS would still hold the lien. Simply stop paying on the loan and you are liable for the debt and they hold lien. SLS...
  2. Jzone

    Can I get an investment home loan with no or low money down payment?

    Seriously, just ask your question once and in one thread. You have asked this 3 times in slightly differant ways. The short answer is banks are not going to give you cheap money to flip a house. You can google this and find all you need to know.
  3. Jzone

    How soon can I get another mortgage after I sell a home?

    I think its too late to get into flipping houses in 2019. Especially, if you havent done this before. You need to get in at the bottom, more or less, and you can sell at near peak. As far as how many mortgages you can have? It all depends on income/debt ratio. I know many people who do this...
  4. Jzone

    Second Charged Off - Refinance Question

    Probably option one: You will need to pay off the second before getting approved for another loan. Check with your county register of deeds to see who is the lien holder now. Doubtful that a new mortgage holder will take a junior lien/subordinate role. Its happened before but very unlikely...
  5. Jzone

    How much money for a downpayment to build a home on my land in California?

    Never heard of that, but never lived in Cali either. Just remember the more you put down, the less your interest rate will be and the less your monthly payments will be. Plan on 20% down to get the best interest rate.
  6. Jzone

    How do you qualify for a construction mortgage loan in 2019?

    Most banks, but not all, require a construction loan on a new home. After the home is built, you convert to a regular mortgage. Since their is no home for the bank to use as collateral, construction loans usually have higher interest rates than traditional mortgage loans. Even though you...
  7. Jzone

    Success Stories in Settling 2nds

    How many times did you contact them? And when was the last contact?
  8. Jzone

    How many home loans can I take out at once?

    Why not just take out one big loan and be done with it? Why do you need 3 or 4 smaller loans?
  9. Jzone

    What is the best type of mortgage for a small business owner?

    But dont you usually pay a much higher interest rate? I thought most of these no doc loans went away during the recession. Im sure there is still a market for this specific type of customer though.
  10. Jzone

    What is the best type of mortgage for a small business owner?

    I replied to your other post. If you have a current mortgage, just apply for a home equity loan. If you dont own a home, you will need to provide 3 years of tax returns. Banks ask quite a bit about income and they will need to verify it. If your wife works, you need to both apply for the loan...
  11. Jzone

    Help with Settlement Offer on 2nd Discharged in a Chapter 7

    Hopefully, the 1st and the 2nd were not reaffirmed. That defeats the purpose of bankruptcy. Im in similiar situation. Just keep current on the first. You dont need an attorney to send a settlement offer, just do it in writing, not on the phone or email. Wait for their reply. 2nd mortgages...
  12. Jzone

    Can I get a home mortgage showing only bank statements?

    This may have been a possibility 10 years ago with " no documentation" mortgages, but not anymore. Its part of what caused the market to crash 2008-2011. You will need to provide 3 years tax returns for your small business. Banks need to know that you can repay the loan. Unless your business...
  13. Jzone

    Bank of America will not foreclose

    When your loan was "flipped over" to Country Wide, they didnt adjust the interest rate. They would need to follow the exact mortgage terms that you signed with Quicken Loans. You probably had an interest only loan for the first year, then you had to start making actual payments on the house...
  14. Jzone

    2nd mortgage

    I would not contact them. But as I said earlier, if you do contact them, simply make an offer and nothing else. And of course only do this in writing. No phone calls, no email. Ive been in similiar situation in Michigan for about 8 years now. There may be an advantage to having a real estate...
  15. Jzone

    Ditech sold loan to LoanCare

    Sounds like just your servicing has changed to LoanCare? As long as you were current with Ditech, I doubt there will be a problem. When mortgages are sold, transferred or assigned, they still must follow the original mortgage terms.
  16. Jzone

    90 Day Definition and Loss of Good Standing

    Need more details on how you got "back into some unsecured debt". You really need to figure out how you are still paying your mortgage 90 days late and its 9 years since bankruptcy. If you have more money now, where is it going? Credit cards, car payments? etc... If keeping your house was your...
  17. Jzone

    Ditech sold loan to LoanCare

    Was this a bankruptcy situation? Or a loan sold to a debt collector? I need a few more details before I can comment for you.
  18. Jzone

    Help with 2nd Mortgage

    I just replied to this in the other thread you posted. Read that for my suggestions.
  19. Jzone

    2nd mortgage

    Here are some suggestions: 1. Yes, I would contact RTS in writing. Do not call and let them know communication is only by letter. Make the letter short and sweet- stick to the facts. Make your offer and let them respond. 2. Im in Michigan also, and there is no time limit on property liens...
  20. Jzone

    Ditech bankruptcy & settling

    Doubtful but always a possibility. Ditech will simply sell or assign all mortgage liens and someone else will be your new lien holder. How many times have you been contacted by Ditech in the last 8 years? That will tell you how eager they are to settle.