without going into the sordid details how i acquired a over priced slum house, I want to know if there is any problems quit claming the property back to the lender. The lender started foreclosure procedure and promptly stopped. Actually they got the judge to rescind the decree. I called the attorneys representing the lender why and they couldnt answer. I told them I would be happy to deed the property back to the lender but they told me they talked to the lender and they do not want to go forward and finish the foreclosure. It's been almost 2 years since i paid any mortgage payments! The attorney believes the lender doesnt want this crap property on their hands with the maintenance and the headaches that comes with it. I dont want it. the city keeps sending me hate mail to mow the lawn and clean it up from the crackheads. I have done this already and don't want to do this forever. No one wants the property I can even give it away. So can I quit claim it back to the lender.

No. A deed must be accepted by the recipient. The lender doesn't want it, so it will not accept the deed. Are you paying the property taxes? Stopping that is usually a sure-fire way to eventually lose land.

Also, the land is worth something. If the city condemns the property and seizes it for failure to keep out the crackheads or mow the lawn, will any fines issued be used to foreclose on the land? That usually terminates any fines.

By the way, you should check to see if your loan is a "recourse" or a "non-recourse" loan. With a non-recourse loan, once the bank forecloses and takes the property, it cannot go after you personally for any difference in the debt owed and the real value of the property. With a recourse loan, you are personally liable for the difference.

I purchased my investment condo for 192K with 40K down payment. Similar condos in the same building are for sale for 80K right now. I will not be able to recover my money in my life time. The mortgage is not bad and I can afford to pay it, but financially it makes no sense. I also will not be able to make a short sale since there are so many properties for sale, and so few buyers. What can the bank do besides foreclosure? What will I own after all is said and done?

So, let's see, you bought an investment condo hoping to cash in on the fast increase in real estate prices. You went to a bank, got a loan to buy the property and purchased it. Now your investment has gone bad and you don't want to pay anymore. I must have missed that clause at my mortgage signing, but when I signed my mortgage papers I agreed to pay the money back with interest over a certain time period. I didn't agree to pay only if my investment didn't lose any value or if it went up in value, I agreed to pay.

Let me ask another question. When you signed the agreement was the bank your partner? No? They just agreed to lend the money to you. They didn't agree to take on the risk that you did and tell you that if the investment lost money that they'd share in the loss did they? Hey - If the condo value had gone up by 100k would you be looking to share your profit with the bank? No? Didn't think so.

Your and people like you are going to cause more banks to fail and extend the recession that we are currently experiencing. You shouldn't be allowed to walk away from your investment and give the bank a 40-50% loss on the loan because the property value went down. THIS IS AN INVESTMENT PROPERTY AND YOU CAN AFFORD THE LOAN for goodness sake!

Many protections in real estate loans are afforded people who live there and not investors. Investors are generally more on the hook for the balances.

Here's what's going to happen:

Your credit score will go into the crapper as you stop paying the mortgage and wait for the bank to foreclose on it. This will cause you a lot of grief, including higher insurance rates, higher interest rates on credit cards and a general tightening up of any credit you may already have.

The lender will foreclose. They will incur costs that they will add to the loan balance. These costs come from lawyers and are high. They will sell the condo. At any cost to them. They need it off of their books. They won't get market value, but somewhat less. You now owe the balance between what was owed (with fees and other costs) and what they sold it for. I wouldn't be surprised if you owed almost $100,000 after all that happens.

$100,000 is a lot of money and they are going to come after you to the best of their ability. If the loan is a recourse loan (many investment loans are) then they will get a judgement against you and collect in any way possible (liens on other property, wage garnishment, etc.). If nothing else they will issue you a 1099 which means this money counts as income for tax purposes. Any federal forgiveness on this type of income is limited to owner-occupied properties. Now you will have a minimum of $30,000 of tax liability to Uncle Sam and depending on what state you live in more to your state government.

Now your credit is trashed and people are coming after you for a lot of money…

By the way, how was your condo investment any different than someone who uses a margin account to buy stocks?

good luck! - you are going to need it

California foreclosure lawyer Jason S. Buckingham gives an overview of how the Truth in Lending Act can be used to stop foreclosure for California homeowners. California foreclosure lawyer Jason S. Buckingham http://www.jsb-law.com …

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I pay my lender 4,000.00 they told me that they were go stop the foreclosure and they were not go in to sell my house to the investor and they still sold the house. and now they are trying to get my house back but the court send eviction letter i don’t know what to do

I hope that you got that 4,000 dollar agreement in writing. The banking institution is 75% above the law. You should find an investor yourself to take the house on a short sale. OR, you can hire an attorney to exercise your right under the Loan Modification Act of 2007.

Does anyone know who is eligible for the government program to help
individuals lower their mortgage payments in order to stop foreclosure??

Hi there,
My name is Rejane Minnie and I work at www.homesolutioncomplete.com in Carlsbad, CA.
We modify home loans nationwide to relief all the problems that are associated with adjustable rates and the high mortgage payment etc… If you’d like check us out at www.homesolutioncomplete.com feel free or even call us at 877-322-3735.
We are not realtors or brokers, we are experts who act as a neutral 3rd party working WITH the homeowner. Our rate is fixed and there’s nothing hidden either.
Tks,
Minnie

Why does he not believe in personal responsibility?
1) personal responsibility to pay your debt
2) personal responsibility to buy a home you can afford
3) personal responsibility to read loan documents and not sign on
something you dont understand?

Now if the Mortgage Banker commited fraud, i.e signed the papers themselves, then they should go to prison

But if for instance, the Banker puts down on the loan docs that you make $10k per month, and you make $2k per month, then you sign that document, and right next to the signiture it says “i swear everything on this document is accurate, under penalty of law”…. YOU NOT ANYONE ELSE IN THE WORLD ARE AT FAULT.

NOW, I run a company that services bad loans… You would be shocked at how people are… The day the loan closes, they shake your hand with tears in their eyes, thanking you for taking the chance, then 2 months later when they dont make their 1st payment, they yell at you for taking advantage of them….. Also more people than you think sign for mortgages for a relative who has bad credit, then learns why that relative has bad credit, the hard way… Also what would surprise most folks are the # of people who thought they would make a fortune “FLIPPING” properties, so went out and bought 4-5 houses on the same day, before the credit bureau could updat, and looked clean…. then 2 mos later all are in default…

Now i know there are some hard luck stories out there, but in the billion dollare portfolio i oversee, it is 10% or less of the portfolio…
My company bought these loans for 10 cents on the dollar
OBAMA just said 10 minutes ago "I want to stop all foreclosures"

Why does he not believe in personal responsibility? Why doesn’t either candidate believe in personal responsibility? Because no one does in America anymore. The government insurance fund will be there no matter how many bad decisions you make.

Are you a homeowner that took out a mortgage you can’t afford? Just wait until the government steps in and buys your home. Then you can negotiate a lower balance and lower monthly payments.

Are you a subrpime lender that made a bunch of loans that defaulted? Sell your company to a large financial firm that is in the business of securitizing bad loans and pawning them off on hedge funds in Australia.

Are you a Wall Street firm and no one is buying your toxic mortgage securities and you’re stuck with a bunch of subprime lenders that aren’t making loans anymore? Wait until the government offers to invest in your company, offer you guaranteed loans, or gives you Treasury securities in exchange for the mortgage securities that are now worthless.

Why would anyone in America believe in personal responsibility for paying their debts anymore? Everyone defaults, from families with mortgage to corporations holding those mortgage securities. In either case, the government is offering to step in and “help” (i.e., steal from other people and inflate the currency) to “address the crisis.”

Banks haven’t made a good financial decision since… well, probably before 1913 or so. And every investment they’ve made in emerging stock market sectors (regional S&Ls, Mexican pesos, SE Asian countries, Russian bonds, tech stocks, real estate loans) has gone bad, and they’ve received a bailout in every case.

Personal responsibility? In America? Please. Just get in line behind the other companies and individuals requesting a bailout like all the other good comrades.