foreclosure and loan
Posted by dr on August 25, 2008 at 19:52:42: Been all over for weeks now, read and learned everything I should have before buying but a little late. we are in a 100% loan, 1st fixed and 2nd heloc.Both are interest only. We are negative HUGE!!!!! And can no longer afford the payments. So far have talked to them once, and they warn you that you are being recorded for possible further action if you are late. Any way, we are getting out. What type of attorney should I talk to. I just don't want to mess this up. Our loan was really screwy.
We had an overinflated appraisal that gave us 20% equity at closing...(lie)A loan officer that dropped the ball and relied on another company to secure the 2nd, even though we have a withdrawl of loan letter from them and a cease action letter, A 2nd set of closing costs due to that at closing, that was never disclosed...(didnt pay) And to top it all off a denial of loan letter from the bank that stated the loan was denied due to "lack of value in the property offered".
Sent that to the loan agent and he somehow got it through. Loan kept getting delayed due to all this. Wish it fell through but didn't. Now we are losing it and will get hit for taxes on our Phanthom income. . Any suggestions? Or help so I don't screw it up?
Thanks in advance.
Follow Ups:
- Re: foreclosure and loan - dr 22:35:57 08/27/08
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- Re: foreclosure and loan - dr 22:35:46 08/27/08
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- Re: foreclosure and loan - admin 02:19:35 08/28/08
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- Re: foreclosure and loan - NJD 05:47:36 08/27/08
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