Anyone in finance know the answer to how long this usually takes. This is loan proceeds used to buy a foreclosure and will not involve a mortgage. How long do I have to sit on loan proceeds and/or inheritance to have it appear more like savings? Is it still six months?

My mortgage company is financing 8K of 0 apraised foreclosure house sold "as is" and they want me do a lot of repairs PRIOR to the closing date. They don’t like hole in the ceiling under the top floor shower, holes in some walls, ripping-off vinil tiles, etc. We can do this, but… anyway we plan to remove all the sheetrock, move bathrooms, kitchens (2 units), but not in a rush in one week before closing. Besides - who still owns the house? How will insurance company like it? WIll I get permits from the boro (on whose name)? Many questions…
Thanks everybody who helped me and my wife to figure out our standing in this case. We decided to do the least possible to satisfy the concrete list of the company, so we do not lose the time, and at the same time we’ll call the Hotline of New Jersey Department of Banking and Insurance Consumer Inquiry and Case Preparation Unit 1-800-446-7467 and ask which of the actions of the mortgage company were/ are not too lawful. Actually my wife has a softer position, but I am ready to go to the court now already!!!! Changing rules substantially one week before closing… not too sporty, at least. Tahnk you everybody again for your answers and support.

They have to do something about this otherwise more defaults are going to happen. Do you think they are going to create some breaks on mortgage financing, such as lowering rates and offering 50 year fixed loans, so many people are able to afford the payments. Or are they just going to let more borrowers go into foreclosure? If this continues to happen, we may see a depression coming in the near future.

The individual & his partner that sold us the property carried the full purchase price amount (less the down payment), as a "Contract of Sale". Over the last couple of years both parties (buyers & sellers) have been faced with some kind of financial, real estate, health &/or family "issue(s)", one of which, is being us, the buyers. Thus causing our Mortgage payments to fall behind, drasticly. So in order to refinance, (with Benificial or another Mortgage / Lending Company), they would be paying off two individuals (the partners), not a actual "Mortgage Company". Does this create a problem? What if the property is in foreclosure, how would that effect the odds of getting refinanced with a new Mortgage Company?
Although, there’s at least one good thing in our favior…
Currently we have approx. 55k equity in the property.
Please advise. Thank You.

My husband’s work moved us to AZ in November, and so we put our house up for sale. We will now be 3 months behind on our house payment at the end of this month. The mortgage company is unwilling to work with us at all on anything! They want over ,000 by the end of the month to avoid foreclosure. We have already paid 40,000 (4 1/2 years paid on it) for this house and owe more now than when we financed it! We asked them if we could hold off on payments until the house sells, and the answer was no. We asked if they could take less than is owed for the house so that it would sell and they could have all the money (we owe 84,000 for a tax value 79,000 home), and the anwer was no. This company is VANDERBUILT MORTGAGE, and they are so AWFUL! They bought the mortgage from our company we financed with, and we are just stuck! Is there anything we can do legally to avoid foreclosure? I am just amazed how mortgage companies can abuse people so easily and get away with it
Thanks Skip but they won’t take any less than the 2,000, and we can’t afford to pay for 2 houses in 2 different states. We would love to ask less for the home, but we have to get enough to pay the mortgage off when we sell it, hence the reason for asking the mortgage company if they would take less than what was owed.

Need a refinance of 20 northern Idaho acres that is:
1) in foreclosure, 2) is an animal sanctuary, 3) has older mobiles used for "kennels" and staff, 4) the animal sanctuary is a 501c3,
5) has gone through probate and is now in the name of the Pres/CEO, 6) no verifiable income except the CEO’s SSI (donations vary).

We really need someone who is humanitarian-oriented, perhaps a philanthropist, who will believe in what we do: we specialize in helping handicapped animals; we are a right-to-life, right-to-love, right-to-respect 9 year old organization needing some help.

Does anyone know where we can turn for help?

Ed, VP/Sanctuary Director,
Cheryl, Pres/CEO

A re-verse mortgage company gave me a foreclosure notice and I have to 2weeks to pay a loan of 120 thousand my estate’s estimated worth is 635 thousand. My credit score through equifax is at 659 now. the title of the house is in a
living
trust that my
grandfather had left me as executor of. I still need an updated appraisal. I would like a re-finance loan of 180 thousand to pay off the reverse mortgage and to have some extra money for expenses. Please please let me know what I should do in this delema?

My son purchased his home, in his name only. When he fell behind in payments, I gave him money to catch him up & for doing so he put the deed in my name. The intent was that once he could, he would repay me and I would deed the house back to him. This isn’t happening. He is once again delinquent and his house is going through foreclosure. Where do I stand legally if I do not wish to pay any back payments?