AboutDennis Herman Expertise I can answer questions on Real Estate such as question on writing an Offer to Purchase. What can go wrong after an offer is written? What is Buyer Agency and what will it do for me? What is a foreclosure? What is the difference between a foreclosure, a bank owned property and a short sale? What is the best way to locate a property? What steps can be taken to avoid foreclosure? How do Real Estate Agents get paid? How can I quickly build equity in a home? How do I view homes? What types of homes will have the best prices? How do I choose an agent? What types of financing are available?
Experience Residential and commercial real estate. New home purchases. Buyer Agency. First time home buyers. Foreclosures, bank owned properties, estate sales and short sales.
Organizations Greater Milwaukee Realtors Association
Wisconsin Realtors Association
National Association of Realtors
Publications http://activerain.com/bloghome
Education/Credentials State of Wisconsin Licensed Real Estate Sales Agent
Accredited Buyer Agency Training
Relocation Training
Certified Senior Citizen Representative
Wisconsin Real Estate Continuing Education
Question I am current on my first mortgage, but i fell behind on my HELOC and they brought me current to help me and said if I don't next month, they will buy out my first loan and foreclose on my property. Again, I am current on my 1st. Can they really do this or are they empty threats?
Answer Jen
My expertise is in the area of marketing and sales. I am not an attorney. I would suggest you talk to an attorney and give them the opportunity to review the contracts involved. This is the only true way of defining the rights and responsibilities of all parties involved.
If you can not afford an attorney you may want to make an appointment with a company that handles credit repair. Make sure the company has a good reputation and has been in business for a number of years. Ask for references. There are many companies in this area that have sprang up to take advantage of the situation. Established companies will know how to approach the situation and will have the proper contacts. I know from my marketing experience, the larger the company the harder it is to find the proper contact.
I am not sure what a HELOC is. Is it the insurance on the the loan, a second loan on the property or a personal loan? If you have already contacted them and discussed the matter you have done the right thing. Keep a record of when you contacted them and what was said. If they are using threats you may want to file a complaint with the state Attorney General, which may be part of the Consumer Protection Agency in your state. Ask for a statement from the lender in writing so you have some evidence of the situation. This will not get a loan forgiven but if the lender is using tactics that are not legal it will help prevent future problems for others.
I have never heard of a second loan buying out a first loan. I am not sure what that would accomplish. I would think that may be very expensive for them to do.
