Upside Down Mortgage

Archive for November, 2007

Loan Modifications With Countrywide

Question: Our mortgage is under husand's name. If we foreclose, will it show on my FICO score? Both names are on title.

After nine months of attempting a loan modification with Countrywide, they only added extra fees and fines onto our loan. We are paying over $3,500 interest only a month for our little condo in a suburban town. We'd rather put the money into retirement fund or college savings. Our "starter loan" is now called a "subprime loan". The loan in a nonrecourse loan, however, I think the HELOC is a recourse loan. We thought we were living the American Dream, turns out, it's a nightmare.

Answer: When it forecloses all listed names on the title are noted and reported. Sorry about that.

Loan Modification with Countrywide - Loan Modification

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Loss Mitigation Jp Morgan Chase

Washington Mutual is a famous company and one of the largest banks in America. The JP Morgan Chase has recently acquired this company. As the merge was taking place the customers of Washington Mutual were assured about the safety of their accounts and were promised that they would be unaffected in any case by this merger. In fact it is one of the first bank that agreed with President Obama's home stimulus plan with the slogan of "Make home affordable" and helped its customers to have their loan modified into lower monthly installments as well as have their mortgage at lower rate of interest. All this was done with the help of their Washington Mutual loan modification program.

The main essential requirement for the loan modification is that the borrower should be residing in the house for which he had taken the loan and now wants it to be modified into affordable terms and conditions. If you have left the house under a housekeeper or have made it a vacation home, you will not be qualified for the loan modification program. The bank also adjusts the repayment installments into amount that is easily payable and the sum total of all the installments is less than 31% of the borrower's monthly income.

Washington mutual loan modification program is designed and planned to help homeowners avoid foreclosure and keep their home safe too. The bank is extremely concerned about the safety of your house and will help you save your house anyway. The Washington Mutual works fast and finalizes the deal as quickly as possible so that the homeowner does not have to wait for long. If you want to apply for the loan modification program of Washington Mutual, you must collect the necessary document and fill up the application form accurately so that the chance of approval of your application increases.

If you are not sure about which program is beneficial for you, you can call the loss mitigation department of the bank and enquire about it there. The whole department is ready to help you and you can avail the opportunity but it will be better if you note down the questions you want to ask before calling the bank. This will help you get all the information at a time and you will not miss out anything that would have been important to ask otherwise.

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To save your home,click here to get the help you need to qualify for a mortgage modification loan.

Source - Washington Mutual Loan Modification

Mortgage Help California

Question: Where can i get reverse mortgage training in California?

I plan on going back to work at the end of Summer. I have been staying home with the kids and I'm re-entering the workforce. I have banking and Mortgage lending experience.
I'm in Northern California.

Answer: I believe there are several good banks that offer classes in reverse mortgages in Sacramento. A reverse can be a very smart thing to do and all the major banks offer them. Go with a reputable bank and not some guy knocking on your door. Enjoy your money, don't sit on it until you die and give it to your kids. Let your kids earn their own money!

Building Wealth Magazine - Mortgage Limits help California