Upside Down Mortgage

Archive for January, 2008

Loan Modification Indymac Bank

Question: We need help securing a loan modification from Indymac Bank?

Indymac Bank refuse to modify our loan. We have over $400,000 equity in our home. They are trying to steal my equity. We just received notice that they plan to sell our house and throw the family on the street. Where should we turn? Who can help us?

Answer: That sucks !!!!!!!!!!! I dont think Indymac is going to help you out since you have 400k on equity. You should try to refinance it ASAP. This happen to me last year I had 300k in equity my lender at that time didn't want to help me out.. I lost my house because this a@#$%)(LES.Good Luck hope you can keep your home.

FDIC Insurance Limits and Indymac Bank Loan Modifications

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Subprime Loan Default Rate

Question: Can you give me an individual example of a subprime loan trouble situation?

If the interests rates are going down, then should'nt this give rise to a higher demand for housing loans? Or if there is such a massive default on loans, then shouldn't home prices fall thereby making them now more affordable to the sector that can really afford it?

Answer: Humans do not buy when prices are low and sell when prices are high, instead they often do the opposite. When people see prices go down they get scared and often sell not because they need to but because they fear prices will continue to go down. When people see prices go up they get excited and buy even when they have no need for a larger house because they think prices will continue to go up.

To become rich you need to think differently in both situations.

12-15-08 Charles Gradante on Bloomberg TV w/ Matt Miller Discussing the Bernard Madoff Scandal

Loan Modification Help

Question: How can I negotiate a loan modification with my lender what tips or tricks can I use.?

I have an ARM. I cannot refinance. How can I go about negotiating a loan modification with my lender. I don't want to be just a name and account number. I can meet the existing payments and to date have not fallen behind. If they raise the interest rate any further then that will be the tipping point. Are there organizations out there to help me such as HUD, etc. Do I already have to be in default before they'll consider a loan modification?

Answer: They cant change the terms of your loan without refinancing. They have already sold your loan. No bank is rich enough to use their own money. They just collect payments.

They would have the ablility to do a 1 time deferment of payments. Say you were going to go 2 down, say I need you to defer this months payment, and the next 2 or 3. That way you wont be late and have 2-4 months without a payment. They could put them as a ballon at the end of your 15 or 30 years. For them to consider you would have to be perfect in your payments and do it before you go late. If the person says no we dont do that, keep calling. Every bank has a deferment department. You can call 10 times and get 9 no's you just need 1 to say yes.

The issue is, your payment will adjust according to the market. Your loan is probably owned by a foreign government or a hedge fund. They cant change the Note, even if they wanted too. It will adjust according to the note, and the bank cant do anything to help you, other then to refinance it.

HUD is working on something, but you have to understand this isnt HUDS problem. They didnt insure your loan. All they could do is refinance it as well. They are working on it, but dont expect it to be anytime soon. They are trying to make it soon but its the government. They are trying to set it up so FHA could refinance these loans. They are already in talks to do this. Everybody is hoping sooner then later. Here is an article that explains what HUD and the Government are working on doing. You will just have to hang on as long as you can.

Try for the Deferment if you can, they would rather have you do that then foreclose. But as I said they wont, and cant modify your note or terms.

Good Luck, read this article

http://www.washingtonpost.com/wp-dyn/content/article/2007/08/22/AR2007082202655.html?nav=rss_business

Home Loan Modification Help