Upside Down Mortgage

Archive for February, 2008

Loan Modification Citibank

Question: Had a Citibank Loan modification?

What kind of mortgage packages/rates did you get without a lawyer? Did you have to negotiate?

Answer: Sold house in 2005.

I can tell you that about 50% of all loan modifications end up in re-default.

--- CNBC-TV (04-03-2009)

If you are having serious debt/financial issues, best to consult legal advice.

I'm the Student Loan Debt Martyr

If you're new around here, you might want to subscribe to our Upside-Down Mortgage RSS feed. It's quite likely the only feed of it's type on the internet!

Top Subprime Lenders

Question: why did obama say he doesnt do lobbyist on his team when he had FannieMae lobbyist on his VP Vetting team?

http://www.nysun.com/national/top-talent-scout-for-obama-tied-to-subprime-lender/79579/

Jimmy Johnson is one of the largest lobbyists out there and was the head of obamas VP vetting team. He was also former fannie mae CEO.
There ar many other lobbyists on obamas team, so why does he say mccain does it but doesnt mention he does it also?

http://www.cnn.com/2008/POLITICS/07/29/lobbyists/index.html

CNN story of the lobbyists.

http://www.usatoday.com/news/politics/election2008/2008-04-15-obama_n.htm

These 38 fundraisers for Barack Obama's presidential campaign work for law firms that have lobbying operations in Washington

http://thehill.com/leading-the-news/lobbyists-on-obamas-08-payroll-2007-12-20.html

Three political aides on Sen. Barack Obama’s (D-Ill.) payroll were registered lobbyists for dozens of corporations, including Wal-Mart, British Petroleum and Lockheed Martin, while they received payments from his campaign, according to public documents.

Answer: Darn. You would think he would have known that.

And a p.s. Just watching the news seems Johnson also made some money because he was at Lehman's too.

Seems he made a was of cash and his buddy, another of O'bama's consultants on the economy made 90 million in the three years before he left Fannie Mae to work with the O'bama campaign. Darn dvr blippped and I didn't catch the name, but will find it though. Karl Rove was the one who new them both. The newscaster confirmed it as true as well.

loans, Washington National Home Mortgage, lenders, Auburn, WA

Auto Loan Subprime

Question: Is it harder to get a mortgage or an auto loan?

My husband is the breadwinner in the family (I am at home with our 4 young boys) and he had a bankruptcy back in 2003. Anyways, his credit is not the best however, in 2006 we obtained a mortgage after some struggles due to his credit.
My question now is, how hard will it be now to get an auto loan after getting a mortgage? We are in need of a new car, and I don't know if I should even bother going to the local banks, or if I should go directly to a subprime lender. Any advice will be appreciated! Thank you....

Answer: 2 years ago, it was easier to get a mortgage. Your husband would likely not be able to get a mortgage in today's market without a huge amount down.
Today, it is much easier to get a car loan, but the interest rate will be much higher.

With bad credit, you could pay 20+ % on a car loan. If you had that kind of interest rate on a mortgage, you could never afford the payment, so they don't even offer them.

The ability to get a car loan is going to depend on the combination of your debt to income ratio and your credit score.
I would avoid a subprime lender at all costs, if possible.
If you are forced to go this route, get something used that you can get around in until you can afford something new without paying an outrageous amount in interest.

With ok credit, anything below 8% is a good interest rate.

DriveTime: Dark Cloud Over Your Head, Searching for an Auto Loan