Upside Down Mortgage

Archive for June, 2008

Mortgage Relief Assistance

Question: Can I get mortgage assistance if I own two homes?

My husband and i own a home that we were trying to sell on land contract and that has fallen through, now we are facing foreclosure on that place but are still current on our primary residence. Do we let the bank foreclose or is there something else we can do? Everything that I've read seems to state that if you own 2 properties that we don't qualify for mortgage relief, we don't want to shirk our responsibilities but we also don't want to risk the home we are in either. Both loans are held by the same company also, any concern there?

Answer: As you have assets that you can sell you would not qualify.

Do not be so sure that you get to keep one of those houses after you phuck over the bank with the second one. Since you will have assets you will be expected to repay the money they gave you, it was not a gift.

Debt is NOT NORMAL! Pay off your credit cards, car loans and mortgage!

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!

Subprime Lenders Still In Business 2009

 I want to introduct something about Kiddy Blacklead Pencil. Terms of Payment: L/C,T/T Supply Ability: 21 days Minimum Order: 400 cartons Packaging: 12 pcs. per box, 24 gross per master Blacklead pencils, HB grade, smooth sharpening strong leads.
Capital One Financial Corporation
Type
Public (NYSE:COF)
Founded
Richmond, Virginia 1988
Headquarters
McLean, Virginia, USA
Key people
Richard Fairbank, CEOGary Perlin, CFO
Industry
Financial Services
Products
Credit Cards, Loans, Savings
Market cap
US$ 8.53 billion (Jan. 2009)
Revenue
US$ 18.97 billion (2008)
Net income
US$ 1.70 billion (2008)
Total assets
US$ 150.6 billion (2008)
Employees
31,800 (2006)
Website
www.capitalone.com

Capital One Bank in Wake Village, Texas
COF, or Capital One Financial Corp. (NYSE:COF) is a McLean, Virginia-based U.S. bank holding company specializing in credit cards, home loans, auto loans, banking, and savings products. A member of the Fortune 500, the company helped pioneer the mass marketing of credit cards in the early 1990s, and it is now the fourth largest customer of the United States Postal Service and has the 8th largest deposit portfolio in the United States.
Capital One was founded in 1988 by Richard Fairbank and Nigel Morris as a spin-off of Richmond, Virginia-based Signet Banking Corp (which was subsequently acquired in 1997 by First Union Corp.).
Capital One entered the retail banking market with its acquisition of New Orleans, Louisiana-based Hibernia National Bank in 2005 and Melville, New York-based North Fork Bancorporation in 2006. North Fork Bank and Superior Savings of New England, both subsidiaries of North Fork Bancorporation, began using the branding of Capital One Bank on March 10, 2008.. On December 4, 2008, Capital One announced it would purchase Chevy Chase Bank for $520 million.
Capital One responded to the 2007 subprime mortgage financial crisis by jettisoning its mortgage platform, GreenPoint Mortgage, due in part to investor pressures.
On November 14, 2008, Capital One Financial Corporation was the recipient of $3,555,199,000.00 of the Emergency Economic Stabilization Act Federal bail-out in the form of a preferred stock purchase.
Capital One Bank (USA), N.A. and Capital One, N.A. are nationally chartered institutions, regulated by the Office of the Comptroller of the Currency, Department of the Treasury.

Divisions
Capital One Auto Finance
Capital One Financial Corporation is the parent company of [Capital One Auto Finance], or COAF, based in Plano, Texas. After buying PeopleFirst, it became the largest Internet auto lender, as well as one of the top US auto lenders overall.
The company, which previously sold auto loans only through direct mail and auto dealerships, lets auto owners refinance existing auto loans and shoppers apply for new auto loans online. A decision usually comes within 15 minutes, after which the buyer receives a "blank check" for up to the approved auto loan amount, which the buyer uses to purchase a car. To the dealership, it is as if the buyer were paying cash. The checks can be used to purchase a new or used vehicle, or to refinance an existing auto loan with another lender.
COAF originates auto loans across the credit spectrum.
International operations
Capital One commenced operations in Canada in 1996. Its head office is located in Toronto, Ontario. Unlike its diversified American parent, the Canadian business does not currently operate outside of the credit card market. Similar to the US Parent, Capital One Canada is Canada Post's second largest customer. In October 2008, Capital One Canada was named one of Greater Toronto's Top Employers by Mediacorp Canada Inc., which was announced by the Toronto Star newspaper.
The UK headquarters of Capital One is in Nottingham, England.
The company was once active in Spain, France and South Africa, but has since withdrawn from these markets.
Unusual growth
Unlike other diversified financial services firms, Capital One began as consumer lending "monoline" -- a company that only does consumer lending. Remaining a monoline is precarious because of the often-cyclical nature of consumer lending; it can be very profitable industry in good times and markedly unprofitable in bad, such that a monoline company -- which lacks other sources of revenue -- will go out of business or be acquired fairly cheaply during hard times. Most consumer lending monolines in the past 20 years have either gone out of business (e.g. The Money Store, NextCard, Royal Acceptance) or have been acquired (e.g. MBNA, Beneficial, First USA); Capital One is notable for having experienced neither.
Prior to this the company experienced tremendous growth as a monoline which...(and so on) To get More information , you can visit some products about Wood Music Box, Design Speaker Box, . The Kiddy Blacklead Pencil products should be show more here! 

About the Author:

himfr can provide you most popular hot products from china!

Article Source: ArticlesBase.com - Capital One

Democracy Now Headines- Wed. Aug 26, 2009

Indymac Loan Modification Packet

DON'T GET YOUR HOPES UP: The FDIC's chairman, Sheila Bair, has said all year that mortgage servicers need to do more to help homeowners who have fallen behind on their monthly payments. Now that the FDIC controls IndyMac, an institution that used to be one of the country's biggest mortgage lenders, she has her chance to show other mortgage servicers how it's done.  

IndyMac specialized in Alt-A mortgages, which were designed for people who wanted to lie about their incomes so they could qualify for home loans. When the FDIC shut down IndyMac Bank in late July and reopened it as IndyMac Federal Bank, the bank serviced tens of thousands of mortgages. Over the next few months, the FDIC-controlled IndyMac will mail packets to about 25,000 borrowers who are late on their IndyMac-serviced mortgages.  

Before I describe what will be in these packets, let me stress that we're talking only about homeowners who have mortgages serviced by IndyMac. Hundreds of thousands of people got mortgages from IndyMac, and then their loans were sold, and are being serviced by other companies.

Those borrowers aren't going to receive these packets from the FDIC. If you're supposed to send your monthly house payment to IndyMac, the FDIC offer applies to you. If you're supposed to send your check elsewhere, the FDIC offer doesn't apply to you.

I await the deluge of e-mails from people asking, "But what if I got my loan from IndyMac but they sold it?" Grrrr!

People who are late on their IndyMac-serviced loans will get a packet in the mail. The packet will contain a loan modification contract. Here's what the FDIC says <http://www.fdic.gov/consumers/loans/modification/indymac.html#Available> about these contracts:

Under the IndyMac Federal program, eligible mortgages would be modified into sustainable mortgages permanently capped at the current Freddie Mac survey rate for conforming mortgages (now about 6.5%). Modifications would be designed to achieve sustainable payments at a 38 percent debt-to-income (DTI) ratio of principal, interest, taxes and insurance.

To reach this metric for affordable payments, modifications could adopt a combination of interest rate reductions, extended amortization, and principal forbearance.

Note that the FDIC plans to draw up this modification agreement based on a debt-to-income ratio. That's all well and good, but most of these borrowers exaggerated their incomes. It would be safe to say that they've fallen behind on their payments because they lied about their incomes.

Note also that the FDIC isn't asking for documentation of income before coming up with a loan-modification plan. The FDIC is drawing up loan-mod offers based upon the incomes stated in the loan applications. It is mailing these flawed offers to borrowers -- and asking borrowers to document their incomes when they return their signed loan-mod docs.

I hope I'm not being too repetitive when I note that most of these late payers lied about their incomes. The FDIC will discover this when it gets the paperwork back from borrowers and sees the income documentation. In cases where borrowers greatly exaggerated their incomes when they applied for loans, the loan modifications won't work.

Not initially. The FDIC will have to send back modified modifications in some cases. In many cases, it will be clear that the borrowers can't afford their homes no matter what, and no modifications will be forthcoming.

In the normal order of things, the mortgage servicer asks to see income verification first, and then it comes up with an offer for a loan modification, based on the borrower's income. The process sometimes takes weeks or months, and people get frustrated as they wait by the phone and the mailbox. The FDIC's method -- make a modification offer first, then verify income -- will appear faster. In the end, doing the process this way might bog things down.

No one says it as well as uberblogger Tanta at Calculated Risk, who writes <http://calculatedrisk.blogspot.com/2008/08/fdic-mod-plan-welcome-to-real-world.html> :

Does this mean that the FDIC risks wasting a bunch of time and energy drawing up modification agreements that it will be unable to accept because when it finally sees those income docs, it realizes that the borrowers still don't qualify? Well, yeah. But the borrowers won't be made to wait weeks and weeks for a mod offer, unlike with those lousy private mortgage servicers. The actual ratio of successfully executed modifications might be more or less the same, but nobody had to spend three weeks listening to hold music.

About the Author:

Alex is a famous author who writes about Loan Modification. FeldMan Law Center is a free resource for millions of people to find information regarding several topics related to loan modifications and resources to information.

Article Source: ArticlesBase.com - The FDIC's loan-mod plan