Upside Down Mortgage

Archive for May, 2009

Mortgage Help Foreclosure

Question: 2nd mortgage Foreclosure: How long is the delay to put it on your credit?

We paid off a 2nd mortgageforeclosure before it went through. We continued to pay on our first mortgage with no problem. The attempted forclosure was not on our credit report until we refinanced with a new mortgage company. Is this fair? It looks suspicious that it only appeared on our credit after we refinanced with a new company. We understand that business is business but it seems that they were fine with everything until we pulled our mortgage from them and went with another company.

Answer: Well, you were late, so the info is accurate.

It is probably just a coincidence... sometimes it takes time to get stuff posted onto a credit report.

15 Mortgage Help Tips That Stop Foreclosure

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Ok. This blog is called 'upside down mortgage' so I thought it is an appropriate place to ask this. What happens when you owe more money than your house is worth. I have read a few things but what exactly is going to happen. For example, you owe $200k on a house, the house is worth $100k in the market right now (surprise surprise, well it is not that bad but it is still bad), if the bank forecloses on the house and the bank sells the house for $100k, do you still owe the other $100k or does the bank take the loss? Can the bank come after you for this? If your mortgage is current, how long does it take until you hit the foreclosure period and kicked out of your house?

Loan Modification Warnings

The countrywide loan modification project by the administration will help so many Americans who are sheath out of luck. There are so many now who are struggling with a seemingly insurmountable amount of debt, it is certainly discouraging.

There is no quick to any kind of economic problem. This is for sure. In fact the economy’s downward trend is only beginning, meaning that there is still a long way down towards the bottom of the pit. But the Obama administration is offering many projects dealing with this. One such solution is loan modification. Under the new administration, there shall be countrywide loan modification that will surely help a lot of people. However, not everyone is eligible for this of course. Also, it is not an instant solution to the big problem of unpaid and impossible to pay debts.

A lot of those who have debt were in fact warned about the possible ramifications of the loan. However, whether or not the warnings were sufficient enough is in question. The problem is that these loans were promoted because there were as yet no signs of a dwindling economy. Some have predicted it, but no one wanted to report it because reporting it might hurt the industry needlessly. Now we know that this is not the case.

People now have a problem with their income. Jobs are unstable. So many people have already been laid off. And to add to all that, the loans are turning to universal defaults. These seem to be unavoidable. The good thin is that the countrywide loan modification of the administration is slowly bringing hope to the American consumer who is riddled with debt or who is afraid to spend due to the precariousness of the economy. This tight budgeting conversely further damages the already stagnant market.

Loan modification has several requirements. You need to complete all the requirements accurately. Complete application will help your chances. You also need to have valid reasons as to why your payments have gone default. The loss of your job and other loan problems that you might site as reasons needs to be substantiated with solid proof. All your documents need to be in order.

The loan modification, if ever you are judged as eligible, should really help a lot. These will great reduce the monstrous interest rates in your monthly payments. In the long run, your loan period will be sufficiently lengthened to give you sufficient time to pay up. If you are facing all these loan problems in your mortgage and you feel like hanging the towel, first consider loan modification. It might seriously help change your situation for the better.

About the Author:

Maria is a full college professor and a volunteer social worker regarding legal matters. Learn more about countrywide loan modification. Is the government plan for you? See for yourself. Just go read up on countrywide loan modification today.

Source - Considering Countrywide Loan Modification?

LOAN MODIFICATION WARNINGS FOX11 LA