Upside Down Mortgage

Archive for June, 2009

Underwater Mortgage Relief

Question: Should mortgage relief be in the form of an underwater reverse mortgage?

If we're going to bail out people who bought more home than they could really afford, and let them live in those homes, while the rest of us who rented small, affordable apartments stay in them, then at the very least shouldn't the government get a lien on the homes of the people who receive that aid, so that if the value goes up, the govt can get some of the $ back and pay down the national debt?
Jake, the market was overinflated so much for so long and, you're a contractor - you rode the wave.

Answer: If your stupid enough to buy a house you can't afford, you should live in the street or in your car.

If you live in an apartment or small home, great!

I always thought life was a learning process. that's how my parents and grandparents got wise.

Mortgage Relief with Loan Modification Opportunities

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How to purchase another home when you owe more on your present home than it would sell for?

Here is my situation. I purchased a home for $229k now the market value of this home is only 170k. It is a very nice home. Are there programs available for people in this situation? I was hoping that the government would have done something about this. I have good credit. Thanks for all the advice and help.

How to buy new home when upside down on current one?

Loan Modification Companies In California

Question: Pls. HELP, Loan Modification question.?

We called our lender, through Central Mortgage Company, requested for Loan Modification, but was told that the process takes up to 4 months plus,....i dont think we have four months or so to wait on whether we'll get approve or not. What should we do as we are running out. Our dues is about 3700 a month, and told them we can only pay 2500 and they said thats fine, but will be charge late fees, etc. They said they will account it as "Good Payment"....Are there any non-profits out there that can help us. We are in California, in the Bay Area. PLS. HELP. We do not want to loose our home. Should we refinance,etc...

Answer: Step one. Stop worrying. You are actually at an advantage here. Not only are you in the part of the country that is experiencing the highest foreclosure rates, but the largest loss of value. The LAST thing your lender wants to do right now is foreclose on you.

Here is what you need to do. Do a Google for SF Bay Area Housing Assistance. Find a non-profit that specializes in loan re-modification and debtor education. They will assign a counselor to you and renegotiate with your mortgage company on your behalf. That is what they do.

STOP calling your mortgage company. Their job is to scare you in to paying. Finally let me end where I began. STOP WORRYING. There is help. What ever you do... DONT REFINANCE!

California Loan Modification Company - Loan Modification California