Archive for July, 2009
Differences Between Loss Mitigation and Short Sales
July 14th, 2009
It seems to me that the only difference between gathering information for Loss Mitigation and a Short Sale is the sale and purchase contract (Short Sale). Basically the rest of the information to process the 2 are the same. Is this true?
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!
Posted in Loss Mitigation, Short Sales | 
Tags: definition of loss mitigation, definition of short sale, differences between loss mitigation and short sales, explain loss mitigation, is loss mitigation same as short sale, Loss Mitigation, loss mitigation question, loss mitigation vs short sales, purchase contract, sale and purchase contract, short sale, short sale versus loss mitigation, Short Sales, what is loss mitigation, what is short sale, what is the difference between loss mitigation and short sale | 
1 Comment »
Can I Walk Away from Mortgage and Give Bank Back the House?
July 14th, 2009
Here are the facts about my situation. My sister is divorced and the house and mortgage are in her name. She does have equity in the house and is not upside down on it (not yet anyway). She has moved out of state and the ex is still living in the house.
The agreement was that he can live there as long as he makes the payment on time until he finds something else or the market gets better. Everything looks good on paper until payments are late and communication becomes poor.
My question is can a person just call the mortgage company and say " I no longer want the house you guys take it" realizing there is probably $20,000 in equity in the house?
I realize that walking away from that much money is hard to do but my sister has decided that peace of mind and a clean start is worth it. Any advise would be greatly appreciated.
Posted in Help with mortgage, Home Equity Questions, Home Loan Questions, Upside Down Mortgage FAQs |
Tags: ask bank to take back the house, better to let bank take home, do not want house anymore, give bank back, give bank back the house, give bank the house, good on paper, have equity, let bank take the house, mortgage company, much money, not paying as agreed, not paying on time, peace of mind, quit paying mortgage payments, someone else living in my home, taking over mortgage payments, walk away from a home, walk away from equity, walk away from mortgage, walk away if there is equity |
1 Comment »
Fannie Freddie Subprime
July 14th, 2009
Fannie Freddie Subprime
Question: Isn't the reason all the subprime loans were made because Fannie Mae and Freddie Mac bought them all?
Sight unseen, without inspection, anything bundled and sent was approved. That means zero regulation and no oversight. It guess it had to collapse, huh? Illegal aliens got subprime loans, everybody was automatically approved. Now that is a license to rob and plunder. The U.S. Congress just looked the other way, as did the SEC and all government agencies. Whose fault is that? Ultimately, it was the responsibility of the U.S. Congress. But they just don't get it. It was better with S&Ls until deregulation and ARM loans. It is the U.S. Congress, stupid. They have much to answer for wrecking the economy and destroying jobs and home equities. The did it, oh yes they did!
Answer: What's funny is that the same ones who are decrying de-regulation as the problem are the ones who refused to regulate it.
Steve Forbes on Fannie Mae, Freddie Mac, and the Subprime Crisis
Posted in Subprime Mortgages |
Tags: economics, economy, fannie freddie subprime loans, fannie freddie subprime myth, finance, politics, subprime |
No Comments »