Upside Down Mortgage

Archive for October, 2009

upside down mortgage modification

Question: How can I get my modified Home loan?

I have good (over 700) credit. I am not behind on my mortgage. I have a fixed rate on my house. But I hear all the advertisements for loan modifications for people in trouble. I am upside down on my mortgage,, How can I get my loan amount reduced?

Answer: If you want to protect your credit, try to refi.

Loan mods will damage your credit and add years to the term of the loan.

Upside Down Mortgage - Loan Modification - Refinance - California

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Loan Modification Owner Occupied

Question: How do banks/lenders know if a house is actually owner occupied?

My husband and I got rid of his tenant and moved into his house so that we could qualify for a loan modification as owner occupied. It made me wonder, though, how would anyone even know the difference if we just had all our mail going there? Does anyone actually come to the house to check?

Answer: Car registrations, licenses, voting address. If you are caught your mortgage is called. Meaning balance in full payable on demand. Read your mortgage payments. I even had the bank send someone around to check the premises.

Mortgage Modification: Who qualifies?

Housing Bubble Data

Question: How speculative is San Diego housing market ...?

? Data such as how many people own more than one houses should be available. I am fed up with people talking up the market even the bubble is popping in front of their eyes ...

Does anybody know how to find out information such as percentage of people who own more than one houses??]

Thanks.

Answer: Contact the city clerk.

Housing Happiness