Upside Down Mortgage

Archive for November, 2009

Loan Modification On Investment Property

Question: how I can get a loan modification for investment property?

I have 8 investment properties. I am in financial hardship to keep making the payment. the only way to save them is by modify the loans to lower rate. How I can do modification to this loans

Answer: I don't think you can. We're not doing modifications for anything other than primary res.

Loan Modification Secrets: FAQ 5

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Loan Modification Approvals

Question: Mortgage modification approved!!!yes!!!!!?

Ok so I have a 80/20 loan and got the approval letter for the 20 a week ago...my payment is dropping from $255 to $184...and just got a phonecall today for my 80 saying that was approved as well and they sent me the packet and will receive it in next few days. I called and asked them what they did, and they said suttin about a trial period. What does that mean?? Well anyways, I have gmac and been tryin to get this mod for months!! After 2 denials I finally got it approved!! This is an example of not giving up! If they deny you continue pursueing it!! Worked for me and I hope it works for you!!

Answer: It probably means that they will continue with this modification as long as you make the payments on time. Sometimes people will get a loan mod to restart the foreclosure process meaning they can live in the house for another 6 months for free. The trial period is to stop that from happening. Congrats!

Loan Modification Approval: Things You Need to Do

Housing Bubble In Canada

Question: Was there a property bubble in Canada and Australia?

I have the impression, right or wrong, that there hasn't been an economic downturn in these two countries to the same extent as in the US and elsewhere. What's the real story then? Have the banks been bailed out in Canada and Australia and increases in unemployment and falls in house prices been experienced? Thanks for the info.

Answer: Our banks weren't too much affected in Australia due to strict lending regulations, and our four biggest banks are now 4 of only 11 AAA rated in the world, so we didn't get problems to the same degree as elsewhere. The government guaranteed savings to provide extra confidence. Our economy was very strong before the crisis, our budget was in surplus and interest rates had been raised very high to slow the economy down.

Once the crisis hit interest rates were dropped rapidly, so we aren't in as bad a position now as elsewhere. We also have had fiscal stimulus packages. Exports have dropped, and that is our main problem. Retirement savings have also been lost in the share market. House prices have dropped a bit in some cities, and unemployment has risen a little, but overall we are better off than elsewhere.

Barney Frank Created the Housing Bubble