Upside Down Mortgage

Posts Tagged ‘borrowers’

I have a 1 yr. lease on a fairly new home with 2 other people on the lease with me. We are in the 8th month now and we all have plans to end it after the year is up.

Last week, and just today, we received in the mail a notice titled "Notice of HUD Rights" from a company called National Foreclosure Relief based in NV (addressed to the landlord/homeowner). At first, I thought this was some type of solicitation and threw the first one away. It states that the notice is not an attempt to collect a debt but that the time to enter into a repayment plan is running out.

On the back is states:
"As of Jan. 19, 2001, the US. Department of Urban Development mandated that all borrowers who had loans governed by their loss mitigation guidelines be informed as to their rights to repayment programs."...

The Homeowners have other properties they manage/lease aside from working in separate professions. I am almost certain that if a foreclosure is of concern then they would know about it.

My question is that if there is a foreclosure, do they have to give us a month notice or can they simply tell us to leave at any time? The agency would not tell me anything but instead tried to get me to go to a website and pay 29.95 to get information from 'legal experts' who could tell me what my options were. It all sounds like a gimmick to me. Can anyone clarify this for us?

Also, my question is do we have a right to know if there is a foreclosure, and do they have to give us a month notice or can they simply tell us to leave at any time? The agency would not tell me anything but instead tried to get me to go to a website and pay 29.95 to get information from 'legal experts' who could tell me what my options were. It all sounds like a gimmick to me. Can anyone clarify this for us? Thank you

Thanks in advance.

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Under Water Loan

Question: Home loan problem, if my loan lender bankrupt, what will happen to me?

Recently bought a house, and took out a 15 yrs residential loan. I don't know the lender's full name, I just know there is the word "Provident" in it, and it's backed by Mannie Mae and Freddi Mac. I just wondering what would happen if my lender bankrupt one day? Who do I pay off my loan to? What if Mannie Mae also go under water. I heard it's not doing well these days. Does the government have any other measure to insure my loan? Any help would be appreciated. Thanks

Answer: The names you are thinking of is Fannie Mae and Freddie Mac. These two companies will survive as they are partially a government company.

Provident did declare bankruptcy in the last week of so. Who ever sent you a letter indicating that you should send your monthly payment to them should be who you pay each month.

Provident has probably sold your loan and is no longer in the picture. Fannie Mae or Freddie Mac which ever one purchased your mortgage has companies that will do the collecting for them.

If the company that is doing the collection change, you will be notified of the new company you should send your payment to.

Provident going into bankruptcy has nothing to do with your monthly mortgage payment and who you will pay your payment. You will be notified one way or the other.

I hope this has been of some benefit to you, good luck.

"FIGHT ON"

Are You Under Water?

Obama Mortgage Relief Fha

Has the recent financial crisis in America had a negative affect on your personal situation? Do you worry that you will not be able to pay your mortgage bill each month? If you answered yes to these questions, you need to seek the assistance of a financial counselor. Find out the difference between a home loan modification and FHA refinancing to learn which is best for you.

Hundreds of thousands of homeowners are finding relief from foreclosure after finding they cannot pay their mortgage by seeing loan modifications and Federal Housing Authority (FHA) refinance. The one you should choose depends on who insures your loan. Call your bank and find out if the FHA, Freddie Mac or Fannie Mae backs your loan. These organizations are not lenders, but they do insure the loans so the lender is guaranteed full payment even if the homeowner defaults. This way the lender can offer fair interest rates.

There really isn't a difference between a FHA loan, or a Fannie/Freddie insured loan. That is why many homeowners don't even know who their insurers are; they usually don't have a reason to. The only reason to know is when a loan modification is needed. If Fannie Mae or Freddie Mac insures the loan, you might be eligible for President Obama's Making Home Affordable mortgage loan modification plan. If you have a FHA loan, you should investigate a HOPE for Homeowners plan, which allows homeowners to refinance through equity sharing.

Hope for Homeowners opens the doors to thousands of individuals who previously could not be granted financing, a possibility of obtaining it now. The plummeting value of homes has caused a drop in home equity. Traditionally if the equity was below 20%, the homeowner could not get refinancing.

The Making Home Affordable plan is not a refinancing program; it is a modification program. Lenders participating in the program have to follow a set procedure in order to reduce a homeowner's payments to a reasonable amount. $75 billion in incentives has been set aside to aid both borrowers and lenders in negotiating mutually agreeable loans. This not only reduces foreclosures, it also stabilizes the economy.

You can learn more about loan modifications and FHA refinancing by reading this article and then discussing it with a financial counselor who will help you decide the best way to avoid foreclosure.
About the Author:

For essential tips and facts about how to get approved for a Loan Modification, Visit our simple, no nonsense loan modification guide and resource: http://MortgageModificationLoan.net/

Article Source: ArticlesBase.com - Home Loan Modification or FHA Refinancing Programs - Deciding Which is Best For You

Obama Declares War in 02/24/09 Real Estate & Mortgage Report