Upside Down Mortgage

Posts Tagged ‘business’

Modify Mortgage Terms

Question: Does a lender have to follow the terms of a mortgage note, previously executed by consumer borrow?

My husband and I have a, stated income loan and the 1st 12 months is interest only, due to the construction period, then our loan adjust according to the terms in the Note. Our lender said we would modify these terms to a lower rate once construction is over, our construction is completed and we are ready to lock in our rate. Lender said they no longer have our previous program and we have to fit into a new program and that if we don't fit into the new program then we would lose our home. No, Im not joking!! We have never been late on our payments and we have made additional principal payments. Our note and truth-n-lending statement indicates a payment change and list the changes until the maturity date. Lender is back peddling once we seemed educated about our loan documents. Any advice would be helpful.

Answer: Hold him to the contract that you both signed. If he doesn't comply talk to a lawyer. And I suggest finding a different lender an honest one.

Will my Lender Modify my Mortgage?

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Mortgage Relief Options

Question: Are there any rules governing primary residence rental and overseas DOD deployment?

I bought my home in 7/07 with an interest only loan, as my primary residence with the intent to refinance to a conventional as rates fell again. Unfortunately, I was immediately ordered overseas with DOD and had to rent the home out. I want to refinance and my mortgage to a conventional however, my broker is telling me it will result in an INCREASE my interest rate as its now a rental property.

This seems pretty unfair to me and the Fed has exempted deployed USG employees from the 2 out of 5 year requirement.

I want to refinance to a 30 year conventional but I dont know how much longer I'll be deployed. Is there any relief for my situation ? What are my options ? .

Answer: If I was in charge of Veterans benefits, trust me, our taxes would be sky high I would give them so much...we really appreciate what you guys do...so...don't shoot the messenger, but this is how the military views it:

The military usually will discourage the purchase of a home because of possible deployment, b/c you don't get special benefits if you make that choice.

Understand that for everyone, not just soldiers, if you are not living in the house it's an investment property, and therefore, subject to higher interest rates.

It was like that before the bust and it's still like that.

Just be glad...that you can refinance it at all...most can't.

My advice, is to sell the house, even if you break even.

If I lived in your area, I would do it commission free on my end. I always do that for soldiers who can show proof of involuntary deployment overseas.

Mortgage Relief Talk with Jason Cardiff

Subprime Market Collapse

Question: Why do the media say the GOP caused the economic collapse when McCain proposed legislation in 2005 to stop it?

Why does the media and Obama blame the GOP for the current financial crisis when John McCain warned of a pending economic collapse in 2005 and co-sponsored legislation to try to prevent it. However, the Democratic majority blocked the legislation. Additionally, the lending practices that have now resulted in banking meltdowns were started by the Clinton administration dictating where mortgage lenders could lend and creating a market for risky subprime loans.

Answer: Get your story straight. It was his fellow Republicans that shot the bill down. The only way any bill has been passed has been with aid of the Republicans. The Democrats have never been able to raise a majority in Congress by themselves. They don't have the required number to hold a majority (3/4 of the Congress). They barely got more than half.

UK de facto bankrupt - Prediction of Bond Market Collapse in April