Upside Down Mortgage

Posts Tagged ‘Credit’

Loan Modification Virginia

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FREE PRE-APPROVAL OF LOAN MODIFICATIONS IN WASHINGTON DC/ MARYLAND / VIRGINIA

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Subprime Cards

Question: How Many Months of Not Paying Mortgage Until Mortgage Banks Foreclose in California?

My brother has been unemployed for a long time, has a Subprime Loan, has No Equity Left, and up until now has made every payment.
"Loans" (in reality gifts) from friends and relatives and a maxed out Credit Card have kept him from being homeless.
It seems we are throwing money down the drain.

How quickly would he be Foreclosed On and evicted if he stopped paying?

Answer: Ok, technically it goes like this, after 90 days they send out a Notice of default and if he does not bring payment current/workout something with lender, they'll file a Trustee Sale date and he receives a Letter stating the date the property is going for auction. Therefore due to the mess there are some "lucky" people that don't received this Notice of Default months and months into not paying their mortgages. i definitely suggest he short sales his property rather than just "let it go". letting it go = foreclosure and that ruins his credit. Having a short sale processed will not affect his credit as bad, and if he can show the lender9s) he used to have money etc and not now there's not a reason they would not allow a short sale.

House Of Cards - P2

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?