Upside Down Mortgage

Posts Tagged ‘fdic’

Loan Modification Agencies

Question: is anyone waiting for a mortgage loan modification???

did you go thru a specific agency, or request it on your own. how long has it taken??

Answer: yes i am.... it can take up to 90 days.. but stay on top of them.. and make sure they received everthing that ahs been requested.. alot of the companies are outsources everything.. and your modification will come from them with information on how much and the modifcation to send back to the mtg co...
try this site...if you need immediate assistance http://www.mizna.com/community.php

Loan Modification Agents Beaten and Tortured by Homeowners - Fraudline

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Mortgage Help Unemployed

Question: can you change mortgage lender if you are unemployed?

I have been registered disabled since 2001 my husband is my full time carer, we recieve the normal regular benefits. The mortgage we have was a fixed rate, last year this expired. Would we be able to do anything about it as the rates are now lower than when we took the mortgage out.
the benefits are disability living allowance, incapacity benefit, carers allowance and income support

Answer: Most lenders will not take the unemployed on as a new mortgage customer. It's a shame, as it means the unemployed end up getting ripped off, with the less competitive mortgage deals. It's a terrible deal that the unemployed and disabled live with, it's almost disgusting that the poorer members of society have to live in greater poverty because no-one will take their business.

Check that you're getting appropriate levels of Income Support, if you're eligible in the UK, as this will include a payment toward mortgage interest. The % paid rises over time, such that they will pay around 100% of a mortgae interest, at an average rate, in the market. It's called 'Income Support Mortgage Interest', please make sure you're getting it, if you qualify. Having over £6,000 in savings means people fail to get it.

However, your current lender is very likely to offer you alternative offers, trackers, fixed rate etc. Just beware of penalties of course, as if you were a new borrower.

If there is someone who would become a guarantor for your loan, then you may be more lucky in switching. This would need to be someone of good financial standing and not unemployed. Start 1st with your current lender, to make sure that you're not paying them more than you need to.

Good luck! Rob

Mortgage Protection Program - California First Time Home Buyer Unemployment Insurance Program

Loan Modification Fdic

Sheila Bair is the rather outspoken head of the Federal Deposit Insurance Corporation (FDIC), and for several months she has pressured banks and mortgage companies to take a more aggressive stance in regard to voluntary home loan modification programs. Unfortunately the loan industry mostly ignored her advice, and the foreclosure crisis did not slow down but instead gained more momentum. Now we face an economic catastrophe that is wiping out large financial institutions and causing banks across the USA to fail, and the FDIC has been forced to step in and take over some of the banks.

With the FDIC controlling failed institutions like IndyMac Bank – which handled a huge number of home loans – Bair has the authority to impose whatever home loan modification programs she feels are necessary. So far the moves she has made have met with success and appear to be helping save many families from losing their homes to foreclosure.

IndyMac was brought to its knees because of loose lending habits. The company made an extraordinary amount of high-risk subprime loans to people who could not afford them and should never have been offered them in the first place. These loans are riskier than most because they are granted to those consumers who already have a proven track record of not repaying their debts on time. When the housing market tumbled millions of these loans became delinquent and eventually entered foreclosure. Banks like IndyMac got caught holding the bag and were forced to go out of business.

Now that Bair is at the helm, loan modifications are being offered to borrowers who have good credit but got caught up in potential foreclosure problems due to expensive monthly payments associated with adjustable rate mortgages. Thousands of new modifications to prevent foreclosure are already being processed, and the FDIC intends to do more of them this year to help us survive the housing and credit crisis.

About the Author:

An expert in home loan modification programs, serving the San Diego, CA area.

Article Source: ArticlesBase.com - Fdic Spearheads New Home Loan Modification Programs

FDIC Consumer News - Spring 2009 - Foreclosure Rescue and Loan Modification Scammers