Upside Down Mortgage

Posts Tagged ‘underwater’

Underwater Mortgage Help

Question: Loan options for underwater mortgage?

I have a loan with Countrywide which is up to date but currently underwater. I am looking to make the payments more affordable. Do I have any options? I've seen the loan modification stuff but that seems to only be available if the mortgage is behind.

Answer: Approximately 7.5 million Americans are in a precarious position - their homes are worth less than the amount they owe on their mortgage.

If you are one of the homeowners identified by First American CoreLogic as being "underwater," you'd better think twice about putting a "For Sale" sign on your front lawn.

Even if you don't have plans to sell in the near future, the repercussions of having negative equity could be dangerous, particularly if you are struggling to meet your mortgage payments.

for more below site may provide some improtant insight for you

http://www.iloanshop.com

Good Luck..........!

Help with Mortgage Payments Video | Bills.com

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Underwater Mortgage Florida

Question: In Florida, can a person be on a mortgage but not on the Note?

I bought a lot with two other people. They talked me into putting me on the Note but all signed the mortgage. Also, we have a co-tenancy agreement requiring them to pay 1/3 each. Unfortunately one of the parties is having financial hardship and may file for bankruptcy. He wants to quit claim his 1/3 to me. However, the property is underwater and he will stick me with his share of the loss. I need to refinance the mortgage now and he wants to walk away. Can anyone with expertise in this areas provide recommendations to proceed?

Answer: The fact that he Quit Claims it to you doesn't take him off the mortgage. However, as long as the bank gets all their money every month they don't care what your private agreements are.

But if there is any equity in the property I wonder if his bankruptcy will affect the property. You might need legal advice.

Home Values in Freefall: The Bright Side of the Housing Collapse....

Underwater Mortgage

Question: Suspending mortgage payments?

I lost my job this week. Will my mortgage lender allow me to suspend payments if I call them? I am not underwater on my mortgage, I'm not looking to refinance the amount just suspending payments until I find another job.

Answer: They will not until you decide to get another job. What if you sit on your butt for months? They may give you one month though, or 3-4 months interest only.

Defaulting on a Second Mortgage Video | Bills.com