Upside Down Mortgage

Posts Tagged ‘underwater mortgage help 2009’

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

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

Under Water Mortgage

Question: Is there a statute of limitatations on bank fraud?

Back in 1975, my father took out a second mortgage on our family home (my mother's and father's name were on the mortagage/deed) without my mother's knowledge. My mother found out about it after the first bill came to the house. I always wondered how he was able to obtain this loan, because I am under the impression that banks require that all owners need to be present to take out a second mortgage. I think that he may have "borrowed" her driver's license, and have my aunt (his sister) pose as my mother for the bank. My mother has always been a doormat, and was verbally/physicallly/emotionally abused by him, so I think that she was afraid to act upon it at the time. My father never worked, and she struggled to pay this loan for 20 years, or risk losing the house. My father has since died, but his sister is still alive. I started wondering-is it too late to press any type of criminal charges against the bank or my aunt, or is it water under the bridge by now?

Answer: There are two applicable statute of limitations thta you should be concerned with, and they will vary state by state (except for federal code violations), but in either event, you seem to be well beyond the time period for comencing an action or seeking assistance from the police.

There are different statute of limitations depending whether you are talking about a civil suit to recover the money or a criminal prosecution. In either case, the statute has long since expired.

The most favorable argument on your mom's behalf would be that the statute of limitations does not begin to run until she is either aware or reasonably should have become aware of the fraud. However, you state that she learned of the fraud when she received the first bill (presumably in or about 1975) and that she paid the bills for 20 years. As such, it is clear that she was aware of the situation a long time ago and that if she wanted to clarify anything, she should have asked to see the loan papers way back then.

If she saw that someone had signed her name back in 1975, chances are she could have avoided the entire liability and the bank would have had to go after your father and his sister (assuming she was in on it) for their money. The net result would have still created a problem for your mom, but at least the responsible parties could have been held responsible.

Mortgage Modifications