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Archive for November 9th, 2009

I will be applying for a wells fargo loan modification. I switched jobs about a year ago and make significantly less than when I purchased the home. Currently my monthly mortgage payment is much more than 31% of my gross income. Will I be denied because my house is listed for sale. The house is not in foreclosure. I know the question: "Is your house listed for sale or do you intend to sale your home?" is specifically asked in the wells fargo questionaire. What should I do?

You can’t lie. Your house is for sale. If you apply for the refi and a buyer comes along you are screwed.
With a refi your principle, property tax and homeowners insurance are not reduced. Just the interest and a longer term. You do not realize much savings. It only pays if the rate is 2 points.

Nov
09

Home Loan Modification? Help?

Posted by admin

I currently have a fixed 6.5% 30 yr fixed loan. I recently got laid off and my wife works full-time, but is not on the loan. We are having trouble with making the payment at this point and could actually catch up, but that would leave us with no money and no possible way of making payments after that. Technically my house could be appraised at about $10k or so less then what the loan is for, not sure if they take that into account when they do the modification. Does anyone have any dealings with them or have any advice on how to get this taken care of? We only need the payment reduced by about $250 or so, more would be better of course. What would they be able to modify? The interest? The total amount? They asked when I was going to be employed again, I said probably next month and they asked for an employment letter stating what I will be making. I said I can get that and send it to them, then asked what if I am not going to be making as much as I was. They said they could not use my wife’s income so she would have to be assumed onto the mortgage, I am assuming having her name on the loan also, which is fine with me. Any help would be greatly appreciated. By the way the bank is Flagstar. Would I be able to lower my rate and will I be able to utilize the Home Stability Act that President Obama has laid out. According the website the bank would have to voluntarily participate in it but they are incentives to them to do so.

I asked this question before but I added some extra stuff to it.

The most likely offer is for them to let you go 6 months with no payments. All this money is added to the balance of the loan. So you are not "saving" any money but you do get thru this tough time.

The best offer so far has been 4 months with no payments and the loan interest lowered to 4.5% fixed for the remaining 25 years..

Nov
09

Home Loan Modification Programs?

Posted by admin

I have questions about home loan modification programs, I tried to do this before with my mortgage company before the bill was passed and they turned me down. I want to know if anyone has used a reputable group or loan modification company that they can refer me to. I tried one company who tried to charge me a large fee of $2800 dollars. I know the best companies are ones who have attorneys, but that fee was just ridiculous, I was just thinking to myself, I just told you i could not afford my mortgage, and your fee is higher than my mortgage. Please if anyone can give me some advice it would be greatly appreciated or personal experience with modifying loans that would be greatly appreciated. I am located in Maryland, and for some reason I get Yahoo Canada answer, I am not sure why, but please know I am in the US and need help ASAP

You should go to cnbc-they just had this subject on the news. The feds are cracking down on many fraudulent loan mod companies. They said charging a fee up front for services is illegal- so do not give anyone money first unless they can get cooperation from your lender. Have you tried hud-or the consumer credit counselors?? I got a six month mod from my company after i stopped paying them .I went to one of those "stop foreclosure" workshops. Good luck!!

Quality control is lacking big time, how can they not see this?

I agree. I am gobsmacked by it. It’s like the banks are being taken for a ride and they could care less.


It depends on many factors. You can apply for a loan modification if you have income. You can file Chapter 13 Bankruptcy to delay the foreclosure sale. If you are over 62 years of age and have sufficient equity in your real estate, you can get a reverse mortgage.

If the foreclosure process has begun, you might consider a cash-for-keys program.

Details are here:

http://how2avoidforeclosure.blogspot.com

I would like to find out who owns real estate that is in a remote location and has no address. How do I tell the court house where the property is if I don’t have an address? I have never searched at the courthouse. Is it easy to find out who owns the property? Are there maps that can be viewed?

If the property is that remotely located, your best bet is to find the closest cross streets, then roughly draw a map of the properties on both sides of the street, which the property you’re interested in is situated on and closest to..

You might have to drive from the cross street to the border where that property your interested in is adjacent to another. Make the note of the distance from the cross street to that border.

Drive the length of the frontage itself. Do the same for the properties on the other side of the other border.

You might have to walk from that cross street to the border where that property your interested in is adjacent to another.

I suggest you do this by doing the following:
Before going to that property, you’re going to need to know how many inches your normal step or stride is. This is easy enough to do:
1] With the back of one of your heels against a wall or curb, count ten of your normal paces to the toe-end of the 10th step.
2] At the toe of the 10th pace, put a stone or stick on the ground where the end of your shoe is.
3] With a tape measure, measure the total distance.
4] Convert ALL the feet into inches and divide by ten. This is the length of your average single pace.

EXAMPLE: Put your right heel against the wall. Take 10 normal paces/steps. Put down the rock at the toe-end of the 10th step.
The overall measurement is 17′ 9"
17X12 = 204" +9" = 213" divided by 10 = about 21", doesn’t it? OH, its a little more? You can round up or down.

Write down that measurement at the top of a sheet of paper.

After "walking-off" ALL the paces and measuring, look at the properties on both sides of the street.

Make notes or rough sketches of attached and detached houses, barns, buildings, fences, driveways, sale/rent signs, with phone numbers, names on mailboxes, etc. which are stationary and do not move.

You have JUST ABOUT ALL THE INFORMATION YOU NEED in front of you.

You have a mental picture of what the properties on the street look like AND a rough idea of how the other properties are situated, addresses, names etc., don’t you? Yep!

Next step: Go to the county court house [the tax assessment/assessor's office and or The Recorder of Deeds Office or it may have anoter designation such as the County Clerk's office]. OR you may want to start at the municipality’s township building or office.

When you have just about all the necessary informnation, generally, those folks are usually glad to help. Why? Because you ARE prepared! Ask for help!

You’ll notice there are measurements on those tax parcel maps. There may not be names, but make a note of those parcel numbers or designations.

Ask where to get those names. Believe it or not, somewhere on that list in that other place should be the name AND address of the party who owns that piece of property you’re interested in.

The address will be there because that is where the tax bills are mailed to. This is the pot of gold at the end of your rainbow!

Thanks for asking your Q! I enjoyed taking the time to answer it!

VTY,
Ron Berue
Yes, that is my real last name.

Nov
09

Stop Foreclosure

Posted by admin

http://www.savemefromforeclosure.com/
Stop foreclosure,
Avoid foreclosure,,
Foreclosure help
Stop home foreclosure,
Foreclosure prevention

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