divorce mortgage foreclosure
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Credit 911: Secrets and Strategies to Saving Your Financial Life $24.95 A comprehensive guide to reclaiming your financial lifeAfter the dramatic mortgage crisis and stock market collapse, people are beginning to recognize that the only way to secure their financial future is to take charge of their own spending and saving habits. You can survive this crisis, solve your credit problems, and move on to achieve your dreams, and Credit 911 can show you how.With this book… |
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Busted: Life Inside the Great Mortgage Meltdown $0.80 The fiasco that sank millions of Americans, including one journalist, who thought he knew better.A veteran New York Times economics reporter, Ed Andrews was intimately aware of the dangers posed by easy mortgages from fast-buck lenders. Yet, at the promise of a second chance at love, he succumbed to the temptation of subprime lending and became part of the economic catastrophe he was covering. … |
Loan Modification Home Saver Program – Avoiding Foreclosure
In today’s tough economic times there are millions of families across the U.S. facing the imminent prospect of foreclosure who are not aware that a loan modification is available to save their homes. Many of them are on Negative Amortization Loans, also known as Option Arms, 2/28’s, 3/27’s and 5-year interest only programs. These loan programs are infamously known as ARM’s or Adjustable Rate Mortgages. They are “fixed” for a specified number of years then become “adjustable” once the fixed period has transpired.
Many of these borrower’s often opted for an interest only ARM so that they can pay the smallest possible payment that they could afford. Many had no down payment and basically could not qualify with a full document loan (paystubs, tax returns, etc.) for the expensive homes that they were purchasing. So along came the Stated Income loan (does not require income documentation, based primarily on credit scores) coupled with 100% financing. Most of these loans were originated before the “mortgage meltdown” crisis we are facing today. Borrowers as well as lenders were “banking” on the continuation of double digit skyrocketing home values in many parts of the nation.
Well the bubble finally burst and home values declined, leaving over 2 million Americans stranded with very little options available to them other than to sell their house or face foreclosure. Many of these homeowners found themselves “upside down” on their homes (owing more than what the home is worth), due to the plummeting home values in many parts of the country. Adding insult to injury, many of these same people invested thousands of dollars in their homes from new pools, marble floors, granite counters and more, with no intention of being foreclosed upon because their ARM has expired and they have little or no equity and cannot refinance. When given the option or selling their home or being able to renegotiate their current loan, keep the payments affordable and convert to a fixed rate mortgage – most borrowers ultimately choose to keep their home.
One of the best options to accomplish this is with a Loan Modification. A loan modification is when the lender modifies your current mortgage in order to work with you because of a hardship. The purpose is to help make your loan more affordable. Usually it is in the form of a rate reduction and conversion of an ARM (2/28, 3/37, Neg Am) to a fixed loan, typically a 30 year fixed.
In the past this was only used when a borrower was delinquent and suffered a hardship such as a job loss, divorce, illness etc.
Now, borrowers can obtain mortgage help from their lender for unaffordable rate adjustments on adjustable rate mortgages.
Most borrowers have tried to work with their lender with little success. The problem with that is you have less then a 10% chance to get approval. Moreover for those borrowers who manage to get an approval to modify their loan, most will not get same result. Be aware that lenders are not going to direct you or help you with what they want or are looking for. One wrong answer and your loan modification request will be denied.
Borrowers are better served when employing the services of a knowledgeable loan modification firm specializing in out-of-court resolutions of Mortgage Foreclosures by negotiating with your lender.
About the Author
Paul Chavez is a California licensed Real Estate Broker with over 10 years of experience specializing in resolutions of Mortgage Foreclosures by negotiating with your lender allowing families to stay in their homes with lower payments. Modify your loan today. We can give you the Foreclosure help you need. If your house payments are overwhelming you, visit us at: C & A Capital and Realty Services
divorce mortgage foreclosure Questions
Can a mortgage company record a phone call and send the transcripts to the homeowner?
My mom’s home was up for foreclosure. My parents are divorced and my father is still on the mortgage.With my father’s permisson i called the company to find out what his options were( He has cancer and could not make the phone call). My question is can the USDA Rural(mortgage company) send my mom the transcript of what was said during that phone call. She was not aware of the call untill today/
In most cases, mortgage companies announce that they may be recording calls. In California and certain other jurisdictions, recording calls without knowledge and consent is illegal. Presume the mortgage company is intelligent and competent. I would presume them to operate legally.
Notwithstanding, I would object to any transcript that is not accompanied by a copy of the actual recording to ensure accuracy.
If your parents are divorced and your father is still on the title, the fact the home is up for foreclosure subjecting your father to potential liability makes him an interested person in the property.
For your own protection from your Mom and any siblings, get your father to write a letter in his handwriting giving you authority to talk to the mortgage company and the extent to which you are empowered to act on his behalf. Consider obtaining a formal Power of Attorney to avoid family jealousy and minimize family squabbles.
Good Luck. You have a number of terrible things concurrently going on. No matter what you do trying to help….YOU WILL DRAW CRITICISM from all sides.
Try keeping the family in order by involving others in your work
.
Should my wife and I get divorced because of bankruptcy and foreclosure?
My wife and her father bought a house together and her father let it go into foreclosure by not paying his half of the mortgage now she was forced to go into bankruptcy and have her car repo’d. So her credit is ruined for at least 10 years. My credit on the other hand is perfect but since we are married they are tying us together. I also do not qualify as a first time home buyer because she bought the house with her father within the last 3 years. We are thinking to get divorced so that we can get our own place without the banks looking at her financial report card and just mine. What should we do? WE ARE NOT FIGHTING OVER THIS. We are in love and happy as a family we just need to get our own home and we would rather not rent.
Divorce won’t make any difference. YOUR credit is 100% separate from her credit except for debts in BOTH names. If your name is on the mortgage, the divorce court CAN’T remove it. Getting a divorce fro the reason you suggest is FRAUD.
divorce mortgage foreclosure Videos
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Credit 911: Secrets and Strategies to Saving Your Financial Life $24.95 A comprehensive guide to reclaiming your financial lifeAfter the dramatic mortgage crisis and stock market collapse, people are beginning to recognize that the only way to secure their financial future is to take charge of their own spending and saving habits. You can survive this crisis, solve your credit problems, and move on to achieve your dreams, and Credit 911 can show you how.With this book… |
|
|
Busted: Life Inside the Great Mortgage Meltdown $0.80 The fiasco that sank millions of Americans, including one journalist, who thought he knew better.A veteran New York Times economics reporter, Ed Andrews was intimately aware of the dangers posed by easy mortgages from fast-buck lenders. Yet, at the promise of a second chance at love, he succumbed to the temptation of subprime lending and became part of the economic catastrophe he was covering. … |
