mortgage holder rights
Where to Look for Help for Your Underwater Mortgage
Unlike the way they rushed to help the banks in 2009, the government is not in a huge hurry to do that much for you if you’re in an underwater mortgage.
Your mortgage holder is more likely to try to guilt you into continuing your payments than to offer anything approaching real help. And loan modifications are a joke—only 2.8% of the people who have applied have actually received them.
That’s not a lot of help when 24% of American homeowners are dealing with underwater mortgages, is it?
But things are getting better. There is a new federal program online now that’s helping mortgage lenders and mortgage holders alike with short-sale money. (Hey, it may be nothing compared to what they gave the banks, but it’s better than a sharp stick!)
And there is a lot of information online, like here on our website, that you can use to navigate your family through the decisions you need to make regarding what to do about your mortgage.
One thing you don’t want to do, though, is fall for any mortgage “help” scams! Don’t let anyone tell you that they can “fix” your underwater mortgage for a fee or that you need them, and them alone, to get you through a short sale or foreclosure!
At best, these people will charge you several arms and legs for the kind of mortgage information you can get right here on our website for free. At worst, they’ll steer you into shady territory that might or might not be legal, but certainly won’t help at all.
Really makes you shake your head about human nature, doesn’t it, knowing that there are people who will prey on families that are already stressed out with underwater mortgages? That role used to be reserved for the mortgage lenders alone.
Which brings us to the last people you want to turn to for underwater mortgage help, at least where your decisions are concerned—your lender. The banking industry and even many people in our country will tell you that your only option when you have an underwater mortgage is to keep paying. It doesn’t matter that you’ll be sacrificing your retirement, your kids’ college funds, or anything else.
The banking industry wants you to feel honor bound to pay off your underwater mortgage because that’s how they make their profits. Regular people still think we should all pay our mortgages, no matter the cost, from an admirable but destructive sense of honor.
To Kristin’s and my mind, no one should play by rules that were made against us, not for us. The rules about mortgages were drawn up and delivered by an industry we have no say over—an industry that walks away from its own underwater mortgages, no less!
So when it comes to the matter of finding help with dealing with your underwater mortgage, we strongly advise that you keep your own counsel. You and your family know what’s best for you—we can give you accurate advice, but in the end it comes down to the figures you’re looking at. You have to decide what to do with your underwater mortgage, and you will be living with your decision.
And whatever you choose to do about your underwater mortgage, we’re here to support you!
About the Author
Bud and Kristin Gragg have over thirty years of Real Estate sales, investing, and development experience combined, they have just survived liquidating over 24 million in underwater investment Real Estate and their incredible story needs to be heard by millions right now. Go To: http://www.TheUnderwaterMortgage.com where you can get a FREE Special Report “Underwater Mortgage Secrets: What the Banks Don’t Want You to Know” Just for stopping by!! If you or anyone you know is Underwater in their home or any of their investment properties – the information on http://www.TheUnderwaterMortgage.com is an absolute must!
Bud and Kristin Gragg
The Underwater Mortgage
101 N Coloradro St Suite 2710
Chandler AZ 85225
480-497-5600
mortgage holder rights Questions
Can a bank control your funds that have been paid to you for an insurance claim?
Bank in question is the mortgage holder. They are telling me that the insurance check to get my house repaired from a storm is on hold. They will not release the funds. When you prove to them the work has been done, they will pay the contractor. The claim check was for a lot of things, roof, doors, siding, ceilings, etc. What if we take our sweet time and do the repairs. What if we do some of the repairs ourself? What if we shop around and get the repairs done for less than the insurance check. Will they just keep the balance? This just does not seem right to me. We had a fire claim about 7 years ago (same bank, same mortgage) and that check was for over $20,000 and they did not control that money at all. This is in MN. Can someone offer me some advice. Like I said, this just does not seem right.
I’m a licensed MN claim adjuster. The normal procedure is for the mortgage company to release enough of the $ so the home can either hire a contractor or buy the materials themselves. The mortgage company may require you to hire a licensed and insured contractor to do a professional job of the repairs.
(I’m not sure what happened on the other claim you mentioned). The whole procedure will become much more tighter now as mortgage companies make a better effort to keep their properties in top shape by having professional contractors do the repair work and not the homeowner.
Talk to the mortgage company about getting some money up front or hire a contractor. Most of the time they can help you with getting the documentation that the mortgage company will want to release some of the money.
Washington Mutual? Lehman Brothers? Merrill Lynch? ?
So I just sold about ~$2200 of GM stock and plan to reinvest that money back in the market tomorrow. There has been a lot of news around the big finance companies and mortgage companies like Lehman Brothers and Washington Mutual, respectively. I know all of these companies are pretty volatile right now, but I think that they could be a gold mind if you pick the right one. They are all relatively cheap to buy right now, but the question is will they collapse or will they survive? If someone buys any of them out, will the buying company do the same thing that JP Morgan did to Bear Stern stock holders (pay them a pathetic $2 per share)?
I want some opinions on investing in these companies and why you think it is a good or bad idea. The most interesting and informative input will get the Best Answer. Thanks
I don’t know much about MER but LEH will get a buyout really soon. The sooner the better. BAC is gonna do the buyout but its more like a bailout. I wouldn’t invest in LEH ’til it gets to $2. The buyout is gonna be announce on a Friday. WM is likely to hover around $3 to $5 now until LEH finishes. After that we’ll have to go through another drop and rebound until JPM buys WM. I think WM might be a good buy but it is very risky. You can down 50% one day and the next day your up 10% so you also have to prepare yourself emotionally too.
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