Archive for the ‘mortgage lender’ Category
A big fat payday for Sen.Chris Dodd from lender Countrywide!
Sen. Chris Dodd took exclusive VIP loans from Countrywide Financial. He saved $75,000! Now he’s sponsoring a taxpayer-backed bailout of mortgage lenders — including Countrywide!
Duration : 0:3:6
Can I default on my home mortgage and walk away without lender going after my other assets?
Example, I own a house worth 100000, but the mortgage is 110000. Will mortgage lender demand the 10000 difference?
If you own a house worth $100,000 but the mortgage is $110,000 – and you walk away – the lender has the option of foreclosing and coming after you for the difference. It’s up to the lender, but if you just walk away without any communication, they will most likely come after you.
If the bank takes the house into inventory (bank owned) it will try to sell it for the best price, fast.
That could mean a sales price of $80,000 (just an example).
At that point, the bank has the option to forgive you the difference of $30,000 and not go after you or your other assets.
However, the IRS will treat that $30,000 forgiven loan as taxable income to you – and yes, the IRS will go after you for it.
I would suggest you talk to your lender about extending the term of your loan to add any missed payments back into the principal or as additional payments at the tail end of your mortgage life – so you can try to keep the house.
If you absolutely can not make the payment anymore, talk to your lender about a short sale – giving you the chance to sell it quick and pay off what you can, so it does not become bank inventory.
With a short sale, ask your lender to forgive the difference after the sale. A short sale on your credit rating is not as devastating as a foreclosure.
However, the IRS will still look at the loan balance forgiven as a taxable item.
For more information, call the Home Ownership Preservation Foundation, a non profit group dedicated to helping people in trouble keep their houses. 888-995-4673
Good luck and best wishes.
olney mortgage lender google superbowl commercialMortgage Foreclosure Rescue Scams – Documentary Video
Mortgage Foreclosure Rescue Scams – Documentary Video
We Stop Foreclosure Rescue Scams (2008) by Kyra Olds
This is a documentary about mortgage foreclosure rescue scams that are occurring across the country in light of the growing foreclosures. The movie describes common scam tactics and how distressed homeowners fall for these scams. The movie concludes with what lawyers can do to challenge these scams in court and the Washington State Legislature’s response to try to to stop these scams by passing House Bill 2791 and Senate Bill 6381. It is intended to educate advocates so they can better assist homeowners facing foreclosure.
Director: Kyra Olds
Producer: Northwest Justice Project
Sponsor: Eric Dunn
Keywords: foreclosure rescue scam; washington; mortgage; foreclosure; 2791; northwest justice project; njp
Contact Information: Northwest Justice Project 401 2nd Ave S Seattle, WA 98104 www.nwjustice.org
Creative Commons license: Attribution-Noncommercial-Share Alike 3.0 United States
Credits:
We Stop Foreclosure Rescue Scams
by Northwest Justice Project;
Featuring:
Eva, Client of NJP; Eric Dunn, Attorney at NJP; Melissa Huelsman, Private; Attorney in Seattle; Judy Poston, Housing Counselor at Solid Ground; Julia Kellison, Attorney at NJPl; Fred Corbit, Attorney at NJP
Produced by: Kyra Olds, Intern at NJP
Foreclosures are increasing nationwide, and so are scams that promise to rescue homeowners from foreclosure. What these scams do is take your money, ruin your credit record, and wipe out any equity you have in your home. Foreclosure con artists take advantage of people who have fallen behind on their mortgages and face foreclosure. Con artists know that people in these situations are vulnerable and likely to be desperate. Potential victims are easy to find: mortgage lenders publish notices before foreclosing on homes. After reading such notices, con artists approach their targets in person, by mail, over the telephone, or by e-mail. They advertise their services on Web sites or publications. They often refer to themselves with titles that sound official, such as foreclosure consultant or mortgage consultant, and market themselves as a foreclosure service or foreclosure rescue agency. Your mortgage lender or any legitimate financial counselor can help you find real options to avoid foreclosure. If someone offers to negotiate with your lender and offers to arrange to stop or delay foreclosure for a fee, carefully check his or her credentials, reputation, and experience. To protect yourself, follow the recommendations contained in this Consumer Advisory.
Duration : 1:34:41
How long does a mortgage lender have before they must release your loan, once you have requested this?
We are in Illinois, and I need to know the laws regarding this timeframe. The original lender said they could not refinance us at a more favorable rate, so we shopped and found another which could. We completed the paperwork, and made a written request that the mortgage be released to the new lender, yet the old company is seeming to stall. I understand they don’t want to lose the loan, and that every day (minute!) that they hold onto it, they make more money off of us, but it is over a week now. When we call them, they pleasantly tell us they are so sorry, but there is a delay in processing, and they hope it will take place "by the end of today" (for 4 days now). What is the law regarding this, and how do we proceed? I fear they will delay us so long, that our next payment TO THEM will be soon due. Thanks!
Thanks for those of you who have answered so far. Let me clarify just a bit-we HAVE completed all paperwork for the new loan, and been approved. All the final signings have been done and processed. The old lender is not cooperating to release the payoff amount nor the loan to the new lender, which is why we, as the borrowers, are trying to move the process along. Until the change is made, we are still obligated to the old lender, and they hold the mortgage as hostage.
You’re correct – they are just hanging on to your loan so they can make a little more profit off of you. And, unfortunately, there is not a lot you can do about it, short of suing them, which would almost certainly cost you more than just a few day’s extra interest. Also, their TEAM of lawyers could probably delay the issue in court for months, which would hardly be what you wanted.
However, there IS something you can easily do about this fairly common problem – just go through with your refinancing deal. Lenders do cooperate with each other so they will provide a payoff figure for the old loan to the new lender. Just close, and pay off the old loan. If there is no balance, they can/will hardly be able to charge you interest.
Los Angeles Mortgage Broker Explains FHA Financing
http://www.MortgageHelpLosAngeles.com. Before sub-prime mortgages, where consumers interested in getting reasonable interest rates on loans with small down payments, marginal credit scores, and/or high payment to income ratios were able to get funding, there was the FHA. The FHA was set up to help those with more difficult loans get insurance for the payments, so that lenders would be willing to fund the loans. Bill Rayman is a very successful Los Angeles Based Mortgage Broker who can help you find the perfect approach to maximizing your goals in home purchases, refinances, or investments in property. This video explains the details of FHA financing. To reach Bill Rayman, call him at 310-295-2900 ext 113. Visit his blog at http://www.mortgagelosangeles.blogspot.com
Duration : 0:9:43
Hard Money Lender Funding: Mortgage Pools and Mortgage Funds
This video will describe how hard money lenders, hard money brokers and real estate investors can raise private capital and obtain investor money to fund loans.
Duration : 0:9:26
Can I ask my mortgage lender not damage my credit score in exchange for me surrendering my house to them?
I am no longer able to pay my mortgage payments. I have made new living arrangements and I don’t want the house anymore. There is a Private mortgage insurance policy on my loan.Should I just let the property go into foreclose by itself. Or should I better contact my mortgage lender.
And if I should contact them what should I negotiate for?
Can I ask my mortgage lender not damage my credit score in exchange for me surrendering my house to them?
Are you dreaming? This isn’t a game of when you’re tired you just go home. You made commitments – legal commitments and if you can’t fulfill those obligations then you pay a price. The price is your credit history is shot to hell for 7 years. Even after that it may be difficult for you to get a decent interest rate.
You should contact them right away and begin the process of negotiating what terms you can step away from this property on to their liking. You could also contact 888-995 HELP for counseling services.
It is absolutely appalling how people can just give up and let go thousands of hard earned dollars that they themselves have earned. What does that say about our society today?
All those men and woman fighting overseas, and you’re worried about your stupid credit history.
Is Your Mortgage Loan Illegal? Sue Your Lender
Is Your Mortgage Loan Illegal?
Sue Your Lender® performs predatory mortgage audits for attorneys and consumers and we are finding legal violations on over 80% of the loans we review. Meaning, there is an 8 in 10 chance that the law has been violated on your mortgage and you might be able to use these legal violations to sue your lender. We help homeowners discover how the Truth in Lending Act can help stop foreclosure.
For more information visit our site at www.sueyourlender.net
Duration : 0:4:31
Can a mortgage lender pursue an owner that is not on mortgage for a deficiency balance?
I purchased a residential investment property in Florida with my former boss. The mortgage is in his name only but I am also on the deed. He wants to let it go to foreclosure. Can the lender come after me for the deficiency balance. Will the foreclosure show on my credit?
The answer is NO. A mortgage is a "contract" stating that in the event you do not pay the debt, the collateral (the real estate) will be seized by the lender. You were not a party to this contract.
A Deed (normally a Warranty Deed) is a legal document showing ownership. It does not obligate you to any debt.
You were most likely put on Title after the mortgage was already placed on the property. By not signing the mortgage "contract" you did not obligate yourself financially for the debt.
Therefore you will not receive a foreclosure on your credit report, nor will you be liable for a deficiency judgment or 1099-C Cancellation of Debt Income.
Mr. Financial Freedom
http://www.5StepsToFinancialFreedom.com