I dont know if Im calling it right but from what I heard is that if you over paid for your house when the market was going crazy, that you could do a Mortgage Adjustment Loan I think where you only owe what the house is worth right now as apposed to what it was worth when you bought it? Anyone heard of this? For example, when we bought our house we paid $465K for it. Im assuming its worth close to $350k right now and our buddy bought his house a few months ago in same city a few blocks away for about $345K. We had a few houses around us that where sold for around $350 in the past year (we had to get our property tax adjusted to what the houses aroun the neighborhood are going for so thats how we know) But from what I heard, you get a new "loan" on what the house is worth and not what you owe on it. I guess the rest of the "debt" gets forgiven? Supposed to keep more houses from going into foreclosure. Anyone heard of this? I live in San Diego California if that matters. Thanks!
Anyone Done a Morgage Adjustment Loan?
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Raymond Bunch
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I agree, that sounds a bit to good to be true. Why not just refinance it after living in it for a year?
I just refinanced and closed mine for 5%. and saved a bundle. Wish I had waited a bit longer though.....could have gone into the mid to high 4's
:redface: 
Hope it works out for you man.
I just refinanced and closed mine for 5%. and saved a bundle. Wish I had waited a bit longer though.....could have gone into the mid to high 4's
:redface: Hope it works out for you man.
GNBRETT
Pelennor Fields
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Unless you are referring to some government supported program I doubt that the original bank is going to forgive that $100k. A better rate is definately possible but the forgiving of the upside down portion of your loan sounds a little fishy. Please advise if you find out more!
turbo39151
anycoloraslongasitsblack
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Victor, that is not true.. No one is going to forgive a bad purchase. ASk me how I know. I still have a few properties in SoCal for that very same reason and I have friends in the business!
Most mortgage companies will not even let you refi as you are basically upside down. If you have a second and you can't keep up; I have heard of some of those lenders settling out for as low as .50 on the dollar
Nevertheless, I think you're gonna be stuck with what you have until the housing market picks up again.
If you need a referral, I'll give you my friend's number...
Most mortgage companies will not even let you refi as you are basically upside down. If you have a second and you can't keep up; I have heard of some of those lenders settling out for as low as .50 on the dollar
Nevertheless, I think you're gonna be stuck with what you have until the housing market picks up again.If you need a referral, I'll give you my friend's number...
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That only happens on a "short sale" when you sell your home, and only works if your lender prior approves it.
turbo39151
anycoloraslongasitsblack
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That only happens on a "short sale" when you sell your home, and only works if your lender prior approves it.
IF you're selling the home.
He's talking about refi...
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I understand but maybe he heard wrong.... Just a guess...
Yeah we got a pretty good interest rate to begin with but with work being slow and the economy being in the gutter, I though I had heard something about Morgage adjustments. I heard because the banks would rather take a small loss than to try to sell a house that is worth $350K when the loan was for $450 and no one is buying a house now and days cause no one is lending money. I saw some commercial and gave them a call, left a message and the dude keeps calling me back so I think its some sort of scam or maybe a different program as in for people in foreclosure. I dont know but sometimes the people you can trust for honest answers are your Turbo Buddies!
Thanks for the info guys. Hopefully in 10 years the house will be worth abour $600k!
Thanks for the info guys. Hopefully in 10 years the house will be worth abour $600k!turbo39151
anycoloraslongasitsblack
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Fropm what I had veard and read, there are special programs being offered by certain lenders that will work with a borrower that is presently in imminent danger of loosing their home. Apparently, if you are in arrears and there is a possibility of salvaging the loan, the lenders are refinancing for a better rate so as to make payments more manageable. Again, this is for people who are already way behind in payments.
For the rest of us who have been making our payments, there has yet to be any relief. I'm not sure whay banks would not offer to simply refi everyone at a low 4 or 5% rate for a 30 year fixed and be done with it. At least then people could make their payments. Seems to me that the banks are still holding out hope of making some extra money when some people's rates go variable.
Additionally, keep an eye on your credit cards. With the new legislation slated to become active in 2010, the credit cards are rumored to be scrambling to raise rates upwards of 32%, minimum payment amounts and lower credit lines...
For the rest of us who have been making our payments, there has yet to be any relief. I'm not sure whay banks would not offer to simply refi everyone at a low 4 or 5% rate for a 30 year fixed and be done with it. At least then people could make their payments. Seems to me that the banks are still holding out hope of making some extra money when some people's rates go variable.
Additionally, keep an eye on your credit cards. With the new legislation slated to become active in 2010, the credit cards are rumored to be scrambling to raise rates upwards of 32%, minimum payment amounts and lower credit lines...
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Once the chimp gets his "redistribution of wealth" program in, all you have to do is call the WH, and they'll send a check.
Warp6
Mine since '92
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do you have the WH address I can send a request to ??? Oh can I "pad" the amount I need because I am looking for another house to buy in Florida
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Here ya go..
1600 Pennsylvania Ave NW
Washington, DC 20500
(202) 456-1414
Ask for "da chimp".
Actually, CITI Bank has agreed to let judges review and rework your fubar mortgages.. That'll be good!
Next, we'll find out that the judges are on the board at CITI!!
do you have the WH address I can send a request to ??? Oh can I "pad" the amount I need because I am looking for another house to buy in Florida
1600 Pennsylvania Ave NW
Washington, DC 20500
(202) 456-1414
Ask for "da chimp".
Actually, CITI Bank has agreed to let judges review and rework your fubar mortgages.. That'll be good!
Next, we'll find out that the judges are on the board at CITI!!
im working with a loan mod company out here in vegas..its not a scam you just have to find the right company..the guy im dealing with is a lawyer, there are some requirment like,buying your house during the peak and you have to proof hardship. all results all diffrent but he has a money back gaurantee if he cant mod your loan. there are alot of companys doing this right now and some are scams..just try to find one thats a lawyer with an actual license
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"the guy im dealing with is a lawyer,"
one word: SCARY!!
one word: SCARY!!
I could think of another word but for once Ill shut up
.....Ok got a letter of to the WH.. I can't wait to see how much they send me !! Ill post when I get it
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