Money borrowing

Never provided them financials that they requested regularly. RTR finally gave up I guess and sent my loan back to Chase! As our values recovered (CA) substantially, I decided I better go silent and was expecting a Notice of Intent to Foreclose anytime. As some of you know, last year, we received a completely random full release of this 2nd by Chase.

I live in California and received a notice from RTR for 2nd. I have equity in my house, and I indeed I want to keep my house. I have equity in my house, and I indeed I want to keep my house. I need help Hi, glad payday loans colorado to be able to contribute a story here, but the ending is not a happy one. Recession hit us hard, went through BK and the Obama Refi system around 2009, got totally worked over when the docs arrived for signature. ARM with a balloon payment with BofA, the 2nd magically transferred to Real Time Resolutions.

We played the game all these years, requested negotiation or payout several times over the years with RTR but, NO LUCK. Spoke with attorneys several times, who all agreed there was little we could do. Home equity kept going up, we felt very vulnerable to foreclosure especially with the Corona situation. SO DISCOURAGING after paying on this house since 2003 to be exactly back where we started with our balance. They made 1000 loans HUGE profits on the backs of taxpayers and loan places ME. I am forever grateful to LoanSafe for providing a place where we could all share, comfort, and learn with each other.

Either way it sounds like you were able to get it taken care of. I could be wrong and maybe others have some perspective on this.

I also believe, servicers are obligated to at least present settlement offers from borrowers. As stated before, after several non-successful offers from us, RTR eventually sent our loan back to Chase. For what its worth- RTR had my 2nd for quite awhile. Never provided them financials that they requested regularly. RTR finally gave up I guess and sent my loan back to Chase! As our values recovered (CA) substantially, I decided I better go silent and was expecting a Notice of Intent to Foreclose anytime. As some of you know, last year, we received a completely random full release of this 2nd by Chase. Add all that to your existing loans (1st and 2nd)- do you really have equity from the lenders perspective? I am trying to reach a settlement with RTR but not sure who to reach out to other than the regular customer service number. Since 2007, the LoanSafe forums have helped millions of homeowners over the last 13 years either save their homes with a loan modification, obtain a short sale, forbearance, or walk away legally from their underwater mortgages.

They would always respond with requests for financials, and I would always say no- and that they could easily review everything in our Chapter 7 filing. To your point on being clueless- someone on this forum suggested that those doing the calling from the lenders were mostly entry level employees, tasked with enormous lists of defaulted loan borrowers they needed to call.

They would always respond with requests for financials, and I would always say no- and that they could easily review everything in our Chapter 7 filing. To your point on being clueless- someone on this forum suggested that those doing the calling from the lenders were mostly entry level employees, tasked with enormous lists of defaulted loan borrowers they needed to call. I just received the paper work for the loss mitigation but I am not going to fill it out. It is such a catch-22 situation : ( They called me again the other day but I was at work and was not able to answer, should I contact them and explained my situation to see if they are willing to settle? I am going through borrow money fast the exact same situation with RTR and I do not know where to turn.

We are considering filing Chapter 13 in order to get them to work with us because I cannot reach any agreement with them even though we do have the means to pay them back in a very short time period. This is a situation I deal with quite often and you may have already seen me post about these liens and how to go about taking care of them.

If the lien is not charged off you want to money borrowing be really careful how you deal with them. My contact information is here: 619-379-8999 and My original 2nd mortgage with was Ditech and was sold to SLS. When I tried to workout a solution with SLS I was told it was a charge off. Now it is with RTR and from your posting it says that makes a difference. I have reached out to them but not many options available. Since 2007, the LoanSafe forums have helped millions of homeowners over the last 13 years either save their homes with a loan modification, obtain a short sale, forbearance, or walk away legally from their underwater mortgages. I have provided an explanation of recourse below and how it will affect your new refinance. When you purchase a property with a mortgage the purchase money loan is considered NON- Recourse, meaning the lender cannot come after you for the difference between the sales price and the amount you owe on the property if you decide to sell your home.

When you refinance a purchase money loan it would then turn the new loan into a recourse loan where the lender CAN come back after you. The reason why it would turn into a recourse loan is because the lender is entering into the transaction with the same risk as the borrower.


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If the loan is to default the lender is protected from future losses. Many homeowners in the past have been hesitant to proceed with a new refinance, especially if they owe more than the home is worth due to the change from non-recourse to recourse. I have verified with my legal department that this will be put into effect after the New Year.

There is a provision in the bill that states anything added to the principal balance from the refinance will be recourse. Meaning if you add a few thousand dollars for closing costs via your new refinance to the balance of your loan, that amount the lender can issue a deficiency judgment for. Any money borrowing new credit transaction shall be deemed to be a purchase money loan except as to the principal amount of any new advance. When a borrower owes twice as much as the home is loans lenders only worth its nice knowing that under the new refinance you will still remain protected under the anti-deficiency cash advance ashland ky law. This bill applies to all residential real estate finance transactions in the State of California. I have provided a link directly to the new bill below: Thanks for sharing such detailed information about Senate Bill No. This is great news for any CA homeowner wishing to refinance their property in the near future.

The loans for good credit comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice.

Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.

Please Read our Privacy Policy and Legal Disclaimer Thanks for sharing such detailed information about Senate Bill No. This is great news for any CA money borrowing homeowner wishing to refinance their property in the near future. The bill is in the works as we speak and I will be updating our valuable LoanSafe members as soon as I hear anything as usual. Since 2007, the LoanSafe forums have helped millions of homeowners over the last 13 years either save their homes with a loan modification, obtain a short sale, forbearance, or walk away legally from their underwater mortgages. Is it possible to refinance to say a 15 yr mortgage and get rid of the Balloon? I am starting to think of the future and how to manage this. My credit has vastly improved since I took this out. You would be far better off -- taking the money you would spend on this refinance and higher payment, and stashing that into a high-interest savings account.

This way you could accrue the money you need to money borrowing pay the Balloon without paying interest on it, and even get a little bit of help from the bank. The money borrowing other possibility is to simply pay down the Mortgage, with additional principal. You would be far better off -- taking the money you would spend on this refinance and higher payment, and stashing that into a high-interest savings account.

This way you could accrue the money you need to pay the Balloon without paying interest on it, and even get a little bit of help from the bank. The other possibility is to simply pay down the Mortgage, with additional principal. I was hoping there was a better option because the balloon makes me nervous, but I know what you are saying makes perfect sense. I would probably consider the term of the interest calculation.

Some of these older predatory loans are built on 40 (or even 50) year amortization schedules. While in some states, these predatory terms were to be removed, many lenders did not cooperate and hid real terms on the modification.

I personally would be tempted to refinance to remove the initial terms and liens by a predatory lender because you are potentially subject to future predatory servicing direct lender loans for bad credit in these particular securitized schemes.

From what your are saying, it appears your loan payments are interest only given the balloon appears to be full amount. This is a LOT of lost funds with no prospect of actual ownership at the end of the term of payments. Just follow the loan closely to make sure it is properly credited and you are, in fact, paying down the principal. Especially forced placed insurance which can suddenly increase your payment anywhere from 50 to 500 per month while you dispute and try to repair the false charge. Since 2007, the LoanSafe forums have helped millions of homeowners over the last 13 years either save their homes with a loan modification, obtain a short sale, forbearance, or walk away legally from their underwater mortgages. I thought I would update you as to the most recent rules in regards to money borrowing what happens after covid related deferral or forbearance. Please see below new information released: Late yesterday, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac are making a new payment deferral option now available.