Question by Dizzboy66: I’m unemployed and living off savings, should I not stop paying mortgage to WAMU and see a loan modification? I’m 50 years old and a professional looking for work and my wife is going through breast cancer treatments. My loan is a 5.7% interest only and I owe a little more than [...]
Question by alex G: I have a loan modification and they are not removing any late fees or back payments. Has anyone? had their loan modification completed and not have to pay these fees. Should I negotiate that. The back payments accumulated by the adjustment of my interest rate. Best answer: Answer by MM C [...]
The Federal Trade Commission announced last week that all foreclosure rescue firms and loan modification companies currently operating in the United States are prohibited in collecting advance payments from clients. This is in response to the overwhelming reports of fraudulent activities in the loan modification industry. Many homeowners claim that there are experts who ran out after receiving up fronts from their desperate clients. This results to the increasing number of foreclosure activity in the country which adversely affects the whole U.S. economy.
Before you refinance any mortgage there are certain terms you should consider. The same can be said about the FHA refinance loan. Any mortgage that you currently have on your property can be refinanced into an FHA loan. Refinancing your loan into a Federal Housing Administration loan provides you with a lower monthly payment, the ability to avoid foreclosure or default, or it can help with home repairs. The refinance loan is different than the FHA HOPE. FHA HOPE is a homeowners program that protects individuals from default or foreclosure only.
Question by Cathryn: has anyone been turned down for a loan modification because of to much debt and put in a mortatorium? We applied for a loan modification made 2 payments then received a letter that we were turned down because we had to much debt. They put us on a mortatorium from December until [...]