General Interest Atty. Kenneth Go
MORTGAGE applications rose despite a jump in borrowing costs last week, but still bounced around the year’s lows with unemployment fears depressing demand. The Housing Market is looking up and consumers’ confidence is building up as well.
The Mortgage Bankers Association’s total loan applications index rose by a seasonally adjusted 2.8 percent to 528.9 last week, even as 30-year mortgage rates rose by about 1/4 percentage point to 5.31 percent.
HERE are some of the questions and advice from different blogers online that I picked up and thought these would be general questions for a lot of you who might have the same concerns.
Hi all
It seems many sellers are suddenly choosing the route of foreclosure as opposed to paying the taxes due on the 1099 received in a short sale. Is there any way around this? I believe that we are losing a lot of opportunities to stop foreclosure and actually help the owners and economy. Most people want to do the right thing and work with the bank but fear the ramifications of the IRS. I have heard that there are exemptions and would love to see some official documentation of the guidelines. I have also heard mixed reports about foreclosures also sending out 1099’s. Deed in lieu too? What is the "LAW"? Thanks so much to all who responded!
How to Qualify for a Mortgage Modification.
THE Government set out a plan to assist homeowners who are ‘upside down’ in their home mortgage; that is, they owe more than the home is worth. Said plan allows the lender to modify the existing loan to better suit the borrower’s current financial position resulting in a reduction of the interest rate, or an extension in the length of the term, or any combination of the three! To qualify for Mortgage Modification, the applicant must have income as a fully documented loan application will be taken then must also qualify for "hardship." For me, the cookie-cutter type of clients they are referring to are those who might have lost their jobs, gotten sick temporarily and are now ready to take on their mortgage payments again.
Since the Loan Modification Process came about, I’ve been deep in due diligence to uncover not only the truth about its promises, but the pitfalls the plan has relative to a new industry that has sprung up around it - that of Mortgage Modification Services.
CALLER: I have to re-schedule our appointment for a consultation because my friend says that I might be able to get a 2.5 percent rate with my lender and that he could help in this process.
Ken Go: There is no problem to ask for other’s opinion but remembers whoever you ask these questions to, you have to try and get proof of what they are saying. Know what are their backgrounds in this foreclosure business If it’s someone you just know. That knows someone who got a low, then this is hearsay. To me the only people who can help you realize and analyze your loan situation is your lender. Call them and ask them about your chances of a loan modification, loan restructuring, consequences of a Deed in Lieu of foreclosure. Ask them what is the best option for you. I have requested for callers who say they know someone who has done modification to call me and show proof of those low rates that I am hearing about.
WITH lessons learned, let’s discuss why you should not refinance your loans
Going through the home refinance process may seem like a good idea to save money or to get money for home improvements or other purposes, but there are some instances when you should not refinance your home. By understanding the situations where getting a refinancing loan is not such a good idea, you can better understand when you should look into the home refinance process.
What are some of the reasons why you should not ref inance your home?
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