Not all clients took my conservative mortgage advice over the years, and some ended up with home loans that have turned downright nasty.
In one case, a client and dear friend was persuaded to take out a Negative Amortizing Adjustable Rate Mortgage (Neg Am) along with a HELOC (Home Equity Line of Credit) a few weeks after the purchase of her $1.8 million Carsbad home.
I just heard that in a couple of months, her mortgage will reset to an intolerable level and she is seeking a way to manage payments and keep her dream home.
Late last night, I discovered that fellow real estate blogger Ryan Rockwood had written an ebook on How To Get A Loan Modification that is packed with information for struggling borrowers–and chock full of insider tips.
For example, I know that many borrowers agonize because either they or their mortgage broker overstated income levels when applying for mortgage loans during the real estate bubble years. At the same time, attorneys have discovered that many lenders may have violated provisions in the Truth in Lending Act and/or the Real Estate Settlement Procedures Act (RESPA). Rockwood states that there is plenty of blame to go around, and lenders as a rule aren’t pursuing earlier income exaggerations.
That information alone might spur some to pursue loan modifications for their mortgages.
If you are having difficulty with your mortgage, I encourage you to visit the 60 Minute Loan Modification site, where you will soon be able (if not already) to purchase one of the best books I have seen about how to get a loan modification.
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Some more tips would be great as foreclosure laws do change. Any more information and experiences are appreciated.
Hi Roberta! Thanks for the information. By getting home loans one can have owe their luxury dream house. In all mortgage banks you can find information on different banks, which really allows you to save money on your saving account and other credit cards or debit cards.