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Author
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Topic: home loan help
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BlowN67
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Member # 4229
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posted
 
 
is there any companies known out there that can help me with a short refinance my loan that wont take my money. This Obamam plan is joke
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AIM gonein67 JOHN
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Posts: 9809 | From: Home of LARD | Registered: Mar 2004
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5OHS5OH
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Member # 4665
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posted
Dean Rizzi @ Guarentee Mortgage in SF. Sorry, I don't have his number with me. He's financed me twice and re-fi'd me twice. Good honest guy.
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89 Convertable GT
BBK Headers, cai
Posts: 1044 | From: San Bruno | Registered: Jul 2004
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Blu50Stang
CAFords OG
Member # 489
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posted
PM me with your basic situtaion and what you're looking to do. In most cases, tf I can't help, I can refer you on to someone that can.
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Ross
'88 GT - 5.0&SF 4/04 | MM&FF 8/09 | MM&FF 79-93 Mustang Performance Cover 12/12
'17 GT350R
Posts: 1916 | From: Not CA | Registered: Oct 2001
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Bigchelis
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Member # 5941
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posted
I am not a realter and never have been, but I have been following the new loan practices for fun.
It seems that now you have to actually qualify for your loan and not just stated income. A good rule of thumb to see if a bank can help you is your combined income x 2.5 the loan value max.
Also, I would never advise a realter or a loan broker for help. It is the biggest no no. Just go straight into a bank and skip the middle man. There is no need to pay extra for a middle man fees.
Last,
I been hearing those loan modification companies are sooo felonies that California Congressman are currently working on a bill to ban them from California 100%; yes they are that shaddy. Unfortunately; whoever helps you will take your money and unless you have a law degree you have no choice but to rely on them and need them to finalize the paperwork for you.
These are generalities, but you will soon find they are far too common.
Regards,
bigC
[ November 19, 2009, 02:31 AM: Message edited by: Bigchelis ]
Posts: 161 | From: San Jose,Ca | Registered: Aug 2005
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Yaterstang
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Member # 7659
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posted
quote:
Originally posted by BlowN67:
is there any companies known out there that can help me with a short refinance my loan that wont take my money. This Obamam plan is joke
Go to your bank, if you did a full doc loan when you first got your existing loan then they may be able to go to 125% of the house's value. If you owe more than that, then a mod or short sale might be your only options.
Posts: 2968 | From: Natomas | Registered: May 2007
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liftedF150
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Member # 868
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posted
i just did mine through my bank ( b of a ) just to change my interest rate on my FHA loan got it down about a point and a half without having to requalify or anything. because its just a adjustment and we didnt take any money out it worked out fine.
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GO SHARKS!
Posts: 3259 | From: Discovery Bay | Registered: Feb 2002
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N8
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Member # 6048
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posted
The Obama (HAMP) plan will work, but you have to know what the criteria your bank is going from. What I would do is call your bank and ask some very specific questions. Like are they using gross or net income (they should be using gross)? What bills are the using as valid out going expenses (some bills they do not consider despite you putting them on there). We are actually trying to do a loan mod on our primary residence and the first time around we kind of shot ourselves in the foot with reporting our income.
https://www.hmpadmin.com/portal/index.html
Check this link and make sure your bank is really trying to do what they are supposed to do.
Posts: 11638 | Registered: Sep 2005
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Bigchelis
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Member # 5941
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posted
I been talking to a lawyer in this area about why sooo many people think a short sale is the answer..In fact, most people get convinced to do a short sale by the realter not an atorney. I investigated this for a friend and some family members who were subject to this harrasment from realters claiming a short sale was the answer, but I am glad I set them straight and was able to help.
Short sale: Say you owe $700k, bank sells for $500k. You now owe the bank $200k plus fees for the shortsale and then the bank sues you for that money. You also now owe $200k in taxes to the government as they become a capital gain tax. I have not spoke to anyone who has actually paid taxes on this loss since you can then claim insolvent and file for Chapter 7 or 13. The pro is that you will be able to purchase another house in about 3yrs if you don't file for bankruptcy.
Foreclosure: let the house go, but do stay there for as long as you can or get a cash for keys offer in the thousands. The loss the bank takes will not affect you and they can never go after you. In California we have foreclosure clemency laws that help with this.
Good luck on finding a resolution to your loan issue. I just heard the Rob Black interview someone regarding loan modifications. If you are not too upside down, some banks are willing to reduce to total amount you owe them and re-qualify you.
bigC
[ November 20, 2009, 08:19 PM: Message edited by: Bigchelis ]
Posts: 161 | From: San Jose,Ca | Registered: Aug 2005
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venomous99
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Member # 1917
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posted
quote:
Originally posted by Bigchelis:
I been talking to a lawyer in this area about why sooo many people think a short sale is the answer..In fact, most people get convinced to do a short sale by the realter not an atorney. I investigated this for a friend and some family members who were subject to this harrasment from realters claiming a short sale was the answer, but I am glad I set them straight and was able to help.
Short sale: Say you owe $700k, bank sells for $500k. You now owe the bank $200k plus fees for the shortsale and then the bank sues you for that money. You also now owe $200k in taxes to the government as they become a capital gain tax. I have not spoke to anyone who has actually paid taxes on this loss since you can then claim insolvent and file for Chapter 7 or 13. The pro is that you will be able to purchase another house in about 3yrs if you don't file for bankruptcy.
Foreclosure: let the house go, but do stay there for as long as you can or get a cash for keys offer in the thousands. The loss the bank takes will not affect you and they can never go after you. In California we have foreclosure clemency laws that help with this.
Good luck on finding a resolution to your loan issue. I just heard the Rob Black interview someone regarding loan modifications. If you are not too upside down, some banks are willing to reduce to total amount you owe them and re-qualify you.
bigC
if you short sale, the difference between the initial principle balance and the short sale price is treated as a 1099cancellation of debt, normally counted as income for the year but w/ what ever law is in place today the seller could wash their hands of any tax liability. now if you took out money such as a cashout refi, you're liable for to pay taxes on that amount taken. theres all sort of info on the irs website on different scenarios including short sales...but yeah as always recommended do lots of reading and ask multiple sources then draw your own conclusions. not sure how state taxes come into play here though.
[ November 20, 2009, 09:02 PM: Message edited by: venomous99 ]
Posts: 4811 | From: dc | Registered: Oct 2002
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