Really bad loan in Ca. - Loan Modification Forum

Abarnes · 07-09-2009, 09:23 AM

My question is Do you think I have any hope or recourse on a Neg ARM loan that my lender says they can't modify because our 31% would be higher then what we were paying, but with 1200.00 going back onto the principal?

ugh_2009 · 07-09-2009, 11:19 AM

When does the loan reset?

Abarnes · 07-09-2009, 03:31 PM

In 2010, it originated in 07.

ugh_2009 · 07-09-2009, 04:00 PM

One option (if you can afford your payment right now) is that you wait until there are 3 month left before the loan is reset. You can then apply for the Obama modification plan and use the much higher reset payment (which should be more than 31%). The Obama plan will be available until 2012.

Abarnes · 07-09-2009, 08:28 PM

I left out a important fact, we have not paid our payment since Oct 08. They just keep saying that the investers will not budge.

Abarnes · 07-16-2009, 08:38 PM

Well I have to say that the end of my trying has neared. We listed our house for short sale yesterday, we went and talked with a attorney and was told basically the same thing you just said. It's listed for 260.000, I have come to realize that it's just a house and I can make any place a home. A funny story thou, the person who sold me the terrible loan that we have -asked to be my friend on facebook yesterday, what a joke huh? I wrote a response(I won't say here) with my denial. He's most likely back in the biz and needs customers!! Sorry dude. Thanks for your input, I may still do just that and just see what comes of it.

Paul Molinaro Esq. · 07-18-2009, 05:23 PM

NO LEGAL ADVICE HERE - JUST GENERAL INFORMATION - ANY SIMILARITIES TO ANYONE'S ACTUAL SITUATION IS JUST ONE HECK OF A COINCIDENCE.

House value is just the same as what anyone would pay... check rentclicks dot com and see what your roof is worth to someone else by comparing similar square footage and location on a monthly basis.

Home value is... to use the cliché, priceless... and that is why some homeowners accept loan modifications and some investors cut their losses and let losers go.

- Paul

07-09-2009, 09:23 AM	#1 (permalink)
Abarnes Senior Member Join Date: Oct 2008 Posts: 54 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Really bad loan in Ca. My question is Do you think I have any hope or recourse on a Neg ARM loan that my lender says they can't modify because our 31% would be higher then what we were paying, but with 1200.00 going back onto the principal?

07-09-2009, 11:19 AM	#2 (permalink)
ugh_2009 Senior Member Join Date: Jun 2009 Posts: 126 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Really bad loan in Ca. When does the loan reset? __________________ .

07-09-2009, 03:31 PM	#3 (permalink)
Abarnes Senior Member Join Date: Oct 2008 Posts: 54 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Really bad loan in Ca. In 2010, it originated in 07.

07-09-2009, 04:00 PM	#4 (permalink)
ugh_2009 Senior Member Join Date: Jun 2009 Posts: 126 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Really bad loan in Ca. One option (if you can afford your payment right now) is that you wait until there are 3 month left before the loan is reset. You can then apply for the Obama modification plan and use the much higher reset payment (which should be more than 31%). The Obama plan will be available until 2012. __________________ .

07-09-2009, 08:28 PM	#5 (permalink)
Abarnes Senior Member Join Date: Oct 2008 Posts: 54 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Really bad loan in Ca. I left out a important fact, we have not paid our payment since Oct 08. They just keep saying that the investers will not budge.

07-16-2009, 08:38 PM	#6 (permalink)
Abarnes Senior Member Join Date: Oct 2008 Posts: 54 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Really bad loan in Ca. Well I have to say that the end of my trying has neared. We listed our house for short sale yesterday, we went and talked with a attorney and was told basically the same thing you just said. It's listed for 260.000, I have come to realize that it's just a house and I can make any place a home. A funny story thou, the person who sold me the terrible loan that we have -asked to be my friend on facebook yesterday, what a joke huh? I wrote a response(I won't say here) with my denial. He's most likely back in the biz and needs customers!! Sorry dude. Thanks for your input, I may still do just that and just see what comes of it.

07-18-2009, 05:23 PM	#7 (permalink)
Paul Molinaro Esq. Attorney Join Date: Mar 2009 Location: 980 Montecito Drive, Suite 206, Corona, CA 92879 Posts: 133 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Really bad loan in Ca. NO LEGAL ADVICE HERE - JUST GENERAL INFORMATION - ANY SIMILARITIES TO ANYONE'S ACTUAL SITUATION IS JUST ONE HECK OF A COINCIDENCE. House value is just the same as what anyone would pay... check rentclicks dot com and see what your roof is worth to someone else by comparing similar square footage and location on a monthly basis. Home value is... to use the cliché, priceless... and that is why some homeowners accept loan modifications and some investors cut their losses and let losers go. - Paul __________________ ______________________________ Paul J. Molinaro, M.D., J.D. Attorney at Law, Physician, Broker ______________________________ Fransen & Molinaro, LLP 980 Montecito Drive, Suite 206 Corona, CA 92879 pmolinaro@LoanLaw.net 1-888-756-2652 ______________________________ The information contained in this post is NOT to be taken as legal advice. My posts are for general information and educational purposes only. If you need legal advice, please contact an attorney.

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