Short Refi: Upside Down Mortgage Solutions

Negative Home Equity Surges, Weighing on Housing Recovery

2011-02-09T18:40:00.000-08:00

The number of borrowers who owe more on their mortgages than their homes are worth took a huge leap in the fourth quarter of 2010. A full 27 percent of borrowers are now "underwater" on their mortgages, up from 23 percent in the previous quarter, according to a new report from Zillow. Foreclosure moratoriums and falling home prices are to blame.

Adding to a slew of negative reports on home prices, Zillow found home values posted their largest quarter-over-quarter decline, 2.6 percent, since the beginning of 2009. The home buyer tax credit, which inflated home prices artificially in the first half of the year, resulted in a Fall hangover. Home prices plunged 5.9 percent compared to the fourth quarter of 2009.

With foreclosure moratoriums in place due to charges of faulty paperwork at some of the nation's largest mortgage servicers, many homes with underwater mortgages that should have been repossessed by lenders were not, and instead boosted volume in the negative equity pool. Falling prices didn't help.

"Home value trends in the fourth quarter remained grim, but the good news is that these declines, while painful in the short-term, mean we're getting closer to the bottom," notes Zillow's chief economist, Dr. Stan Humphries.

Home prices generally lag home sales, on the way up and on the way down. Home sales have gained over the past few months, but with distressed sales, that is foreclosures or short sales, making up anywhere from 25 to 50 percent of a local market's numbers, prices will continue to be under pressure for some time.

Negative equity is one of, if not the, primary drivers of mortgage default, but as banks ramp up repossessions, the percentage of underwater loans should fall back to previous, albeit historically high, percentages.

While local markets in Florida, California and Arizona that suffered most from the subprime mortgage collapse continue to post high negative equity rates, other less likely candidates are climbing. Over one third of Chicago borrowers owe more than their homes are worth, and in Atlanta over half are underwater. Denver and Minneapolis are also well over the national rate.
Negative equity not only makes it harder to sell a home, it also makes it more difficult to modify a troubled loan. Some also blame negative equity for high redefault rates on loan modifications, as some borrowers choose to walk away.

Questions? Comments? RealtyCheck@cnbc.com And follow me on Twitter @Diana_Olick

Short Refi News: Racial Predatory Loans Fueled U.S. housing crisis: study

2010-10-04T11:58:00.000-07:00

Here is an outstanding article about how past efforts are now effecting those who sere victims of predatory lending. You hear about this type of lending but to actually victimize those in a certain racial demographic is truly astounding to me. Hope you enjoy!

By Nick Carey
CHICAGO (Reuters) - Predatory lending aimed at racially segregated minority neighborhoods led to mass foreclosures that fueled the U.S. housing crisis, according to a new study published in the American Sociological Review.
Predatory lending typically refers to loans that carry unreasonable fees, interest rates and payment requirements.
Poorer minority areas became a focus of these practices in the 1990s with the growth of mortgage-backed securities, which enabled lenders to pool low- and high-risk loans to sell on the secondary market, Professor Douglas Massey of the Woodrow Wilson School of Public and International Affairs at Princeton University and PhD candidate Jacob Rugh, said in their study.
The financial institutions likely to be found in minority areas tended to be predatory -- pawn shops, payday lenders and check cashing services that "charge high fees and usurious rates of interest," they said in the study.
"By definition, segregation creates minority dominant neighborhoods, which, given the legacy of redlining and institutional discrimination, continue to be underserved by mainstream financial institutions," the study says.
Redlining is the practice of denying or increasing the cost of services, such as banking and insurance, to residents in specific areas, often based on race.
The U.S. economy is still struggling with the effects of its longest recession since the 1930s, which was triggered in large part by the housing crisis, which was in part triggered by the crash of the subprime loan market.
Subprime lending refers to loans made to consumers with poor credit and others considered higher risk. They tend to have a higher interest rate than traditional loans.
The study, which used data from the 100 largest U.S. metropolitan areas, found that living in a predominantly African-American area, and to a lesser extent Hispanic area, were "powerful predictors of foreclosures" in the nation.
Even African-Americans with similar credit profiles and down-payment ratios to white borrowers were more likely to receive subprime loans, according to the study.
"As a result, from 1993 to 2000, the share of subprime mortgages going to households in minority neighborhoods rose from 2 to 18 percent," Massey and Rugh said.
They said the U.S. Civil Rights Act should be amended to create mechanisms that would uncover discrimination and penalize those who discriminated against minority borrowers.
The study is published in the October issue of the journal.
(Editing by Paul Simao)

Predatory lending was a major issue and is still happening within these communities. Hopefully there are others out there trying to do the right thing. These families will need help from great realtors doing short sales and from lenders who are sympathetic to their needs.

FHA’s Short Refinance Program

2010-09-14T13:32:00.000-07:00

On September 7th, the U.S. Department of Housing and Urban Development announced a new plan to help responsible homeowners who may be struggling with their mortgage payments. The goal is to assist nearly 4 million homeowners through the end of 2012. Here’s a summary of the program highlights of the FHA’s short refinance program:

requires consent of all lien holders
the existing loan must not be FHA-insured
borrowers 1st lien holder must agree to write off at least 10% of the unpaid principal balance
new FHA-insured loan must have an loan-to-value ratio of 97.75%
combined LTV of all loans must be no greater than 115%
homeowner must owe more on their mortgage(s) than their home is worth (being ‘underwater’)
homeowner must be current on their existing mortgage
homeowner must qualify for the new loan under standard FHA underwriting requirements
the property in question must be the homeowners primary residence
incentives will be provided to existing second lien holders who agree to full or partial lien extinguishments
servicers must execute a Servicer Participation Agreement (SPA) with Fannie Mae on or before October 3, 2010
participation is voluntary

You can also view the official press release by clicking here

FHA Underwater Refinancing - Short Refinance Program

2010-09-09T08:55:00.000-07:00

With the mortgage market facing a sudden crisis, more homeowners are finding it difficult to sell off their homes. According to a survey done by an organization, the demand for single family residences have dropped to a 15 year low. Home purchases have fell 12% in the month of June and are likely to fall more. In the month of July the number plunged almost more than double and reached a 27%. It is seen that one among five homeowners have fallen back on their monthly mortgage payments and are seeking a refinance.

According to the recent news, foreclosures are expected to rise severely this year and also in the approaching year. With such disheartening statistics of increasing foreclosures, homeowners are not left with many options. But fortunately though, refinancing your current mortgage is perhaps one of the best options and the most viable one to adopt by a homeowner. The underwater homeowners who lack the ability to arrange their monthly mortgage payments are taken care of by the US government. The government programs are making refinancing possible, especially for underwater owners. Nowadays borrowers do not require having an FHA insured loan to qualify.

Low mortgage rates are certainly the strong factors that boost the popularity of refinancing. The confirming rates are 4.125%, which is slightly higher than last week’s record low that was at 4% with 0.7-1 points on origination. A mortgage loan officer has reported said that he has been seeing a significant rise in the number of applicants for refinancing because the mortgage rates are so low. The Mortgage Banks Association (MBA) reported that refinance applicants increased by 17% and caused an increase of 13% in the total mortgage applications.

The previous year Obama administration had launched a refinance program called the Home Affordable Refinance Program (HARP), to help underwater homeowners refinance their mortgage. This program lets homeowners breathe free as it allows those homeowners who owe more on their homes than its current market value, to refinance their mortgage loans into better terms and conditions. The HARP does not allow any reduction in the mortgage amount but it permits homeowners to take advantage of low interest rates on their loans. This program is also beneficial for interest-only borrowers, adjustable rate mortgage borrowers and balloon payment borrowers because they can also reduce the interest rates throughout the term of the loan.

The eligibility criteria of the HARP are not a very complex one. The owner of the house should be the primary occupant of the house and must be current on his mortgage payments. This means that he should not have missed on his monthly payments on the mortgage for the last 12 months. The amount owed on the mortgage should not be less than 125% of the current market price of the property.

The US Department of Housing and Urban Development (HUD) has recently announced that it’s expending its refinance program. A new rule will be applicable from the September 7th, 2010, where the FHA will offer non-FHA borrowers, who are underwater on their loans but current on their loan payments, the opportunity to refinance into a FHA Short Refinance option. If the prospective borrowers have to qualify, the lenders must agree to write off at least 10% of the unpaid principal of the mortgage. The borrowers are also required to meet the standard FHA underwriting requirements, occupy the home as a primary residence and they should have a good credit score.

This can be good news for those distressed homeowners who are denied loan modification by their banks. Interested borrowers typically see financial hardship primarily due to loss of income. These are the homeowners who will greatly benefit from the FHA Short Refinance Program.

Underwate Mortgage - The Reality of A Declining Home Value

2010-08-17T10:55:00.000-07:00

After the sub prime mortgage crash of 2008, most homeowners found the value of their house drop sharply, right along with their life savings. A lot of people discovered that their homes are “under water” being worth much less than what they actually owed to the bank. Real Estate values were reported to have dropped as much as 18.5% if the first year alone. Not only did most home owners owe more on their homes than what their home was worth, many were facing foreclosures due to the sub prime market collapse. And with all this, new home constructions stalled as well.

As home values declined, a new influx of foreclosures slammed the market with lower prices to reflect the declining home values and mounting banking concerns. Banks were willing to let go of homes for lower prices to stave off losses. For new home buyers, this gave new low cost options that they didn't have before.

This created a buyers market, anyone who had a significant down payment and good credit could pick up excellent deals on houses that were previously out of reach. The sudden influx of affordable homes have put an increase pressure on the downward spiral of housing value.

Homeowners who are facing foreclosure or have lost their job suddenly realized that their homes may not sell for the same price that they bought it for. Most home owners are selling because they're facing severe financial trouble and most financial experts are advising home owners to not sell their home in the current market. This may be unavoidable for most home owners.

The news of real estate values going down dramatically is not good for the economy as a whole nor pleasant for homeowners. While reduced housing values do not bode well for the economy as a whole, they do deliver a chance for people who can actually purchase a house in these times. With real estate values so low at the moment, bargain hunters are sure to find something that they like, provided they can get financing and are willing to put down a large down payment.

Thomas is the Content Manager for http://GetmyHomesValue.com, a provider of home evaluation services that connects home sellers with real estate experts who can help them properly value their home.

An Insight to Georgia's Mortgage Solutions

2010-08-02T12:57:00.000-07:00

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Underwater Mortgage Program and Obama is No Help For Homeowners.

2010-06-23T12:37:00.001-07:00

The latest news story shows that the government's efforts to give homeowners a program to help them stay in their homes is failing.

Hopefully in time people will find a solution to their underwater mortgage.

WASHINGTON (AP) -- The Obama administration's flagship effort to help people in danger of losing their homes is falling flat.

More than a third of the 1.24 million borrowers who have enrolled in the $75 billion mortgage modification program have dropped out. That exceeds the number of people who have managed to have their loan payments reduced to help them keep their homes.

Last month alone,155,000 borrowers left the program -- bringing the total to 436,000 who have dropped out since it began in March 2009.

About 340,000 homeowners have received permanent loan modifications and are making payments on time.

Administration officials say the housing market is significantly better than when President Barack Obama entered office. They say those who were rejected from the program will get help in other ways.

But analysts expect the majority will still wind up in foreclosure and that could slow the broader economic recovery.

A major reason so many have fallen out of the program is the Obama administration initially pressured banks to sign up borrowers without insisting first on proof of their income. When banks later moved to collect the information, many troubled homeowners were disqualified or dropped out.

Many borrowers complained that the banks lost their documents. The industry said borrowers weren't sending back the necessary paperwork.

Carlos Woods, a 48-year-old power plant worker in Queens, N.Y., made nine payments during a trial phase but was kicked out of the program after Bank of America said he missed a $1,600 payment afterward. His lawyer said they can prove he made the payment.

Such mistakes happen "more frequently than not, unfortunately," said his lawyer, Sumani Lanka. "I think a lot of it is incompetence."

A spokesman for Bank of America declined to comment on Woods's case.

Treasury officials now require banks to collect two recent pay stubs at the start of the process. Borrowers have to give the Internal Revenue Service permission to provide their most recent tax returns to lenders.

Requiring homeowners to provide documentation of income has turned people away from enrolling in the program. Around 30,000 homeowners started the program in May. That's a sharp turnaround from last summer when more than 100,000 borrowers signed up each month.

As more people leave the program, a new wave of foreclosures could occur. If that happens, it could weaken the housing market and hold back the broader economic recovery.

Even after their loans are modified, many borrowers are simply stuck with too much debt -- from car loans to home equity loans to credit cards.

"The majority of these modifications aren't going to be successful," said Wayne Yamano, vice president of John Burns Real Estate Consulting, a research firm in Irvine, Calif. "Even after the permanent modification, you're still looking at a very high debt burden."

So far nearly 6,400 borrowers have dropped out after the loan modification was made permanent. Most of those borrowers likely defaulted on their modified loans, but a handful either refinanced or sold their homes.

Credit ratings agency Fitch Ratings projects that about two-thirds of borrowers with permanent modifications under the Obama plan will default again within a year after getting their loans modified.

Obama administration officials contend that borrowers are still getting help -- even if they fail to qualify. The administration published statistics showing that nearly half of borrowers who fell out of the program as of April received an alternative loan modification from their lender. About 7 percent fell into foreclosure.

Another option is a short sale -- one in which banks agree to let borrowers sell their homes for less than they owe on their mortgage.

A short sale results in a less severe hit to a borrower's credit score, and is better for communities because homes are less likely to be vandalized or fall into disrepair. To encourage more of those sales, the Obama administration is giving $3,000 for moving expenses to homeowners who complete such a sale or agree to turn over the deed of the property to the lender.

Administration officials said their work on several fronts has helped stabilize the housing market. Besides the foreclosure-prevention plan, they cited government efforts to provide money for home loans, push down mortgage rates and provide a federal tax credit for buyers.

"There's no question that today's housing market is in significantly better shape than anyone predicted 18 months ago," said Shaun Donovan, President Barack Obama's housing secretary.

The mortgage modification plan was announced with great fanfare a month after Obama took office.

It is designed to lower borrowers' monthly payments -- reducing their mortgage rates to as low as 2 percent for five years and extending loan terms to as long as 40 years. Borrowers who complete the program are saving a median of $514 a month. Mortgage companies get taxpayer incentives to reduce borrowers' monthly payments.

Consumer advocates had high hopes for Obama's program when it began. But they have since grown disenchanted.

"The foreclosure-prevention program has had minimal impact," said John Taylor, chief executive of the National Community Reinvestment Coalition, a consumer group. "It's sad that they didn't put the same amount of resources into helping families avoid foreclosure as they did helping banks."

If you still need help fill in your name and email to the right and I will gladly help you figure out your mortgage situation.

Underwater Mortgage - Short Refinancing News and Notes

2010-06-21T14:50:00.000-07:00

Short Refinance

Here are a list of some great sites listing different things about Short Refinancing or Short Selling:

1. http://www.azrefimortgage.org/real-estate-short-sale-foreclosure-mortgage-marketing-home-owner-hardship-letter/ - Facing Foreclosure on Your Real Estate Mortgage, Short Sale & Loan Modification are Alternatives. Hire an Expert Short Sale Negotiator, Experienced Real Estate Agent.

2. http://flrefinance-now.com/how-does-a-short-refinance-in-florida-work/ - If you find yourself in a position where you are unable to make your mortgage payments or you are upside down in your home, owing the bank more than it is actually worth, you may be interested to learn about the short refinance option.

3. http://www.mortgagenewsdaily.com/wiki/Short_Pay_Refinance.asp - A Short Pay Refinance is very similar to a Short Sale in name and steps required. Although a Short Pay Refinance may have been a better option for certain borrowers than just walking away from their property, this option has really gone under the radar due to lack of Publicity and knowledge.

Learn more about underwater refinancing by putting your name and email in the box to the right and we will send you a series of articles and show you how we are getting this done.

Underwater Mortgage Programs seem to be failing so learn more about those failing programs from this link:

http://short-refi.blogspot.com/2010/06/underwater-mortgage-program-and-obama.html

Answers To Negative Equity Questions

2010-05-04T11:05:00.000-07:00

Resolved Question

What are our options for a refinanced home in negative equity?
we bought the house in 2005 for about 590k the payments were about 5 thousand a month. due to some short income from my husband's job we refinanced the house in 2006 and the mortgage payments were then about 2000 a month but we're paying only negative equity on the house and the mortgage company sent us a letter saying that our monthly payments will rise in a few months to about 5500 without taxes! oh and the house is worth 100 thousand dollars less than what we bought it for. so we couldn't even sell it... we have no idea what to do! any ideas please.

Answer:

I'm so sorry...you don't appear to have any options...let it go...get out from under it and start over..you will need to find a place to live.....making payments now is like pouring water down a rat hole...no hope
2 years ago
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Carrie N
I hate it when people say let it go! We all have responsibilities to pay back the debts we have taken out. I would, however, encourage you to talk to your lender. Often times they are willing to work with you. When I have helped people with loan modifications I have seen lenders forgive a portion of the debt just to make the loan more do-able. The bank definitely doesn't want you to walk away!

Source(s):
www.helpwithforeclosure.blogspot.com

Peter B
If you can't imagine a scenario where you are paying enough each month that your equity is increasing, then staying there doesn't seem like a good option. So, how do you get out? You can sell your home even with negative equity doing something called a short sale. A short sale can negatively impact your credit, but it doesn't have to, and foreclosure is much worse. A short sale is something that an experienced Realtor can help you with. Call one of your larger real estate companies in your area, ask for the manager, and ask the manager for a recommendation of a Realtor that knows how to handle a short sale. You want a Realtor that will try and negotiate a satisfied the debt fully conclusion with your mortgage company. Getting a short sale approved can be difficult, so experience is key.

Read all of the source links below. Some of the articles talk about the tax consequences, but a new law H.R. 3648: Mortgage Forgiveness Debt Relief Act of 2007 should protect you from this.

Good luck.
Source(s):
http://homebuying.about.com/od/4closures…
http://www.voiceofsandiego.org/articles/…
http://www.mortgagenewsdaily.com/wiki/Sh…
http://www.bankrate.com/brm/news/real-es…
http://www.realtor.org/rmomag.NSF/pages/…
http://www.govtrack.us/congress/bill.xpd…

HAMP and HAFA - Streamline Short Refinance and Loan Modification Programs

2009-12-14T09:41:00.000-08:00

Negative Equity Mortgage Solutions - HAMP Program

Shellie Hatfield and I go into great detail on how to properly handle a Negative Equtiy Mortgage using the HAMP program. We cover the criteria in great detail and even dive in to the Streamline refi program.

HAMP program visite by On The Money Radio Show.

How does the HAMP Guide Program help avoid Foreclosure?

The HAMP Guide Program completely eliminates the need to hire a loan modification company or attorney.

MORTGAGE MODIFICATIONS

PMI Mortgage Insurance Co., (NYSE: PMI) today introduced a new video to help homeowners experiencing financial hardship understand the benefits of the Home Affordable Modification Program (HAMP) and how they can take advantage of this important program. HAMP is the national loan modification program offered in the Obama Administration’s Homeowner Affordability and Stability Plan which mortgage servicers are implementing broadly to bring long-term affordability to homeowners struggling to keep their homes. Navigating the Home Affordable Modification Program, one of the first videos available for homeowners, explains the benefits, eligibility requirements and types of adjustments that can be made to mortgage loans. The video also provides a realistic example of a couple’s experience before-and-after receiving a HAMP modification. To view Multimedia News Release, go to http://multivu.prnewswire.com/mnr/pmi/41078/

Negative Equity Mortgages - In the News

2009-12-09T09:56:00.000-08:00

Negative Equity Mortgages in the News today will be one video from me about the Fannie Mae Upside Down Mortgage Program and Freddie Mac Upside Down Mortgage Programs. The two mortgage giants really wanted to help those in need or a refinance while facing a real estate market that was sluggish to say the least.

Both programs allow unlimited CLTV or Combined loan-to-value which is huge for families in mortgages that are at a higher rate or have ARM terms.

If you take the time to head over to my other site you will watch some videos on the Fannie Mae Program while the Freddie Mac Program is new so I haven't put all the details into video as of yet.

Negative Equity Mortgage and an Upside Down Mortgage

Refinance Fannie Mae Program

http://www.brentlane.net/ - Let me show you how to refinance your upside down mortgage using Fannie Mae’s new program. I put 6 free videos together to walk you through the process. I just want to show you the way with a STEP-BY-STEP program! ... "upside down mortgages"

If You Own A Home Then You Are Probably Upside Down In The ...

In an article this week featured in Default Servicing, Carrie Bay reports that one in every four homes is upside down. Upside down means you have absolutely no.

Divorce: Upside Down Real Estate – Walk Away – Breathe the Fair ...

Tagged with: community property division of assets Divorce family law Foreclosure inter-spousal transfer Law Los Angeles Times mediation Mortgage Real estate Renting Short underwater property University of Arizona upside down property ...

Negative Equity and an Upside Down Mortgage

When you look at refinancing an upside down mortgage you need to look only at the first mortgage only. Look at who insures your loan and who services it, typically who you make your payments to. If it is either Fannie Mae or Freddie Mac ...

Upside Down Mortgage News -Negative Equity Mortgage

2009-12-03T17:02:00.000-08:00

The Latest news from all over the place:

Home Affordable Foreclosure Alternatives Program (HAFA)

The Fed announced it is going to launch a program in 2010 that encourages lenders to agree to more short sales on homes. See the pdf of the announcement here. Here are some excepts as well.........

http://www.indoocean.com/home-mortgage-refinance-suggestion-to-save-precious-money-2/

Home mortgage refinance is one of the best ways to save money for debtors by switching to a low interest rate plan. A thorough research is needed to analyze schemes offered by different moneylenders......

Rates on 30-Year Refinance Mortgages Sink, Match Record Low

While employment, housing, and the economy in general remain in tough shape, refinance and home purchase mortgage rates have officially sunk to record lows. Last week, Freddie Mac reported that average rates on 30-year mortgages have fallen to a level matching the record low interest rates reached this past spring. Rates for 30-year mortgages averaged 4.78 percent last week, down from 4.83 percent the prior week and equaling the record low reached the week of April 30.........

Real Estate - Taking a Cash Out Refinance Mortgage

When you own real estate, taking a cash out refinance can provide you with many benefits. Your home's equity can be a valuable source of emergency, here are a few things to consider about cash out refinances.....

Judge Blasts Onewest Bank And Wipes Out $500,000 Mortgage For Troubled Homeowners

A Judge finally makes a move to do something that was promised by the Obama Administration but was never delivered on.

Remember when President Obama was running for office and there was all this talk about helping the troubled homeowners. There was going to be a $750 Billion initiative that was going to stop the housing crisis, quell foreclosures, and save the average American homeowner......

President Obama To Lean On Mortgage Lenders To Help Troubled Homeowners

It seems that the news today was that President Obama was finally going to lean on mortgage lenders to get the to actually help homeowners.

Isn’t that what the first stimulus package was supposed to do? It seemed that way to quick, the homeowner was passed over for the Wall Street Fat Cats. The end result is here we are 10 months later and the banks that were too big to go under are now paying out bonuses of Billions of Dollar to the same teams that got them into trouble while the average American is worried about the stability of their job.....

Upside Down Mortgage Refinance, Buy and Bail Rules, and 3 Emails to Real Mortgage Issues

2009-09-14T15:45:00.000-07:00

Brent,

I 'm coming into the Mod game a little late and a bit uninformed but since I have been laid off once again I have been seeking this very simple advice you are offering so I can make a decision about what I want to do, need to do, or what you might suggest I consider doing after I provide more details.

Really, the biggest hardship (besides possibly having to move one more time) about this whole scenario is trying to figure out the players and their games. It's funny but although there is a price to pay, it can go either way, and ultimately It will be my decision if i want to accept their offer. I have a choice and where they think they will be deciding for me. It will be interesting to see the final outcome.

Things that brought me to where I am today, if nothing else all the factors that came into play are interesting; at least from my CSI thinking. I need to contact BOFA and ask if my loan is a freddie or fannie. I know they are carrying 100% (LTV) of a 40 fixed (mortgage) for the first ten 5.75% interest that rolls into the last 30 and I believe they can not sell it.

There is more..... TILA and RESPA play a part too, I think. I have a bit of a busy schedule tomorrow but they all seem to be that way with two young jacks (JRT's) these two are to smart as children.

(There was more but this is the most important part)

Signed,

Dear CC,

Thanks for the email!

I know that times like this are tough and finding the right solution is never easy but don't be discouraged, there is hope.

I think the easiest thing I can suggest you do is to find out if your loan is a Fannie Mae or Freddie Mac Loan. I put together some videos on this subject that will come in handy. When looking at your options regarding an Upside Down Mortgage Refinance start with my videos. On Page 2 you have a choice to watch the videos or read the letter so choose wisely.

The videos will show you how to find out if your mortgage is a Fannie Mae Loan and what to do if it is a Fannie Mae Loan or if is NOT. Each situation is so different that it would be impossible to answer here but this is a great start to finding your answers.

Be in touch,

Brent

=============================================

Brent,

I have some questions:

We have a "new" twist on an upside down mortgage.

We were part of the horrible Jan 2009 floods. We have a 9.4 acre "farm". On it we have our main house (that we have spent tons of money remodeling), a one bedroom cottage (that we rent out as a "farm get-a-way") and 6 acres are planting in u-pick flowers and vegetables.

When the flood occurred it shut down the Cottage and we lost 6 months of rent (over $1500 a month), and the flood washed away all the seed crop (over $28,000) and covered 3 acres in 1-3 feet of weird clay mud. (The River runs along the south edge of our property)

So the cottage was shut down, we did not have any seeds to sell and received no help for the massive clean up and damage needed on the property. We received about $5000 from FEMA and flood insurance to fix the main farm house.

In Feb 2009 we contacted our mortgage holder, Ocwen (horrible, customer service in India) and told them we would run out of savings by May and it would be late fall when the harvest was in before we could catch up. They said no problem, they would do a loan modification and help us out.

By June (2 months late on mortgage) Ocwen was still holding out doing anything, but said these things take time and not to worry they would not foreclose, but we DID have the cottage reopen and the bookings were coming in.

On July 16, 2009 (exactly 3 months, 1 day late) we received an email from Ocwen saying we did not qualify, but they would do their "own modification". It was over $1000 more a month than we already couldn't afford on top of the original payment.

We contacted an attorney, he found out that Ocwen had been reporting us late every month, ruined our credit AND the modification they wanted us to sign was something he said no matter what DO NOT SIGN! It gave away all of our rights AND he told us they couldn't foreclose anyway since we were a farm and it takes approx. 2 years to foreclose on a farm.

All this was bad enough, then;

The EPA did sampling of soil on our property from the flood.

Late July 2009 they released their report. We have extremely high naturally occurring asbestos on the land. All that weird mud was and is filled with asbestos. When it dries it becomes airborne and had permanently contaminated our property and homes.

We had to shut the Cottage down (again, just when we were starting to make money), we had planted the crops, but now had to shut the U-Pick down due to the problems also with asbestos in the soil.

We have little children, we can not operate our businesses or farm. Our land is permanently contaminated with asbestos.

The EPA and the (City) County Health department say that our land and home are not destroyed since we can still live here (as prisoners in the house), if we do not disturb the soil and take our shoes off when entering the house. They are more concerned with the fact that all the agencies knew of the asbestos for many years, never required sellers to inform buyers (we brought the place in 2006) and might have to move all 500 plus families along the asbestos laced river.

SO...our mortgage holder has ruined our credit (bad credit mortgage), will not and (can not) take the house back, we can't sell it due to the asbestos, no agency will help us (FEMA, SBA, EPA, FSA and soooo many more) have all said no to helping us since "YOU CAN STAY, JUST DON'T disturb THE SOIL"

Our place was worth over $750,000 last year, now real estate people say maybe at $400,000, but they do not want to list it since they say it will not sell due to the asbestos. (That is a VERY upside down mortgage 2009)

It is not safe to be here. We've talked to banks about buying a new home, most (at best) think we are nuts since no "have to move" declarations have been made. We can't find a loan to get into a home, have horrible credit and NEED TO MOVE !

Suggestions? Thoughts?

How do we purchase a new home with this white elephant still in our name?

How do we get a new mortgage?

We want to move "home" to M. and leave (BLANK) behind!

We found a perfect home, right schools, down the street from friends and at the right price. $249,000 in (CITY).

We need a pre-approved loan, need to buy this home, move in, get the kids in school, (my husband will stay in (OTHER CITY) and keep working his good paying job) while I find employment in (NEW CITY), get everything settled, then he will look for work in the (NEW CITY) area also. We know the steps we have to take...

But we need to get pre-approved (for a mortgage) (and have it go through) and purchase a home now.

Any help you can give us would be wonderful.

J.

Hi Jennifer,

That was a sad email that you wrote!

I wish I could tell you I had an answer but from what I can tell you don't need me you need an Asbestos Attorney to help you deal with the land issue and you need a Real Estate Attorney to help you with your lender.

Unfortunately with bad credit, mortgage loans is no longer available. The days of Subprime mortgage lenders has gone the wayside leaving people who have late mortgage payments on their credit report holding the bag while struggling to make it all work.

All that said, the only option you have at this point the pre-approval world is to get you current lender to remove your late mortgage payments and then, and only then, apply for a new mortgage. Until that time, rent a nice place, save money and great things will happen.

Sorry if that isn't what you were looking for. Upside Down Mortgage or not Renting is the only choice you have!

Be in touch.

Brent Lane

=============================================

Hello,

I am contacting you in hopes of some other insight on the Buy and Bail issue. I came across your article and this has been something my boyfriend and I have discussed regarding our home but know it is not ethical thing to do. It is hard finding the right solutions and trusting the correct people without getting yourselves in any deeper.

We live in (CITY NAME), one of the areas that has very high unemployment rate. I had purchased my own home as a single female in 2001, 6 months later I was layed off. The result after 7 years and being layed off a total of 3 times I had to sell my home thru a short sale.

My perfect credit was no longer and almost destroyed. I moved in with my boyfriend who had his own home in a not so great neighborhood. He was on the very edge and so it was the more decent area even having 2 correction officers, a probation officer, sheriffs sister and 2 retired couples just on our short block. It was a good street.

He has owned the home for 8 years and the area has now become bad having foreclosures and condemned houses all around our street. He purchased the home around 50,000.00, a good deal back then. Now houses around us are selling for under 10,000.00. We lived on a good street, but now the bad is moving in with a lot of crime. July 3rd of this year I walked in our home in the middle of the day while we were being robbed. The intruders were still in our home and I was very lucky to be able to get out before they could hurt me. They jumped out the back window while the cops were pulling up, they have yet to be caught. We still lost thousands of dollars.

So now we are in an upside down mortgage and cant sell because we would have so much more debt. I am afraid to leave the home feeling it's so vulnerable and everytime I walk in I don't know what I will find. I take the dog out and carry pepper spray with me because i've been harassed by other bad neighbors. My boyfriend had been layed off last summer and now makes a lot less than he once did, I just finally got a job this last May after a 15 mo lay off.

We are thinking of leaving our home but he doesn't know how long it will effect his almost perfect credit and how long it can take to restore it. I am still working with creditors and paying off my debts and have a low score just over 500. We find a lot of foreclosures for cheap in good places that we are interested in but don't think we would ever be approved for another loan.

If we do leave, we want to do everything right and in ways it wont hurt us as much as it could. But is that possible? We cant afford to sell it at what it would have to sell for, but we also can't afford to stay if we keep getting robbed and we dont feel safe here. We are in a situation that is more than just an upside down mortgage.

Would a bank try to help someone if they were in this kind of situation?

Would banks deny us down the road because we did this at one time?

We don't know who to talk to because we don't want anyone to know what we may be doing, We feel like we will be comitting a crime if we do this. Have you heard of this kind of situation from other people?

Thank you very much for your time and I hope you will have some insight on some of our concerns and what to expect if we go about this option.

Sincerely,

N. and C.

===

Hi N. and C.

Interesting situation you find yourselves in.

Here is a great solution given your unique circumstances.

Given your Upside Down mortgage is so far Upside Down I would suggest keeping the property as an investment. I may be off base here but I would guess that since home prices are so low that the payment is more than affordable.

The Buy and Bail Rules say that if need to qualify for two houses if you intend to buy another home while owning a property with limited equity. At $50,000 on your current home and another $10,000 on the new property I am guessing you can pull that off! If that doesn't make sense, just go apply for a new loan and keep the old property on the loan application, full payment and all, and see if you can get pre-approved for a new mortgage. With Prices that low I don't blame you one bit.

I hope that answers your question.

Sincerely,

Brent Lane

===================================================================================

Is it possible to refinance a Upside Down Mortgage?

There are so many Americans who are facing financial issues. Job loss and cut backs are causing many families to feel the financial crunch. Topping that all off you have the slumping real estate market that has slipped in some areas 50% below previous highs.

The sheer number of upside down mortgages is mind boggling and banks are struggling financially to keep things together. So many homes are headed to foreclosure that's if they haven't lost their home or walked away from their upside down mortgage. So many people now have bad credit second mortgages just to make ends meet. This only compounded the issue digging you deeper into a hole with your Upside Down Mortgage.

I am here to give some of you a light at the end of the tunnel. There are a couple refinance programs available to those with an Upside Down Mortgages. Take a minute and head over to see which Upside Down Mortgage Refinance Program is best suited for you.

There you will find a video clip of me and yes I know I am not the most beautiful man but what I have to give you is FREE. After you put in your email address I will send you to an book that I have put together with my attorney BUT if that doesn't suit you look for the No, thanks button and head straight to the videos. The first video alone will be worth the trouble. It will walk you through how you can qualify for the Fannie Mae upside down mortgage refinance program by showing you how to find out if your mortgage is insured by the mortgage giant. That alone is worth your time and could save your home.

Check it out at Refinancing an Upside Down Mortgage.

Refinance an Upside Down Mortgage in 2009 - FNMA Program - Obama Refinance

2009-09-02T11:45:00.000-07:00

There are big things happening in the world of Refinancing Upside Down Mortgages these days.

I met with a friend from a VERY large bank the other day and after I pumped this guy full of some beer he told me all about some new programs that are set to hit the market. You see this guy is a guy in the know. He is upper management in the mortgage division of this big HUGE bank and has some great inside scoop.

What did he tell me exactly?

Well if you are one of those unlucky people who have an extremely upside down mortgage and are looking into Refinancing an Upside Down Mortgage then you could be in luck. FNMA is rolling out an even newer product outside their Current FNMA Upside Down Mortgage Refinance Program that you find at that link. These are all Obama Mortgage refinance Programs that most lenders will not have a problem with but may not even know about.

Ok so what is so different, well currently the FNMA Upside Down Mortgage Refinance Program tops out at 105% loan-to-value while the new program will top at 125% loan-to-value. This shift is significant in that it will open the door to a whole new wave of people searching for a way to do an Upside Down Mortgage Refinance.

To some this may not be significant but to those who are struggling to make payments on an ARM loan that is out of control, this could be your ticket.

Now there are several rules that apply to this loan and I took the time to put together 6 videos on this program the first time and now the only change will be the 125% loan-to-value on your existing first mortgage without regard for your second mortgage instead of the current 105% loan-to-value. An extra 20% should help quite a few people.

Things to consider moving forward:

1. Having an option ARM will almost automatically eliminate you from this program. You will need to find a more non-conventional way to handle your mortgage like a Loan modification for Options ARMs

2. You Must have a FNMA Loan - in video #1 I walk you right through the process of verifying if your mortgage is serviced by FNMA.

3. Late mortgage payments for refinance will be a HUGE deal with this program. If you are late on a mortgage payment within the last 12 months I suggest you look into a loan modification versus refinancing your upside down mortgage.

4. First and Second Mortgages are Upside Down and this situation can create problems. The Second mortgage can be difficult to deal with but it's important to understand how these companies think. They are sitting on a huge loss and need to recoup as much of it as possible. They know that if you go into foreclosure the second lender receives very little if anything in the way of a payoff or cash. They could potentially lose everything and this is scary for them. They are completely willing to settle in almost every case but you need to show them your need and see what they expect from you. Being prepared to negotiate and settle the balance is an excellent place to be, even if that means lumping the settlement into a newly refinanced first mortgage.

5. Be prepared to work for yourself. I say this to everyone I meet doing this, "You care more about your home than anyone you can hire to handle your mortgage issue" and that is the truth. You will work hard, stay more focused and not treat your file like another one in the stack of 100 files they have on their desk this month. You need to be in charge and rely on good information for the help you need getting to the next level.

So go check out Refinancing you Upside Down Mortgage and watch the 6 FREE videos and see what is possible for you and your family.

As usual you may contact me with additional questions Brent [at] brentlane.net

Upside Down Mortgages: Fannie Mae and Freddie Mac Humor

2009-07-06T09:04:00.000-07:00

For all of you out there with Upside Down Mortgages I know you could use a little stress reliever!

This is just a little humor about Fannie Mae and Freddie Mac and why we got into this mess in the first place!

If you need more serious guidance on Upside Down Mortgages - Find information here and at my Refinancing Upside Down Mortgages page!

Refinancing your Upside Down Mortgage: The Fannie Mae Program

2009-06-22T11:54:00.000-07:00

New news on the Upside Down Mortgage Refinancing front!

Fannie Mae has developed a program that will help a select group of people with their Upside Down Mortgages.

The program details are still in the beginning phase and I do know that you will be able to only refinance your first mortgage leaving second mortgages in place. There are methods to help in this situation and I have put together a complete description of what the Fannie Mae Upside Down Mortgage Refinance Program looks like.

I have posted 3 videos to this point and have plans to post another 6 videos in the very near future (it's possible that the videos are already posted by the time you read this)

So Head to my site at HTTP://BrentLane.net to learn more about the Fannie Mae Upside Down Refinance Program

Obama's Making Home Affordable Program and Your Upside Down Mortgage Solution

2009-03-04T10:05:00.000-08:00

The BIG UPSIDE DOWN MORTGAGE NEWS!

The Making Home Affordable Program will help homeowners with Upside Down Mortgages.

We have been waiting for this news to come out!

The good news this is focused on homeowners with Upside Down Mortgages who actually pay their payment on time. Here are the criteria:

Must have a loan with either Fannie Mae or Freddie Mac (See Freddie Mac's Upside Down Mortgage Program)
Loan balance can't exceed $729,750
You can only modify your loan once
The Making Home Affordable Program only applies for loans made before Jan. 1 2009
Lenders could reduce a borrower's interest rate to as low as 2 percent for five years. Rates would then rise to about 5 percent until the mortgage is repaid.
The Making Home Affordable Program runs through 2012.
Paperwork needed will be current Tax Return, 30 days paystubs and an "affidavit of financial hardship"
Mortgage debt-to-income ratios still needs to be established.

This program is so new and will change several times before it settles in so if you want me to keep you in the loop on the pending changes AND get a free copy of my Secrets to Refinancing an Upside Down Mortgage Report and other bonus articles, then put your name and email address in the boxes below and I will forward you the free report and keep you informed of the many changes that will be part of this plan.

Obama administration launches housing plan
Gov't provides details, sets standards for housing plan aimed at helping 9 million borrowers

Alan Zibel, AP Real Estate Writer
Wednesday March 4, 2009, 12:48 pm EST

WASHINGTON (AP) -- The Obama administration kicked off a new program Wednesday that's designed to help up to 9 million borrowers stay in their homes through refinanced mortgages or loans that are modified to lower monthly payments.

Borrowers, however, are being advised to be patient in their efforts to get help because mortgage companies are likely to be flooded with calls.

Government officials, launching the "Making Home Affordable" program also acknowledge that the initiatives are only a partial fix for a sweeping problem that has helped plunge the U.S. economy into the worst recession in decades. In fact, tens of thousands of homeowners in some of the most battered real estate markets -- concentrated in California, Florida, Nevada and Arizona -- won't be eligible for the two programs.

"It's not intended to prevent every foreclosure or to help every homeowner," a senior Treasury Department official told reporters. "It's really targeted at responsible homeowners."

There was also skepticism that banks would be willing to participate.

"I've just seen so many of the programs not work," said Pava Leyrer, president of Heritage National Mortgage in Randville, Mich. "It gets borrowers hopes up. They call and call for these programs and we can't get anybody to do them."

The Obama administration's program has two parts: one to work with lenders to modify the loan terms for up to 4 million homeowner, the second to refinance up to 5 million homeowners into more affordable fixed-rate loans.

For the modification program, borrowers who are eligible will have to provide their most recent tax return and two pay stubs, as well as an "affidavit of financial hardship" to qualify for the loan modification program, which runs through 2012.

Borrowers are only allowed to have their loans modified once, and the program only applies for loans made on Jan. 1 2009, or earlier. Mortgages for single-family properties that are worth more than $729,750 are excluded.

Lenders could reduce a borrower's interest rate to as low as 2 percent for five years. Rates would then rise to about 5 percent until the mortgage is repaid.

If the plan works as intended, it could be a big plus for borrowers like Nick Kavalary, a network cable installer who lives outside Milwaukee.

Kavalary, 42, has been struggling with JPMorgan Chase & Co. to get a loan modification. He was finally approved for one this year, but it only cuts his interest rate to about 9.8 percent from 10.75 percent. Even at the lower rate, he said, making the payment is nearly impossible.

"If I can't pick up a second job, I'm going to lose this house," he said. "With the job market being the way it is, nobody's hiring nobody."

For the refinance program, only homeowners whose loans are held by Fannie Mae or Freddie Mac are eligible and have until June 2010 to apply.

Consumers should contact their loan servicer -- the company that sends out their monthly bill -- to find out if their mortgages are held by Fannie or Freddie. The two mortgage finance companies own or guarantee almost 31 million home loans -- more than half of all U.S home mortgages.

Many mortgage brokers, however, are critical. They argue the fees imposed by Fannie and Freddie over the past year make it difficult for borrowers to afford to refinance upside down mortgage. The two companies, which are now government controlled, have yet to detail how they will implement the plan, or whether any fees will be rolled back.

Meanwhile, action to put in place another part of Obama's housing plan is expected soon on Capitol Hill.

House Democrats agreed Tuesday to narrow proposed legislation that gives bankruptcy judges the power to change the terms of mortgage loans for debt-strapped borrowers.

In the latest version of the bill, judges would have to consider whether a homeowner had been offered a reasonable deal by the bank to rework his or her home loan before seeking help in bankruptcy court. Borrowers also would have a responsibility to prove that they tried to modify their mortgages.

A full vote in the House could come as early as Thursday.

http://www.FinancialStability.gov.

Negative Equity: The Upside Down Mortgage News Continues to be BAD!

2009-03-04T09:44:00.000-08:00

"This article has been out for several months now and this are constantly changing. Find More information at my new home page Refinancing an Upside Down Mortgages"

Let's the good news continue! Negative Equity is so much fun!

It can't be all doom and gloom can it?

Well today's article is not attempting to put a silver lining in the Upside Down Mortgage cloud but it does give you the tough details!

If you are "underwater" on your mortgage know you have options! I have lot's of information on this subject and I am willing to email it to you

By putting your name and email address below you will be sent about 5 different articles and reports that will help you deal with your Upside Down Mortgage. I don't want anything to do with spam email or sending you things all the time but I will keep you posted on all news items relative to an Upside Down Mortgage.

Refinancing an Upside Down Mortgage

Upside Down Mortgage in CA

One in five U.S. mortgage borrowers are underwater

Wednesday March 4, 2009, 8:55 am EST
NEW YORK (Reuters) - One in five U.S. homeowners with mortgages owe more to their lenders than their properties are worth, and the rate will increase as housing values drop in states that have so far avoided the worst of the crisis, a new study shows.

About 8.31 million properties had negative equity at the end of 2008, up 9 percent from 7.63 million at the end of September, according to the study, released Wednesday by First American CoreLogic. The percentage of "underwater" borrowers rose to 20 percent from 18 percent.

Another 2.16 million properties could go underwater if home prices fall another 5 percent, the study shows.

First American said the value of residential properties fell to $19.1 trillion at year-end from $21.5 trillion a year earlier, with half the decline in California. Forty-three U.S. states and Washington, D.C., were included in the study.

While states such as California, Florida and Nevada were particularly stressed, the study showed worrying signs of deterioration in relatively healthy parts of the nation.

"The economic slowdown is broadening," said Sherrill Shaffer, a banking professor at the University of Wyoming at Laramie and a former Federal Reserve official. "As more people lose jobs, it will be more difficult to sustain the levels of pricing and home ownership, and that is a big factor driving down housing prices in more parts of the country."

Arizona, California, Florida, Georgia, Michigan, Nevada and Ohio remained the most stressed states, with 62 percent of underwater borrowers and just 41 percent of mortgages.

Other areas, though, also face more stress. Connecticut, for example, saw a 25 percent increase in homes with negative equity, while Washington, D.C., had a 44 percent increase.

"Even I continue to be surprised at the tentacles of this financial and economic debacle," said Robert MacIntosh, chief economist at Eaton Vance Management in Boston. "More people are being laid off, resulting in reduced income and therefore less consumption. That leaves fewer people with money to buy homes, and the mentality is that people believe they should wait six months rather than buy now. Less demand means falling prices."

Roughly 68 percent of U.S. adults own their own homes, and about two-thirds of these have mortgages. Many economists expect the nation's unemployment rate to rise above 9 percent before the recession ends, up from January's 7.6 percent.

CALIFORNIA, NEVADA UNDER STRESS

California had 1.9 million borrowers with negative equity at year-end, more than any other state, followed by Florida's 1.28 million. About three in 10 borrowers in both states were underwater.

By other measures, Nevada was the most stressed, with 55 percent of owners having negative equity and borrowers on average owing 97 percent of what their homes are worth. About 28 percent owe more than 125 percent of their homes' value.

Michigan had 40 percent of its homeowners underwater, while Arizona had 32 percent.

New York fared best, with just 4.7 percent of borrowers with negative equity and an average 48 percent loan-to-value ratio, though this could change as employment and bonuses slide in the financial services industry.

According to the S&P/Case-Shiller Home Price Indices, prices of U.S. single-family homes slumped 18.5 percent in December from a year earlier, the biggest drop in the 21-year history of the data.

Many lenders are taking steps to keep borrowers out of foreclosure. The Obama administration has backed legislation that could broaden powers of bankruptcy judges to modify mortgages for troubled borrowers. Among major lenders, only Citigroup Inc has supported such a plan.

MacIntosh expects housing prices to keep falling until "well into" 2010. "There is no magic bullet or magic arrow here," he said. "It is a question of trying to come up with ideas and seeing what happens. It could take a long time."

First American CoreLogic is an affiliate of title insurance and real estate services company First American Corp.

(Reporting by Jonathan Stempel; Editing by Bernard Orr and John Wallace)

Upside Down Mortgage, Negative Equity, Mortgage Delinquencies and Warren Buffett

2009-03-03T09:48:00.000-08:00

PLEASE GET A COPY OF YOUR FREE REPORT
HOW TO REFINANCE YOUR UPSIDE DOWN MORTGAGE
FOUND BELOW

It's interesting to read about varying opinions on the subject of mortgage defaults and Upside Down Mortgage and the use of different terminology to Negative Equity.

In my world it is obvious that people are looking for a way out from under their Negative Equity or Upside Down Mortgage and they commonly miss payments as a result. (note: I am not a fan of missing payments but the homeowners I speak to make their own decisions to miss payments)

The most common solution, "I am just going to let my house go." This isn't a solution what so ever, It's flat out giving up and not trying to find a solution!

At the bare minimum you should look to Short sell the house and or just give the house back. Both are better solutions that just giving up and walking away!

Here are two articles discussing Mortgage Delinquencies, Negative Equity and Upside Down Mortgages so I hope you enjoy!

-It's a free Report and I won't do anything with your email but update you on news related to upside down mortgages-

Mortgage Delinquencies up for the 8th Straight Quarter
http://news.yahoo.com/s/ap/20090303/ap_on_bi_ge/transunion_mortgage_delinquencies_1

CHICAGO – The number of people who were late making their mortgage payments shot up 53 percent in the fourth quarter of 2008 from the same period in 2007, according to data provided by TransUnion LLC.

The credit reporting agency said its database shows delinquencies — or the percentage of mortgage holders at least 60 days behind on payments, considered a precursor to foreclosure — jumped to 4.58 percent nationally, from 2.99 percent for the 2007 fourth quarter.

That was 16 percent above the 3.96 percent rate seen in the third quarter, TransUnion said, and marked the eighth straight quarter that deliquency rates rose.

"It's about what we were expecting," said Keith Carson, senior consultant in TransUnion's financial services group. But while not unexpected, the huge jump from last year was still "alarming," Carson said.

TransUnion, best known for its consumer credit rating data, projects delinquency rates could reach as high as 8 percent by the end of the year. The company isn't predicting that the climate will improve until the middle of 2010.

The states that have shown the highest delinquency and foreclosure rates remain the same. Florida is on top, with a 9.52 percent rate for the fourth quarter, while Nevada is second with 9.01 percent. Arizona came in at 6.93 percent and California right behind at 6.88 percent. Carson said there is a glut of homes in those states, which is combining with increasing economic woes and declining home values to keep the rates high.

North Dakota, at 1.21 percent, remains the state with the lowest delinquency rate.

The figures are culled from TransUnion Trend Data, which consists of 27 million consumer records randomly sampled each month from the credit reporting agency's national consumer credit database.

While the government has launched efforts to stem foreclosures, those moves are not yet reflected in data, Carson said. Banks are also trying to work with consumers to reduce problematic mortgages, but falling home prices are feeding the problem, he said. "We do know from everything we've found out in the last year is that the primary driver on mortgage defaults is negative equity," he said. When homeowners owe more on their mortgages than the houses are worth, data show a higher likelihood that consumers will simply walk away, he said.

California is the state with the highest average mortgage debt per borrower, at $356,421. West Virginia has the lowest, at $96,243.

Lenders are trying to address some negative equity issues with refinancing, but Carson said data shows the rate of redefault on modified mortgages "has been very high, primarily because of negative equity."

-It's a free Report and I won't do anything with your email but update you on news related to upside down mortgages-

Warren Buffett on the Housing Bust

March 02, 2009 12:22 PM ET | Luke Mullins | Permanent Link | Print

In his annual letter to shareholders, fabled investor Warren Buffett weighed in on several issues of central importance to the housing mess. (The questions are mine, the quotes are from his letter to shareholders.)

Do foreclosures take place on account of under water mortgages, or because homeowners can't make their monthly payments?

Commentary about the current housing crisis often ignores the crucial fact that most foreclosures do not occur because a house is worth less than its mortgage (so-called “upside-down” loans). Rather, foreclosures take place because borrowers can’t pay the monthly payment that they agreed to pay. Homeowners who have made a meaningful down-payment – derived from savings and not from other borrowing – seldom walk away from a primary residence simply because its value today is less than the mortgage. Instead, they walk when they can’t make the monthly payments.

Should you buy a home as an investment, or as a place to live?

Home ownership is a wonderful thing. My family and I have enjoyed my present home for 50 years, with more to come. But enjoyment and utility should be the primary motives for purchase, not profit or refi possibilities. And the home purchased ought to fit the income of the purchaser.

What lessons should we be learning from the housing crisis?

The present housing debacle should teach home buyers, lenders, brokers and government some simple lessons that will ensure stability in the future. Home purchases should involve an honest-to-God down payment of at least 10% and monthly payments that can be comfortably handled by the borrower’s income. That income should be carefully verified.

What role should the government play in promoting homeownership?

Putting people into homes, though a desirable goal, shouldn’t be our country’s primary objective. Keeping them in their homes should be the ambition.

-It's a free Report and I won't do anything with your email but update you on news related to upside down mortgages-

Obama Refinance Plan and Debt Ratios at 31% , What it Means!

2009-02-19T11:24:00.000-08:00

Debt Ratios above 31% and you qualify!

Great what does that mean?

Does this sound familiar, " My House is Upside Down and my Debt Ratio is above 31% now what do I do?"

You are not alone. Even I get confused at what it all 'really' means!

Here is a little bit of information that will come in handy if you plan on using this latest $75 Billion Rescue Plan by Obama's administration to your advantage:

1. There is now clear cut roll out of 'exactly' what Obama's plan is at the moment.
2. Obama did make it clear that homeowners who are Upside Down on their mortgage be offered a decrease in payment but there is no clear method to doing this as of now.
3. It's clear that Fannie Mae and Freddie Mac will be subsidized moving forward which will help banks and lenders keep loaning money!

LOT's and LOT's of questions to what will happen next!

Here is my opinion on what you could be looking at:
1. Right now you will call your lender and ask for help and more than likely they will say NO!
2. It will take some time before any of this hits the market but when it does you will want to pay attention to your mail because you might just miss your opportunity to lower your payment.
3. Recently some lenders have been looking at 'troubled loans' and scheduling them for review. This may happen again so paying attention to lender communications is the key.
4. Reviewing your Mortgage Debt-to-income ratio on your own will be VERY beneficial. Find out more information on the subject in an email I wrote at Mortgage Debt Ratios.
5. It will more likely than not come down to a loan modification instead of a straight out refinance but that will be determined moving forward.

In the end, your lender doesn't want to foreclose on you and if you provide them with the requested information and know your own calculations ahead of time you WILL get your desired results.

IF YOU FEEL LOST, listen to my latest conference calls on Streamline Fannie Mae and Freddie Mac Loan Modification and Short Refinancing, Understanding Your Options!

-It's a Free Report-

Obama's $75 Bail out, Your Mortgage and Handling your Lenders and Banks

2009-02-18T10:24:00.000-08:00

Well it's official!

We are getting additional aid from the government to stem off additional foreclosures.

Mortgage Debt-to-income ratio is now more important than ever and one of the main points listed below. They want 31% to be the new level which is VERY aggressive.

If you need to know how to calculate your debt-to-income ratio please follow this link to

MORTGAGE DEBT-TO-INCOME RATIO

NEWLY ADDED: I found a great article talking in more details about President Obama's Homeowner's Affordability Plan.

This will go into detail on the calculations but the new percentage they are looking for is 31%. This matches the percentage needed to qualify for the Hope for Homeowners but the structure will be different in the approach.

"Housing Secretary Shaun Donovan stressed that homeowners don't need to be delinquent in order to get help." - This comment has to be the best news for many homeowners out there who need the help but also want to keep their great credit!

Let me help you through the process!

-It's a Free Report-

President Barack Obama marshaled $75 billion on Wednesday to tackle the foreclosure crisis in an effort to prevent up to 9 million Americans from losing their homes.

In tandem, the Treasury Department said it would double the size of its lifeline to Fannie Mae and Freddie Mac. The government, which seized the mortgage finance companies last fall, said it would absorb up to $200 billion in losses at each company.

The plan is more ambitious than initially expected — and more expensive. It aims to aid borrowers who owe more on their mortgages than their homes are currently worth, and borrowers who are on the verge of foreclosure.

The initiative is designed to help up to 5 million borrowers refinance — if their mortgages are owned or guaranteed by Fannie Mae or Freddie Mac. It also provides incentive payments to mortgage lenders in an effort to convince them to help up to 4 million borrowers on the verge of foreclosure.

"All of us are paying a price for this home mortgage crisis," Obama said in remarks prepared for delivery at a ceremony announcing the program at a Phoenix area high school.

The housing industry has been devastated by the nation's recession. Construction of new homes and applications for future projects both plunged to record lows in January as all parts of the country showed big declines in building activity. Analysts hope that a boost from government programs, including the efforts to stem foreclosures, will help stop the slide.

Headlining Obama's plan was a $75 billion Homeowner Stability Initiative, which would provide a set of incentives to lenders to cut monthly mortgage payments to sustainable levels. It defines this at no more than 31 percent of a homeowners income. Funding would come from the $700 billion financial industry bailout passed by Congress last fall.

Another key component: a new program aimed at helping homeowners said to be "under water" — with dwellings whose value have sunk below the principal still owing on their mortgages. Such mortgages have traditionally been almost impossible to refinance. But the White House said its program will help 4 to 5 million families do just that.

Obama said this change would come at "roughly zero" cost to taxpayers.

Of the nearly 52 million U.S. homeowners with a mortgage, about 13.8 million, or nearly 27 percent, owe more on their mortgage than their house is now worth, according to Moody's Economy.com

Announcing his plan in a state hard hit by the housing crunch, Obama said that stemming the tide of foreclosures is key to turning around the recession-bound economy.

"In the end, all of us are paying a price for this home mortgage crisis. And all of us will pay an even steeper price if we allow this crisis to deepen," he said, according to the advance text.

The plan also seeks to bolster confidence in Fannie Mae and Freddie Mac, the mortgage giants effectively taken over by the government last year. The White House said the Treasury will be able to increase its funding commitment to the two by using money Congress set aside last year, and will continue purchasing mortgage-backed securities from them.

The Treasury said the increased support for Fannie Mae and Freddie Mac didn't reflect projected losses at the two companies, which were seized by government regulators last September. The two companies are currently projected to need a combined government subsidy of about $66 billion, well short of the new promise of up to $400 billion.

But Treasury Secretary Timothy Geithner said in a statement that the support "will provide forward-looking confidence in the mortgage market and enable Fannie Mae and Freddie Mac to carry out ambitious efforts to ensure mortgage affordability for responsible homeowners."

The biggest players in the mortgage industry already had halted foreclosures pending Obama's announcement.

The president's announcement was coming a day after he signed into law a $787 billion economic stimulus plan he hopes will spark an economic turnaround and create or save 3.5 million jobs.

At the same time, the administration was grappling with the darkening prospects for the U.S. auto industry.

Even as Detroit carmakers submitted restructuring plans to qualify for continued government loans, General Motors Corp. and Chrysler LLC asked for another $14 billion in bailout cash.

Explaining the plan, Treasury Secretary Timothy Geithner told reporters, "''This is necessary policy. It's smart economics. And it's just and fair."

Asked why the cost had jumped to $75 billion, Geithner said, "We think that's necessary to make a program like this work."

Asked about the doubling of the guarantees for Fannie and Freddie, he said: "This is not a judgment about the expected losses ahead. It underscores commitment, and that is very important to help keep mortgage rates low."

Geithner said most not all of the money would come the financial bailout fund.

And he said relief would be almost instantaneous, basically as soon as rules are published March 4. "You'll start to see the effects quite quickly", Geithner said.

FDIC Chairman Sheila Bair said that previous efforts had largely flopped. "We've not attacked the problem at the core," she told reporters. "We are woefully behind the curve."

Added Geithner: "The cost of inaction has been very severe."

Housing Secretary Shaun Donovan stressed that homeowners don't need to be delinquent in order to get help.

___

Alan Zibel reported from Washington; Associated Press Writers Liz Sidoti and Martin Crutsinger also contributed to this report.

Short Refi: Consultation

2009-02-02T22:41:00.000-08:00

It's been my goal to help as many homeowners as possible handle their mortgage issues.

During the past two years I have thousand of households with their mortgage problems by directing them in the right direction and help them figure out which course of action is the best for them.

Recently, I have been working One-on-One with people to help them find a solution that fits best with their given scenario.

This has really put a crunch on my time and several more people are contacting me everyday to help them solve their mortgage issues.

I have made a decision!

I want people who really need the help and I want you to be the first people in line!

See as of now I have been answering emails one at a time as fast as I can but ultimately I am failing to keep up with everyone because there are so many questions.

I have decided to let you CUT to the front of the line.

You can now hire me for a consultation via email and over the phone!

Donate $50 to my site via Paypal and we will exchange emails and a phone call discussing your situation specifically and how to best approach your mortgage!

(Paypal is listed on the Right hand side near the bottom of the page)

We will discuss your options, Refinances, Loan Modification or Short Sale
You will find out how to accomplish each method
You will know how to lower your mortgage payments and get back on track
I will give you an exact step-by-step plan for each method
You will know the exact steps it will take to get back on your feet

If you have read anything else I have written you know I want to help everyone I can.

Your consultation will give you the light at the end of the tunnel you have been looking for.

Spend the $50 and you will get everything I have to give to find you the best answer possible. If for any reason you feel the time we spent together wasn't worth the $50 I will refund it to you no questions asked.

I hope I can help you and your family as well.

Talk with you soon.
Brent Lane

Brentlane.wordpress.com

Refinancing an Upside Down Mortgage in California CHECKLIST

2009-01-05T13:31:00.000-08:00

Here is a short check list for those looking to

refinance your upside down mortgage:

1. To Complete a refinance on an upside down mortgage you will need to get your existing lender to agree to a payoff on your existing loan that is less than your existing balance or short payoff.

2. More than likely you will need a FHA loan approval to get the reduced payoff in the first place so contact someone who understands the process (I know someone! :) )

3. To qualify for an FHA loan you will HAVE to provide your income so for all those people who qualified for a home loan previously without using income or using modified versions of income be prepared.

4. You existing mortgage payments SHOULD be made on time and if they aren't then you may want to consider a loan modification.

5. Part of the getting a short payoff on your home will be an appraisal or BPO (broker price opinion)

6. The bank will have to see you have a need so be prepared to present a compelling case for the bank to consider. They really don't want to give you a break but you need to show them that you need their help.

This mini list should provide you with a good foundation to help you move forward. I would suggest speaking to someone about your situation before pursuing a refinance to be sure you have all your options covered.

As always, I am here to help so let me know what I can do.

Contact me at
Brent[at]brentlane.net

UPDATE: There have been some recent updates thanks to the Making Home Affordable Program and Fannie Mae and Freddie Mac Refinancing Upside Down home Mortgages Program. Both programs are very helpful for homeowners who have upside down, underwater, negative equity or any other way you need to say you owe more than your home is worth. If neither of those programs will work for you then there are other options.

Short Sale or Short Refinance and the "Buy and Bail" Rules Working Together

2008-12-08T16:53:00.000-08:00

I get quite a few emails on what exactly to do and which circumstances need to be address given different sets of criteria. There is no easy blanket solution but hopefully you can find some similarities to your scenario listed within the text below.

HI Stephen,

Well I think if you want to move you will need to sell your home.

There are new mortgage rules referred to as “buy and bail” that should prohibit you from moving “unless” you are making a major move like out of a city, cross country or other examples.

A short sale has little impact to your credit and no future legal recourse if approach properly and with the right team of representatives.

The steps in the process would be fairly simple:
list the house for sale and provide your current lender with the notification and ‘proper paperwork’ to complete the short sale process.
Next we complete the sales process with a new buyer and move.
If you plan on buying a new home you need to work quickly on the next purchase but it can be done quite easily.

I am not entirely sure about the process of lumping both loans together outside of a new short refinance and a negotiation with your existing lender for a lower pay off that what is actually owed currently on your mortgage notes. This is what I do all the time with my people and it is the wave of the future for upside down mortgages.

Does that help?

Brent Lane
The Lane Group
California Upside Down Mortgage

On 12/7/08 10:25 AM, SB's Email:

Yesterday I received a phone call from a company that told me that they would take my mortgage, lump it with other mortgages, and sell it back to the bank. The result would be that I would end up with a principal that agreed with what my house was worth and I would then have a reasonable payment. It seems too good to be true.

This is not their web site, but it seems to offer the same kind of thing that this "telephoning" company offered.(some company site) Does this make any sense to you? It looks like it would cost me $1750 because I am not behind on my payments and my credit is very good. I would really like an honest insight because my wife and I would like to move. With a lower payment we could afford to rent our place and head off into the sunset. Once again, it seems too good to be true.

SB

Now you probably see it everywhere these days, a Loan Modification company advertising on your television or radio. Funny thing is that these places are just giant call centers set up to address a 'fear' people have and are promising a favorable outcome. Beware of the lack of experience and knowledge these places have as what they don't know will only impact YOU negatively.

I am here to help so email me with your questions and comments brent@brentlane.net

In Foreclosure and Want to Keep Your Home? Try a Short Refinance

2008-11-16T17:28:00.000-08:00

This is definitely one of the big banks and lenders best kept secrets. But with the recent increase in foreclosures and the tightening of lender guidelines, which makes it even harder to qualify in today's market for a refinance, and not to mention the drop in property values in such areas as Fort Lauderdale and Miami has brought the short refinance to the front lines. While some might have heard the term Short Sale - which is the process you would go thru if you are trying to sell but you owe more than the house is worth. Now the Short Refinance - is the process you would go thru if you want to keep you home, but you need a better loan program that will be more affordable and you owe more than your house is worth so you can't do a regular refinance.

Similar to the short sale, the short refinance is a negotiation with your current lender to reduce the amount you owe to facilitate a refinance with a new lender. Not to be confused with a loan modification. With a loan modification you will stay with your current lender and just renegotiate the terms of you loan, with the short refinance you are getting the lender to reduce the pay off, so you can get a loan with a completely new lender.

Now with any loss mitigation process, including loan modification, short sale, and short refinance, they are all on a case by case basis and the lender has the final say. So don't expect to get the same results as your neighbor or family member received. Any company out there that offers you a guarantee that you will be approved for any of these loss mitigation options or tell you to stop making payment, you should stay clear of......and I mean run.

Now it is important to note, that you don't have to be behind on payments or in Foreclosure to qualify for a short refinance, although majority of the people that get approved are normally in foreclosure. Today, with lenders having an abundance of non performing loans on their books has caused them to be more flexible when working with home owners to come to win win agreement for both borrower and lenders.

Also South Florida home owners in such areas as Fort Lauderdale and Miami that have found themselves with either an adjustable rate mortgage or have found themselves upside down on their homes, which has prevented them from doing a regular refinance, now have this option, that if approved, can refinance into a more affordable fixed rate mortgage and avoid foreclosure

Because of the increase demand for loss mitigation, it has been taking most lenders a minimum of 45 days and up to 90 days to complete the process. Normally when a homeowner finds themselves in foreclosure, they would only hear about 2 options either file bankruptcy or try and sell.

Lately, loan modifications have become more popular, but that still doesn't mean that is best solution for most homeowners. Here's why, we offer the lender a short-refinance offer first and if for any reason it is not successful, then we will proceed with an offer to negotiate a loan modification for the client.

A short-refinance can basically create equity in a property, as we are getting the amounted owed to the lender reduced. It reduces the mortgage to the current market value, while eliminating the upside-down loan. While A loan modification can keep the homeowner's interest rate down to a comfortable level and put them into a fixed rate loan, while also placing any arrearages back into the loan.

But if the property is upside-down and by the adding the arrearages back into the loan, it could be in worse shape than before. Now don't get me wrong, if the homeowner's intentions are to keep the property long enough for the market to turn around, then this is a win win situation for both lender and homeowner. The main purpose of a short-refinance or a loan modification is that the home owner is allowed to stay in their home. A lot of Fort Lauderdale and Miami homeowners are realizing that their property is not worth nearly what they owe on it, several of them have opted to just walk away. A short-refinance gives homeowners' hope, that they can get themselves from an upside-down mortgage problem, and in some cases can save their home from foreclosure. This keeps them in their home, gives them a peace of mind, and allows them to get on with their lives as the possibility of foreclosure in now behind them.

While Loss Mitigation may not be for everyone, it is important to work with an expert in the field that can analyze your situation and help you determine the best loss mitigation for you and your family.

Marlon Baugh is a nationally-known mortgage expert. Since 2003, he has specialized in mortgage loans for people with Bankruptcies, Foreclosure or with other credit issues, as well as Loss Mitigation and Commercial Mortgages. If you would like a Free Copy or to get instant access to the remainder of this Insider Mortgage Report, please visit http://www.specializedfinancialsolutions.com/foreclosure.htm or Call 954-678-5796

Article Source: http://EzineArticles.com/?expert=Marlon_Baugh

2008-10-23T11:30:00.001-07:00

So Greenspan steps up to microphone and state he had no idea that banks were so unstable. He was expecting them to self regulate and be accountable to their shareholders.

Interesting.

Here is the article that shows a potential changes in the way banks view troubled homeowners:

http://news.yahoo.com/s/ap/20081023/ap_on_bi_ge/financial_meltdown

I have also posted some additional information on the "Hope for Homeowners" FHA program on my other BLOG.

It IS possible to refinance an upside down mortgage!

I am open to questions.

HOPE NOW Program FAILS! Now What? Part 2

2008-07-18T13:56:00.000-07:00

This is a continuation of an article posted at my other BLOG titled

HOPE NOW FAILS TO DELIVER, NOW WHAT? PART 1

Hi John!

Thanks for being patient while I get back to all those people who contact me. I have been averaging about 15 email responses a week to my readers for the past few months so needless to say, I have been busy!

Sorry to see the trouble you are going through, I know how difficult that can be so hang in there, THIS will be the light at the end of your mortgage tunnel.

I like the fact that you actually took action because most people don’t and it costs them in the long run.

You didn’t give me much detail on your loan situation but here is what I would do:

Contact Nation Star and ask for a “Note Modification”. If that doesn’t work then we will need to get serious. (Banks may be waiting for you to ask and may not offer this as an option when you approach them for a “Freeze.”)
A short-refinance may be the way to go but that will take some work. To pull this off we will work together to prepare a package to send to both an Attorney and a Loss mitigation Negotiation team. The link will detail The Short-Refinance Process
Since we started down the path of a short-refinance a short-sale could be a consideration if we are unsuccessful at getting you qualified for a new loan and yes this is a FHA but I will gamble to say that Nation Star didn’t do you any favors when attempting to get you a loan. Failure to Short-Refinance is also a function of the lenders ability to negotiate as well.
There are a couple of additional last resort items such as assigning the property to the bank to avoid foreclosure but we hope to never end up there!

IF ALL OF THIS SEEM LIKE TOO MUCH then I would suggest you hire someone who has the connections, experience and most importantly ability to get you through this situation.

I have put together a team of experts who have been supporting me in the effort to help homeowners avoid financial strain. This team consists of Attorneys, loss mitigation negotiators and real estate finance experts who review, negotiate and deliver suitable outcomes for my readers!

I will say that having this done for you isn’t cheap BUT the alternative will be even more expensive and long lasting.

I was recently asked what I could tell someone to re-assure them that I am a legitimate and you will find a testimonial video posted HERE and you can see my real estate license is in good standing HERE (put my name in as Lane, Brent)!

I want to help and sometimes helping takes money, time and energy!

If you work with me I know we can do great things!

Like always, I am here to help in any way I can!

Mortgage Loans May Not Be The Only Troubled Loan Out There!

2008-07-05T12:25:00.000-07:00

What's next?

Well here is a brief video that discusses which loans are next to default.

Here is the list :

Credit card debt
Home equity loans
Commercial real estate loans
Commercial and development loans
Derivatives generally ($182 trillion notional value)

Now see what they have to say!

Is your Mortgage Upside Down? Turn it Right Side Up!

2008-07-02T21:10:00.000-07:00

Just in case you didn't catch my post on the other sites, you really need to look into them.

Upside Down Mortgage Right Side Up
(This is Part 1)

Upside Down Mortgage Refinance
(This is Part 2)

I get emails like the one in the posts above all the time.

I just hope someone actually takes my advice and does something with the information I give them.

If you follow through with my experiment in the posts above you will find invaluable information that could forever change your financial picture.

Big Statement there....

I just believe in what I am telling people and to top it off I know it can be done!

Read it and let me know your thoughts.

Short Refi: What you need to know to pull it off!

2008-06-23T22:23:00.001-07:00

I know, you are upside down in your home!

You need to refinance because you have one of those "bad" mortgages!

Well I think there just might be a solution for you!

The term Short Sale is pretty common and the principle is know to most but just in case here you go.....

Short Sale-To sell a piece of Real Estate you own for less than what you owe in various mortgage loans, liens and/or lines of credit on the property.

Now that you have that under your belt, I think a Short Refinance, should be pretty straight forward. but just in case...

Short Refinance- To refinance a mortgage on a piece of Real Estate you own where the loan/lien/mortgage/line or credit is worth more than the home is worth.

To accomplish a Short Refinance is no easy task!

There are rules you have to follow and you need to fit the criteria! And so you know, you can't just do a short-refi because you are now upside down on your mortgage, you have to have a reason. The most common reason at this point is an Adjustable Rate Mortgage(ARM). If you have other reasons, say financial reasons or medical reasons, then you MIGHT get lucky!

SO, it can't be just because you want to!

Now to the technical stuff, You need to have a supporting team of professionals who know how to handle the task. There is no easy way to do this, you will need an attorney, a negotiator and a Professional Mortgage Consultant. These three people will team up with you, review the paperwork and show you the exact steps to take. You might even get lucky and your old lender will pick up the fees (This is the most important trick because this is cash in your pocket).

Now that you know all the positive, know the negatives as well.

There is a chance that this WON'T work out and you will be given the option to short sale. Not every lender is eager to help us help you! There is even the worst case, Foreclosure! You have to know this is possible!

All that said, it is better to fight for the opportunity to keep what is yours than to just pack up your stuff and leave the house to the bank! Keep fighting till the end no matter what you do.

Now that you have the over all picture you now need your individual picture. You may still want more information so look for the resources here on my page.

The only way I can help you with that is if you email me at Brent@brentlane.net with "Short Refi" as the title. Give me a run down of what we will be looking at and how "Bad" the scenario is getting so I know what level of urgency to place on it. It normally takes 24-48 hours to respond but I will write back......

SHORT REFI......