FHA payment reduction… is this for real?

Jan 012012
 

I got a letter in the mail from Metro Finance (my mortgage is through CountryWide) saying that our FHA home loan is due for a payment reduction.

It reads, “Additionally, as a part of this FHA payment reduction an din conjuction with the American Recovery and Reinvestment Act of 2009, you will not have a payment for a minimum of 30 days from your participation date”

I called them, and they said this was not a refinancing offer… There are no fees involved, and all I have to do is sign the paper they send to me in the mail.

Is this for real? Is FHA really reducing loans, and if so, why wouldn’t I go through my normal mortgage company?

I mean, it would be nice to have my payment reduced by about $ 50 a month like they are saying, but I don’t want to lose my house in the process!
FYI -

I called Countrywide (my mortgage company), and they said that a lot of people have been getting letters like this. The lady I talked to said, she’s not sure why these companies are sending the letters… they must be getting some sort of financial kickback, BUT….

it was partially true. That act mentioned in the letter will reduce payments for people with FHA loans (like myself). Countrywide just hasn’t gotten around to sending out the letters yet. The lady told me, the letters will go out on April 4th, and my mortgage payment will automatically be reduced through them.

There’s no need to get a 3rd party involved.

So, I don’t know if it was a scam or not, but I don’t know what their intentions exactly were.

Either way, I’ll be patient and wait until April.

What company should I apply for a home equity loan fast but have bad credit.?

Dec 312011
 

I am currently in a bad financial situation. I have terrible credit and can’t even get approved for a new credit card. My monthly payments on my car and credit cards are too much for me to handle. Recently, I have even been having trouble making my mortgage payment. The sad thing is that my mortgage payment is currently only $ 900. I currently owe $ 12,000 on my mortgage and my house is worth anywhere between $ 600,000 and $ 800,000.
I want an equity loan of $ 100,000. I will use this money to pay off all other debt and help fund my son’s college education. I do have steady income and will have no problem making the payment on this loan.
Are there any good company’s that will finance my loan? I am afraid that if I apply to too many places I will ruin my chances of getting the loan because I know that each failed application has a adverse affect on my credit score. Any help is appreciated.

Mortgage Needed, Please Read Specifics?

Dec 312011
 

We are in need of a mortgage for the amount of $ 92,500.00. We have no money to put down so this would need to be a 100% financing, I have poor credit from a past divorce which I am still paying for many, many years later but have been for the past 4 years slowly eliminating some of the debt and the negative reports which should not be there and even some that are not mine. My present Wife is permanently disabled and receives SSI. I have a 10 month seasonal job making $ 11.00 an Hr. We currently pay $ 670 for rent, plus utilities and I have researched what this mortgage payment would be with “no money down” and the taxes and insurance and it is cheaper than what we already spend monthly where we are at. We presently rent a 2 bdrm that has mold growing on the walls and you can’t drink the well water, it is contaminated with “acid, iron, and bacteria” and the landlord does nothing about the complaints from us or other tenants except to temporarily fix the problem instead of fixing it right. I do not want a response from some joker who says, “I can help” and then does not give me any thing else to work with, (ie) phone number or company name, nor do I want any scams, I will take legal action against any scammer. We will be looking at another home today, but I need some answers soon. Thanks to anyone who will assist us in getting our new home.

How can I lower my new mortgage payment without refinancing? HELP!?

Dec 302011
 

I just got a statement in the mail that my property taxes were short approx. $ 3,000 for the year AND my taxes went up so the company which holds my mortgage has raised my mortgage payment up $ 500 starting in Feb. 08 to cover the back due taxes as well as the new escrow amount…one option they are giving me is to pay the past due taxes and my mortgage will only go up $ 250 to cover the new amount needed for escrow…either way wether my new mortgage payment is $ 1880 or $ 1630, I am budgeted and used to paying $ 1380…any increase is going to affect my finances big time and I am afraid of losing my home, what do I do? I am going to pay the past due taxes with a credit card but still I will have that debt to pay just on a credit card. Is it possible for the lender to lower my interest rate without refinancing so my payment will be more affordable? I’m sure lenders dont want another forclosure..please give me some advice on what to do
Oh and I forgot to mention that I do not have equity in my home..I bought my home last year in 06 for a great price at the time..since then the builder who sold me my home is selling the same model for $ 40,000 less..

trying to sell a 1985 mobil home with 2 acres but cant get financing?

Dec 292011
 

i have a 1985 trailor and 21/2 acres with tenants in it that have lived and paid rent for 2 years now. They were soposed to be cash buyers and gave me 7000 down and owned a bussiness so i let them move in and here it is 2 years later and I still own the property. they are paying rent in the amount of the mortgage payment so at least i dont have to pay the mortgage but come on i want this place out of my name. they donot have the best credit and have tried LOTS of companies but nobody will finance this old trailor after the hurricanes (its in deland Florida) anyone have any suggestions on what i can do?

What can I do if the potential buyer of my house lied about being pre-approved?

Dec 292011
 

We received and accepted a bid from a potential buyer of our house. We obtained a letter of pre-approval from a lender. We thought it was funny that they kept pushing back the original closing date but said nothing was wrong. We finally told them that if they couldnt produce proof of financing that we would void the contract since it was past the agreed upon closing date. Then they admitted that they had no financing. My question is, how can they do this when they had a pre-approval letter from a mortgage lender? We found out from the title company that the lender was a friend of the buyer and gave the buyer the pre-approval letter. The title company also said that this was fraud and the lender couldnt do that. Is there anything we can do besides take the earnest deposit? Is it worth it to go through the hassle of it? As of It really upsets me because we basically wasted a month of potential sales and every mortgage payment that we make takes more money away from our profit.

Missed Mortgage Payment = Mortified FAST SOLUTIONS ?

Dec 262011
 

I dont have a victim mentality but a perfect storm of stressful events screwed me up this year.
I had major death in family, an absuive exBF stalking me, 2 major surgeries and was let go form my job 2 months ago.
I also was dating another guy who went from mr perfect to a complete nutball a man wiht borderline personality disorder…
So i have been stressed and have sitll tried to keep on top of my finances.
I have a great new job starting january 1st, but kne wi would have to wokr temp job all december.
I did some side work and was due 3000 to pay bills. The person paying me has MESSED me up so much by delaying their payment for 2 weeks.
HENCE I have missed a Mortgage payment first time ever.
Called my mortgage company and they dont care.
The payment will be made within 30 days of due date though as long as the 3000 check come thru (it will cover two mortgage payments)
Im freaking out , should I worry about this hurting my credit too much ?

How do I dissolve debt or get my mortgage payment lowered with a poor credit score to avoid bankruptcy?

Dec 242011
 

My husband’s employer of 17 years chose to restructure the company. He is now pursuing a new trade entirely. Is there any grants or other money available for his new business and our family finances during this transition? Our debt to income is totally out of whack and we need help!

cant pay mortgage anymore?

Dec 222011
 

my father has 3 property’s and some finance Company is suggesting to not pay the mortgage payment 1 of the property’s and to give the other 2 to my self and my mother and to hide all his money in other words remove it from the Bank and secure it in a safety deposit box but we don’t know if this is a good idea can there be big problems with this or not please help we do not what to do anything illegal any ideas or suggestions and recommendations would be deeply appreciated
2 of the propertys are rented and they pay the mortgage with the rent money the one in question dosnot generate that much money to pay the morgage and my father pays the rest from his savings

When do i make my first mortgage payment?

Dec 192011
 

We are suppossed to close on Sept 15th so would it be on Nov 1st? We are getting owner 100% financing if that makes a difference but its still going through a title company. Thanks in advance just trying to get my finances together.

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