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.

2nd mortgage paid, never filed with the county clerk, how can i clear this up?

Dec 252011
 

When I bought my house 12 years ago the seller held a second mortgage which we paid in full shortly after. I have re-financed 3 times since than the last time being 7 years ago. The title search produced a lean for that second mortgage, I went crazy trying to find them to get a letter stataing they were paid in full….finally they complied, unwillingly, (dont know why, they were just jerks)….they were in the middle of a divorce at the time also. Now I am refinancing again and they never filed with the county court clerk that they were paid and I have NO idea where they are to get in touch with them…the mortgage company will not process my re-fi and said I will never be able to sell my house with this problem…..what can i do?

Does anyone know about sellers rights when a house is turned over to an investor?

Dec 242011
 

I “sold” my house to an investor in 2006. I was verbally told that the house would be “re-financed” within 2 years. However, since the market has taken a turn for the worse, and I believe the people in the home are having trouble refinancing. I was assured by the investor that all payments would be made on time. I have received no late pays to date. However, I recieved a call from my mortgage company stating that this months payment is already 10 days past due. I am getting really concerned. I am planning on contacting an attorney in the morning, but wondered if any of you have had any similar dealings. I just wonder what my rights are and if I am protected in any way incase the investor defaults on our deal.
you are correct in that I did not “sell” my house. The investors are now on the deed and I can’t do anything without their approval. They do have tenants living in the house that are on a contract deed type of arrangement. I do not have a formal contract with the investor. However, I do have a HUD-1 and I signed some seller certifications. There were no buyer certifications included. I was in a rush when I agreed to the transaction. Now I am wondering if I have any recourse.

Would it be too early to refinance my mortgage? See details.?

Dec 192011
 

I have two mortgages that was created when I financed my home to better my credit scores. After about 2 years, both mortgages were to be refinanced into one with a lower rate. The 1st mortgage was at 6 something % and the second at 11%. Recently, my mortgage company only refinanced my largest mortgage that was at around 6% and changed the rate to about 9%. The 2nd one was not included in the refinancing.
It is stated in original papers that both would be refinanced into one mortgage and to a lower rate.
My credit score is only 597 and considered fair. Would it be too early to shop around for another company to get a better deal?
Thanks.

Adjustable rate coming up on my mortgage.80/20 loan?

Dec 122011
 

I live in southern California, I currently have an 80/20 loan and the 80% is going to adjust. I’am in the process of refinancing but it isn’t looking too good for me, I have about 20,000 in equity according to a recent home appraisal but I’am still having problems getting a loan. The payments will go up around $ 700.00 when it adjusts and it will be almost impossible to pay. Should I contact my Mortgage company now and see if they can work with me and if so what is the likely hood that they will work with me? I would like to avoid a short sell or obviously foreclosure. What are some of my other options? I have fair credit and good income. Beneficial is the company the loan is through.

I have been advised I am in foreclosure. How long do I have? I’m in NYS.?

Dec 042011
 

I reside in New York State. I have heard foreclosure laws are different for each state. My mortgage company just called this morning and said I am in foreclosure as of 2/1/07. I am in the middle of refinancing with this SAME company. I also got a letter yesterday saying they had made payment arrangements with me. I’m very confused and trying to contact them. In the meantime, I am trying to find out how long it takes for them to follow through with a foreclosure in NYS. I also just made a payment to them but the person on the phone this morning said they are sending it back.

i am refinancing my home, should i keep the same mortgage company?

Dec 042011
 

My friends husband offered to do the paperwork, but would i benefit from having the same mortgage company do it or outside help? i was told by the mortgage company that if i keep them and do the financing with them i will save more. is this true? please help.

Is Title Insurance required for a private sale of a home?

Dec 042011
 

We are refinancing our home (Long Island , New York) and and open permit showed up on the title from 60 years ago! This never came up when my parents bought the house in 1977, but it was a private sale. It also never came up in 2001 when the home was transferred over to me. I should also mention that we used the same lawyer for both transactions. I am wondering if title insurance is only required by mortgage banks or if it a legal requirement for any sale of a home.

Thanks!

How do I know if I have a Non-Recourse Loan?

Dec 032011
 

I live in California and need to have a condo in Phoenix, AZ foreclosed on. It has gone down 100k and I can’t afford it anymore.

Both California and Arizona have anti deficiency laws protecting me. I have talked to two lawyers (one in CA and one in AZ). They both say if my loan is a “non-recourse loan” I am protected.

How do I find out if it is? I have been going through my loan documents, but there is so much information there. I also called CHASE (my lendor), but the woman had NO CLUE what non-recourse meant.
I don’t want to call chase again because someone will probably know I want to foreclose.

I have not refinanced on this loan at all. (I did on my CA house during the 30 years I’ve lived here).

But before stopping payment on the mortgage for the Arizona COndo, I want to be 100% sure my loan is a non-recourse.

HELP!
I just want to make sure I am getting the right information. I have NOT refinanced on the mortgage for the PHOENIX, AZ condo that will be foreclosed on…

I HAVE refinanced on my house in California (that I live in) since moving in 30 years ago.

Are these loans kept separate? I just want to make sure that refinancing (before buying the AZ condo) on my own house won’t affect how the loan for AZ was taken out.

Refinancing?

Dec 032011
 

we want to refinance to get all of our bills into just one managable one. we need a mortgage company that will do stated income, fixed rate, will work with a business in a residential neighborhood and we have not so great credit. If there is such a company i would love to have any information or websites i can view to get more info. thanks!!!!!

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