In my experience, a mortgage holder can refuse the payment after the NOD has been filed if the amount being paid is not the full amount in arrears. This amount is stated on the NOD filed and the property owner should have received a copy upon upon your mortgage company or loan servicing company filing the NOD with your counties recorders office.
In today's economy, if you wish to make a payment, contact your mortgage holder and attempt a "work-out" program. In most cases the lien holder will want to work with you, however, they are under no obligation if the amount is not what is entirely owed by the responsible party.
President Obama has put many incentives in place for mortgage holders and loan servicers to work with property owners. Most recently March 4, 2009, when the rules to the Help for Responsible Homeowners plan was rolled out.
For more information, visit The United States Treasury Department to view the rules for participating and obligations of the homeowners.
For more information please contact Kris & Kim at http://shortsalesellit.com
In a recent release by Foreclosure Radar, the average California home in the deafault process had a mortgage value exceeding $200,000 of Current Market Value (CMV) for the month of February 2009. A 189% increase in negative equity year over year.
Also released in this same report, there were 17,131 foreclosures in February '09. An 11.9% increase over the previous month.
For more Information contact:
In a recent release by Foreclosure Radar, the average California home in the deafault process had a mortgage value exceeding $200,000 of Current Market Value (CMV) for the month of February 2009. A 189% increase in negative equity year over year.
Also released in this same report, there were 17,131 foreclosures in February '09. An 11.9% increase over the previous month.
For more Information contact:
Mr. Obama has been given the daunting task of reviving the nations economy. the main concerns on most Americans minds is that of the precipitous position of their mortgage and home values.
In an effort to pacify his constituents, Mr. Obama rolled out the Home Affordable Modification Program March 4.
The structure is sound...unfortunately the reality is unrealistic for many Americans.
Why is it unrealistic?
1. Your current homes value (Current Market Value / CMV) cannot exceed 105% of your primary (1st) mortgage.
ex: A. Your homes value is $400,000.
B. Your Mortgage amount cannot be higher than $420,000 or you will not qualify.
2. No reduction in principle.
3. A 3 tiered process to achieve a 31% Debt To Income (DTI).
Step 1. Your mortgage company will reduce your interest payment down to 2% for a period of 5 years or longer.
If that doesn't get you to 31% DTI...then
Step 2.Your mortgage company may extend the term of your mortgage up to 40 years.
If that doesn't work...
Step 3.Your mortgage company will "forebear" and amount of your loan to get you to 30% DTI
ex: You owe $400,000. However, to get you to 31% DTI, your mortgage company must "forebear" $75,000.00 till the end of your qualifying period...it could be from 5 years (most likely) to 40 years. At the end of that period, you will have a balloon payment due of $75,000. Yes...you have to pay the $75,000.00 back...no options. If you sell the property, you must pay it back...even if there is not enough to cover the amount. That could be disastrous for many Americans.
No Free Rides Here!!!
More to follow!
As always,
Best,
Kris
call me if you want to discuss 714-615-7605
Mr. Obama has been given the daunting task of reviving the nations economy. the main concerns on most Americans minds is that of the precipitous position of their mortgage and home values.
In an effort to pacify his constituents, Mr. Obama rolled out the Home Affordable Modification Program March 4.
The structure is sound...unfortunately the reality is unrealistic for many Americans.
Why is it unrealistic?
1. Your current homes value (Current Market Value / CMV) cannot exceed 105% of your primary (1st) mortgage.
ex: A. Your homes value is $400,000.
B. Your Mortgage amount cannot be higher than $420,000 or you will not qualify
2. No reduction in principle.
3. A 3 tiered process to achieve a 31% Debt To Income (DTI).
<strong>Step 1.</strong> Your mortgage company will reduce your interest payment down to 2% for a period of 5 years or longer.
If that doesn't get you to 31% DTI...then
<strong>Step 2.</strong>Your mortgage company may extend the term of your mortgage up to 40 years.
If that doesn't work...
<strong>Step 3.</strong> Your mortgage company will "forebear" and amount of your loan to get you to 30% DTI
ex: You owe $400,000. However, to get you to 31% DTI, your mortgage company must "forebear" $75,000.00 till the end of your qualifying period...it could be from 5 years (most likely) to 40 years. At the end of that period, you will have a balloon payment due of $75,000. Yes...you have to pay the $75,000.00 back...no options. If you sell the property, you must pay it back...even if there is not enough to cover the amount. That could be disastrous for many Americans.
No Free Rides Here!!!
More to follow!
As always,
Best,
Kris
call me if you want to discuss 714-615-7605
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Kris & Kim are licensed Real Estate agents in California. They're knowledge and experience in Real Estate Short Sales have elevated them to an expert status in the industry. DRE# 01464957 & 01458057
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