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Tag Archives: foreclosure

We’ve Got a Pay Option ARM Mortgage That is Killing Us. – Bill

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“Dear Steve, My wife and I where pursuaded by a friend in the mortgage business about four years back to refinance into a pay option ARM in order to help us pay off some of our other debt and now this mortgage is killing us. Our credit card debt is all but gone, however the mortgage payment has increased to ... Read More »

Loan Modifications. More PR Than ER. 57% of Monthly Payments in Modified Loans Are the Same or Higher.

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According to a recent study of loans that were modified by lenders, only 29% of loan modifications made at the end of last year actually reduced borrowers’ payments by more than 10 percent. Now this is a good news, bad news story. The good news is that some loans did receive some needed modifications. The bad news is that for ... Read More »

Who is the Contact at First Horizon Loss Mitigation? – Daniela

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Daniela “Dear Steve, My lender is First Horizon Who should I contact with, who is the right person in Loss Mitigation Department I am already in default 3 months. Please help. Daniela” Don’t miss our free Get Out of Debt – “How To” Guide Series on a number of topics, for loads of practical advice, tips, and help to beat ... Read More »

Our Friends Cashed Out Their 401K And Now Need to Walk Away From Their House. – Jody

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Jody “Dear Steve, I’m asking for our friends. He has two part time jobs. She just got laid off from her job. They have cashed out their 401K and are paying off all their debts but the one thing that they are wondering about is their house. They are upside down in it because they got an equity line of ... Read More »

Quickies – Debt Advice, Bankrupt, Debt, Car Payment, Foreclosure, Getting Sued

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When I need a break from answering questions I often take a look for some odd or interesting search terms that people used to find me. Below are some of the latest I saw today that I wanted to provide quick answers to. Steve Search Terms free debt advice – You came to the right place. Ask me your question ... Read More »

Government Mortgage Assistance, Resources to Avoid Foreclosure, Homeowner Affordability and Stability Plan

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At this time the Obama administration is preparing to revel their new approach to help homeowners avoid the loss of their homes in foreclosure. I’ll use this post to provide new information as it is made available. Here is what I know right now. The Obama plan calls for: Helping borrowers who owe more than 80% of their home’s value ... Read More »

Banks, Wall Street, and Mortgage Companies Screwed Consumers And Now Want to Leave You Hanging

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I just watched the CNBC special “House of Cards” about the inside of the mortgage industry, rating agencies and the Wall Street banks that pumped loans to consumers that they knew people could not afford. And now that we are faced with a national foreclosure crisis, the very same banks and lenders now won’t workout arrangements to allow people to ... Read More »

Mortgage, Bankruptcy, Nonsense

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Not that long ago I wrote again about the pleas from banking to not allow bankruptcy judges the authority to modify mortgages, in limited situations, to allow people to stay in their homes and avoid foreclosure. See “Mortgage Bankers Association. A Bunch of Whiny Bitches?“. Today an article in the Wall Street Journal has got me going again. Todd Zywicki ... Read More »

Can I Trade My House In For a Smaller One Instead of Losing it in Foreclosure? – Hollis

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Hollis “Dear Steve, I am severly under water financially having lost a second income. Now my house is upside-down by probably $80K, both my credit cards are topped out and I owe $40K on those and I have been advised to declare chapter 7 bankruptcy. My retirement savings have plummetted because of the volitility in the market, so there is ... Read More »

We Lost Our Home in Foreclosure And Now The Banks Wants $56,000 From Us That We Can’t Pay. – Trevor

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Trevor “Dear Steve, Several years ago my wife and I lost our home to foreclosure in NC. The bank sued us for a deficiency judgment which of course we were unable to pay, because we could not even keep up the house payments despite emptying our life’s savings. Today, four years later, this judgment still hangs out there, gathering enormous ... Read More »

I Have a Mortgage With Chase, Will They Work With Me to Lower Payments? – Janet

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“Dear Steve, We have more debt than we can handle. We have just seen a lawyer about bankruptcy. Even with bankruptcy our mortgage may be too much for us. I have a mortgage with Chase – after banruptcy will they work with me to lower payments? I have never been late with payments. Janet” Don’t miss our free Get Out ... Read More »

Our Monthly Income Has Dropped From 10K to 3K, Now What? – Maria

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“Dear Steve, I have over 30k in card debt 2 mortgages 200 k and 70k with a balloon mortgage due in 04/10 on the 70 k our per month income has dropped from 10k to 3k Now what? help!!!!!!!!!!!!!!!!!! Maria” Don’t miss our free Get Out of Debt – “How To” Guide Series on a number of topics, for loads ... Read More »

Jeff Wants to Rob a Bank or Do Something Desperate to Pay His Bills

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“Dear Steve, We’re not in foreclosure only because we pay the mortgage first, but several other bills are way behind, and it was our poor choices and taking loans against the house that got us here. No reputable lender would help us now, and it seems the only way out is to get rid of the house. We don’t want ... Read More »

Sally is Divorced and Ex-Husband Has Stopped Paying Mortgages

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“Dear Steve, Hi, I am hoping for some help. I have read some stuff already on your website regarding this, but my situation is a bit different. My ex-husband and I are divorced for a year, separated for 2 yrs prior to that. In our separation agreement it states that he is responsible for 2 investment properties we have in ... Read More »

Bankruptcy Judges Should Have the Power to Modify Mortgages

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The sagging home values are drawing attention to a gaping hole in bankruptcy protection, the ability for U.S. bankruptcy judges to be able to modify the terms of a mortgage to keep people in their homes that want to pay. A couple of recent article really caught my eye, “Delahunt: Empower judges to modify mortgages” and “A Win-Win Bankruptcy Reform“. ... Read More »

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