My Husband and I Bought a Condo in Los Angeles in 2007 with 100% Financing. (Oh, No!) – Beatrice

Beatrice “Dear Steve, My Husband and I bought a Condo in Los Angeles in March 2007. Terms were 80/20 loans each interest only for first 10 years. We did not put any money down. The value of our Condo has dropped more than 100k (per comparables mainly of short sales in the same building(yes, there … Read more

I Am 3 Months Behind on My Mortgage Payment of My Rental Property. – Janis

Janis “Dear Steve, I am 3 months behind in my mortgage payment on my rental property. My husband was laid off but now employed. I want mortgage Co. to rewrite loan to fixed, now at variable and cannot afford a higher rate come May. With a lower payment and tack the arrears on the end … Read more

Government Avoid Foreclosure Loan Modification Open for Refinancing

It is important to note that this loan refinancing program is NOT designed for people that are behind or delinquent on their mortgages. You will have to contact your loan servicer and see if you are eligible for help under the Home Affordable Modification part of the program. To participate in the government backed loan … Read more

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

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 … Read more