Location: Refinance Upside Down Mortgage Home

Discussion: Anyone need Help!Reported This is a featured thread

Category: Discussion Forum / General Discussion
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bb7400
Anyone need Help!
Jan 13 2009, 3:48 PM EST | Post edited: Jan 13 2009, 3:48 PM EST
Let me know I am here to answer all your questions about Refinancing an Upside Down Mortgage and/or Loan Modification 2  out of 2 found this valuable. Do you?    
MarinaMayhem
MarinaMayhem
1. RE: Anyone need Help!
Mar 2 2009, 4:01 PM EST | Post edited: Mar 2 2009, 4:01 PM EST
Howdy. Got a question for you. I'm current on my mortgage payments, but purchased my home in late 2007. It is now upside down, in that it is worth $100,000 less than what I paid for it. Contacted my mortgage lender (Bank of America). Got the early runaround from them then they agreed to send me some Loss Mitigation paperwork to fill out (still waiting on that). What are the chances of me being able to readjust my current loan to a lower interest rate and thus lower monthly mortgage payment? My debt/income ratio is well over 38% when factoring in living expenses. Do you find this valuable?    

bb7400
2. RE: Anyone need Help!
Mar 3 2009, 12:05 AM EST | Post edited: Mar 3 2009, 12:05 AM EST
Hi MarinaMayhem!

Well given your situation it would be best for you to reevaluate your debt ratio using the criteria found in this article. http://brentlane.wordpress.com/2008/11/04/hope-for-homeowners-calculating-your-debt-to-income-ratio-to-qualify/

The reason this is so important is because the only expenses considered will be your mortgage payment which included taxes, insurance and any supplemental taxes or insurances!

Hopefully your loan was evaluated and BofA Determined you were eligible for a Loan Modification.

Does that help?
Brent
 Do you find this valuable?    
MarinaMayhem
MarinaMayhem
3. RE: Anyone need Help!
Mar 5 2009, 12:13 PM EST | Post edited: Mar 5 2009, 12:13 PM EST
"Hi MarinaMayhem!

Well given your situation it would be best for you to reevaluate your debt ratio using the criteria found in this article. http://brentlane.wordpress.com/2008/11/04/hope-for-homeowners-calculating-your-debt-to-income-ratio-to-qualify/

The reason this is so important is because the only expenses considered will be your mortgage payment which included taxes, insurance and any supplemental taxes or insurances!

Hopefully your loan was evaluated and BofA Determined you were eligible for a Loan Modification.

Does that help?
Brent
"
Still waiting on said "paperwork" from BofA. Do you find this valuable?    

whyinsure
4. RE: Anyone need Help!
Sep 9 2011, 6:38 AM EDT | Post edited: Sep 9 2011, 6:39 AM EDT
Income Protection Insurance (Income Cover): http://www.whyinsure.com.au/income-cover.html
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Not only do you need to consider the different policy types but also the different benefit periods, waiting periods, disability definitions and taxation issues.
[url="http://www.whyinsure.com.au/income-cover.html"]Income protection Insurance[/url]
What is Income cover?
Income Protection Insurance pays a monthly benefit while you are unable to work as a result of injury or illness. Many income protection policies will cover up to 75% of your gross salary if you are totally or partially disabled. Do you find this valuable?    

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