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second mortgage
Congressman Barney Frank, the chairman of the House Financial Services Committee, sent a letter last week to the to chief executive officers of Bank of America, Citigroup, J.P. Morgan Chase and Wells Fargo, the four biggest US banks urging them in “the strongest possible terms to take immediate steps to write down these second mortgages.”
By Paul M. J. Suchecki
Tags: Loan Modification, mortgage advice, mortgage refinance, refinancing...
3 CommentsIf you are severely underwater, you might be able to convince the second mortgagor to release the lien and turn the loan into an unsecured personal loan.
Under new guidelines, mortgage lenders would be eligible for government incentives if they allow borrowers to sell their homes at a loss. These short sales are less costly and time consuming compared to foreclosures.
Although the main thrust of the Obama Affordability Plan is to keep homeowners in their homes, this change is a recognition that [...]
When first launched last month, the Obama foreclosure plan was geared to deal with primary mortgages, but according to Credit Suisse Group, about half of badly delinquent borrowers also carry a second home loan. With falling equity, these borrowers have been placed in an untenable position. Now the Obama Plan is poised to help with [...]
mortgage fraud reverse mortgage personal finance Deficiency Judgment Default Nationwide Mortgage Licensing System credit cards Short-Fi Jumbo Loan second mortgage Loan Default Short Sale bankruptcy Loss Mitigation Conforming Loan mortgage first time home buyer tax credit Loan to Value Uncategorized Upside Down unemployment Real Life Stories Obama Financial Reform Obama Housing Plan Falling Home Value Refinance Lenders home value Credit Mortgage Revision economic news Loan Modification Foreclosure Help
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