Answers (8)
- JoAnna Jensen, "KeepyourhomeCA"
- Contributions:159
Is your attorney going to sue the lender?
Questions to ask:
What "Causes of Action" are they persuing, how often are they successful.
Check the California Bar for complaints and licenses.
What type of sepcialized education have they done to help them win a lawsuit against the lender.
How long ago did you get your neg am loan. If it is longer than 3 years it may be too long to rescind your loan.
How are they charging you?
When an attorney litigates they can charge a retainer which will go in a client trust account and they typically will take the money from the trust account as needed.
As for referals: How many people have they helped and how long has they been doing this type of litigation.
If they are doing Bankruptcy, are they going to attack standing and ownership of your loan.
Also, probably the most important do you have the same lender who originated your loan? Typically the loan is originated by one lender and then assigned to a new lender.
If Fraud was committed on your loan I hope your able to figure it out. Dont expect a home for free, if anyone is pushing that you may want to really consider it. You could possible expect a settlement quickly this would be best for you.
If the attorney files suit then send discovery of the right material typically the lender may want to settle with a new loan that makes sense. Other wise you could end up spending $20,000 or more when your best option is to settle quick..
Best of luck
Questions to ask:
What "Causes of Action" are they persuing, how often are they successful.
Check the California Bar for complaints and licenses.
What type of sepcialized education have they done to help them win a lawsuit against the lender.
How long ago did you get your neg am loan. If it is longer than 3 years it may be too long to rescind your loan.
How are they charging you?
When an attorney litigates they can charge a retainer which will go in a client trust account and they typically will take the money from the trust account as needed.
As for referals: How many people have they helped and how long has they been doing this type of litigation.
If they are doing Bankruptcy, are they going to attack standing and ownership of your loan.
Also, probably the most important do you have the same lender who originated your loan? Typically the loan is originated by one lender and then assigned to a new lender.
If Fraud was committed on your loan I hope your able to figure it out. Dont expect a home for free, if anyone is pushing that you may want to really consider it. You could possible expect a settlement quickly this would be best for you.
If the attorney files suit then send discovery of the right material typically the lender may want to settle with a new loan that makes sense. Other wise you could end up spending $20,000 or more when your best option is to settle quick..
Best of luck
- WilliamJayCulver
- Contributions:5
Thanks for all the advice. I am going to lawyer route but probably avoiding pursuing a loan modification. Been looking at Ribarich Law, Simon and Resnik an another referred to me by a friend Ali Nader. I don't expect people to know those firms but if you do please relay your experiences thank you. Once again my gratitude for your answers.
- Sharon Lewis, "Sharon Lewis"
- Contributions:4238
Talk to a lender and an attorney.I agree with'shapiromg' Just because you walk away doesnt mean there are not going to be ramifications, you may still have a 'tax liability' There have been some new opportunities introduced for homeowners who are underwater, pursue them.
- JoAnna Jensen, "KeepyourhomeCA"
- Contributions:159
Why would this be illegal?
If your home is underwater you MAY have options of reducing principal, with either a short refinance or pra loan mod.
Depending if your current or late on payments.
Your gross income ratio compared to mortgage payment fully amortized.
The first thing you need to do is find our your net present value. If your positive then you should definately go for either a mod or short refi.
The lender cant force you to stay in your home in a loan that could potentially make you loose your entire savings.
if you want to talk about illegal lets talk about what the lenders have done.
Currently the 17 largest lenders have defrauded both their investors as well as us homeowners.
Not only did they sell neg am loans that people could not possibly afford they turned around and packaged and repackaged the subprime securities along with A paper loans to try and make the subprime loans look better.
These investors never would have purchased the loan if they new the real terms, ability to pay and what was the current status of the loans they owned.
Additionally, most homeowners with a negative amortization loan never would have got that type of loan if they new what would happen to the unpaid principal and how much their loan balance would truly grow.
Some neg am loans end up resetting to 90% of their gross income!! good luck paying that.
You need to look at what makes sense for you .
If your home is underwater you MAY have options of reducing principal, with either a short refinance or pra loan mod.
Depending if your current or late on payments.
Your gross income ratio compared to mortgage payment fully amortized.
The first thing you need to do is find our your net present value. If your positive then you should definately go for either a mod or short refi.
The lender cant force you to stay in your home in a loan that could potentially make you loose your entire savings.
if you want to talk about illegal lets talk about what the lenders have done.
Currently the 17 largest lenders have defrauded both their investors as well as us homeowners.
Not only did they sell neg am loans that people could not possibly afford they turned around and packaged and repackaged the subprime securities along with A paper loans to try and make the subprime loans look better.
These investors never would have purchased the loan if they new the real terms, ability to pay and what was the current status of the loans they owned.
Additionally, most homeowners with a negative amortization loan never would have got that type of loan if they new what would happen to the unpaid principal and how much their loan balance would truly grow.
Some neg am loans end up resetting to 90% of their gross income!! good luck paying that.
You need to look at what makes sense for you .
- Patti Omalley, "PattiOmaley"
- Contributions:22
your mortgage company should be able to direct you with all information that can help you.
There also is a program out there for states that are considered to be "hardest hit" believe it or not this program is working. It may be some thing for you to look into. Its called hardest hit.
speak with a few attorneys, then you can make a decision of what is best for you having all information presented to you.
There also is a program out there for states that are considered to be "hardest hit" believe it or not this program is working. It may be some thing for you to look into. Its called hardest hit.
speak with a few attorneys, then you can make a decision of what is best for you having all information presented to you.
- shapiroamg
- Contributions:3136
Modifications are very difficult. I would pursue a short sale or a deed in lieu, but you would be best served speaking to an attorney familiar with these options. Just walking away could open up lawsuits and judgements that may haunt you for a long time.
- WilliamJayCulver
- Contributions:5
Let me clarify my position, my loan payment is $3,200 and we make $3,400 net a month and the loan is a pay option ARM so it will go up even though my rate goes down. It's inevitable that I will be foreclosed upon so would I really be hurt by legal or financial issues more than I am now.
Anyone know any lawyers who ACTUALLY have obtained a modification from any bank? Everywhere I read it's a scam.
Anyone know any lawyers who ACTUALLY have obtained a modification from any bank? Everywhere I read it's a scam.
- shapiroamg
- Contributions:3136
I think you should be consulting an attorney and discussing your options. Just walking away could have some serious legal and financial issues for you. There are options that would allow you to do this in a controlled way.
I would like out of my underwater loan and rent another place. Seems illegal is it?
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.