Close

See current mortgage rates on Zillow Mortgage Marketplace

Profile picture for SantaCruzDream

My investor doesn't participate in the Making Home Affordable Prog. What other options do I have?

I am unable to refinance due to the value drop and need to reduce my interest. 
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 28 2011 - Santa Cruz
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (7)

Try www.naca.com.

Jeff Thomas
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 30 2011
Profile picture for shasta_steve
California is a non-judicial state and that means the bank can take your house without ever going to court.  The courts have pretty much ruled the whole "produce the note" scam won't work here.  I know a guy I golf with recently tried it and was basically laughed at.  At best things like this are only delaying tactics but there are some that work better. 

We are also a non-recourse state and that means if your loan was all purchase money, and you did not already refinance,  they can not come after you for another dime if you stop paying.  Even if you did refinance and only have one loan, they can not pursue you because of California's one action rule for non-judicial forclosures. 

The same guy who tried the "produce the note" route was recently offered $5,000 to move out and leave the house "broom" clean.  This was on top of living mortgage free for over a year.  Ethically it may be a problem for some but financially he will end up much better off than just about any other route he could have taken and way better than if he had tried to short sale. 
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 29 2011
You can request an original certified copy. If they can't produce it then there is a good chance you can get some help as they can't prove the terms of the loan the note shows your interest rate and terms. From what I've read on the internet, some attorneys have indicated this helps the process.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 29 2011
Profile picture for SantaCruzDream
Thanks Marc.  Yes, the lender was open to modification but, it was the investor who was not.  I will look up NACA.

How do I find out if the current paper holder can produce the orginial note or not?
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 29 2011
It sounds like you have already talked with your lender. If you are up side down then someone needs to do a loan modification for you, but the only group I would use for myself would be NACA if your bank (investor) won't. California has seen a large number of modification scams. Check with the California Department of Real Estate before you work with anyone.   

There is another avenue if no one can help and that's legal. If the loan has been sold a couple of times the current paper holder may not be able to produce the original note and that could work to your advantage. 
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 28 2011
If you are doing a refinance, you can do so with anyone; what your current investor offers is not relevant. See a licensed California Loan officer about a HARP refinance to find out if you qualify.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 28 2011
How much do you owe and what is the property worth?
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 28 2011
 
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 115 Clipper Cv, Santa Cruz, CA Home For Sale
    115 Clipper Cv, Santa Cruz, CA 95062

     For Sale: $928,000

    • Beds: 3
    • Sqft: 1926
    • Baths: 3.0
    • Lot: 4791
  2. 619 38th Ave, Santa Cruz, CA Home For Sale
    619 38th Ave, Santa Cruz, CA 95062

     For Sale: $839,000

    • Beds: 2
    • Sqft: 1399
    • Baths: 2.0
    • Lot: 10541
  3. 218 Sheldon Ave, Santa Cruz, CA Home For Sale
    218 Sheldon Ave, Santa Cruz, CA 95060

     For Sale: $998,000

    • Beds: 5
    • Sqft: 2800
    • Baths: 3.5
    • Lot: 8320