Mortgage Refinancing


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Mortgage Refinancing


 

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Mortgage paid off? Is this real?
My friend was trying to get her mortgage refinanced. In the midst of sending in the required documents she received a letter stating that her mortgage has been paid in full!!! After spending almost a month of leaving messages with various people at the mortgage co to get some clarity, today she was told that because the value of her home has decreased significantly, her mortgage has been forgiven as of 1/6/2011 and that she will be receiving a 1099 for the amount that was charged off! Is this real? She is very nervous right now.

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Has anyone gone on a 1-year refrain from adding any new debts?
I have gone since last October, it is now March, so in 6 months I have added no new debts (no new mortgages, refinancing, store charge cards, anything on credit, new collection agencies, taxes, automobile loans, student loans, etc. This is really hindering me on some things, but I am trying to switch to a cash only system, since I know many who live friends who live with a cash only system. It seems like everything in America is geared toward putting people in debt, but I may be just judgmental. Is anyone else having any success switching to a cash-only system. Many of our country's rich live mostly this way, interestingly enough. I think the whole credit system is there for you to end up losing and for banks and their allies (and anyone peddling financing options on you) to gain. I say "just say no", debt and interest is like a bad drug.....

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Foreclosure / Same Lender for First & Second Mortgage / Deficiency Judgment / Second Mortgage Refinanced?
This is for my primary residence in California. My first & second mortgage (80/20) purchase money loan are with the same lender. I never refinanced the first mortgage, but I did refinance the second (HELOC) loan. I am now considering foreclosure due to financial hardship. My question is: 1. Does the One Action Rule prevent the lender from seeking a deficiency judgment on the HELOC loan? 2. Based on past trend, for the HELOC which becomes unsecured debt, is there a certain specific percentage that the lender generally settles for with the borrower e.g. a certain most likely percentage of the amount. Thanks.

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Mortgage Refinancing News


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Mortgage Rates Match All-Time Lows; "Wall" Begins Cracking - Mortgage News Daily


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Keys to Mortgage Financing & Refinancing (Barron's Business Keys)
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