Posted on: 13th Oct, 2008 08:30 pm
I hear from a coworker that there is a new law that passed that enables a lender to revise a current loan on a home to the actual appraised amount of the home. Say I owe $600k, but the house is only currently worth $500k, if I qualify, then the lender can bring down the price to $500k. Something along those lines. Is this true? I live in CA. Don't know if that matters.
Thanks.
Thanks.
hi kalig!
welcome to forums!
i think you are speaking about "hope for homeowners". this is a new law which has been effective from 1st october. this law will be of great help for those who are at risk of default and foreclosure. this law will help them to refinance into more affordable, sustainable loans.
you can check the following link to know more:
http://portal.hud.gov/portal/page?_pageid=73,7601299&_dad=portal&_schema=portal
feel free to ask if you have further queries.
sussane
welcome to forums!
i think you are speaking about "hope for homeowners". this is a new law which has been effective from 1st october. this law will be of great help for those who are at risk of default and foreclosure. this law will help them to refinance into more affordable, sustainable loans.
you can check the following link to know more:
http://portal.hud.gov/portal/page?_pageid=73,7601299&_dad=portal&_schema=portal
feel free to ask if you have further queries.
sussane
Hi kalig!
Hope For Homeowners is the only law which has come up regarding mortgage in the recent past. I think you are speaking about that. You can visit the link given by Sussane. I think that will help you.
Thanks,
Jerry
Hope For Homeowners is the only law which has come up regarding mortgage in the recent past. I think you are speaking about that. You can visit the link given by Sussane. I think that will help you.
Thanks,
Jerry
THANKS SO MUCH for your responses! Greatly appreciate it.
And so what if my first loan currently for the exact amount of the home BUT I have a second loan from a private person. Is there anything I can do about that?
And so what if my first loan currently for the exact amount of the home BUT I have a second loan from a private person. Is there anything I can do about that?
Hi kalig!
If you have taken the second loan from a private lender, I don't think you will get any facility from the new law.
Thanks.
If you have taken the second loan from a private lender, I don't think you will get any facility from the new law.
Thanks.
OH SHUCKS, that sucks.
Hi Sherry!
I can understand that you are upset with that. But I will suggest you to contact the lender once and check with him.
Thanks.
I can understand that you are upset with that. But I will suggest you to contact the lender once and check with him.
Thanks.