Finally, with regard to your last question about future reverse mortgages, HUD will not allow a borrower to get another reverse mortgage as long as there is a loss outstanding on a prior account. In other words, if you had one reverse mortgage that resulted in a paid in full account, you can always get another reverse mortgage at a later date.
Walking away from a mortgage should be the absolute last resort. against the benefit of not having an upside down loan on your hands.
Marquita Shealey is having tough time after the Lithonia house she bought lost more than half its value in two years. The loss put the 29-year-old first-time buyer in the same position as about 70.
The mortgage industry is buzzing about HARP 2, the revamped federal. the goal of allowing homeowners who are seriously upside down on.
Loans go upside down when the item you buy loses value faster than the loan balance decreases. For example, a brand new car might cost $25,000. A few years later it might only be worth $15,000. If you owe more than $15,000 on the loan, you have an upside-down loan.
There are options to pursue if you have an upside-down mortgage with an uncooperative lender. Before walking away from the property, establish your financial situation and whether you can still afford.
Monrovia, CA – Former City Manager Scott Ochoa took out a $275000 loan from the city to purchase a home in Monrovia in 2004 and is asking.
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· An upside-down mortgage is a mortgage for which the homeowner owes more on the mortgage than the home is worth. According to a report on the CBS TV "Early Morning Show" on March 10, if house prices fall another 10% nationally, 20 million households will be in an upside-down.
Being upside down on a car loan is akin to being underwater on a mortgage, in that the asset securing the debt is worth less than the loan. Say that you owe $20,000 on a car now valued at $18,000.
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