If the balance is $350,000 and the house is now worth $200,000 why foreclose instead of re-negotiate the terms of the mortgage? (eg monthly payments/ APR) Because of the credit crunch. They may be a little hesitant to allow a refinance to borrowers. addthis_url = ‘http%3A%2F%2Fwww.ucufutsal.com%2Fmortgage-lenders%2Fwhy-would-mortgage-lenders-rather-forclose-on-an-upside-down-mortgage-than-refinance’; addthis_title = ‘Why+would+mortgage+lenders+rather+forclose+on+an+upside+down+mortgage+than+refinance%3F’; addthis_pub = ”;

If I were to buy a forclosed home for $29,900 and it needed about $10,000 to put it back in good shape, would a lender borrow me the $40,000? I am low income so do not have extra money laying around for the fixing up on a fixer upper. Well, you could as long as [...]

I can understand asking for paystubs, and backup that I have enough to make the down payment I’ve said I’m going to make, but I have a lender who is asking for brokerage statements and two years of tax returns as well. Is this normal? depends on what you do for a living…and if you’re [...]

i.e cover the cost of switching lenders and £40,000 on top. this entirely depends on your level of equity and affordability. 1st off the total including the additional borrowing cant be more then 80%, in the current climate mainstrean lenders will not allow this, niche lenders may, however they will make sure they bleed you [...]

It just seems such a waste and shows some degree of irresponsibility and also vindictiveness on the part of the lender Thanks all for your replies to my puzzling question. I was looking for main contributions to address the UK situation. However, I have decided that Traverse City Agent has the best and most informing [...]

I recently applied for homeowners’ assistance with my mortgagor, and am currently in the foreclosure process. I’m not sure if I’m going to get the loan mod or not. What do banks look for when a homeowner applies for loan modification? I realize that lender practices vary; I’m just looking for general guidelines, because I [...]

Need a low a.p.r on re payment mortgage,cannot consolidate again! http://www.moneysavingexpert.com/ It’s free to use, free of ads You can find everything you need to know about money saving The man who runs it – Martin Lewis, is a consumer god in my opinion. Can you tell us what country you are in as I [...]

I get monthly checks for 2,634 every month that I am going to get for the rest of my life. I also have my job that I work at but it is only part time, plus my fiance’s income. So are lenders going to want documentation or will they consider it? My employement isn’t even [...]

I want to try to qualify for a palm harbor manufactured home and was wondering if when I bring in my SE Tax forms from last year if they would verify them with the IRS. Is it a normal practice of mortgage lending? Or if there is even a way to do this? Yes, they [...]

I’m shopping for a mortgage right now and without calling every single company, is there a way I can find out which ones allow or don’t allow bi-weekly payments? I would love to do this to save on the interest rate and to take off 7 years on a 30yr mortgage. Just wondering if there [...]