Comments on: Second Mortgages Undermining New FHA Bailout Law

By: FRED Schmidtt

FRED Schmidtt — Mon, 01 Dec 2008 21:05:08 +0000

If i have a second and third mortage on my property that put me upside down can i file a Chapter 13 and have them removed? What are the requirements and restrictions for this?

By: Harry Tran’s Daily 101 » Blog Archive » Housing August 18, 2008

Harry Tran’s Daily 101 » Blog Archive » Housing August 18, 2008 — Mon, 18 Aug 2008 06:01:15 +0000

[...] at double-digit inflation as early as 2009 Second Mortgages: Why Absolve Consumers for Stupidity? Second Mortgages Undermining New FHA Bailout Law America’s Fiscal Crisis: Tough Decisions Needed Now Home Equity Frenzy Was a Bank Ad Come [...]

By: Fabian Gonzales

Fabian Gonzales — Fri, 15 Aug 2008 21:23:43 +0000

“A provision added during final negotiations on the bill will allow second lien holders to share in a portion of future appreciation on the property.”

What future appreciation? Once your house is back in the money, wouldn’t you sell it, and buy a new one, so you can keep 100% of any future appreciation without having to share with the US government and your bank?

Or am I missing something?

By: Kip

Kip — Thu, 14 Aug 2008 19:34:44 +0000

This would explain the massive PUT option buying in WFC (Wells Fargo) at the September 29 strike. Open interest is 75% taken.

By: od

od — Thu, 14 Aug 2008 17:34:22 +0000

Hey Mr. Mortgage,

Did you ever figure out how to post images?
I have more in the works if you are interested.
We really need to put an face on this disaster coming.

BTW, I remember a post you had on the FHA Bailout law passed regarding HOA fees. Isn’t there a law that will make sure the Lender pay the HOA fees? Can you help me find that clause?

By: mag

mag — Thu, 14 Aug 2008 17:26:32 +0000

Thanks for the info. I looked it up and it says you can only Lien Strip with a chapter 13 bankruptcy.

By: admin

admin — Thu, 14 Aug 2008 17:10:28 +0000

its called ‘lein stripping’ and yes there are ways to do it.

By: mag

mag — Thu, 14 Aug 2008 16:32:41 +0000

I have a question, if a HELOC becomes unsecured due to property values dropping, then if someone files for bankruptcy can they keep their home and discharge the debt of the HELOC?

By: admin

admin — Thu, 14 Aug 2008 16:01:13 +0000

They are listening to Realtors? Guys Fannie just said they had 54k units they were thinking about bulking out…do you think all that is listed? Not.

The banks list the diamonds with realtors, not the homes that need light or heavy rehab or have health and safety violations. They also try not to list the ones they are too upside down on because ont heir balance sheet they can mark the ‘asset’ at whatever they wish and when they sell for 50% of the original note amount or 30% less than they bought it back from the auction for, it creates a write down.

The shadow inventory is real.

By: idrnkurmlkshk

idrnkurmlkshk — Thu, 14 Aug 2008 15:15:50 +0000

About time. These loans are JUNK.
I mean it’s not even a real loan!

It’s based on hypothetical,speculative, subjective, estimations.

I have one with BOA, but never used it. I guess I never will now.

On a side note, I’m relatively young but I remmember years ago when I started to learn about loans, and credit..I was completely baffled. I never understood how so much money (mostly based on nothing)could just be lent out so easily.

Loans are the only thing propping up our lifestyles, businesses, eductions and sadly our country.

I really can’t wait to see the new movie I.O.U.S.A.