| Author |
Message |
Theresa
Guest
0.10 Dollars($)
|
Post subject: loan modifications |
|
|
| Just did a loan modificaton or loan restructure through a Non-profit organization called NACA. Anyone can go to the website Naca.com and get help. The help is free! It did take awhile to do the restructure of our mortgage, but with this place you don't need to be late, or in foreclosure to start a restructuring of your loan. What ever kind of situation you are in they can help. They are advocates for the consumer. They fight against banks who are predatory lenders, subprime, ect... The good news is is that my loan went from $1853.00 a month to 1422.19 a month, mine isn't the best they've done but its good enough for me! They can usually cut your payment down 500.00 to 1000.00 a month. I also had my interest rate reduced from 6.1 percent to 2.88 percent fixed for the remaining life of the loan, 25 years. There was no cost for me to this, no closing, no nothing! The founder of the organization is Bruce Marks, google him and you will find out this is not to good to be true!!!! He wants to save americans their homes and make their mortgages affordable. He calls himself a bank terriorst. He believes that most banks in recent years set mortgages up for failure on purpose, and now thousands of people have lost their homes and bank exec.s got richer. Just check out NACA website you will be glad you did. There is hope. |
|
 |
gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12346
Location: bloomfield, ct
53.01 Dollars($)
|
|
Post subject: |
|
|
that's a nice recommendation for naca, theresa. we know about them and recognize the good work they do, and there have been several commentaries here concerning them.
thanks for the testimony. i suggest you contact naca again and provide them with what you've written here. everyone who is in business enjoys knowing that they've helped someone, and testimonials are an easy way for them to reach out to many more who also will need assistance.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
|
|
|
luz
Guest
0.10 Dollars($)
|
|
Post subject: chapter 13 |
|
|
hi Jessica
I'm thinking about ch. 13 as a good option for me. I have an investment property that is been hard to rent.
My question is who decides the price of the property? I'm talking if they cram down the mortgage.
Thanks
luz |
|
|
anonymous 2010
Guest
0.10 Dollars($)
|
|
Post subject: chapter 13 |
|
|
| If I file chapter 13 do I have to pay back unsecured credit cards. |
|
|
Melissa Marie
Guest
0.10 Dollars($)
|
|
Post subject: loan mods during bankruptcy |
|
|
| Can you only file a motion for an atomatic stay for reasons of loan modification during Chapter 13 bankruptcy. Or can you also with Chapter 7? |
|
|
Melissa Marie
Guest
0.10 Dollars($)
|
|
Post subject: Loan Mods during bankruptcy. |
|
|
| Sorry I worded is impropertly. Can you only file a mfr from the atomatic stay for reasons of a loan modification during Chapter 13 bankruptcy or can you also during a chapter 7? |
|
|
Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
|
|
Post subject: |
|
|
Hi luz,
You can apply for a Chapter 13 bankruptcy. However, before taking any decision, you should contact an attorny and take his opinion in this regard.
To know more about the concept of cram down, you can check out the given page:
http://www.mortgagefit.com/california/ch13-investmentproperty.html
Hi anonymous,
The unsecured debts can get discharged in Chapter 13. Once they get discharged, you won't have to pay your creditors anymore.
Hi Melissa,
An automatic stay will help you in keeping your creditors at bay. They won't come after you while you are in bankruptcy. If you ask your bankruptcy court to remove the stay, the lender can come after you and foreclose the property. Thus, before taking any decision, I would suggest you to contact your bankruptcy attorney and take his opinion in this regard. |
|
|
CONTEJVMOM
Guest
0.10 Dollars($)
|
|
Post subject: |
|
|
| if filing a chapter 13 how much assetts free and clear can a married couple have as we own 3 cars and 1 motor cycle thank you vivian |
|
|
jameshogg
Joined: 20 Dec 2005
Posts: 10162
Location: Nevada
943.92 Dollars($)
|
|
Post subject: |
|
|
Hi CONTEJVMOM,
Chapter 13 helps you in reorganizing your debts. Your trustee won't sell off your property to pay off your creditors. Rather, you would get a payment plan from your creditor which would help you in paying off your debts.
Thanks |
|
|
Mikey
Guest
0.10 Dollars($)
|
|
Post subject: |
|
|
| I have 2 cars I want to get a 3rd and then file for chapter 13. Can I keep all 3 car? |
|
|
Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
|
|
Post subject: |
|
|
| I would suggest you not to buy a 3rd car just before filing bankruptcy. I guess you would be including the cars in your bankruptcy filing. In that case, your car lender would give you a payment plan to pay off the dues. If you pay according to that plan, you would be able to save the cars. |
|
|
Rubie
Guest
0.10 Dollars($)
|
|
Post subject: Is my wedding ring protected in Chapter 13 |
|
|
We are contemplating filing Chapter 13 and live in Colorado. Will my wedding ring be protected in this type of bankruptcy? It's approximate value is $18,000 and is paid in full.
Thank you |
|
|
sara
Moderator
Joined: 05 Jul 2006
Posts: 2645
Location: New Brunswick, New Jersey
488.43 Dollars($)
|
|
Post subject: |
|
|
Hi Rubie,
Chapter 13 helps a borrower in reorganizing your debts. All your assets will be protected under this bankruptcy filing. As far as your debts are concerned, you would get a repayment plan based on your financial situation. Depending upon that plan, you'll have to pay off the loan.
Take care. |
|
|
Lisa N.
Guest
0.10 Dollars($)
|
|
Post subject: income |
|
|
how much do I have to make to still keep my home.? Is there a mortgage to income ratio?
Lisa |
|
|
Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
|
|
Post subject: |
|
|
You will have to make your monthly payments on time in order to keep your property. Depending upon your income, the lender will let you know how much you will be able to afford. You can check out the given calculator to know how much home you would be able to afford:
http://www.mortgagefit.com/calculators/howmuch-afford.html
There is a debt to income ratio which is popularly known as the dti ratio. As far as I know, the dti ratio for conventional loan is 28/36 and for FHA loans, it is 31/43.
_________________
Good is the Enemy of Great. |
|
|
Previous 1, 2, 3, ... 7, 8, 9, ... 20, 21, 22 Next 
