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New law to bring the loan amount of the home to the actual appraised value?

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kalig101 Joined: 13 Oct 2008 Posts: 2 1.68 Dollars($)	Posted: Mon Oct 13, 2008 8:30 pm    Post subject: New law to bring the loan amount of the home to the actual a Like 0 Dislike 0 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 $500k. Something along those lines. Is this true? I live in CA. Don't know if that matters. Thanks.
smithsussane Joined: 18 Sep 2008 Posts: 10423 Location: Alaska 983.47 Dollars($)	Posted: Mon Oct 13, 2008 11:48 pm    Post subject: Like 0 Dislike 0 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&_sche ma=PORTAL Feel free to ask if you have further queries. Sussane
jerry Moderator Joined: 17 Oct 2005 Posts: 2708 Location: MICHIGAN 429.63 Dollars($)	Posted: Tue Oct 14, 2008 1:56 am    Post subject: Like 0 Dislike 0 Hi kalig! Hope For Homeowners is the only law which has come up regarding mortgage in the recent past. I think you are speaking about that. You can visit the link given by Sussane. I think that will help you. Thanks, Jerry
Jessica Community Mentor Joined: 08 Jun 2004 Posts: 808 Location: OHIO 438.41 Dollars($)	Posted: Tue Oct 14, 2008 5:13 am    Post subject: RE: new CA mortgage law Like 0 Dislike 0 Hi Kalig, It's true that there's a new mortgage law being enforced in California in order to help people avoid foreclosure. As per the new law, lenders in CA will contact homeowners and wait for 30 days prior to filing foreclosure notices. The lenders will offer loan modification so that borrowers can pay off their mortgages. Under the new CA mortgage law, the loan modification will involve large amount of reduction in the principal loan balance. Lenders may even extend the teaser rates that have led to the foreclosure crisis especially in case of ARM borrowers. I suggest that you consult your lender and check if you can avail the principal reduction. Regards, Jessica. _________________ http://jessica.mortgagefit.com/
kalig101 Joined: 13 Oct 2008 Posts: 2 1.68 Dollars($)	Posted: Tue Oct 14, 2008 10:14 am    Post subject: Another question Like 0 Dislike 0 THANKS SO MUCH for your responses! Greatly appreciate it. And so what if my first loan currently for the exact amount of the home BUT I have a second loan from a private person. Is there anything I can do about that?
Niicss Joined: 03 Oct 2005 Posts: 4831 Location: New Jersey 508.39 Dollars($)	Posted: Wed Oct 15, 2008 3:45 am    Post subject: Like 0 Dislike 0 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. _________________ Good is the Enemy of Great.
Sherry Guest	Posted: Wed Oct 15, 2008 2:49 pm    Post subject: Like 0 Dislike 0 OH SHUCKS, that sucks.
jameshogg Joined: 20 Dec 2005 Posts: 10460 Location: Nevada 987.57 Dollars($)	Posted: Wed Oct 15, 2008 11:53 pm    Post subject: Like 0 Dislike 0 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.

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