Comments for The Truth About Mortgage.com

Comment on Bank of America Has a Waiting List to Refinance by MortgageMagician

MortgageMagician — Tue, 14 Feb 2012 01:38:59 +0000

just read fnma SEL 2011-12.. Says DU update for new rgs not happening till March 2012. Seems old rules still aply. Is that why you are not getting DU Approval? Just wondering.

Comment on Do I Qualify for the National Mortgage Settlement? by virginia navarro

virginia navarro — Mon, 13 Feb 2012 19:52:29 +0000

I would to know if Bank of America really help those troubled homeowners especially if they are underwater

Comment on Do I Qualify for the National Mortgage Settlement? by Rudy

Rudy — Mon, 13 Feb 2012 17:52:51 +0000

In normal market circumstances I’m sure borrowers can go out and get ‘fair’ loans. But more than 95% of people who borrowed money during the Housing boom in the last decade, did it because they didn’t understand the terms of the fraudulent loans they were getting into. David and Tania, don’t be so selfish and think that everyone took advantage of the system. They didn’t because they wanted the American dream, not to take advantage of the system. It was the other way around, the system took advantage of them.

Comment on Estimated 600,000 Bank Owned Properties Not on the Market by Dan Daniels

Dan Daniels — Sun, 12 Feb 2012 17:10:16 +0000

I am currently looking for a rural home to move into. I have found many, many homes that have are bank owned, and have been empty for some time, the properties are not on the market. Don’t the banks realize the longer the houses set empty the more mold an rot sets in and the less and less the properties are worth. The banks are loosing money by the houses value are going down just by constant deteriation. I would like to purchase a particular one, I am unable to find the bank that owns the house. I have the money setting in the bank, whats wrong with the banks?

Comment on Do I Qualify for the National Mortgage Settlement? by Tania Hernandez

Tania Hernandez — Sat, 11 Feb 2012 06:16:52 +0000

I agree with you David. It’s not fair to all the responsible borrowers out there who paid their mortgages and didn’t go out on lavish vacations and purchase fancy items. It’s allways the good consumers who get screwed! We always have to pay for those who are irresponsible!
What about those whose loans were modified via Hamp due to declines in their incomes, but yet are still underwater…do they qualify?? Or once again is it for those who don’t pay their mortgage who get help…mmmm makes me wonder!

Comment on Chase Launches Loan Modification Program, Halts Foreclosures by Paula Maurins

Paula Maurins — Sat, 11 Feb 2012 00:21:10 +0000

Chase aquired Wa mu’s pay option arm portfolio several years ago…..not last month as you say on your site. I had two of them!!! One you wouldn’t mod. so I had to shortsell and this one I am in is working out the same way!!! I don’t want to shortsell my house….I wanna save it!! Please!!

Comment on Do I Qualify for the National Mortgage Settlement? by David Noname

David Noname — Fri, 10 Feb 2012 22:55:07 +0000

It’s not fair game. First, goverment rescued big banks and now they are saving borrower’s who took out home equity to buy expensive stuff….
It’s still unfair game.
I should have gotten home equity loan to buy another car and expect goverment to pay off my equity line.
it is still not FAIR!!!!!

Comment on Bank of America Has a Waiting List to Refinance by Chris

Chris — Thu, 09 Feb 2012 21:48:43 +0000

We and every broker we know are finding HARP 2 loans very difficult to get approved through DU. I have a borrower with 31 mos reserves, 751 FICO and a 27% DTI and a 110%/123% CLTV and we can’t get it approved. Underwriters are telling me they are seeing even better borrowers than that be declined. Friendly competitors are telling me the same story. I think you have to be Warren Buffet to qualify for a HARP2 refi.It’s another Obama election year farce. Programs there but even if you are miles inside the stated guidelines you can’t get an approval.

Comment on 20-Year vs. 30-Year Mortgages by Chris

Chris — Thu, 09 Feb 2012 18:10:21 +0000

I refinanced my Wells Fargo 30 year mortgage from 6.5% to my credit union 20 year mortgage at 4.2%, paying now about $80 less a month and saving a huge amount of interest in the long run! I shaved 5 years from my mortgage sentence with no points or closing costs, and no prepayment penalties. Shop around.

Comment on 20-Year vs. 30-Year Mortgages by William M. Jacobs

William M. Jacobs — Thu, 09 Feb 2012 01:20:53 +0000

The author is correct as far as he goes, but he neglects to share the additional option that the 30 year fixed rate loan as well as most other loan programs also allow for a partial pre-payment. Therefore, a borrower can add whatever they feel they can afford each month or whenever they have additional resources and reduce their principal balance accordingly.