Downey Real Estate, Mortgages and Community News
If your loan is being serviced by one of the above mentioned banks there is an event ending on tuesday 7/20 aimed to help struggling homeowners.
Loan advisors will offer counseling for owners who are applying for loan modifications and for people who can’t afford their homes and need to apply for a short sale.
The event is being held at the Hilton Orange County at 3050 Bristol St., begins Friday and runs through Tuesday, July 20. The hours are 8 a.m. to 8 p.m.
Downey EMC, WAMU and CHASE loan customers can walk in their loan modification or short sale request.
If your Downey home loan needs a modification, or if you need to apply for a short sale LA County has 5 homeownership centers that can assist you in your requests.
Should you attempt a Loan Modification for your Downey Home?
In a previous post we discussed the HAFA program and how it can help you with your Downey distressed home.
Now let’s discuss the realities of attempting a loan modification. The Obama Program, or HAMP, was supposed to help millions of homeowners keep their home. Sadly this has not been the case.
Just a few notes before you see the video:
Did you know that if your Downey Home has already received a Notice of Trustee Sale, and it was postponed because you applied for a loan modification for example – the bank can simply sell the home without sending another notice? That’s why you must keep in contact with your bank.
Banks perform a financial analysis to see what makes more financial sense: Loan modification, approve a short sale, or foreclose on the home. Should you perform a similar analysis for yourself and your Downey Loan?
Let’s see Patty Kelly and what she has to say:
When short selling your Downey home you must be aware that banks are starting to sue over owed balances on HELOCs. Here we discuss what can be done to prevent this from happening when short selling your Alhambra Home. http://Themortgagespin.com
This has been the common feeling among most of us when buying our home right? School is out for the kids, the weather is great, nighttime is not until later. Guess what: You’re right.
You are right that if you feel it’s the right time it will be. It could be November or June. The point is if you are ready, then it IS the right time to buy your Downey home.
So let’s back up your emotional certainty with cold hard logic:
1. The interest rates are STILL at historic lows.
2. Home prices are STILL low.
However at the end you know it’s not about that. It’s about you wanting to buy your Downey home.
Downey Real Estate: Banks have quietly been selling off 2nd mortgages to collection companies. If you short sold your home or had a foreclosure be prepared. Read the article here.
When you are going to purchase a Home in Downey do your due diligence and make sure you have the right mortgage before you buy your Downey Home. Read the Article here.
In this video we will see how NOT to be like Edwin and use a bankruptcy to stop the sale of your home. – Downey Real Estate – http://TheMortgageSpin.com
Read the full article of the Merryl Lynch exec that used a bankruptcy to stop the foreclosure sale of his $14M home here.
