mortgage: MY HOME WAS DEVALUED 38% BY A DRIVE BY BPO
- 01/28/09 06:42 AM
I am soooo mad!! I just opened my Equity Line statement, and found that the Mortgage Company had lowered my equity line by 65%. I have never been late, have only used it a few times, and had just paid it off. I had used it to buy a HUD home and rehab it. Financed the home and paid off the equity line. So, I called the Mortgage Company to find out what was going on? I was told that it was reduced due to the “Declining Economic Conditions”. They had a BPO done and they had devalued my home by … (1 comments)
mortgage: WHAT IS OUR MONEY BEING USED FOR?
- 11/07/08 11:56 PM
I was watching the news this morning and saw a report on home foreclosure. This young couple bought their first home two years ago. At that time, they were both working. He lost his job. They, of course, fell behind. They contacted their mortgage company, Chase, to see what could be worked out. Chase suggested forbearance, but they were turned down because of the husband not having a job. He did find another job. They managed to save a little less than $2000. They contacted Chase again, and were told they owed about $2000 in arrearage plus another $2500 in legal … (0 comments)
mortgage: Tired of Doom & Gloom!!
- 10/09/08 04:11 AM
Every time you turn on the television or the radio, you hear about people who can't get car loans or can't get financed for mortgages. Doom & gloom all the way! I understand that there is a problem with conventional loans, but government loans are still going thru. I was informed that it was difficult to get investment financing. I just did a cash-out refinance on one of my rental properties. Other than the fact that, because of the declining real estate market, I had to do a 75% LTV instead of the 80% LTV that I wanted, I didn't really … (13 comments)
I am soooo mad!! I just opened my Equity Line statement, and found that the Mortgage Company had lowered my equity line by 65%. I have never been late, have only used it a few times, and had just paid it off. I had used it to buy a HUD home and rehab it. Financed the home and paid off the equity line. So, I called the Mortgage Company to find out what was going on? I was told that it was reduced due to the “Declining Economic Conditions”. They had a BPO done and they had devalued my home by … (1 comments)
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