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mortgage security
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iseedit
Posted 3/1/2015 15:17 (#4423123 - in reply to #4423106)
Subject: RE: mortgage security



central - east central Minnesota -

a4t-1600 - 3/1/2015 15:06 had a friend that bought a house in FLA for a second residence. When the market crashed they did what I would call a margin call on the property and he had to cough up about 100k to keep it. He ended up getting it covered but had to sell his business. HE would never tell me if it was a interest only loan which I suspected. On interest only loans they do that because the appraised value drops to a extent they are no longer secured with the property. The other ones I have seen were interest only loans that the people should of never bought in the first place. Your people here can refinance this house if they aren't upside down and negate this or if they are upside down they might need to consider there options with legal council;

I agree - legal council -

If upside down . . ..  may have to consider additional collateral or "catch up" pymt (or pymts) to bring the loan up to current terms (what ever can be worked out with mortgagor).
That's the issue with many of the "upside down" collateral loans out there, the mortgage house's, are now out of compliance and need to bring the loans into compliance (per lending regulations) -

Shameful, people able and willing to make payments and are current - but, balloon is due and refinance is necessary. It sounds as if, in the OP's post, the mortgage company has a possible way out, just requires more pymt to "catch up" with what the real value is on the property . . . . . . .

As posted - the devil is in the details (comb through the contract papers), with experienced legal council ~

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