Sometimes my job is very fulfilling. Today, we finalized a modification plan for a client. 4 months ago she was about to be foreclosed on and lose her home and now she is back in good standing, the bank lowered her interest rate, and her payment is $200 less a month.
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LawyerLady
I can explain it to you, but I can't understand it for you.
Yay! Satisfaction for a job well done is priceless. I bet your client is thrilled and very thankful for all you have done for her. Wear your smile proudly today.
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I drink coffee so I don't kill you.
I quilt so I don't kill you.
Do you see a theme?
Faith isn't something that keeps bad things from happening. Faith is what helps us get through bad things when they do happen.
That is great LL. I have friend in a bad situation. She bought her house and was talked into a home equity line to make up for the 20% down. They too were almost foreclosed on but were able to refinance the mortgage because she was out of work for awhile due to having cancer. However, they would not include the home equity line in the refi. The payment is due in about 3 years. It will be about 50K She can't pay that and will lose the house if she is unable to refi again and fold in the equity line. They are great people and I wish I could help them. but I can't.
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Sometimes you're the windshield, and sometimes you're the bug.
That is great LL. I have friend in a bad situation. She bought her house and was talked into a home equity line to make up for the 20% down. They too were almost foreclosed on but were able to refinance the mortgage because she was out of work for awhile due to having cancer. However, they would not include the home equity line in the refi. The payment is due in about 3 years. It will be about 50K She can't pay that and will lose the house if she is unable to refi again and fold in the equity line. They are great people and I wish I could help them. but I can't.
If she continues to make the payments, they will likely modify and extend it. There won't be any equity there worth foreclosing over.
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LawyerLady
I can explain it to you, but I can't understand it for you.
That is great LL. I have friend in a bad situation. She bought her house and was talked into a home equity line to make up for the 20% down. They too were almost foreclosed on but were able to refinance the mortgage because she was out of work for awhile due to having cancer. However, they would not include the home equity line in the refi. The payment is due in about 3 years. It will be about 50K She can't pay that and will lose the house if she is unable to refi again and fold in the equity line. They are great people and I wish I could help them. but I can't.
If she continues to make the payments, they will likely modify and extend it. There won't be any equity there worth foreclosing over.
In an equity line there are no set payments.
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Sometimes you're the windshield, and sometimes you're the bug.
That is great LL. I have friend in a bad situation. She bought her house and was talked into a home equity line to make up for the 20% down. They too were almost foreclosed on but were able to refinance the mortgage because she was out of work for awhile due to having cancer. However, they would not include the home equity line in the refi. The payment is due in about 3 years. It will be about 50K She can't pay that and will lose the house if she is unable to refi again and fold in the equity line. They are great people and I wish I could help them. but I can't.
If she continues to make the payments, they will likely modify and extend it. There won't be any equity there worth foreclosing over.
In an equity line there are no set payments.
They have to be making at least interest payments. And normally, a HELOC will be an open line of credit, interest only payments, but if you pay it back, you can re-draw it. Then, after 10 years, it "closes" and goes on a repayment schedule. At least, that's how they do them here.
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LawyerLady
I can explain it to you, but I can't understand it for you.
That is great LL. I have friend in a bad situation. She bought her house and was talked into a home equity line to make up for the 20% down. They too were almost foreclosed on but were able to refinance the mortgage because she was out of work for awhile due to having cancer. However, they would not include the home equity line in the refi. The payment is due in about 3 years. It will be about 50K She can't pay that and will lose the house if she is unable to refi again and fold in the equity line. They are great people and I wish I could help them. but I can't.
If she continues to make the payments, they will likely modify and extend it. There won't be any equity there worth foreclosing over.
In an equity line there are no set payments.
They have to be making at least interest payments. And normally, a HELOC will be an open line of credit, interest only payments, but if you pay it back, you can re-draw it. Then, after 10 years, it "closes" and goes on a repayment schedule. At least, that's how they do them here.
Thanks. They are financially ignorant and need guidance and I want to help. given when they bought the property, by now the value must have recovered, If they could just consolidate the loans they would have a much better cash flow situation but they can't consolidate due to the rules on the refi of the mortgage. I think their only chance is to rifi the equity. She is self employed so that makes it tough but her husband has a regular job.
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Sometimes you're the windshield, and sometimes you're the bug.
