Legal Question in Real Estate Law in California
Was I given the wrong kind of loan?
In 2006 I refi'd my home for $150,000 @ 6.37%. It was a noncof. Jumbo loan 30 fixed.
I saw an article on CNNcom about �Who's not eligible (Feburary 18 2009) for loan modifications. Homeowners whose property values have dipped severely, putting them underwater by more than 5% are out of luck.
Those with ''jumbo'' mortgages also don't qualify - only those with ''conforming' mortgages do. To be absolutely sure what kind of loan you have, you need to check with your servicer or lender after March 4. But in general, until the past year, loans above $417,000 were considered jumbo mortgages, and Fannie Mae and Freddie Mac were not allowed to buy and guarantee them. �
My house is valued at $195 and I have a 2nd for $30k. Realtors have been reluctant to give me info. I can't find any websites that cover my question. My lender is Couyntrywide & they turned me down for loan mod B4 March 4 (I was not aware then the kind of loan I had). The CNN article has me concerned that I will automatically be turned down for a loan mod. My expense is $2122 mo(incl $965 house pmt) & income $1950. I'm just asking CW for a little adjustment and they said no.
Should I not have been given a Jumbo loan for an amount under $400k? Recommendations? Websites?
3 Answers from Attorneys
Re: Was I given the wrong kind of loan?
There is no form available for this. I am a lawyer and a real estate broker -- i.e., a real estate attorney and I do specialize in loan modifications and actually initiating suit against lenders for predatory loans, truth in lending, and other issues. I negotiate loan modifications and can likely assist you for a reasonable fee. Sometimes, if the violations are bad enough, we can completely negate the loan. Contact me to schedule an appointment and thank you for your consideration.
Christopher Brainard, Esq.
310.266.4115
Re: Was I given the wrong kind of loan?
Lenders are getting to the point they will not even talk to borrowers directly, only attorneys. Feel free to contact me if serious about getting legal help.
Re: Was I given the wrong kind of loan?
I'll throw in my two cents behind Attorneys Brainard and Nelson. You need to have an attorney review your loan very carefully, and filing an action for predatory lending is generally not going to be something an un-represented person can do. You need to remember that lenders have a lot of money to spend on attorneys, and they will bury you in court. Consult with an attorney who knows what they are doing, and can help get you assistance. Similar to Attorney Brainard, I have been a license real estate broker in addition to being an attorney since 1998, and I have never seen the kind of loan fraud and deceit in those 11 years like I have in the past 12 months! Give someone a call to go through this with you.
*Due to the limitations of the LawGuru Forums, The Gibbs Law Firm, APC's (the "Firm") participation in responding to questions posted herein does not constitute legal advice, nor legal representation of the person or entity posting a question. No Attorney/Client relationship is or shall be construed to be created hereby. The information provided is general and requires that the poster obtain specific legal advice from an attorney. The poster shall not rely upon the information provided herein as legal advice nor as the basis for making any decisions of legal consequence.
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