Legal Question in Real Estate Law in Virginia
Mortgage issues
Bought a house two yrs ago, not over the top. Had a subprime mortgage that I was set to refi at the end of the period (2yr) not for seeing the market crash. Now I am being held at much higher standards to refi then I was to even get the original loan ! I lost equity and my credit is now suffering from having to use my savings to make ends meet. Mortgage company told me they would rather have my house then help me..What can I do ??
2 Answers from Attorneys
Re: Mortgage issues
You appear, unfortunately, to be without a remedy, unless you can somehow qualify as one of the 400,000 citizens with subprime mortgage loans whom the recently passed Congressional legislation is intended to assist with the refinance of their loans.
Re: Mortgage issues
Yes, as posted previously, you may qualify for one of the solutions recently enacted into law. Much of thay, however is voluntary. There may be other solutions though and I am puzzled that the lender says it wants the house--unless there is so much equity, even after commission and carying costs. I suggest consulting with an attorney familiar with the foreclosure prevention process.
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