• Answers
  • Web

Is a forensic mortgage loan audit ever useful for a portfolio loan?

Is a forensic mortgage loan audit ever useful in negotiating a loan modification or refinance with a portfolio loan? i've lost a good portion of my income and am saddled with a mortgage that amortizes negatively. it's a pick-a-pay loan from World Savings taken out in 2007. i pay almost $500 to principal above my minimum payment every month and still owe more than the original loan amount, because the loan is front-loaded. For the same money i now pay, i could have a loan that amortizes positively, but the bank--Wachovia--is slow in responding to my hardship letter and request for a change.  Wachovia bought the loan from World Savings and these bad loans sunk Wachovia, so subsequently Wells Fargo bought the loans from Wachovia. These loans were bought at a significantly reduced price, but no sort of break is being passed along to me.  i'm not in arrears or in danger of foreclosure presently, but will have to sell my home in the near future at a greatly reduced price. Is there any help for me that will allow me to remain in my home without owing the bank more than i paid and being sunk financially? when I took out the mortgage I had a credit rating of 803. I bought my home of many years in a divorce settlement. I'm 62 years old.


Share Send to a friend Watch Report
 
 

Posted Answers

No answers were posted yet - be the first one to answer!

Sign in to participate

Got an answer for bbay? Would you like to comment on the posted answers, or vote for the one which you think is the best?

Sign up for a free account, or sign in (if you're already a member).

Explore Related Questions

Other people asked questions on similar topics, check out the answers they received:


Q:

How do you modify your mortgage under obama bailout plan?

If you're unable to manage your mortgage or you're already behind on payments, try negotiating a workout plan with the lender so ...
Submitted by realstubs   9 months ago.
  • viewed 2110 times


Q:

Can the second mortgage foreclose if the first is paid current?

I filed bankruptcy (chapter 7) in 2007. I did not reaffirm my 1st (200,000) and 2nd (52,000)mortgage but have continued to pay ...
Submitted by Dani   1 year ago.
  • viewed 1011 times
Last answer posted 3 months ago by Beck Saffary


Q:

What is mortgage life insurance?

What is mortgage life insurance?
Submitted by hadley   11 months ago.
  • viewed 390 times
Last answer posted 2 months ago by Denise



» More...

Explore Related Posts in Forums

Anyone With A Reverse Mortgage? (balloon payment, foreclosures, mortgage ...

I am wondering if any Arizona people have a reverse mortgage and would like to comment on how it works and if they feel it is a boon or a boondogle. I am somewhat reluctant to listen to the mortgage Azloafer, I am a closing agent in MI, so maybe I can help. A reverse mortgage is pretty much

How to shop for mortgage (mortgage broker, credit report, loans)

For mortgage. I was comparing rates of different banks but they keep on changing everyday. So how do with. After that I have to fill the mortgage application for bank to verify that they are ready to mortgage... Don't stop at prequal - once you've found the right mortgage, get a preapproval - do this BEFORE

Freedom Mortgage/Loancare Complaint - Loancare With Freedom Mortgage Is U...

What kind of mortgage company refuses money? Their intentions are clear....they want our home. Our government lied, Obama lied, the mortgage companies are lying when they say they want to keep people the strength needed to fight Freedom Mortgage for our home!You're welcome. Your situation is nothing
» More...
Powered by
Feed - Subscribe to changes to this Q&A Blog
ADVERTISEMENT
  • Answers
  • Web
Copyright © 2006-2009, Yedda Inc. and respective copyright owners · CC License