	AllExperts > Real Estate Home Mortgages
	Search

About Joe Almirantearena
Expertise
I can provide all the mortgage information you need to make an informed decision about obtaining a mortgage in California.

Experience
I've been working in the Mortgage industry for ten years, helping people throughout California, with all types of credit, employment, and rental histories, secure home financing for purchase and refinance. I have dedicated my website to provide FREE mortgage and real estate information to California residents. Visit http://www.findmyloanonline.com
Publications
Fresno Famous

Education/Credentials
California Department of Real Estate

You are here: Experts > Shopping > Home Buying/Selling > Real Estate Home Mortgages > Charge-off issue

Real Estate Home Mortgages - Charge-off issue

Expert: Joe Almirantearena - 11/10/2009

Question
I recently had a charge off on my 2nd mortgage. The amount was 140k. I spoke with the recovery dept of the mortgage company and they gave me some options. Option 1 was they would settle for 80 or 90k. Or option 2 would be to make payments to them of a specified amount even though the account would still be in a recovery status. I do not have 80k to settle the debt. Is there a way or program that I could borrow the 80k to pay them off even though I have a low credit rating because of the charge off. Is there a way to add that amount to the 1st mortgage. What other options are out there?

Answer

California Home Loans

Your options to refinance would be if you have equity in your property. If you do not have any equity, there's not too many avenues left for you. You should definately contact whomever is servicing your current mortgage, and request a loan modification. There may be some options for you there. There is also a refinance loan program available that can refinance your home up to 125% of the value of your property, if your loan is owned by Fannie Mae or Freddie Mac. You would have to go to the Fannie Mae website and check to see if they own your mortgage. And do the same thing with the Freddie Mac website. Good Luck!

For FREE California mortgage information, please visit http://www.findmyloanonline.com

Add to this Answer Ask a Question

About Real Estate Home Mortgages
This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here