California | Real Estate Law
Legal Question
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?
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