NLIC.org

Edward Said:

What protections/put options are accessible by individual homeowners to protect against SF Housing price drops

We Answered:

This is complex and may not be worth your time to investigate. You could hire a securities broker to do this for you.

Find a Real Estate Investment Trust, that invests in SF Real Estate (preferably residential) and short the stock.

Good Luck

Alan Said:

Foreclosure question?

We Answered:

You are correct, the bank is not required to do anything under the "Hope for Homeowners Act of 2008"--participation was voluntary.

What was the source of the $10,000? What programs was that from?

At the very least, the bank will issue you a 1099-A. The tax treatment will depend on whether this was non-recourse loan or a recourse loan. A recourse loan can create potential cancelled debt income (reported later on a 1099-C). See irs pub 4681.

Vera Said:

Under then Homeowner's Protection Act of 1998,when is PMI automatically terminated?

We Answered:

PMI or Private Mortgage Insurance can be terminated when you have 20% equity in your home. Private Mortgage Insurance is insurance for a lender if a property goes into foreclosure, the insurer will pay a percentage of the loss to the lender.

You need to get a list of appraisers that the mortgage company will approve and pay for the appraisal and then once you have a 20% equity position, have the appraiser email a copy of the appraisal to the lender. If you are not sure of what the value of the house is, you can ask a broker who knows your subdivision well to give you a Broker's Price Opininion or BPO. This is about $50.00 and is based upon sales in the last six months. If this is close to the 20% figure than go ahead and get the appraisal.

Good Luck

Wilma Said:

What do you make of this email I just received?

We Answered:

I did not read in it's entirety, but yeah, it's only gonna get worse, we know this, have you read Revelations?God Bless and Keep You

Renee Said:

My rights as a home owner; even though I still owe the bank.?

We Answered:

The new mortgage holder took over your mortgage. You have a contract, they took over the contract. They have NO RIGHT to change the terms of your contract.

The next time you correspond with them simply state "That's not in the contract I signed." If it is, please send me a copy. In the meanwhile, you should be in contact with your state insurance commissioner. If they did this to you, there is no telling how many others they are trying to screw.

Ronald Said:

PMI - Automatic Removal at 78% (Citimortgage)?

We Answered:

They are willing to remove it now from the sounds of things. They will now know the exact percentage without knowing the exact value, hence, the need for the appraisal. You can not have th PMI removed without the appraisal, as it is based on LTV.

Enrique Said:

Do You Think Questioners Should Insult Answerers?

We Answered:

I am a proponent of free speech, even if it is stupid speech.
If someone asks an insulting or foolish questions, I do not see any problem with tossing it right back at them. One of the things I really dislike about Y/A are the PC police; aka trolls. Keep up the good work.