The Workermonkey

Thursday, November 18, 2010

Well at least i know who owns my mortgage 

# posted by wyldshaman @ 11/18/2010 02:25:00 PM

http://i.huffpost.com/gen/220306/CHART.jpg

2 comments

This chart is a joke.

This chart is causing a misconception to people looking help with their loans. I have seen this on other websites, one of my clients actually mentioned this.



Point - the bank holds the note to a persons home if they have a lien. If they do not make the required payment, the bank foreclosures on the property. It doesn't take a rocket scientist to understand that.

What happens to your money when you make the payments. The creator of this chart had no idea what he was doing. This is proven because he has no idea of the order (flow process). I could spend an hour trying to explain this. It would only pertain this one situation.

It clearly needs to be understood - every loan is different. Different Lenders, different values, different LTV's, DTI's, etc....

If anyone has questions about this chart, or about their situation emkail me at ghosking@alarconlegal.com

By  Anonymous, at Tuesday, November 23, 2010 3:33:00 PM  

i think the point is that regardless of the accuracy of the flow chart the process is a little complicated and certainly not easy to follow. it is as simple as "you have to pay your mortgage" though. sending the keys in the mail doesn't get you out of it.

every loan is crazy different. if it's an ARM you never know what you're going to get. 30vs50 year, points, PMI, interest rates, it can be all over the place.

it feels odd to have outside visitors here. Hello.

By  Supreme Monkey Overlord, at Tuesday, November 30, 2010 9:28:00 PM  

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