A few weeks ago, rumors swirled that Jeana Keough might not return for the next season of The Real Housewives of Orange County. Maybe she might want to reconsider that fat paycheck from Bravo as she’s now defaulted on her mortgage to Chase. Yes, the beleaguered and often trod-upon housewife now owes over $37,000 to the bank and nearly $4,000 to her homeowners association. The former Playboy bunny told the Orange County Register that there’s actually a method to the madness. Jeana claims she’s applying for a loan modification, which necessitates that she ceases payment on her current mortgage in order to qualify. Sounds like a mess. And I’m sure Vicki has been happily clucking away about steps Jeana could have taken to avoid this situation.
Nevertheless, read all about it here (via Curbed LA)
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It sounds to be as if she’s been listening to Suze Orman advice.
For what it’s worth, Jeanna’s explanation *might* be true. Mortgage companies will not even talk to people who want a loan modification until they are at least 3 months behind on their mortgage, then, once they actually start negotiating the modification you still don’t pay on the mortgage until the modification is in place. Thus, you can end up 6 months or more on your mortgage until the modification goes in place (and, of course, once the modification goes in place, the arrearage gets rolled into the modification). Stupid, I know, but true.
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That’s a bit tough… yikes. I thought she was a successful real estate agent?
Hope things pick up for her…
Chris
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i really hate to get a mortgage but sometimes you just can’t avoid getting one;’,
This system worked fairly well until the 1930s. Then the Depression drove down employment levels and shredded property values. In the west, the Dust Bowl impacted many states.But then a new idea arose. The just-formed Federal Housing Administration (FHA) said it would guarantee the repayment of 20-year loans if borrowers would pay insurance fees. Private lenders followed with their own longer-term mortgages and the result was that term loans largely disappeared from the U.S. marketplace.
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There are some interesting points in time in this clause but I don’t know if I see all of them center to eye . There is some validity but I will take hold legal opinion until I look into it further. Good clause, thanks and we want more! Added to FeedBurner likewise.