Mortgage company put us into foreclosure on the 1st because of being behind in the escrow but there is a second on the house, with the same company. How does that work?How will a foreclosure work with a second mortgage?
That's rotten eggs ... you're saying you're in foreclosure for not paying your escrow (taxes and insurance)?
Have you talked to the company to find out if they are willing to restructure everything?How will a foreclosure work with a second mortgage?
Missi, the second mortgage will always get wiped out by the first mortgage. The process in foreclosures is whatever the sales price is all the proceeds are given to the first mortgage and then whatever left is given to the second. Here are a few examples that might help explain better.
First mortgage 150,000 Second Mortgage 30,000 Foreclosure sells for 160,000. In this situation the first mortgage is paid off and 10,000 will go to the second.
Another example is 150,000 Second Mortgage 30,000 Foreclosure sells for 90,000. First mortgage gets 90,000 second gets 0.
Even though they are with the same company the second will get handled the same
Completed Foreclosure of First mortgage wipes out second and other junior liens. TALK to lender on First and try to cure your default. IT's EXTREMELY rare for lender nowadays to put you in foreclosure for being behind on escrow. This is curable situation. It may be an opportunity to do a loan modification on first or second mortgage, changing to lower interest rate. This is most likely if you have some equity in home, have adequate income and good payment history.
The first mortgage is probably non-recourse. The second is probably recourse.
Recourse means they can sue you for the difference and even if they cancel the debt, it may be taxable income to you.
See IRS pub 4681.
Give the bank the key and RUN !!!!!!!
Tuesday, August 24, 2010
Does the Mortgage Foregiveness Debt Act say the foregiven amount is completely wiped clean?
I understand the Act says you do not have to claim the foregiven amount as income, but does this mean it is wiped clean? If someone owes $500k on a home that is sold in short sale for $400k, the lender is foregiving $100k. Prior law required that $100k to be claimed as income. Is the new law saying you know longer claim it as income AND you are no longer held responsible for the amount?Does the Mortgage Foregiveness Debt Act say the foregiven amount is completely wiped clean?
Not at all. The recent federal action only indicates that you will no longer have to claim such shortfalls as federally taxable income. It says NOTHING about lender forgiveness of the indebtness.
Frankly, since the 'act' was passed, I've seen an upsurge in lenders pursuing legal actions for deficiency judgments.Does the Mortgage Foregiveness Debt Act say the foregiven amount is completely wiped clean?
The act says you won't be taxed.
It is 100% up to the lender to decide to sue you or not.
Banks are losing billions on ';short sales'; and defaults. They HAVE to start trying to collect the money they have lost.
If you have a decent income and few other debts, the odds of being sued go up a lot.
With the 2005 Bankrupty Reform Act, the bank has a really good shot at collecting at least a portion of their losses back.
Good luck to you.
that's correct.
Either you're not asking the question incorrectly, or you are confused of the process.
The mortgage forgiveness does not come from the act passed by the government, the forgiveness comes from the lender. They are the ones to decide if they will come after you for the balance due.
In your example above you state that the lender is forgiving the debt but then you say the new law is stating you are no longer held liable. That's not the law. The law is simply that if the lender decides to forgive the debt you no longer need to pay taxes on it as income. Before this law was passed, you would owe taxes on the $100,000 that the lender forgave. For a debt that size, it could be somewhere around 30% ($30,000).
If the lender does not forgive the debt, then you still owe it to them. The government does not get involved.
As you can see, the ball is really in the lender's court on this to decide how they want to proceed.engine oil lips
Not at all. The recent federal action only indicates that you will no longer have to claim such shortfalls as federally taxable income. It says NOTHING about lender forgiveness of the indebtness.
Frankly, since the 'act' was passed, I've seen an upsurge in lenders pursuing legal actions for deficiency judgments.Does the Mortgage Foregiveness Debt Act say the foregiven amount is completely wiped clean?
The act says you won't be taxed.
It is 100% up to the lender to decide to sue you or not.
Banks are losing billions on ';short sales'; and defaults. They HAVE to start trying to collect the money they have lost.
If you have a decent income and few other debts, the odds of being sued go up a lot.
With the 2005 Bankrupty Reform Act, the bank has a really good shot at collecting at least a portion of their losses back.
Good luck to you.
that's correct.
Either you're not asking the question incorrectly, or you are confused of the process.
The mortgage forgiveness does not come from the act passed by the government, the forgiveness comes from the lender. They are the ones to decide if they will come after you for the balance due.
In your example above you state that the lender is forgiving the debt but then you say the new law is stating you are no longer held liable. That's not the law. The law is simply that if the lender decides to forgive the debt you no longer need to pay taxes on it as income. Before this law was passed, you would owe taxes on the $100,000 that the lender forgave. For a debt that size, it could be somewhere around 30% ($30,000).
If the lender does not forgive the debt, then you still owe it to them. The government does not get involved.
As you can see, the ball is really in the lender's court on this to decide how they want to proceed.
Do I have to itemize deductions to deduct mortgage interest on a house?
I am planning to buy a house in the state of washington in year 2010. Since I don't have mortgage, I take the standard deduction now and I am wondering if I can keep doing it next year and still deduct my mortgage interest payments.Do I have to itemize deductions to deduct mortgage interest on a house?
Only if you itemize deductions. Property taxes are also deductible.Do I have to itemize deductions to deduct mortgage interest on a house?
You must itemize to claim the mortgage interest deduction. You should figure it both ways and go with whichever way results in the lowest total tax liability.
when you buy the house you will probably have enough to itemize, thereby utilizing other deductions you didn't consider when you file standard deduction
If you live in the house, then you must itemize deductions to deduct mortgage interest and cannot take both the standard deduction and the mortgage interest deductions. If it is an investment property that you rent out to someone else, then I am not sure.
Yes, it is itemized deduction.
You can also deduct Mortgage insurance premiums with respect to mortgage insurance contracts on line 13 of schedule A. This deduction is available from year 2007 through year 2010. Box 4 of Form 1098 may show the amount of premium you paid in 2009.
No
You either take the standard, or itemize to take the property tax and interest. Whichever is higher. And since you are itemizing, you can put down your dental, medical (not covered by insurance), charity, etc and see how that works for you.
Only if you itemize deductions. Property taxes are also deductible.Do I have to itemize deductions to deduct mortgage interest on a house?
You must itemize to claim the mortgage interest deduction. You should figure it both ways and go with whichever way results in the lowest total tax liability.
when you buy the house you will probably have enough to itemize, thereby utilizing other deductions you didn't consider when you file standard deduction
If you live in the house, then you must itemize deductions to deduct mortgage interest and cannot take both the standard deduction and the mortgage interest deductions. If it is an investment property that you rent out to someone else, then I am not sure.
Yes, it is itemized deduction.
You can also deduct Mortgage insurance premiums with respect to mortgage insurance contracts on line 13 of schedule A. This deduction is available from year 2007 through year 2010. Box 4 of Form 1098 may show the amount of premium you paid in 2009.
No
You either take the standard, or itemize to take the property tax and interest. Whichever is higher. And since you are itemizing, you can put down your dental, medical (not covered by insurance), charity, etc and see how that works for you.
What are the chances of getting a 2nd mortgage for a trailer near the ocean in a camping ground?
I've asked this question before about campers, trailers, permanent sites at a camping ground in South Carolina.
I am doing alot of research here and many of my feedbacks have been negative about any bank or financial institute even considering a 2nd mortgage or loan to purchase one of these so called trailers in a campground.
I also am getting negative feedbacks on the resale value on these structures.
Anyone know, or how to go about looking for a reputable lender in South Carolina? I am in North Carolina and my broker does not know anyone nor does he have any advice for me on this situation. He told me to check in South Carolina.
So, here I am asking you.
Any help will be greatly appreciated.What are the chances of getting a 2nd mortgage for a trailer near the ocean in a camping ground?
Yes, most of your feedbacks will be negative about banks and financial institutions considering a loan for a trailer, because of the huge risk factor.
You might be able to take out a second mortgage on your current home for the purchase of the trailer. That is a possibility depending on the equity in your current home.
As far as looking for a reputable lending in SC, I would contact the campground where this trailer is and ask them in the office who the lenders are for the majority of trailer owners. Chances are that you will find they have a particular lender or lenders that owners of trailer in that campground use.
I am doing alot of research here and many of my feedbacks have been negative about any bank or financial institute even considering a 2nd mortgage or loan to purchase one of these so called trailers in a campground.
I also am getting negative feedbacks on the resale value on these structures.
Anyone know, or how to go about looking for a reputable lender in South Carolina? I am in North Carolina and my broker does not know anyone nor does he have any advice for me on this situation. He told me to check in South Carolina.
So, here I am asking you.
Any help will be greatly appreciated.What are the chances of getting a 2nd mortgage for a trailer near the ocean in a camping ground?
Yes, most of your feedbacks will be negative about banks and financial institutions considering a loan for a trailer, because of the huge risk factor.
You might be able to take out a second mortgage on your current home for the purchase of the trailer. That is a possibility depending on the equity in your current home.
As far as looking for a reputable lending in SC, I would contact the campground where this trailer is and ask them in the office who the lenders are for the majority of trailer owners. Chances are that you will find they have a particular lender or lenders that owners of trailer in that campground use.
How bad does a short sale on the mortgage effect your credit?
Any one know how bad a short sale effects your personal credit? I talked with a gentleman who specializes in short sales and says it only effects your credit for about a year and up to 40 points. I have excellent credit, so that doesn't worry me too much. I'm more worried that he is just telling me this to get my business. Thanks!How bad does a short sale on the mortgage effect your credit?
He's just telling you this to get your business. A short sale is going to slam your credit file nearly as bad as a foreclosure will hit it. Furthermore, you may well receive a Form 1099 from the lender at the end of the year for the deficiency amount, and will have to claim that on your income as ordinary taxable income. Use caution before you proceed.How bad does a short sale on the mortgage effect your credit?
Hey, even though you got your question answered, i thouhgt you might find this information useful.
http://www.shortsalecomplete.com/?utm_source=blog%26amp;utm_medium=blog%26amp;utm_campaign=shortsalecomplete
check it out!
I help people in foreclosure for a living. The first two responses are incorrect. Your credit gets affected in three ways:
1. The mortgage lates will show on your credit report
2. The short sale will show up as a charge off/settled account. It's the same as if you had a $5000 credit card debt and paid them $2500 to call it even and close the account.
3. If this is a judicial foreclosure (or a non-purchase money loan on an investment property in a trust deed foreclosure), and a deficiency judgment was not waived, then the judgment will show on your credit.
That said, it is still better than having a foreclosure on your records and having all three above as well.
As far as the number of points that will be affected, I don't think anyone in the business knows how it would be affected. Maybe you should consult the credit bureaus.
Also, I am not a lawyer, you should consult one for any legal advice pertaining to your particular situation.
Regards...
short sale or foreclosure same thing on your credit report.
once the foreclosure proceedings start....they put an M-9 on your credit report.
40 points ? maybe more like 100 at least...
i seen ppl drop to about 150-200 average.
they will put foreclosure on your credit report...if they havent already.
if there is a deficiency...then they will tag that on you credit report as a collection item (varies with state laws)
He's just telling you this to get your business. A short sale is going to slam your credit file nearly as bad as a foreclosure will hit it. Furthermore, you may well receive a Form 1099 from the lender at the end of the year for the deficiency amount, and will have to claim that on your income as ordinary taxable income. Use caution before you proceed.How bad does a short sale on the mortgage effect your credit?
Hey, even though you got your question answered, i thouhgt you might find this information useful.
http://www.shortsalecomplete.com/?utm_source=blog%26amp;utm_medium=blog%26amp;utm_campaign=shortsalecomplete
check it out!
Report Abuse
I help people in foreclosure for a living. The first two responses are incorrect. Your credit gets affected in three ways:
1. The mortgage lates will show on your credit report
2. The short sale will show up as a charge off/settled account. It's the same as if you had a $5000 credit card debt and paid them $2500 to call it even and close the account.
3. If this is a judicial foreclosure (or a non-purchase money loan on an investment property in a trust deed foreclosure), and a deficiency judgment was not waived, then the judgment will show on your credit.
That said, it is still better than having a foreclosure on your records and having all three above as well.
As far as the number of points that will be affected, I don't think anyone in the business knows how it would be affected. Maybe you should consult the credit bureaus.
Also, I am not a lawyer, you should consult one for any legal advice pertaining to your particular situation.
Regards...
short sale or foreclosure same thing on your credit report.
once the foreclosure proceedings start....they put an M-9 on your credit report.
40 points ? maybe more like 100 at least...
i seen ppl drop to about 150-200 average.
they will put foreclosure on your credit report...if they havent already.
if there is a deficiency...then they will tag that on you credit report as a collection item (varies with state laws)
What will happen to our economy if the mortgage industry crashes?
Would we be looking at another great depression?What will happen to our economy if the mortgage industry crashes?
Yes, it would be very bad if it happened. However, it appears as if the necessary liquidity has already been restored to avoid this.
Lenders very badly want to make loans right now - provided your loan can meet a few elementary guidelines. The days of loan approval as soon as the mirror gets a little cloudy are gone.
I talk about this in depth here
http://www.danmelson.com/2007/10/full-ci鈥?/a>What will happen to our economy if the mortgage industry crashes?
will it ? even though in the 80s interest rates soared up to 18 /19 % people still bought and sold, mainly because we all have to live in houses even if we rent or buy we all need some where to live
Banks and credit companies will act more responsibly and start checking who they lend to. And banks will ditch crappy mortgages such as Adjustable Rate Mortgages (ARMS), and Interest Only loans. Borrowers will think twice before they buy something they can't afford.
Let's hope the government (i.e taxpayer) doesn't bale out these businesses or people.
Yes, it would be very bad if it happened. However, it appears as if the necessary liquidity has already been restored to avoid this.
Lenders very badly want to make loans right now - provided your loan can meet a few elementary guidelines. The days of loan approval as soon as the mirror gets a little cloudy are gone.
I talk about this in depth here
http://www.danmelson.com/2007/10/full-ci鈥?/a>What will happen to our economy if the mortgage industry crashes?
will it ? even though in the 80s interest rates soared up to 18 /19 % people still bought and sold, mainly because we all have to live in houses even if we rent or buy we all need some where to live
Banks and credit companies will act more responsibly and start checking who they lend to. And banks will ditch crappy mortgages such as Adjustable Rate Mortgages (ARMS), and Interest Only loans. Borrowers will think twice before they buy something they can't afford.
Let's hope the government (i.e taxpayer) doesn't bale out these businesses or people.
How many times can you ask for a mortgage quote?
As I understand, normally before you shop around for the properties, you have to get a Mortgage Agreement in Principle. You'll bring this to the house agents and the buying procedures can begin.
However, a friend of mine said that I should be careful. Apparently, you should only get a morgage quote from ONE lender only. The more you go to different lenders, the worse your credit score will be. Is it true?
After I hear about this, I have been hesitant to go to a lender, because I think I need time to search for the best deals available.How many times can you ask for a mortgage quote?
I don't think this is true. You can get as many quotes as you like.
I would recommend you use the advice of an IFA (independant financial advisor)
You can find an IFA in the yellow pages or http://www.yell.com
Their advice is usually free and can arrange your mortgage %26amp; insurances for free.
IFA's make their money on a commision basis upon the products that they sell to you.
Ask other people that you know to see if they can recommend and IFA that they have used.How many times can you ask for a mortgage quote?
As often as you like
Yes it is true what your friend says, therefore i would do your homework or go to a mortgage adviser rather than a bank as they are able to find the best deal on the whole market whereas banks will only ofer you their mortgages!!!!!! Good Luck xx
You can ask for a quote as many times as you like. the quote is only what the morgage firm says what amount they will be prepared to lend you. Only if you sign up to a morgage agreement will it affect you.
You can obtain quotes from lenders but once you apply for a n agreement in principle the lenders will have normaly done a credit search and to many credit searches can effect your credit score. You are better off talking to an independent mortgage adviser who would go through everything with you and advise which is the best deal and lender for you. You do not have to get an agreement in principle to put offers on a house. If you did that and then it took 4 months to find a house it would have to ben done again and couold then be refused. Drop me an email and I can recommend someone who I trust with giving my family advice
Just getting quotes will not affect your credit rating at all. There is something called a 'footprint' put onto your credit file everytime a full search is done. Lenders can only carry out a full search if you carry on with a full application with them. This rule changed in the past few years so go ahead with your quotes without worrying!!.
IT IS BEST TO GET PRE-APPROVED BY A MORTGAGE BROKER..THEY HAVE ACCESS TO MANY COMPANIES AND CAN GIVE YOU THE BEST PRICE...THIS IS ALL THE FIXED PRICES SO YOU WILL KNOW APPROXIMATELY HOW MUCH MONEY YOU WILL NEED TO BRING TO THE TABLE AND HOW MUCH YOU CAN AFFORD ACCORDING TO YOUR INCOME AND EXPENSES....YOU CAN GET AS MANY QUOTES AS YOU LIKE, BUT IF THEY RUN YOUR CREDIT IT WILL BRING DOWN YOUR SCORE....IT IS BEST TO TALK TO PEOPLE WHO HAVE PURCHASED OR REFINACED THEIR HOME AND SEE WHO THEY USED AND IF THEY WERE SATISFIED WITH THEM....ALSO, COST CAN VERY GREATLY SO ASK WHAT THEIR FIXED COSTS ARE....ITS A GOOD INDICATOR ON IF THEY ARE FAIR OR NOT.
Most lenders require a full credit report in order to even quote an accurate rate. Credit scores do allow for some comparison shopping but this can be misunderstood.
If a borrower has other inquiries (credit cards, cars, etc) in addition to mortgage inquiries the score can be affected adversely (how much is never quite clear).
2 different mortgage inquiries will usually not affect the score as the bureaus understand that comparison shopping is wise. However, multiple inquiries that result in NO MORTGAGE has an adverse affect. It appears you were declined.
If possible, use a referral from someone you respect. That cuts down the field quite a bit. If there is nobody that fits the bill you are still better off trying to find 1 guy that seems to make sense and authorize only that 1 guy to check the credit, and remember this...A good mortgage broker will be able to clearly explain all fees on a GOOD FAITH ESTIMATE and should have access to enough lending products to find the right loan for you. They can shop the application to multiple banks on 1 credit report.
yes and no its true!
you can go to mortgage companies and see how much they would lend you off your wage as many times and as many companies as you like, but everytime you allow them to do the full credit check on you it leaves a mark on your credit history. So if you went to ten places and got a credit check at each one you would have ten marks on you credit history, and all this wud do to say the 11th company u went to is say to them no we wont lend this person money. It wont say why just the fact you got a lot of marks on you credit. They wont know that you havent taken out all the mortgages or loans etc you were checked out for and even if you told them it wouldnt be enough for them to lend you the money. However you can get these marks taken off your credit history, but it will cost you money and possibly take somtime. My advice wud be to go and ask howmuch you can lend but not allow them to do a credit check until you are ready and happey with there offer. I have been to see about a mortgage to many places and i found Nationwide the most helpful as what im telling you now they explained to me. Yous ee every time you go for a loan, credit card, etc wethere you take it out or not it leaves a mark on your credit history and if you get too many marks in a short period of time it gives u bad credit ratings.
If you wanna know more then ask a mortgage lender or i can possibly ekplain it better if you wanna contact me!
You can ask as many lenders as you want for a quote. You just need to make it clear that its a quote you're after - and not an application/decision. A quote only tells you how much a particular mortgage will cost - it doesn't constitute an offer. In fact, most lenders have mortgage calculators on their site and since you don't input any personal information - theres no way they can make an application.
What your friend was referring to was making an application. If you get a quote you like, then you will make an application for a decision in principle. This involves making a check on your credit history. When someone makes a check on your credit history, the search itself is recorded. If you make too many applications during a short period of time, it looks like you are desperate or may raise suspicions that something fraudulent is taking place.
In essence yes. Each time someone accesses the credit bureau on your behalf there is a record. When lending institutions check your credit they see these and count it against you. You should seek out at least 3 lenders, pick the one that has the programs to suit your needs and have them due a full credit check, and give you a Pre-qualifying letter. In today's world, most sellers will require a formal letter from your lender before they will consider your offer. It's show you can afford to buy. Oh and by the way, working with a Realtor will save you ton's of time and money in the long run. Find your Realtor first, they can help you find the right lender and property.
don,t listen 2 other. think positive and go forward..........
read the documents carefully and always use a magnifing glass to check it .always read the small messsage at the bottom of the forms...
take u time no rush ....its a appartment not a happy meal........
The more that companies have to credit check you it does make you credit score go down.I was advised of this by a mortgage broker.
However, a friend of mine said that I should be careful. Apparently, you should only get a morgage quote from ONE lender only. The more you go to different lenders, the worse your credit score will be. Is it true?
After I hear about this, I have been hesitant to go to a lender, because I think I need time to search for the best deals available.How many times can you ask for a mortgage quote?
I don't think this is true. You can get as many quotes as you like.
I would recommend you use the advice of an IFA (independant financial advisor)
You can find an IFA in the yellow pages or http://www.yell.com
Their advice is usually free and can arrange your mortgage %26amp; insurances for free.
IFA's make their money on a commision basis upon the products that they sell to you.
Ask other people that you know to see if they can recommend and IFA that they have used.How many times can you ask for a mortgage quote?
As often as you like
Yes it is true what your friend says, therefore i would do your homework or go to a mortgage adviser rather than a bank as they are able to find the best deal on the whole market whereas banks will only ofer you their mortgages!!!!!! Good Luck xx
You can ask for a quote as many times as you like. the quote is only what the morgage firm says what amount they will be prepared to lend you. Only if you sign up to a morgage agreement will it affect you.
You can obtain quotes from lenders but once you apply for a n agreement in principle the lenders will have normaly done a credit search and to many credit searches can effect your credit score. You are better off talking to an independent mortgage adviser who would go through everything with you and advise which is the best deal and lender for you. You do not have to get an agreement in principle to put offers on a house. If you did that and then it took 4 months to find a house it would have to ben done again and couold then be refused. Drop me an email and I can recommend someone who I trust with giving my family advice
Just getting quotes will not affect your credit rating at all. There is something called a 'footprint' put onto your credit file everytime a full search is done. Lenders can only carry out a full search if you carry on with a full application with them. This rule changed in the past few years so go ahead with your quotes without worrying!!.
IT IS BEST TO GET PRE-APPROVED BY A MORTGAGE BROKER..THEY HAVE ACCESS TO MANY COMPANIES AND CAN GIVE YOU THE BEST PRICE...THIS IS ALL THE FIXED PRICES SO YOU WILL KNOW APPROXIMATELY HOW MUCH MONEY YOU WILL NEED TO BRING TO THE TABLE AND HOW MUCH YOU CAN AFFORD ACCORDING TO YOUR INCOME AND EXPENSES....YOU CAN GET AS MANY QUOTES AS YOU LIKE, BUT IF THEY RUN YOUR CREDIT IT WILL BRING DOWN YOUR SCORE....IT IS BEST TO TALK TO PEOPLE WHO HAVE PURCHASED OR REFINACED THEIR HOME AND SEE WHO THEY USED AND IF THEY WERE SATISFIED WITH THEM....ALSO, COST CAN VERY GREATLY SO ASK WHAT THEIR FIXED COSTS ARE....ITS A GOOD INDICATOR ON IF THEY ARE FAIR OR NOT.
Most lenders require a full credit report in order to even quote an accurate rate. Credit scores do allow for some comparison shopping but this can be misunderstood.
If a borrower has other inquiries (credit cards, cars, etc) in addition to mortgage inquiries the score can be affected adversely (how much is never quite clear).
2 different mortgage inquiries will usually not affect the score as the bureaus understand that comparison shopping is wise. However, multiple inquiries that result in NO MORTGAGE has an adverse affect. It appears you were declined.
If possible, use a referral from someone you respect. That cuts down the field quite a bit. If there is nobody that fits the bill you are still better off trying to find 1 guy that seems to make sense and authorize only that 1 guy to check the credit, and remember this...A good mortgage broker will be able to clearly explain all fees on a GOOD FAITH ESTIMATE and should have access to enough lending products to find the right loan for you. They can shop the application to multiple banks on 1 credit report.
yes and no its true!
you can go to mortgage companies and see how much they would lend you off your wage as many times and as many companies as you like, but everytime you allow them to do the full credit check on you it leaves a mark on your credit history. So if you went to ten places and got a credit check at each one you would have ten marks on you credit history, and all this wud do to say the 11th company u went to is say to them no we wont lend this person money. It wont say why just the fact you got a lot of marks on you credit. They wont know that you havent taken out all the mortgages or loans etc you were checked out for and even if you told them it wouldnt be enough for them to lend you the money. However you can get these marks taken off your credit history, but it will cost you money and possibly take somtime. My advice wud be to go and ask howmuch you can lend but not allow them to do a credit check until you are ready and happey with there offer. I have been to see about a mortgage to many places and i found Nationwide the most helpful as what im telling you now they explained to me. Yous ee every time you go for a loan, credit card, etc wethere you take it out or not it leaves a mark on your credit history and if you get too many marks in a short period of time it gives u bad credit ratings.
If you wanna know more then ask a mortgage lender or i can possibly ekplain it better if you wanna contact me!
You can ask as many lenders as you want for a quote. You just need to make it clear that its a quote you're after - and not an application/decision. A quote only tells you how much a particular mortgage will cost - it doesn't constitute an offer. In fact, most lenders have mortgage calculators on their site and since you don't input any personal information - theres no way they can make an application.
What your friend was referring to was making an application. If you get a quote you like, then you will make an application for a decision in principle. This involves making a check on your credit history. When someone makes a check on your credit history, the search itself is recorded. If you make too many applications during a short period of time, it looks like you are desperate or may raise suspicions that something fraudulent is taking place.
In essence yes. Each time someone accesses the credit bureau on your behalf there is a record. When lending institutions check your credit they see these and count it against you. You should seek out at least 3 lenders, pick the one that has the programs to suit your needs and have them due a full credit check, and give you a Pre-qualifying letter. In today's world, most sellers will require a formal letter from your lender before they will consider your offer. It's show you can afford to buy. Oh and by the way, working with a Realtor will save you ton's of time and money in the long run. Find your Realtor first, they can help you find the right lender and property.
don,t listen 2 other. think positive and go forward..........
read the documents carefully and always use a magnifing glass to check it .always read the small messsage at the bottom of the forms...
take u time no rush ....its a appartment not a happy meal........
The more that companies have to credit check you it does make you credit score go down.I was advised of this by a mortgage broker.
What is Obama going to change in the mortgage and banking areas?
I am just kinda confused. I was having a discussion with some people and want some smarter outside opinions and the mainstream news is definitely not the best source...
From what i understand he is planning on tightening down on government regulation of certain industries including banks and/or lenders?...whats going to happen with that?What is Obama going to change in the mortgage and banking areas?
In the mortgage area, advocating mortgage modifications for people in danger of foreclosure, and lowering the interest rates, length of the loan, and the ratio of income to payment. 31-36% max.
Banks that have taken advantage of bailouts are directed to do everything possible to help prevent foreclosures, but it isn't mandatory. So it depends on the banking institution. There are HUD approved counselors and a website.What is Obama going to change in the mortgage and banking areas?
If he is tightening rescrictions, he is letting the private sector determine the lending requirements, which means less government intervention. That would be basically undoing what was done during the Clinton administration when they forced Fannie Mae and Freddy Mac to loan money to unqualified home buyers. Which led to this scenario.
If you aren't aware of the reasons for the current situation, you should turn into South Park tonight, this episode covers the issue and is entertaining!
For an accurate answer to that, take a look at GM and Chrysler. Complete government control and extreme regulations. It's common sense, see it for yourself. You don't need talking heads talking at you to figure that out.
Probably taking it over so that no one ever wants to buy a house because they know he'll tax them to death.
It would be good for your country if he addressed these issues.
BAILOUT MONEY
In the United States, four large banks control over 90 percent of the derivatives market:
JPMorgan Chase %26amp; Co
Bank of America Corp
Citigroup Inc
Goldman Sachs Group Inc
All have received taxpayer aid.
All of these banks belong to or are being run by the BILDERBURG Group
David Rockefeller, Former Chairman, Chase Manhattan Bank
Giulio Tremonti, Chairman, Goldman Sachs International
both are current BILDERBURG MEMBERS
Walter Wriston (1964, 1966), former Chairman, Citibank,is a BILDERBURG MEMBER
Council of Foreign Relations (CFR)
BELOW the immediate American Government is the CFR....
Many Are BILDERBURG Group MEMBERS
Citigroup
Bank of America
JPMorgan Chase
all have representatives on the CFR
ITA, Elkann, John, Vice Chairman, Fiat S.p.A ,who has just taken over CHRYSLER is a BILDERBURG MEMBER
OBAMA GOVERNMENT.......................... BILDERBURG MEMBERS
MINISTRY OF PROPAGANDA
STATE DEPARTMENT ENVOY......................HENRY KISSINGER
STATE DEPARTMENT SPECIAL ENVOY....RICHARD.M.HAAAS
STATE DEPARTMENT SPECIAL ENVOY...RICHARD.C.HOLBROOKE
MINISTRY OF WAR
SECRETARY OF DEFENCE.........................ROBERT GATES
NATIONAL SECURITY ADVISOR....GENERAL JAMES.L.JONES
DIRECTOR OF NATIONAL SECURITY....ADMIRAL DENNIS.C.BLAIR
MINISTRY OF MONEY
PRESIDENTIAL ADVISOR.............................ALAN GREENSPAN
SECRETARY OF TREASURY.......................TIMOTHY GIETTNER
CHAIRMAN,ECONONMIC RECOVERY COMMISSION.....PAUL VOLKER
MINISTRY OF CONTROL
SECRETARY OF STATE.........................HILLARY CLINTON
DEPUTY SECRETARY OF STATE..........JAMES STIENBURG
Why can AMERICANS see what is right in front of them.
Obama is a BILDERBURG GROUP puppet
BILDERBURG GROUP is running your country and is responsible for your economic dissaster,helped by your government.
Obama seeks to block release of abuse photos
';This is not a situation in which the Pentagon has concealed or sought to justify inappropriate action,'; Obama said of the photos.
abruptly reversing his position
makes a mockery of President Obama's promise of transparency and accountability,'; said ACLU attorney Amrit Singh,
Human Rights Watch called the decision a blow to transparency and accountabilityengine oil lips
From what i understand he is planning on tightening down on government regulation of certain industries including banks and/or lenders?...whats going to happen with that?What is Obama going to change in the mortgage and banking areas?
In the mortgage area, advocating mortgage modifications for people in danger of foreclosure, and lowering the interest rates, length of the loan, and the ratio of income to payment. 31-36% max.
Banks that have taken advantage of bailouts are directed to do everything possible to help prevent foreclosures, but it isn't mandatory. So it depends on the banking institution. There are HUD approved counselors and a website.What is Obama going to change in the mortgage and banking areas?
If he is tightening rescrictions, he is letting the private sector determine the lending requirements, which means less government intervention. That would be basically undoing what was done during the Clinton administration when they forced Fannie Mae and Freddy Mac to loan money to unqualified home buyers. Which led to this scenario.
If you aren't aware of the reasons for the current situation, you should turn into South Park tonight, this episode covers the issue and is entertaining!
For an accurate answer to that, take a look at GM and Chrysler. Complete government control and extreme regulations. It's common sense, see it for yourself. You don't need talking heads talking at you to figure that out.
Probably taking it over so that no one ever wants to buy a house because they know he'll tax them to death.
It would be good for your country if he addressed these issues.
BAILOUT MONEY
In the United States, four large banks control over 90 percent of the derivatives market:
JPMorgan Chase %26amp; Co
Bank of America Corp
Citigroup Inc
Goldman Sachs Group Inc
All have received taxpayer aid.
All of these banks belong to or are being run by the BILDERBURG Group
David Rockefeller, Former Chairman, Chase Manhattan Bank
Giulio Tremonti, Chairman, Goldman Sachs International
both are current BILDERBURG MEMBERS
Walter Wriston (1964, 1966), former Chairman, Citibank,is a BILDERBURG MEMBER
Council of Foreign Relations (CFR)
BELOW the immediate American Government is the CFR....
Many Are BILDERBURG Group MEMBERS
Citigroup
Bank of America
JPMorgan Chase
all have representatives on the CFR
ITA, Elkann, John, Vice Chairman, Fiat S.p.A ,who has just taken over CHRYSLER is a BILDERBURG MEMBER
OBAMA GOVERNMENT.......................... BILDERBURG MEMBERS
MINISTRY OF PROPAGANDA
STATE DEPARTMENT ENVOY......................HENRY KISSINGER
STATE DEPARTMENT SPECIAL ENVOY....RICHARD.M.HAAAS
STATE DEPARTMENT SPECIAL ENVOY...RICHARD.C.HOLBROOKE
MINISTRY OF WAR
SECRETARY OF DEFENCE.........................ROBERT GATES
NATIONAL SECURITY ADVISOR....GENERAL JAMES.L.JONES
DIRECTOR OF NATIONAL SECURITY....ADMIRAL DENNIS.C.BLAIR
MINISTRY OF MONEY
PRESIDENTIAL ADVISOR.............................ALAN GREENSPAN
SECRETARY OF TREASURY.......................TIMOTHY GIETTNER
CHAIRMAN,ECONONMIC RECOVERY COMMISSION.....PAUL VOLKER
MINISTRY OF CONTROL
SECRETARY OF STATE.........................HILLARY CLINTON
DEPUTY SECRETARY OF STATE..........JAMES STIENBURG
Why can AMERICANS see what is right in front of them.
Obama is a BILDERBURG GROUP puppet
BILDERBURG GROUP is running your country and is responsible for your economic dissaster,helped by your government.
Obama seeks to block release of abuse photos
';This is not a situation in which the Pentagon has concealed or sought to justify inappropriate action,'; Obama said of the photos.
abruptly reversing his position
makes a mockery of President Obama's promise of transparency and accountability,'; said ACLU attorney Amrit Singh,
Human Rights Watch called the decision a blow to transparency and accountability
Can a Mortgage Company hold your insurance check for the repair of your building?
My building suffered damage with a hail storm. The insurance company sent me a check made out to the mortgage company and to me. Now the Mortgage company is holding the funds and I can't finish the repairs needed. My mortgage payments are up to date.Can a Mortgage Company hold your insurance check for the repair of your building?
Ask the mortgage company if they'll release the funds directly to your contractor.
OTOH, MOST contractors will do the work, and THEN let you pay . . .
But yes, they can do that.Can a Mortgage Company hold your insurance check for the repair of your building?
Yes, they can do that. They are holding the funds to insure that your building (THEIR collateral) is repaired as needed. You should be able to get a contractor with a letter from the mortgage firm indicating that the funds are available and will be released to the contractor and you when the work is completed as needed.
Ask the mortgage company if they'll release the funds directly to your contractor.
OTOH, MOST contractors will do the work, and THEN let you pay . . .
But yes, they can do that.Can a Mortgage Company hold your insurance check for the repair of your building?
Yes, they can do that. They are holding the funds to insure that your building (THEIR collateral) is repaired as needed. You should be able to get a contractor with a letter from the mortgage firm indicating that the funds are available and will be released to the contractor and you when the work is completed as needed.
What is the best way to restructure a mortgage?
I am helping my dad restructure 2 mortgages which are both 2-3 mo's late. What is the best way to do this? He tried himself in the past, but feels now that he is late, it is best to let a professional handle and negotiate for him. However, the co's all seem to charge fees upfront. He seems to think this is OK, however i am cautious. Does anyone know of a good site or co? Should we call a mortgage broker? Thanks for any advice.What is the best way to restructure a mortgage?
The odds of you lowering your principle are close to hell freezing over. It is not like interest, it is cold hard cash you had in your pocket. You are asking to keep it without earning it, free money. It isn't going to happen, so stop asking.
Concentrate on lowing the interest and increasing the term, they can do this without a loss of capital. You will have an easier time.
Also, each time you try you have to start all over. The every first thing you have to do when you talk to a work out rep is tell them you do not qualify for the Obama plan. Some of the banks computers close your request as soon as the conclusion of rejection is reached.
Another tip, learned from much frustration, is to keep your package together at all times. The banks tend to loose things in shuffling, or over look them, or whatever. Anyway, it is REALLY common for them to ask you to resend a document. It helps to send that document as page 1, but include all of the other ones too. This trick reallly helped me shorten the amount of time it takes to get this done.
Additionally, once you talk to someone who seems to know their a@@ from a hole in the ground get their name, and direct number. Kiss that a@@, becaue if they like you they will tend to help you. They are mostly young people, very susetptible to flttery. ';Oh it is so great to find someone who really knows how to get this done. I am so tired of talking to confused people. I am so glad to finally get ahold of you.'; blah blah blah. Sometimes you have to swallow your pride.What is the best way to restructure a mortgage?
Try again to DIY before calling a co. to do it for you.
Call the mortgage companies directly, explain your situation and let them provide some alternatives. If at all possible, speak to the same person at the mortgage company everytime.
If both mortgages are with the same bank, it'll be easier to work out something.
As screwy as it sounds, now that he's late, he has a better chance at modifying his notes than if he was on time.
There is nothing those loan modification companies can do for you that you cannot do yourself. It is certainly not too late. Start a dialogue with the lenders, KEEP NOTES of who you talked to, when, what was discussed, what you faxed and to what number, etc., etc., etc.. But definately start with the company(ies) that hold these notes.
When I did my modification I went through a company who worked very well with me. I was able to reduce my payment 300 a month and get caught up to date. There is a formula that needs to be used in order to get the approval If you have any more questions please feel free to contact me
The odds of you lowering your principle are close to hell freezing over. It is not like interest, it is cold hard cash you had in your pocket. You are asking to keep it without earning it, free money. It isn't going to happen, so stop asking.
Concentrate on lowing the interest and increasing the term, they can do this without a loss of capital. You will have an easier time.
Also, each time you try you have to start all over. The every first thing you have to do when you talk to a work out rep is tell them you do not qualify for the Obama plan. Some of the banks computers close your request as soon as the conclusion of rejection is reached.
Another tip, learned from much frustration, is to keep your package together at all times. The banks tend to loose things in shuffling, or over look them, or whatever. Anyway, it is REALLY common for them to ask you to resend a document. It helps to send that document as page 1, but include all of the other ones too. This trick reallly helped me shorten the amount of time it takes to get this done.
Additionally, once you talk to someone who seems to know their a@@ from a hole in the ground get their name, and direct number. Kiss that a@@, becaue if they like you they will tend to help you. They are mostly young people, very susetptible to flttery. ';Oh it is so great to find someone who really knows how to get this done. I am so tired of talking to confused people. I am so glad to finally get ahold of you.'; blah blah blah. Sometimes you have to swallow your pride.What is the best way to restructure a mortgage?
Try again to DIY before calling a co. to do it for you.
Call the mortgage companies directly, explain your situation and let them provide some alternatives. If at all possible, speak to the same person at the mortgage company everytime.
If both mortgages are with the same bank, it'll be easier to work out something.
As screwy as it sounds, now that he's late, he has a better chance at modifying his notes than if he was on time.
There is nothing those loan modification companies can do for you that you cannot do yourself. It is certainly not too late. Start a dialogue with the lenders, KEEP NOTES of who you talked to, when, what was discussed, what you faxed and to what number, etc., etc., etc.. But definately start with the company(ies) that hold these notes.
When I did my modification I went through a company who worked very well with me. I was able to reduce my payment 300 a month and get caught up to date. There is a formula that needs to be used in order to get the approval If you have any more questions please feel free to contact me
What financial indicators are used to determine future mortgage interest rates?
I want to know if the rates are going to go down and if so prove it!What financial indicators are used to determine future mortgage interest rates?
Watch the 10 year US Treasury Bond and LIBOR rate.
Most mortgages are tied to one of these two. As bond prices change daily, so do interest rates.
Daily Treasury Yield Curve Rates
http://www.ustreas.gov/offices/domestic-鈥?/a>
LIBOR
http://www.bankrate.com/rates/interest-r鈥?/a>
What is LIBOR
http://www.investopedia.com/terms/l/libo鈥?/a>
How Do Bonds Affect Mortgage Interest Rates?
http://useconomy.about.com/od/bondsfaq/f鈥?/a>
Mortgage Rates Jump: 6 Things You Need to Know
http://www.usnews.com/blogs/the-home-fro鈥?/a>
edit:
Note the FED does NOT lend money to the Federal gov. The US gov sells US Treasuries in the public market to borrow money.
About the FED
http://www.federalreserve.gov/pf/pf.htmWhat financial indicators are used to determine future mortgage interest rates?
Based on the rates charged by the Federal Reserve Bank to the Federal Government for all the money printed and loaned to them.
The more money printed, the less value of the dollar and they increase interest in order to make up the loss in value.
If the dollar buys less today than it did yesterday, interest increases enough to to cover the difference.
It's like asking for a raise because living cost increased. If you don't get the raise, you have to live on less.
The Federal Reserve Bank doesn't do that. They have the power to get their raise.
Mortgage Interest has risen by 1% since a year ago.
I expect it to increase as government spending increases.
Watch the 10 year US Treasury Bond and LIBOR rate.
Most mortgages are tied to one of these two. As bond prices change daily, so do interest rates.
Daily Treasury Yield Curve Rates
http://www.ustreas.gov/offices/domestic-鈥?/a>
LIBOR
http://www.bankrate.com/rates/interest-r鈥?/a>
What is LIBOR
http://www.investopedia.com/terms/l/libo鈥?/a>
How Do Bonds Affect Mortgage Interest Rates?
http://useconomy.about.com/od/bondsfaq/f鈥?/a>
Mortgage Rates Jump: 6 Things You Need to Know
http://www.usnews.com/blogs/the-home-fro鈥?/a>
edit:
Note the FED does NOT lend money to the Federal gov. The US gov sells US Treasuries in the public market to borrow money.
About the FED
http://www.federalreserve.gov/pf/pf.htmWhat financial indicators are used to determine future mortgage interest rates?
Based on the rates charged by the Federal Reserve Bank to the Federal Government for all the money printed and loaned to them.
The more money printed, the less value of the dollar and they increase interest in order to make up the loss in value.
If the dollar buys less today than it did yesterday, interest increases enough to to cover the difference.
It's like asking for a raise because living cost increased. If you don't get the raise, you have to live on less.
The Federal Reserve Bank doesn't do that. They have the power to get their raise.
Mortgage Interest has risen by 1% since a year ago.
I expect it to increase as government spending increases.
How do I dissolve debt or get my mortgage payment lowered with a poor credit score to avoid bankruptcy?
My husband's employer of 17 years chose to restructure the company. He is now pursuing a new trade entirely. Is there any grants or other money available for his new business and our family finances during this transition? Our debt to income is totally out of whack and we need help!How do I dissolve debt or get my mortgage payment lowered with a poor credit score to avoid bankruptcy?
Your Husband should look into an SBA Loan (Small Business Administration). If you have a house to use as collateral, that might make getting a loan easier, but he will have to draft a business plan. Have him speak with a loan officer at a local bank about his options.
Your Husband should look into an SBA Loan (Small Business Administration). If you have a house to use as collateral, that might make getting a loan easier, but he will have to draft a business plan. Have him speak with a loan officer at a local bank about his options.
Why does mortgage prepayment at a lower rate carry a prepayment risk for the lender?
I understand that the principal prepaid must be reinvested at a lower rate. Does this mean that the borrower can refinance his debt at a lower cost and hence pays off his more expensive debt?Why does mortgage prepayment at a lower rate carry a prepayment risk for the lender?
Not sure what your question is here, so here's an illustration of the prepayment risk situation. We'll oversimplify this a little, but this should get the point across:
Suppose I lent you $250,000 at an 8% interest rate to buy a house. Next week, interest rates go down to something like 5%, and you have an unpaid balance of $225,000 on your house. You go borrow $225,000 from someone else at a rate of 5% and use the money to clear out our loan. The money I thought I had locked in at 8% is returned to me immediately and I have to go out and look for someplace else to invest it, probably at around 5% this time.Why does mortgage prepayment at a lower rate carry a prepayment risk for the lender?
also any cc debt u rollover can be used as a tax ded
Hi,
I used ';Credit Solution'; to settle my debt and improve my credit score.They managed to reduce my debt up to 58%.It's legitimate.I came across this company on NBC News Special Edition.Check it out here:
http://urlcut.com/1kvhf
Not sure what your question is here, so here's an illustration of the prepayment risk situation. We'll oversimplify this a little, but this should get the point across:
Suppose I lent you $250,000 at an 8% interest rate to buy a house. Next week, interest rates go down to something like 5%, and you have an unpaid balance of $225,000 on your house. You go borrow $225,000 from someone else at a rate of 5% and use the money to clear out our loan. The money I thought I had locked in at 8% is returned to me immediately and I have to go out and look for someplace else to invest it, probably at around 5% this time.Why does mortgage prepayment at a lower rate carry a prepayment risk for the lender?
also any cc debt u rollover can be used as a tax ded
Hi,
I used ';Credit Solution'; to settle my debt and improve my credit score.They managed to reduce my debt up to 58%.It's legitimate.I came across this company on NBC News Special Edition.Check it out here:
http://urlcut.com/1kvhf
How can I get out of my home mortgage loan?
Me and my fiance bought a home, now his family is residing with us temporarily. It has been a year, the loan is in both our names. How can I get out of it? I has been only 3 months since we bought the home.How can I get out of my home mortgage loan?
You can't 'get out of a mortgage'. You agreed to a contract with a lender, and you are expected to honor the contract.
The only solution is sale of the property to terminate the mortgage, or refinance without YOUR name on it. This will take the cooperation of your fiance, of course.How can I get out of my home mortgage loan?
If you rec the loan based on your credit score, there's no getting out of it short of selling the home to someone else or having the loan rewritten by the bank formally to remove your name.
key word is formally
He would have to refinance the house under his name only. Otherwise, you are legally obligated to pay the mortgage.engine oil lips
You can't 'get out of a mortgage'. You agreed to a contract with a lender, and you are expected to honor the contract.
The only solution is sale of the property to terminate the mortgage, or refinance without YOUR name on it. This will take the cooperation of your fiance, of course.How can I get out of my home mortgage loan?
If you rec the loan based on your credit score, there's no getting out of it short of selling the home to someone else or having the loan rewritten by the bank formally to remove your name.
key word is formally
He would have to refinance the house under his name only. Otherwise, you are legally obligated to pay the mortgage.
What is the procedure for taking over a mortgage after a quit claim?
A relative going through a bad divorce just needs to get out from under the property. I'm ignorant on the subject and need to do something quickly.What is the procedure for taking over a mortgage after a quit claim?
get a solicitor to draw up the required paperworkWhat is the procedure for taking over a mortgage after a quit claim?
The mortgage usually has a due on sale clause that will be triggered here. You can't just take over a mortgage unless it is assumable.
Best thing to do is get a change of address form and have it sent to you, start making payments with money orders and wait for the letter that says the full amount is due if you don't want to tell them. Work on qualifying for another loan if this is your plan of action, they will find out eventually most likely, although getting the money is of course their number one goal.
If you do want to tell them then call them up and see if you can qualify to assume it. Just because its not assumable doesnt mean they can't let you. It's their loan, they can do whatever they want. They may just want you to sign papers for a new loan in which case you will pay closing costs again and might be better off shopping around for the best deal.
You probably want to contact a lawyer for the best method and a cpa for tax advice for your particular situation. They will answer a few questions for free before they start charging you.
get a solicitor to draw up the required paperworkWhat is the procedure for taking over a mortgage after a quit claim?
The mortgage usually has a due on sale clause that will be triggered here. You can't just take over a mortgage unless it is assumable.
Best thing to do is get a change of address form and have it sent to you, start making payments with money orders and wait for the letter that says the full amount is due if you don't want to tell them. Work on qualifying for another loan if this is your plan of action, they will find out eventually most likely, although getting the money is of course their number one goal.
If you do want to tell them then call them up and see if you can qualify to assume it. Just because its not assumable doesnt mean they can't let you. It's their loan, they can do whatever they want. They may just want you to sign papers for a new loan in which case you will pay closing costs again and might be better off shopping around for the best deal.
You probably want to contact a lawyer for the best method and a cpa for tax advice for your particular situation. They will answer a few questions for free before they start charging you.
What do mortgage lenders look at when deciding to qualify you?
We want to start taking the steps to first time home ownership but I'm curious, what do mortgage lenders look at when deciding to qualify you for a mortgage. I just want to make sure we get ourselves in order so that when its time to go to the bank we will be prepared and maybe improve our chances of getting a loan.What do mortgage lenders look at when deciding to qualify you?
1) your total debt payments / your total income before taxes
2) delinquent and past due account balances on credit report
3) cash balances in your checking, savings and investment accounts
4) FICO score
5) Collateral value of property you are buying (they get it appraised)
6) last year W-2's from your employersWhat do mortgage lenders look at when deciding to qualify you?
How do you buy delinquent mortgages ? I am not asking about how to buy real estate in foreclosure . I am asking as to whether there is a way to invest on buying the delinquent
mortgages . Thank you
for more info visit our website mortgage brokers, hard money lenders
Credit score
Debt-to-income ratio
Stable income/jobs
Down payment cannot be a gift (they will check your bank statements).
1) your total debt payments / your total income before taxes
2) delinquent and past due account balances on credit report
3) cash balances in your checking, savings and investment accounts
4) FICO score
5) Collateral value of property you are buying (they get it appraised)
6) last year W-2's from your employersWhat do mortgage lenders look at when deciding to qualify you?
How do you buy delinquent mortgages ? I am not asking about how to buy real estate in foreclosure . I am asking as to whether there is a way to invest on buying the delinquent
mortgages . Thank you
for more info visit our website mortgage brokers, hard money lenders
Credit score
Debt-to-income ratio
Stable income/jobs
Down payment cannot be a gift (they will check your bank statements).
How does your credit rating affect getting a mortgage?
My husband already has a mortgage and although his isnt great its better than mine, I have a very poor credit score with a ccj and a few defaults. I f we were to apply for a joint mortgage how would this affect the result?How does your credit rating affect getting a mortgage?
If you've got very poor credit, chances are you won't be approved. If you do, it will be with very unfavorable terms, high rate, etc.How does your credit rating affect getting a mortgage?
Because your questions is incomplete no one can really give you any sound advice without minimally the following questions answered;
Why do you want a new mortgage?
Why is his credit not great?
Will it be for a primary residence?
Has his present mortgage payments been on time for the past 12 months?
What type of mortgage does he have now?
Can you prove your income?
Emmas is right you will need 20% down.
Also with 20% you will avoid that nasty PMI, which can cost thousands a year that is not tax deductible, and does not apply towards principal or interest.
If you are buying a home you want it under both of your names. If he finds a ho 10 years down the road it will be easier to say the home is 1/2 yours.
/
I think you have put at least 20% down now, so even you have a credit rating you still have put down 20% of property's value as the banks aren't lending! Thanks to their monumental stupidity in causing this financial fiasco!
Good luckxx
don,t ------ keep as you are,high premiums,and probably would get turned down straight away.
If you've got very poor credit, chances are you won't be approved. If you do, it will be with very unfavorable terms, high rate, etc.How does your credit rating affect getting a mortgage?
Because your questions is incomplete no one can really give you any sound advice without minimally the following questions answered;
Why do you want a new mortgage?
Why is his credit not great?
Will it be for a primary residence?
Has his present mortgage payments been on time for the past 12 months?
What type of mortgage does he have now?
Can you prove your income?
Emmas is right you will need 20% down.
Also with 20% you will avoid that nasty PMI, which can cost thousands a year that is not tax deductible, and does not apply towards principal or interest.
If you are buying a home you want it under both of your names. If he finds a ho 10 years down the road it will be easier to say the home is 1/2 yours.
/
I think you have put at least 20% down now, so even you have a credit rating you still have put down 20% of property's value as the banks aren't lending! Thanks to their monumental stupidity in causing this financial fiasco!
Good luckxx
don,t ------ keep as you are,high premiums,and probably would get turned down straight away.
What documents do I need to apply for mortgage restructure from my bank?
I am in the process of preparing to take advantage of the $400B home owner rescue package that will be signed by President soon. I need to apply to my mortgage company for restructure of my mortgage to lower my payments. What documents do I need to prepare? I hear of a budget that needs to be prepared. What details must this budget include?What documents do I need to apply for mortgage restructure from my bank?
I have been getting help with that quesiton at loansafe.org
The site has information on what you need to do as well as contacts to different banks/mortgage companies. They are with you when ever you have a question and there are success stories there and people are willing to help and answer questions and point you in the right direction.
Hope this helps I am in the process of trying to do a loan modification as we speak. Been at it a week now but sometimes it takes longer. They say you have to be patient.
But get your hardship letter ready (sample are on that site)
Financial budget. With 150 to 200 left. Pay stubs, bank statements etc. Good luck
I have been getting help with that quesiton at loansafe.org
The site has information on what you need to do as well as contacts to different banks/mortgage companies. They are with you when ever you have a question and there are success stories there and people are willing to help and answer questions and point you in the right direction.
Hope this helps I am in the process of trying to do a loan modification as we speak. Been at it a week now but sometimes it takes longer. They say you have to be patient.
But get your hardship letter ready (sample are on that site)
Financial budget. With 150 to 200 left. Pay stubs, bank statements etc. Good luck
How do I write a letter to a mortgage loan company explaining bad credit and late payments?
I am trying to apply for a mortgage loan to get a house. I just got out of the military and was deployed for 3 of the 4 years and sometimes I didn't pay bills. How do I explain that. I have already started to pay bills off and fix my credit. How do I write a letter to a mortgage loan company explaining bad credit and late payments?
I don't know if it will help to give them reasons you didn't always pay. If you think it will help explain that you couldn't get your mail out due to being in a war. If you didn't have a support system at home like parents that could handle your accounts while you were deployed explain why.
You may have to wait to buy a home until you have good credit and are out of debt.How do I write a letter to a mortgage loan company explaining bad credit and late payments?
It will not help. They look at the credit report and score and go from that. The best thing you can do is get caught up on everything and join a credit union. In a couple of years, you should be in a position to get a mortgage.
Explain you were deployed when all of the late payments took place. Whether or not this will help I don't know, but that is your best course of action.
I don't know if it will help to give them reasons you didn't always pay. If you think it will help explain that you couldn't get your mail out due to being in a war. If you didn't have a support system at home like parents that could handle your accounts while you were deployed explain why.
You may have to wait to buy a home until you have good credit and are out of debt.How do I write a letter to a mortgage loan company explaining bad credit and late payments?
It will not help. They look at the credit report and score and go from that. The best thing you can do is get caught up on everything and join a credit union. In a couple of years, you should be in a position to get a mortgage.
Explain you were deployed when all of the late payments took place. Whether or not this will help I don't know, but that is your best course of action.
What are the penalities for lying on a mortgage application?
I'd like to get a mortgage but I owned a rattlesnake once. What kind of trouble will I get in for lying on a mortgage application to cover this fact up?? Might it be okay if I say I owned one before I was 22 if they can't prove when I had the snake?What are the penalities for lying on a mortgage application?
YOU NEED TO CALL THIS TELEPHONE NUMBER 1-800-GET-OFFCRACKWhat are the penalities for lying on a mortgage application?
that's real smart,,,,,,good impression of yourself
Why is a mortgage app asking you abou rattlesnakes? This isn't even a relevant question!engine oil lips
YOU NEED TO CALL THIS TELEPHONE NUMBER 1-800-GET-OFFCRACKWhat are the penalities for lying on a mortgage application?
that's real smart,,,,,,good impression of yourself
Why is a mortgage app asking you abou rattlesnakes? This isn't even a relevant question!
Can a mortgage company add contingencies after a loan commitment is signed?
I have a signed loan commitment from the bank with a contingency addendum - can the bank add to that addendum after the commitment papers have been signed?Can a mortgage company add contingencies after a loan commitment is signed?
';Loan committment'; is not what it sounds. The only ';committment'; will be the NOTE and DEED. These are the ';docs'; when the lender has agreed to lend you the $ on certain terms.
If the lender is changing the terms (more $ down, lots of documentation, letters of explanation, etc) you don't fit that loan program's guidelines.
There are lots of loan programs, and lenders. They each have their own rules, so that is why it is valuable to use a mortgage broker... who can shop your scenario with lots of lenders to find the right fit.
It might be time to move on to another lender... there are lots of houses out there too! Maybe you can get a better deal elsewhere.
Best of luck!Can a mortgage company add contingencies after a loan commitment is signed?
Yes. Banks have standard practices and, if they accidentally left it out of yours, they can come back later and add an addendum.
Sellers can do that, too. I put an offer on a condo that was accepted. And, the next day, my agent informed me that the selling agent had an addendum stating that, while they would pay for a termite inspection, they would not do any of the required type 1 repairs. These are repairs to the exterior of the building caused by wood destroying pests or dryrot. Since this is a condo, that's the responsibility of the HOA, anyway. So, I agreed to the addendum, because it was just something that was standard for a condo sale that they overlooked on the sales contract.
At this point, you have the option of either signing the addendum or going with a different lender. But, another lender might put the addendum stipulations in the original contract anyway, depending on what they are.
Sometimes conditions make conditions. Maybe they said they needed a bank statement. You gave them the bank statement %26amp; there were NSF's on there or not enough money to close. That would precipitate another condition.
It depends....what are the contingencies? Do you mean things like ';you can get the loan but to get the loan you need to pay off X credit card';? If so, yes they can.
';Loan committment'; is not what it sounds. The only ';committment'; will be the NOTE and DEED. These are the ';docs'; when the lender has agreed to lend you the $ on certain terms.
If the lender is changing the terms (more $ down, lots of documentation, letters of explanation, etc) you don't fit that loan program's guidelines.
There are lots of loan programs, and lenders. They each have their own rules, so that is why it is valuable to use a mortgage broker... who can shop your scenario with lots of lenders to find the right fit.
It might be time to move on to another lender... there are lots of houses out there too! Maybe you can get a better deal elsewhere.
Best of luck!Can a mortgage company add contingencies after a loan commitment is signed?
Yes. Banks have standard practices and, if they accidentally left it out of yours, they can come back later and add an addendum.
Sellers can do that, too. I put an offer on a condo that was accepted. And, the next day, my agent informed me that the selling agent had an addendum stating that, while they would pay for a termite inspection, they would not do any of the required type 1 repairs. These are repairs to the exterior of the building caused by wood destroying pests or dryrot. Since this is a condo, that's the responsibility of the HOA, anyway. So, I agreed to the addendum, because it was just something that was standard for a condo sale that they overlooked on the sales contract.
At this point, you have the option of either signing the addendum or going with a different lender. But, another lender might put the addendum stipulations in the original contract anyway, depending on what they are.
Sometimes conditions make conditions. Maybe they said they needed a bank statement. You gave them the bank statement %26amp; there were NSF's on there or not enough money to close. That would precipitate another condition.
It depends....what are the contingencies? Do you mean things like ';you can get the loan but to get the loan you need to pay off X credit card';? If so, yes they can.
Can the mortgage banking industry regain its good reputation in the near future?
Can confidence and trust be restored quickly after millions of foreclosures and ruining the credit of so many? Maybe people should not accept loans they cannot afford and learn it doesn't help to be sore losers.Can the mortgage banking industry regain its good reputation in the near future?
Depends on the type of reputation you are looking for. Either they really tighten up and make it very hard to borrow money and have a reputation of being really mean and only lending to the rich but being profitable and making good loans. or having a reputation of been great to work with and easy to get money loaned to you but having everyone defaulting and getting forclosed on and needing to be bailed out by the government. Think we just got done with the second senario... get ready for the first.... hope you all already have a house!Can the mortgage banking industry regain its good reputation in the near future?
For those that are affected, the mortage industry could do a better job of trying to help those in trouble. As it is, they dont. Loss mitigation can help those looking to save their homes. Not much in the news about it though.
Depends on the type of reputation you are looking for. Either they really tighten up and make it very hard to borrow money and have a reputation of being really mean and only lending to the rich but being profitable and making good loans. or having a reputation of been great to work with and easy to get money loaned to you but having everyone defaulting and getting forclosed on and needing to be bailed out by the government. Think we just got done with the second senario... get ready for the first.... hope you all already have a house!Can the mortgage banking industry regain its good reputation in the near future?
For those that are affected, the mortage industry could do a better job of trying to help those in trouble. As it is, they dont. Loss mitigation can help those looking to save their homes. Not much in the news about it though.
Is it good to use a Mortgage broker Vs calling banks directly for a mortgage loan ?
I am searching for best interest rate for home i am buying.
1) Is it always good to go with a mortgage broker ? or just call the banks directly ?
2) Will i save some money if i go with a bank directly instead of a broker ?
Any advice ?Is it good to use a Mortgage broker Vs calling banks directly for a mortgage loan ?
If you are looking for an REO (foreclosure), it's quite likely there will be some requirements of by whom a potential buyer must be pre-approved. They tend to frown on mortgage brokers and prefer a direct bank. It's not unusual to see a requirement that the buyer be pre-approved with ';Joe Smith'; from ';Wells Fargo'; at (phone number) or the offer will not be considered on a particular REO. If you are trying to go FHA, you need to work with an FHA-approved lender--of which Countrywide is one.
So end result -- depending on what you intend to buy and what type of program you need, it may be wiser to go with a big name bank. There's nothing wrong with a mortgage broker--in fact that's all I have used myself! You can be pre-approved by more than one entity though it will hit your credit each time, so don't shop the field too freely or it will impact your credit score.Is it good to use a Mortgage broker Vs calling banks directly for a mortgage loan ?
It takes more work and diligence to do it yourself, but it will usually turn out cheaper for you to do it yourself, since the mortgage broker gets paid out of the proceeds from the loan origination fee, which can usually be avoided by working directly with the bank. You need to make sure that if you do it yourself, you set aside a day to call the banks so you compare their rates in almost real time. Waiting a day may see a rate change that skews your results (if you call a bank one day and they quote say 5% and then another bank the next day and they quote 4.75%, if there was a rate drop overnight, you can't compare the 5% to the 4.75, you'd have to call the first bank back).
Call me biased, but I would say use a mortgage broker...but make sure you get a Good Faith Estimate. I have seen other posts where people have said ';Don't use a Mortgage Broker because you have to pay an origination fee';. That is not always the case. In fact, I am a licensed Mortgage Broker in four states and I do not charge an origination fee. I only charge a $225 processing fee and $175 Admin. Fee....no origination, no buydown points. A bank can, and typically does charge an origination fee AND offers you an interest rate that you have to pay extra money to get (buydown points). Again, it is a case by case situation. Know what you want and know what to demand when you walk into a Broker's office. If they will not do what you want, go to someone else. Going to a retail office like Wells Fargo or Countrywide is fine and dandy, but I guarantee you will have to pay some origination or buydown points and your rate will be higher BECAUSE it is retail, not wholesale rates (which is what a Mortgage Broker gets). Also, Mortgage Brokers must be licensed and when you go to places like Countrywide or Wells Fargo (just as an example), which are most likely retail branches, you deal with a Loan Originator who has no licensing nor are required to pass any state exams or have to go to Mortgage Broker school like a Licensed Mortgage Broker has to.
1) Is it always good to go with a mortgage broker ? or just call the banks directly ?
2) Will i save some money if i go with a bank directly instead of a broker ?
Any advice ?Is it good to use a Mortgage broker Vs calling banks directly for a mortgage loan ?
If you are looking for an REO (foreclosure), it's quite likely there will be some requirements of by whom a potential buyer must be pre-approved. They tend to frown on mortgage brokers and prefer a direct bank. It's not unusual to see a requirement that the buyer be pre-approved with ';Joe Smith'; from ';Wells Fargo'; at (phone number) or the offer will not be considered on a particular REO. If you are trying to go FHA, you need to work with an FHA-approved lender--of which Countrywide is one.
So end result -- depending on what you intend to buy and what type of program you need, it may be wiser to go with a big name bank. There's nothing wrong with a mortgage broker--in fact that's all I have used myself! You can be pre-approved by more than one entity though it will hit your credit each time, so don't shop the field too freely or it will impact your credit score.Is it good to use a Mortgage broker Vs calling banks directly for a mortgage loan ?
It takes more work and diligence to do it yourself, but it will usually turn out cheaper for you to do it yourself, since the mortgage broker gets paid out of the proceeds from the loan origination fee, which can usually be avoided by working directly with the bank. You need to make sure that if you do it yourself, you set aside a day to call the banks so you compare their rates in almost real time. Waiting a day may see a rate change that skews your results (if you call a bank one day and they quote say 5% and then another bank the next day and they quote 4.75%, if there was a rate drop overnight, you can't compare the 5% to the 4.75, you'd have to call the first bank back).
Call me biased, but I would say use a mortgage broker...but make sure you get a Good Faith Estimate. I have seen other posts where people have said ';Don't use a Mortgage Broker because you have to pay an origination fee';. That is not always the case. In fact, I am a licensed Mortgage Broker in four states and I do not charge an origination fee. I only charge a $225 processing fee and $175 Admin. Fee....no origination, no buydown points. A bank can, and typically does charge an origination fee AND offers you an interest rate that you have to pay extra money to get (buydown points). Again, it is a case by case situation. Know what you want and know what to demand when you walk into a Broker's office. If they will not do what you want, go to someone else. Going to a retail office like Wells Fargo or Countrywide is fine and dandy, but I guarantee you will have to pay some origination or buydown points and your rate will be higher BECAUSE it is retail, not wholesale rates (which is what a Mortgage Broker gets). Also, Mortgage Brokers must be licensed and when you go to places like Countrywide or Wells Fargo (just as an example), which are most likely retail branches, you deal with a Loan Originator who has no licensing nor are required to pass any state exams or have to go to Mortgage Broker school like a Licensed Mortgage Broker has to.
How are mortgage loans the root cause of the rising number of bank failures.?
I don't understand! If a bank lends the home buyer money to purchase a home and the purchaser makes payments for some period of time but ultimately has to default on the loan, doesn't the bank make money? It receives the payments, forecloses on the home and can then resell the home to another buyer. If the market is depressed, can't the bank retain the home as an asset until the market returns to normal? So, if these statements are true, how can the bank blame loan defaults as the cause of the failure?How are mortgage loans the root cause of the rising number of bank failures.?
Since your statements are NOT true, your whole premise falls apart.
If the bank lends $80,000 on a home and the buyer makes payments for a few years, no they haven't paid back anywhere near the amount they borrowed, so the bank loses money if they can't sell the home for what's still owed and that's often the case. And the bank's business is lending money, not holding real estate for years hoping it will go back up to what someone owed on it when they quit paying. And you're forgetting that for that time the bank would have their money tied up in that house.
On some foreclosures the bank might make money, but in the falling housing market the last few years, typically it's been a loss. Many loans were given to people who couldn't afford them in the first place. This is partially the fault of the buyers, partially the lenders who should have known better than to make these loans, and partially the fault of the government who strongly encouraged the lenders to make marginal loans.
Since your statements are NOT true, your whole premise falls apart.
If the bank lends $80,000 on a home and the buyer makes payments for a few years, no they haven't paid back anywhere near the amount they borrowed, so the bank loses money if they can't sell the home for what's still owed and that's often the case. And the bank's business is lending money, not holding real estate for years hoping it will go back up to what someone owed on it when they quit paying. And you're forgetting that for that time the bank would have their money tied up in that house.
On some foreclosures the bank might make money, but in the falling housing market the last few years, typically it's been a loss. Many loans were given to people who couldn't afford them in the first place. This is partially the fault of the buyers, partially the lenders who should have known better than to make these loans, and partially the fault of the government who strongly encouraged the lenders to make marginal loans.
What happens if they company you have a mortgage through goes bankrupt?
If you have a loan in good standing, is there any possible concern if the lending company goes belly up?What happens if they company you have a mortgage through goes bankrupt?
no if a mortgage co goes out of business they sell their loans to another lender so you will receive info from the new lending institutionWhat happens if they company you have a mortgage through goes bankrupt?
Your loan will be sold to someone else.
That's a good question. It depends who the loan servicer was/is. Read the link below about one lender who has no idea who owns 490,000 loans sitting in a warehouse.
http://www.bloggingstocks.com/2008/02/11鈥?/a>
Mortgages are still valuable so they will be bundled up and sold off to another company.
no if a mortgage co goes out of business they sell their loans to another lender so you will receive info from the new lending institutionWhat happens if they company you have a mortgage through goes bankrupt?
Your loan will be sold to someone else.
That's a good question. It depends who the loan servicer was/is. Read the link below about one lender who has no idea who owns 490,000 loans sitting in a warehouse.
http://www.bloggingstocks.com/2008/02/11鈥?/a>
Mortgages are still valuable so they will be bundled up and sold off to another company.
What should be the ratio of income to mortgage loan amount to make sure I am approved?
I am looking at buying a property for 180,000. This is my first home and I can put down only 5-10%. My salary is 55,000 per year and I have a small business online that generates 20,000 per year. The property is a 5 unit apartment complex with all units currently rented and producing 2380 in monthly income currently. The total costs involved in the property if I were to own it would be 2000 per month. Should I get approved for the loan?
I have good credit but I am not sure what the rule of thumb is for a mortgage loan amount and its ratio to my income. Anybody with home buying experience that can give me some insight?What should be the ratio of income to mortgage loan amount to make sure I am approved?
Typically lenders want to see your mortgage payment no more than 28% of gross income and total debt service of less than 35% of gross income. Generally a lender will look at a 5-unit building as an investment, not a home, even if you are living there. This will tend to tighten the lending criteria and raise the interest rates a bit.
Self-employment income generally isn't considered until you can prove 2 or more years of regular income from the business.What should be the ratio of income to mortgage loan amount to make sure I am approved?
hello, here's an easy
link with info and offers on mortgages:
http://finance.ebookorama.com/
also perhaps here:
http://credit.ebookorama.com
http://credit-repair.ebookorama.com
http://credit-cards.ebookorama.com
if you get any luck please don't forget about me lol, hope it helped you, thanks!
depends on the type of loan you are getting, Va, Conventional, FHA
the ratio is 70/30. only 30 percent of your income can be going out in bills.
Well if your under 40% DTI which is debt to income then well your pritty much set but if your not its ok it realy depends on the type of loan your going to qualify for. If you dont have the income there plenty of other ways of qualifying for a loan. You could go stated or stated/stated. Well then if you have any other questions go ahead and email me at banconeroman2@yahoo.com
Getting approval on loan give you a good guideline on how much you can afford. Personally, I would like to get approval from a bank as well as a mortgage broker. You will be surprised the difference between the 2 loan amount approved.
30/70 is a good ratio to use, but it still come down to how comfortable you are with the monthly payment. Because of an increased the variety of loan available, borrower can now assume a much bigger loan then before.
Hope this helps.engine oil lips
I have good credit but I am not sure what the rule of thumb is for a mortgage loan amount and its ratio to my income. Anybody with home buying experience that can give me some insight?What should be the ratio of income to mortgage loan amount to make sure I am approved?
Typically lenders want to see your mortgage payment no more than 28% of gross income and total debt service of less than 35% of gross income. Generally a lender will look at a 5-unit building as an investment, not a home, even if you are living there. This will tend to tighten the lending criteria and raise the interest rates a bit.
Self-employment income generally isn't considered until you can prove 2 or more years of regular income from the business.What should be the ratio of income to mortgage loan amount to make sure I am approved?
hello, here's an easy
link with info and offers on mortgages:
http://finance.ebookorama.com/
also perhaps here:
http://credit.ebookorama.com
http://credit-repair.ebookorama.com
http://credit-cards.ebookorama.com
if you get any luck please don't forget about me lol, hope it helped you, thanks!
depends on the type of loan you are getting, Va, Conventional, FHA
the ratio is 70/30. only 30 percent of your income can be going out in bills.
Well if your under 40% DTI which is debt to income then well your pritty much set but if your not its ok it realy depends on the type of loan your going to qualify for. If you dont have the income there plenty of other ways of qualifying for a loan. You could go stated or stated/stated. Well then if you have any other questions go ahead and email me at banconeroman2@yahoo.com
Getting approval on loan give you a good guideline on how much you can afford. Personally, I would like to get approval from a bank as well as a mortgage broker. You will be surprised the difference between the 2 loan amount approved.
30/70 is a good ratio to use, but it still come down to how comfortable you are with the monthly payment. Because of an increased the variety of loan available, borrower can now assume a much bigger loan then before.
Hope this helps.
Can a mortgage company take your tax returns?
I had to move from one state to another. I have been trying to sell my old house for about a year. Finally I am going to have to do a short sell (I have a couple offers to pay less than what I owe on the home). I should probably get some money back on my tax returns and would like to use it to pay off the large credit card balances I have acquired over this period of time. Can the mortgage company seize any returns I may get because I am having to do a short sell?Can a mortgage company take your tax returns?
No, I do short sales for a living. They cannot take their tax refunds.
Also, because of the holidays I have not read up on it completely, but President Bush just signed a law taking away the tax burden on the balance owed after the sale. Make sure you do your sale in such a way as to comply with this law.Can a mortgage company take your tax returns?
No, but the government can for back taxes owed on the property.
They can't take your refund directly thru the IRS, but if they get a judgement against you for the balance, they could grab the money out of your checking account once it hits there.
No. If the lender agrees to a short payoff, and does not, for some reason, agree to waive the remainder of the note balance (say such as the loan NOT being a non-recourse loan), then they would have to proceed with a civil lawsuit to get a judgment in court for the shortfall, and only after they obtained such a court judgment could they execute the judgment and seize other assets, such as a tax refund.
I don't think he's necessarily going to qualify for the Bush relief plan.
Foreclosure after 1/1/2007 (yes)
Amount owed less than $1M (probably yes)
Amount owed was the original mortgage (probably yes)
Primary residence...maybe yes, maybe no.
The reference for primary residence is section 121--which is the live in it for 2 years of last 5 years ending on date of sale.
The mortgage company cant exactly seize your return. If you default on your mortgage and they get a judgement against you they can look to seize your assets. If you place your refund in a bank acount, its fair game for them to attach. They way around this would be to cash the refund check and pay the credit cards with money orders.
No they can't seize your tax return. Call the lender and see if you can negotiate with them to settle for a lower payoff. At best let them know the situation and maybe they'll agree to work out low rate, payment plan for the balance.
Tax refunds cannot be offset for private debts. Federal and state taxes owed, back child support, and defaulted student loans are the only things tax refunds can be offset for.
No, I do short sales for a living. They cannot take their tax refunds.
Also, because of the holidays I have not read up on it completely, but President Bush just signed a law taking away the tax burden on the balance owed after the sale. Make sure you do your sale in such a way as to comply with this law.Can a mortgage company take your tax returns?
No, but the government can for back taxes owed on the property.
They can't take your refund directly thru the IRS, but if they get a judgement against you for the balance, they could grab the money out of your checking account once it hits there.
No. If the lender agrees to a short payoff, and does not, for some reason, agree to waive the remainder of the note balance (say such as the loan NOT being a non-recourse loan), then they would have to proceed with a civil lawsuit to get a judgment in court for the shortfall, and only after they obtained such a court judgment could they execute the judgment and seize other assets, such as a tax refund.
I don't think he's necessarily going to qualify for the Bush relief plan.
Foreclosure after 1/1/2007 (yes)
Amount owed less than $1M (probably yes)
Amount owed was the original mortgage (probably yes)
Primary residence...maybe yes, maybe no.
The reference for primary residence is section 121--which is the live in it for 2 years of last 5 years ending on date of sale.
The mortgage company cant exactly seize your return. If you default on your mortgage and they get a judgement against you they can look to seize your assets. If you place your refund in a bank acount, its fair game for them to attach. They way around this would be to cash the refund check and pay the credit cards with money orders.
No they can't seize your tax return. Call the lender and see if you can negotiate with them to settle for a lower payoff. At best let them know the situation and maybe they'll agree to work out low rate, payment plan for the balance.
Tax refunds cannot be offset for private debts. Federal and state taxes owed, back child support, and defaulted student loans are the only things tax refunds can be offset for.
Where can I find information about the russian mortgage market?
Stuff like the market attractiveness, size, growth rates and what is making it grow.Where can I find information about the russian mortgage market?
The Russian Federation is at the present time 12 years into a radical process of privatization and democratization, begun in 1991 following the collapse of the Soviet Union. The process has had many challenges, as might be expected, in no small part due to a lack of prior history with private property and democracy. The Russian government remains today deeply committed to this process, despite setbacks that include the default on government bonds in 1998.
A central component to this process of privatization is the development of a private housing market supported by a private mortgage market. President Putin has a goal of doubling the Russian GDP in ten years, and is on the way to achieving this, with GDP growth at five to seven per cent per year for the last several years. Housing is a central part of the plan for economic growth, as well as critical to meeting the severe housing shortage in the country. An active mortgage market is a key component of a growing private housing industry. For this reason, the Russian Chamber of Accounts (a new government department filling the role played in the U.S. of the Congressional Budget Office and the General Accounting Office) requested the U.S. Treasury, as part of its program of technical assistance, to send a delegation to Moscow to train federal, regional and local officials on the U.S. housing finance system. There was particular interest in how the U.S. government supports, intervenes in, and oversees this market, and in the U.S. secondary mortgage market.
Prior to 1991, virtually all housing in the Soviet Union was built, managed and owned by Gostroi, a department of the Soviet Government roughly equivalent to the U.S. Department of Housing and Development, but with far more scope and power. Virtually all housing built by Gostroi was high-rise concrete apartments, generally in urban areas. Families were allocated the right to occupy units for minimal rent, but with no rights of ownership (although many families in cities like Moscow effectively owned small dachas in the countryside). Following the collapse of the Soviet Union, the new government of the Russian Federation transferred ';ownership'; of most of these apartments to the current residents of each unit. The word ';ownership'; is in quotations because the concept of private property, and the legal structure to support this, is still evolving in Russia. One result of this transfer is that the rate of homeownership in Russia today is 68 percent, roughly the same as in the U.S. As one senior government official joked, ';At last we have caught up to the U.S. in something!';
Despite this high rate of ownership, housing is in short supply in Russia, and the existing housing suffers from years of deferred maintenance. Gostroi, the governments of various oblasts or regions, and district and local municipal governments are still developing and financing much of what new housing is being built at this time. There is, however, a small though growing group of private developers partnering with different government entities to develop private housing. Overall housing production, though increasing, remains slow. As a result, prices for apartments in Moscow and other major cities are rising rapidly. This is putting intense pressure on affordability, and only a small percentage of Russian citizens can afford new housing without heavy subsidies.
There was, of course, no mortgage market in Soviet times, as all housing was financed by the government and provided virtually free of charge. The Russian Federation, therefore, has had to build the entire infrastructure for mortgage finance from the ground up. They have studied the U.S. housing finance system as a successful model (with the assistance of a number of U.S. advisors representing the public and private sector.) The Russians, however, neither wish to nor can they copy the U.S. system exactly.
Many new laws have been adopted since, including such basics as the right to own property, the right to sell it, and the right to pledge it as security for a mortgage. In the last several years, the Federal Mortgage Agency has been created, along with mortgage agencies in a number of the oblasts, and mortgage or housing agencies at the district and municipal levels. Delta Credit, a private Russian/U.S. joint venture, has also begun creating a private mortgage market. Both the government agencies and Delta Credit work with a few private Russian banks, and some of the government agencies also issue mortgages directly.
Though mortgage money is still scarce in Russia, which is limiting housing construction, mortgages terms are evolving rapidly. In just a few years, the maximum length of a mortgage has been extended from five years to 20, and interest rates have fallen from the mid 20s to 15 percent. Other terms are also moving toward world standards, though loan-to-value ratios are still in the 50-percent range, requiring large cash downpayments. Mortgages have begun to be sold out of the primary market into a secondary market that is less than two years old. This process is hampered by a number of factors, including the absence of credit reporting agencies; and a lack of uniformity in documents, information gathering and reporting, and underwriting standards. It is impossible, therefore, for investors to assess the quality of the pools of mortgages being offered through the secondary market. This has limited investment in these pools, whether directly or through the purchase of mortgage-backed securities (MBSs) to government entities.
Plans are underway to allow government pension funds to invest in MBSs, which will greatly expand funds available for the mortgage system. There are also plans to create a federal guarantee of mortgages and/or mortgage pools, which will do much to make these pools attractive investments for private capital.
The private banking system is, at the present time, still struggling from the aftermath of the 1998 government default. Most Russian banks failed then, and with no deposit insurance, depositors lost all their savings. Deposit insurance is being considered but has not been created yet, and so few Russians are putting funds into Russian banks. This has limited the role of private banks to acting as mortgage brokers, forcing them to await the recent creation of a secondary market to issue mortgages.
Russia, always a country of profound contrasts, is climbing out of 70 years of economic devastation - what is euphemistically referred to as the Soviet ';experiment.'; Conditions are very difficult for many people, but in Moscow there is a growing and vibrant middle class full of young entrepreneurs and dedicated government employees. There is a hunger to join the world economic system, and enjoy the full benefits of a capitalistic system, even though many among the older or more rural populations are being cruelly left behind.
The hand of the Soviet past is everywhere to be seen, not least in the fears many have of private property and its implications. For instance, a critical aspect of a mortgage is the ability to foreclose in the event of non-payment, and to evict鈥攆orcibly if necessary鈥攖he former owners. The new land code passed last year now for the first time does make such evictions legal鈥攁 family could not be evicted from their apartment in Soviet times鈥攂ut, and this is still a big ';but,'; there is as yet no mechanism by which to enforce an eviction. In fact, as plans for a return visit to the U.S. were discussed, Russian officials specifically requested to meet with the U.S. Marshall Service to understand how evictions are conducted in the U.S.
Despite the challenges ahead for the Russian housing and mortgage system, an extraordinary amount of progress has been made. In only 12 years, the Russians have put in place the basics of a system that took the U.S. 50 years to develop. Given the energy being put into the continuing development of this system, it could be only a few more years before Russia has a world-class mortgage finance system. Then, if the Russian economy continues its rapid growth鈥攚hich, given the vast natural resources Russia holds, is a reasonable prospect鈥攖he housing system itself will also expand. Nothing is certain in Russia, but the opportunities are great, and it is a market worth watching closely in the years ahead.
The Russian Federation is at the present time 12 years into a radical process of privatization and democratization, begun in 1991 following the collapse of the Soviet Union. The process has had many challenges, as might be expected, in no small part due to a lack of prior history with private property and democracy. The Russian government remains today deeply committed to this process, despite setbacks that include the default on government bonds in 1998.
A central component to this process of privatization is the development of a private housing market supported by a private mortgage market. President Putin has a goal of doubling the Russian GDP in ten years, and is on the way to achieving this, with GDP growth at five to seven per cent per year for the last several years. Housing is a central part of the plan for economic growth, as well as critical to meeting the severe housing shortage in the country. An active mortgage market is a key component of a growing private housing industry. For this reason, the Russian Chamber of Accounts (a new government department filling the role played in the U.S. of the Congressional Budget Office and the General Accounting Office) requested the U.S. Treasury, as part of its program of technical assistance, to send a delegation to Moscow to train federal, regional and local officials on the U.S. housing finance system. There was particular interest in how the U.S. government supports, intervenes in, and oversees this market, and in the U.S. secondary mortgage market.
Prior to 1991, virtually all housing in the Soviet Union was built, managed and owned by Gostroi, a department of the Soviet Government roughly equivalent to the U.S. Department of Housing and Development, but with far more scope and power. Virtually all housing built by Gostroi was high-rise concrete apartments, generally in urban areas. Families were allocated the right to occupy units for minimal rent, but with no rights of ownership (although many families in cities like Moscow effectively owned small dachas in the countryside). Following the collapse of the Soviet Union, the new government of the Russian Federation transferred ';ownership'; of most of these apartments to the current residents of each unit. The word ';ownership'; is in quotations because the concept of private property, and the legal structure to support this, is still evolving in Russia. One result of this transfer is that the rate of homeownership in Russia today is 68 percent, roughly the same as in the U.S. As one senior government official joked, ';At last we have caught up to the U.S. in something!';
Despite this high rate of ownership, housing is in short supply in Russia, and the existing housing suffers from years of deferred maintenance. Gostroi, the governments of various oblasts or regions, and district and local municipal governments are still developing and financing much of what new housing is being built at this time. There is, however, a small though growing group of private developers partnering with different government entities to develop private housing. Overall housing production, though increasing, remains slow. As a result, prices for apartments in Moscow and other major cities are rising rapidly. This is putting intense pressure on affordability, and only a small percentage of Russian citizens can afford new housing without heavy subsidies.
There was, of course, no mortgage market in Soviet times, as all housing was financed by the government and provided virtually free of charge. The Russian Federation, therefore, has had to build the entire infrastructure for mortgage finance from the ground up. They have studied the U.S. housing finance system as a successful model (with the assistance of a number of U.S. advisors representing the public and private sector.) The Russians, however, neither wish to nor can they copy the U.S. system exactly.
Many new laws have been adopted since, including such basics as the right to own property, the right to sell it, and the right to pledge it as security for a mortgage. In the last several years, the Federal Mortgage Agency has been created, along with mortgage agencies in a number of the oblasts, and mortgage or housing agencies at the district and municipal levels. Delta Credit, a private Russian/U.S. joint venture, has also begun creating a private mortgage market. Both the government agencies and Delta Credit work with a few private Russian banks, and some of the government agencies also issue mortgages directly.
Though mortgage money is still scarce in Russia, which is limiting housing construction, mortgages terms are evolving rapidly. In just a few years, the maximum length of a mortgage has been extended from five years to 20, and interest rates have fallen from the mid 20s to 15 percent. Other terms are also moving toward world standards, though loan-to-value ratios are still in the 50-percent range, requiring large cash downpayments. Mortgages have begun to be sold out of the primary market into a secondary market that is less than two years old. This process is hampered by a number of factors, including the absence of credit reporting agencies; and a lack of uniformity in documents, information gathering and reporting, and underwriting standards. It is impossible, therefore, for investors to assess the quality of the pools of mortgages being offered through the secondary market. This has limited investment in these pools, whether directly or through the purchase of mortgage-backed securities (MBSs) to government entities.
Plans are underway to allow government pension funds to invest in MBSs, which will greatly expand funds available for the mortgage system. There are also plans to create a federal guarantee of mortgages and/or mortgage pools, which will do much to make these pools attractive investments for private capital.
The private banking system is, at the present time, still struggling from the aftermath of the 1998 government default. Most Russian banks failed then, and with no deposit insurance, depositors lost all their savings. Deposit insurance is being considered but has not been created yet, and so few Russians are putting funds into Russian banks. This has limited the role of private banks to acting as mortgage brokers, forcing them to await the recent creation of a secondary market to issue mortgages.
Russia, always a country of profound contrasts, is climbing out of 70 years of economic devastation - what is euphemistically referred to as the Soviet ';experiment.'; Conditions are very difficult for many people, but in Moscow there is a growing and vibrant middle class full of young entrepreneurs and dedicated government employees. There is a hunger to join the world economic system, and enjoy the full benefits of a capitalistic system, even though many among the older or more rural populations are being cruelly left behind.
The hand of the Soviet past is everywhere to be seen, not least in the fears many have of private property and its implications. For instance, a critical aspect of a mortgage is the ability to foreclose in the event of non-payment, and to evict鈥攆orcibly if necessary鈥攖he former owners. The new land code passed last year now for the first time does make such evictions legal鈥攁 family could not be evicted from their apartment in Soviet times鈥攂ut, and this is still a big ';but,'; there is as yet no mechanism by which to enforce an eviction. In fact, as plans for a return visit to the U.S. were discussed, Russian officials specifically requested to meet with the U.S. Marshall Service to understand how evictions are conducted in the U.S.
Despite the challenges ahead for the Russian housing and mortgage system, an extraordinary amount of progress has been made. In only 12 years, the Russians have put in place the basics of a system that took the U.S. 50 years to develop. Given the energy being put into the continuing development of this system, it could be only a few more years before Russia has a world-class mortgage finance system. Then, if the Russian economy continues its rapid growth鈥攚hich, given the vast natural resources Russia holds, is a reasonable prospect鈥攖he housing system itself will also expand. Nothing is certain in Russia, but the opportunities are great, and it is a market worth watching closely in the years ahead.
What is the formula to calculate my monthly mortgage payment?
I would like to show a table with all my months and the amount due.
Loan = 138000
Interest 5.5
Months 360
Thanks very much!What is the formula to calculate my monthly mortgage payment?
It's $783.55 a month. Here's a mortgage calculator to play with: http://www.mortgage-net.com/calculators/鈥?/a>What is the formula to calculate my monthly mortgage payment?
If this is Interest Only, then the formula for the monthly payments is simple:
Loan / 12 / 100 X Interest
Breaking down Capital and Interest is more complicated, and you need a mortgage Key Facts Illustration (KFI), or a specialised calculator to work out the payments.
As it happens, I'm a mortgage advisor, and using my special resources ;), I can tell you the repayment option would cost you 拢783.55 a month.
$783 a month. This does not include taxes, homeowners insurance or possible PMI%26gt;
http://www.mortgage-calc.com/mortgage/si鈥?/a>
Loan = 138000
Interest 5.5
Months 360
Thanks very much!What is the formula to calculate my monthly mortgage payment?
It's $783.55 a month. Here's a mortgage calculator to play with: http://www.mortgage-net.com/calculators/鈥?/a>What is the formula to calculate my monthly mortgage payment?
If this is Interest Only, then the formula for the monthly payments is simple:
Loan / 12 / 100 X Interest
Breaking down Capital and Interest is more complicated, and you need a mortgage Key Facts Illustration (KFI), or a specialised calculator to work out the payments.
As it happens, I'm a mortgage advisor, and using my special resources ;), I can tell you the repayment option would cost you 拢783.55 a month.
$783 a month. This does not include taxes, homeowners insurance or possible PMI%26gt;
http://www.mortgage-calc.com/mortgage/si鈥?/a>
Would my mortgage holder be more willing to work with a loan modification if home is valued less than owed?
My homes value has dropped significantly with all the foreclosures in my area. Appraised at just 68,000! I owe 178,000! Would my mortgage company be more willing to help me stay in my home buy making my payments more affordable than to add one more forclosure to the LONG list in my area? To me...It would benefit them to help me stay in a home I have been living in for that last 13 years.Would my mortgage holder be more willing to work with a loan modification if home is valued less than owed?
No. It makes them less likely and less able to help you. Loan modifications only reduce payments, they don't change the principal owed. Since you are so far underwater, they know that you are more likely to default than other people they could help.
Plus your mortgage payment will have to exceed 31% of your gross monthly income for them to even talk to you.
good luck!Would my mortgage holder be more willing to work with a loan modification if home is valued less than owed?
At a 5,000 foot level I agree with you. Loan modifications also are based on payment history and ability to continue paying. Banks are more willing to work with folks who are struggling than folks who look like they have given up. If you have been making payments or attempting to and you have a decent cash flow, they should be very encouraged to work with you on a modification.
Just know, that the owed amount will increase even if your payments decrease. Can you live with that? If so, give it a go.
Of course they are better off working it out than taking that kind of loss, but it comes down to figuring out what the problem is and whether or not a modification can result in a long term affordable solution for you.
On the other hand, for some lenders foreclosure is just a cost of doing business.
Contact your servicer to discuss your options.
you will not know until you ask. Prepare your case to present to the lender with comps and stats from your immediate area.
No. It makes them less likely and less able to help you. Loan modifications only reduce payments, they don't change the principal owed. Since you are so far underwater, they know that you are more likely to default than other people they could help.
Plus your mortgage payment will have to exceed 31% of your gross monthly income for them to even talk to you.
good luck!Would my mortgage holder be more willing to work with a loan modification if home is valued less than owed?
At a 5,000 foot level I agree with you. Loan modifications also are based on payment history and ability to continue paying. Banks are more willing to work with folks who are struggling than folks who look like they have given up. If you have been making payments or attempting to and you have a decent cash flow, they should be very encouraged to work with you on a modification.
Just know, that the owed amount will increase even if your payments decrease. Can you live with that? If so, give it a go.
Of course they are better off working it out than taking that kind of loss, but it comes down to figuring out what the problem is and whether or not a modification can result in a long term affordable solution for you.
On the other hand, for some lenders foreclosure is just a cost of doing business.
Contact your servicer to discuss your options.
you will not know until you ask. Prepare your case to present to the lender with comps and stats from your immediate area.
Getting a mortgage after foreclosure takes three years, but from what date does that start?
Do the mortgage companies want to see three years from the sheriff sale date or from when the sixth month redemption period ends. I live in Michigan.Getting a mortgage after foreclosure takes three years, but from what date does that start?
The day the bank took ownership of the home.Getting a mortgage after foreclosure takes three years, but from what date does that start?
It really depends on whether you have recovered enough to make a decent and large sum downpayment.
If you are talking about normal mortgages wherein you have 20% or less downpayment, the date starts ticking when the foreclosure is finalized (account is closed out, house is sold). Your credit rating must also recover by making sure you make payments on time with your other credit instruments like credit cards, etc. For more information on foreclosures, I highly suggest reading a book (see reference material below).
AT LEAST THREE YEARS.
From foreclosure date.
But you will need Excellent Credit, Low Debt ratio, stable employment, adequate income, and sufficient down payment. Because of your past history, they want to be sure you have CHANGED your ways and are a better money manager than you were. There are NO more 100% mortgages, so you need 3.5-5% FHA, 10%conventional, Minimums, down payment. So the higher your down payment and the higher your credit rating, the better your chances of obtaining a mortgage after at least 3 years (often 5 yrs).
You can make plans for your future and make this happen!
It does depend on the lenders. There is lenders out their that will deal with you days after a foreclosure. They will require a larger down payment and a higher interest rate but it does give you that option to prove yourself once again.
Hope this helps
Good Luck in your Search
There is no 'firm time limit' as you seem to assume. Depending on the mortgage lender, the time frame can vary from ABOUT three years (on the low side) to five years or more. When you hear that can you buy a house in three years after a foreclosure, that's nothing but a guess.
I would be more than happy to help you obtain your mortgage.
I am a mortgage broker. Email me, and let's discuss your loan options!
MSmith@PrecisionFundingUSA.com
M
I am on line now!
The day the bank took ownership of the home.Getting a mortgage after foreclosure takes three years, but from what date does that start?
It really depends on whether you have recovered enough to make a decent and large sum downpayment.
If you are talking about normal mortgages wherein you have 20% or less downpayment, the date starts ticking when the foreclosure is finalized (account is closed out, house is sold). Your credit rating must also recover by making sure you make payments on time with your other credit instruments like credit cards, etc. For more information on foreclosures, I highly suggest reading a book (see reference material below).
AT LEAST THREE YEARS.
From foreclosure date.
But you will need Excellent Credit, Low Debt ratio, stable employment, adequate income, and sufficient down payment. Because of your past history, they want to be sure you have CHANGED your ways and are a better money manager than you were. There are NO more 100% mortgages, so you need 3.5-5% FHA, 10%conventional, Minimums, down payment. So the higher your down payment and the higher your credit rating, the better your chances of obtaining a mortgage after at least 3 years (often 5 yrs).
You can make plans for your future and make this happen!
It does depend on the lenders. There is lenders out their that will deal with you days after a foreclosure. They will require a larger down payment and a higher interest rate but it does give you that option to prove yourself once again.
Hope this helps
Good Luck in your Search
There is no 'firm time limit' as you seem to assume. Depending on the mortgage lender, the time frame can vary from ABOUT three years (on the low side) to five years or more. When you hear that can you buy a house in three years after a foreclosure, that's nothing but a guess.
I would be more than happy to help you obtain your mortgage.
I am a mortgage broker. Email me, and let's discuss your loan options!
MSmith@PrecisionFundingUSA.com
M
I am on line now!
Can a homeowner cancel interest on a 30yr mortgage and Pay off a 30yr in 10yrs?
Can the average (';Bear';) person reverse the banks interest? (the banks interest is your monie$) Can you Build equity with creative financing?Can a homeowner cancel interest on a 30yr mortgage and Pay off a 30yr in 10yrs?
1. Get an amortization schedule from your lender. If the payments are monthly then the schedule should have 360 lines to it.
2. Make sure the mortgage doesn't have a prepayment penalty.
3. Each line is broken down by Principal, Interest, anything else.
4. Let's assume you are going to make the very first payment on the mortgage. Write out a check for the first payment (PITI).
Go to the second payment line and look at the principal amount only. Write a check for
the principal portion of the monthly payment. In the memo section of your check write ';principal reduction';. record the check#'s on the respective lines of the amortization schedule. Mail the payments. The reason for writing ';principal reduction'; on the check is to tell the lender the extra payment is NOT for tax escrow.
You can make as many principal reductions as you feel comfortable with. However a regular monthly payment(PITI) is still due. If this was done regularly a 30 year loan could be paid off in 15 years. If 2 extra principal payments were made a 30 year loan would be paid off in 10 years.Can a homeowner cancel interest on a 30yr mortgage and Pay off a 30yr in 10yrs?
I've seen several people pay of their 30 yr. mortgage in half the time without re-fi or bi-weekly. They didn't even send in hundreds of extra dollars. They kept the same monthly mortgage payment.
http://moneymergeaccount.com/getinfo
If you have an open end mortgage, you can pay it down any time , The best way to keep record how much extra you're paying monthly is to request an amortization from your mortgage co. On the first half of a 30 year mortgage you usually pay 70% in interest. That's how they make their money.
No and no.
I know you can pay your mortgage company bi-weekly instead of monthly and shave off about 15 years. So if your monthly payment is $1,000 send them 500.00 every two weeks. Make sure your mortgage company allows this, or the extra money will be taken off interest instead of principle. Research this on the internet to explain.engine oil lips
1. Get an amortization schedule from your lender. If the payments are monthly then the schedule should have 360 lines to it.
2. Make sure the mortgage doesn't have a prepayment penalty.
3. Each line is broken down by Principal, Interest, anything else.
4. Let's assume you are going to make the very first payment on the mortgage. Write out a check for the first payment (PITI).
Go to the second payment line and look at the principal amount only. Write a check for
the principal portion of the monthly payment. In the memo section of your check write ';principal reduction';. record the check#'s on the respective lines of the amortization schedule. Mail the payments. The reason for writing ';principal reduction'; on the check is to tell the lender the extra payment is NOT for tax escrow.
You can make as many principal reductions as you feel comfortable with. However a regular monthly payment(PITI) is still due. If this was done regularly a 30 year loan could be paid off in 15 years. If 2 extra principal payments were made a 30 year loan would be paid off in 10 years.Can a homeowner cancel interest on a 30yr mortgage and Pay off a 30yr in 10yrs?
I've seen several people pay of their 30 yr. mortgage in half the time without re-fi or bi-weekly. They didn't even send in hundreds of extra dollars. They kept the same monthly mortgage payment.
http://moneymergeaccount.com/getinfo
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If you have an open end mortgage, you can pay it down any time , The best way to keep record how much extra you're paying monthly is to request an amortization from your mortgage co. On the first half of a 30 year mortgage you usually pay 70% in interest. That's how they make their money.
No and no.
I know you can pay your mortgage company bi-weekly instead of monthly and shave off about 15 years. So if your monthly payment is $1,000 send them 500.00 every two weeks. Make sure your mortgage company allows this, or the extra money will be taken off interest instead of principle. Research this on the internet to explain.
How do you shop around for the best mortgage rates?
Our realtor suggested we speak with the woman in her office who does mortgages. Other people are telling me to shop around. How can we do this without it effecting our credit scores? Won't our scores drop if we apply with several banks and they need to check our information?
Also, how do we know what lenders to seek out for the best rates?How do you shop around for the best mortgage rates?
You don't need to apply to different banks to find out their rates. If you know your credit score, then you can get a fair idea before they do any kind of credit check.
Look at sites like bankrate.com. lendingtree.com to get comparisons.
ETA: I was always told that having 3 or 4 credit inquiries in a short space of time wouldn't really hurt you. Although your score might drop a few points, the companies expect you to be shopping around for the best deal, so it's not like you are applying for 20 credit cards at once, or anything like that.How do you shop around for the best mortgage rates?
You can shop around without applying for a loan. Supposedly, any credit checks within about 2 weeks for the same purpose, such as a mortgage or auto loan, doesn't affect your score much. I am not sure that is accurate from personal experience. But that is the what they tell us. I would pull your own credit report and score. Based upon what is on your file I would start calling mortgage companies. You may want to contact a mortgage broker and let them shop your loan. Sometimes they can find a better deal than you could do on your own. You could still shop around. One thing to check are the points and add on's that these lenders can charge. Most lenders who make a loan will turn around and sell it to another bank or mortgage company.
Don't forget to check your credit unions.
You can also go to federal credit unions or military unions.
It seems like they carry the very best rates.
The realtor is making a referral commision. Don't trust the realtor too much. She does not have your best interest at heart.
Do all your applications in a 3 week window - I read somewhere that they will be lumped together and not affect your score.
/
Get a lawyer to help with the mortgage and interest Right now interest is 4.75. The rate should be going down because of the economy
Also, how do we know what lenders to seek out for the best rates?How do you shop around for the best mortgage rates?
You don't need to apply to different banks to find out their rates. If you know your credit score, then you can get a fair idea before they do any kind of credit check.
Look at sites like bankrate.com. lendingtree.com to get comparisons.
ETA: I was always told that having 3 or 4 credit inquiries in a short space of time wouldn't really hurt you. Although your score might drop a few points, the companies expect you to be shopping around for the best deal, so it's not like you are applying for 20 credit cards at once, or anything like that.How do you shop around for the best mortgage rates?
You can shop around without applying for a loan. Supposedly, any credit checks within about 2 weeks for the same purpose, such as a mortgage or auto loan, doesn't affect your score much. I am not sure that is accurate from personal experience. But that is the what they tell us. I would pull your own credit report and score. Based upon what is on your file I would start calling mortgage companies. You may want to contact a mortgage broker and let them shop your loan. Sometimes they can find a better deal than you could do on your own. You could still shop around. One thing to check are the points and add on's that these lenders can charge. Most lenders who make a loan will turn around and sell it to another bank or mortgage company.
Don't forget to check your credit unions.
You can also go to federal credit unions or military unions.
It seems like they carry the very best rates.
The realtor is making a referral commision. Don't trust the realtor too much. She does not have your best interest at heart.
Do all your applications in a 3 week window - I read somewhere that they will be lumped together and not affect your score.
/
Get a lawyer to help with the mortgage and interest Right now interest is 4.75. The rate should be going down because of the economy
What differences are there between a regular mortgage loan and a contruction loan?
For example, are the interest rates comparable? Would it be harder to get a construction loan?What differences are there between a regular mortgage loan and a contruction loan?
ok a construction loan is different because you only pay on the interest on the money that is out in other words for the first few months they are slowly taking out money to build the house so you dont get charged for the full amount until the house is completed. the loan on a construction loan once complete and a certificate for occupancy has been issued after final inspection by county building inspectors. once you sign final paperwork your loan converts to a mortgage for whatever terms you agreed to.
a regular mortgage once you sing final paperwork at closing you are paying interest on the full amount of the loan.What differences are there between a regular mortgage loan and a contruction loan?
Usually it's building contractors who get 'construction loans' with their contract with the client as collateral. Often these are sought for each phase of a big project as it progresses. A mortgage loan is generally what you get when you purchase an already built house, and the house is the collateral. In both cases, if the contractor or homeowner defaults on a loan, the lender gets either the house [the built one] or the in-progress project for whatever they can take of it. Interest rates vary by region, by type of loan, what the down-payment was, who the borrower is and what their credit record is like, what their income is from employment, and in the case of building contractors, what their business reputation has been [prior loans paid off, size of projects worked, etc.]. Hope this helps...?
A regular mortgage would be a lump sum on an existing home that is already constructed. A construction loan is a large line of credit to where you can write out checks to contractors as the home is being constructed. Once you complete building, you will have to convert the construction loan into a permanant loan. Rates are usually a little higher on construction loans because they are not designed to be long term.
ok a construction loan is different because you only pay on the interest on the money that is out in other words for the first few months they are slowly taking out money to build the house so you dont get charged for the full amount until the house is completed. the loan on a construction loan once complete and a certificate for occupancy has been issued after final inspection by county building inspectors. once you sign final paperwork your loan converts to a mortgage for whatever terms you agreed to.
a regular mortgage once you sing final paperwork at closing you are paying interest on the full amount of the loan.What differences are there between a regular mortgage loan and a contruction loan?
Usually it's building contractors who get 'construction loans' with their contract with the client as collateral. Often these are sought for each phase of a big project as it progresses. A mortgage loan is generally what you get when you purchase an already built house, and the house is the collateral. In both cases, if the contractor or homeowner defaults on a loan, the lender gets either the house [the built one] or the in-progress project for whatever they can take of it. Interest rates vary by region, by type of loan, what the down-payment was, who the borrower is and what their credit record is like, what their income is from employment, and in the case of building contractors, what their business reputation has been [prior loans paid off, size of projects worked, etc.]. Hope this helps...?
A regular mortgage would be a lump sum on an existing home that is already constructed. A construction loan is a large line of credit to where you can write out checks to contractors as the home is being constructed. Once you complete building, you will have to convert the construction loan into a permanant loan. Rates are usually a little higher on construction loans because they are not designed to be long term.
How can I learn the mortgage broker business without working for a mortgage company ?
I am interested in obtaining a mortgage broker license and would like to start a business from home. I would like to find someone who can teach me the business or find out how I can learn the business, so that I don't have to work for a mortgage company.How can I learn the mortgage broker business without working for a mortgage company ?
I belong to a company thatwrites loans in 47 states. I am an indepemdent loan officer. You can view my site at
http://www.nlcofhollywood.com/jgottschal鈥?/a>
It sounds as though this may be what yur looking for.
Good LuckHow can I learn the mortgage broker business without working for a mortgage company ?
Just go for www.basetrader.com .It provides an excellent advice
I AM HEAR DEAR
I belong to a company thatwrites loans in 47 states. I am an indepemdent loan officer. You can view my site at
http://www.nlcofhollywood.com/jgottschal鈥?/a>
It sounds as though this may be what yur looking for.
Good LuckHow can I learn the mortgage broker business without working for a mortgage company ?
Just go for www.basetrader.com .It provides an excellent advice
I AM HEAR DEAR
If mortgage loan payments are discharged in a chapter 7 bankruptcy are they still allowed to bill you?
We filed bankruptcy and the trustee discharged everything. We were not in forclosure when we filed, we were told we could keep our home and now the bank is demanding 20,000.00 in arears which is not even correct and filed a notice of default on our property. Is there anything we can do to stop this?If mortgage loan payments are discharged in a chapter 7 bankruptcy are they still allowed to bill you?
I am very sorry to hear that you are in your current unfortunate situation.
When you filed Chapter 7 bankruptcy, while you are allowed to keep your property, you do have to remain current. You are given the option to either reaffirm the debt, remain current, or surrender the property. A Chapter 7 discharge can make your secured debt liability go away, however not if you plan to keep the property.
If you move out of your home, because your home's debt was included in bankruptcy, your lender cannot come after you legally for the money that you ';owe'; them. However, you are still in the home. Because you have retained secured property, the lender does have the legal right to enforce their lien and enforce their rights up to and including foreclosure.
Because you did not reaffirm the debt you can walk away and owe nothing. Your Statement of Intent most likely stated that you would remain current, which you have not done. Therefore, at this time you do owe the lender whatever amount they are claiming you are in arrears to avoid foreclosure. You will need to pay this or refinance your home.
Another option is your attorney does have the ability to reopen your bankruptcy case. Your attorney could reopen your case and convert the case to a Chapter 13. This would then make you liable for the unsecured debt that you discharged in the Chapter 7 and you would need to work with the attorney to draft an acceptable three to five year repayment plan.
Best of luck!If mortgage loan payments are discharged in a chapter 7 bankruptcy are they still allowed to bill you?
You need to get a copy of the final order of the court and review it. I don't believe your mortgage just went away and you kept the house.
We did 7 bankrupcy just before they changed the laws so I am not sure how they are now... but 4 years ago we had to resign our loan on the house (reaffirm our debt) with the mortgage company --- or give it up. And through out our whole bankrupcy procedure we had to keep making payments on the house through out the whole process.
It takes three to five months for a debtor to be completely discharged. Has it been that long?
A chapter 7 will not get rid of your mortgage payments at all. When you file a chapter 7, you have to be current on your mortgage payments, or the mortgage company will not reaffirm your loan. Then, you have to continue making your payments.
I am very sorry to hear that you are in your current unfortunate situation.
When you filed Chapter 7 bankruptcy, while you are allowed to keep your property, you do have to remain current. You are given the option to either reaffirm the debt, remain current, or surrender the property. A Chapter 7 discharge can make your secured debt liability go away, however not if you plan to keep the property.
If you move out of your home, because your home's debt was included in bankruptcy, your lender cannot come after you legally for the money that you ';owe'; them. However, you are still in the home. Because you have retained secured property, the lender does have the legal right to enforce their lien and enforce their rights up to and including foreclosure.
Because you did not reaffirm the debt you can walk away and owe nothing. Your Statement of Intent most likely stated that you would remain current, which you have not done. Therefore, at this time you do owe the lender whatever amount they are claiming you are in arrears to avoid foreclosure. You will need to pay this or refinance your home.
Another option is your attorney does have the ability to reopen your bankruptcy case. Your attorney could reopen your case and convert the case to a Chapter 13. This would then make you liable for the unsecured debt that you discharged in the Chapter 7 and you would need to work with the attorney to draft an acceptable three to five year repayment plan.
Best of luck!If mortgage loan payments are discharged in a chapter 7 bankruptcy are they still allowed to bill you?
You need to get a copy of the final order of the court and review it. I don't believe your mortgage just went away and you kept the house.
We did 7 bankrupcy just before they changed the laws so I am not sure how they are now... but 4 years ago we had to resign our loan on the house (reaffirm our debt) with the mortgage company --- or give it up. And through out our whole bankrupcy procedure we had to keep making payments on the house through out the whole process.
It takes three to five months for a debtor to be completely discharged. Has it been that long?
A chapter 7 will not get rid of your mortgage payments at all. When you file a chapter 7, you have to be current on your mortgage payments, or the mortgage company will not reaffirm your loan. Then, you have to continue making your payments.
Will mortgage companies come after the lender in the event of a foreclosure?
If I foreclose on rental properties, will the lender always come after me? Due to the downturn in the marketplace, I am struggling to make payments. What are my options?Will mortgage companies come after the lender in the event of a foreclosure?
Your question is confusing.
Let's get the players straight.
The mortgage company is the lender. If you borrow $100,000 to buy a house, you're borrowing from the lender. That's the mortgage company. For example: Washington Mutual or Countrywide. They lend/lent money.
The person who receives the money is the borrower. If the borrower fails to repay the mortgage, then the mortgage company forecloses on the borrower.
And, yes, in the event of a foreclosure, the lender/mortgage company comes after the borrower.
The only way you could foreclose on properties is if you'd lent other people money. Maybe you owned properties, and you sold them, taking back the financing. If the people you sold the properties to didn't repay, then you'd foreclose on them. You'd be going after the borrowers.
If you're having difficulty making payments, you can ask the lender to restructure your loan. Or you can ask for forebearance. If those don't work, you can attempt to sell the properties. If you're ';upside down,'; owing more than the properties are worth, you can attempt a short sale. You can ask the lender if they'll accept the deed in lieu of foreclosure. (Some will. Most won't.) If that doesn't work, you might be able to postpone the inevitable by filing for bankruptcy. The final step is foreclosure.
Check with a good lawyer for more details.Will mortgage companies come after the lender in the event of a foreclosure?
Without any doubt, your leder can take your property for faiure of payment.
Depending on your state laws, you may have additional options. In some states, the lender can repossess your property with a simple overnight. In other states a foreclosure court hearing and sheriff sale would take place.
If you are having problems making payments on a retal property, sounds like you are having some tenant issues. I can not say what that may be, but your resolution may be as simple as increasing rents to at least cover your mortgage payments.
Foreclosure is always a touchy subject, and stopping foreclosure should be your main concern; but it sounds like you are already on top of that :)
If rasing monthly rental prices does not solve the matter, you may want to turn to the lender. Depending on how upside down your mortgage is (how many payments you have missed), you may not be in the best of positins.
If you have not missed any payments, you lender may not even talk to you about any options to modify your loan. Reason being,that you are current on payments, so there is nothing to talk about.
By NO means should you stop paying your mortgage, I highly suggest consulting an attorney as well as calling you lender asap to see what you can do.
If you have no interest in being a landlord or simply just want to unload the property, there are tons of investors like myself who would be more than happy to help you stop foreclosure. If you are looking to avoid foreclosure and want to sell the propert, you can read up on my company at www.psusallc.com
There are many options out there to help you, but it really is a case-by-case situation.
Remember, if you do nothing to stop the foreclosure, nothing will change. Depending on how far into the foreclosure process you are, there may be time to stop the foreclosure.
Best of Luck!!!!
The Wall Street Journal had an article on this. The lenders have the right to come after you for any loss. None of the banks have done this. Too much time and effort and very little chance of getting any money from you.
But the banks are suffering and they think they might be able to recoup some money from court action. There is rumbling that they will come after you. So far it is still all talk and very little action..
Your question is confusing.
Let's get the players straight.
The mortgage company is the lender. If you borrow $100,000 to buy a house, you're borrowing from the lender. That's the mortgage company. For example: Washington Mutual or Countrywide. They lend/lent money.
The person who receives the money is the borrower. If the borrower fails to repay the mortgage, then the mortgage company forecloses on the borrower.
And, yes, in the event of a foreclosure, the lender/mortgage company comes after the borrower.
The only way you could foreclose on properties is if you'd lent other people money. Maybe you owned properties, and you sold them, taking back the financing. If the people you sold the properties to didn't repay, then you'd foreclose on them. You'd be going after the borrowers.
If you're having difficulty making payments, you can ask the lender to restructure your loan. Or you can ask for forebearance. If those don't work, you can attempt to sell the properties. If you're ';upside down,'; owing more than the properties are worth, you can attempt a short sale. You can ask the lender if they'll accept the deed in lieu of foreclosure. (Some will. Most won't.) If that doesn't work, you might be able to postpone the inevitable by filing for bankruptcy. The final step is foreclosure.
Check with a good lawyer for more details.Will mortgage companies come after the lender in the event of a foreclosure?
Without any doubt, your leder can take your property for faiure of payment.
Depending on your state laws, you may have additional options. In some states, the lender can repossess your property with a simple overnight. In other states a foreclosure court hearing and sheriff sale would take place.
If you are having problems making payments on a retal property, sounds like you are having some tenant issues. I can not say what that may be, but your resolution may be as simple as increasing rents to at least cover your mortgage payments.
Foreclosure is always a touchy subject, and stopping foreclosure should be your main concern; but it sounds like you are already on top of that :)
If rasing monthly rental prices does not solve the matter, you may want to turn to the lender. Depending on how upside down your mortgage is (how many payments you have missed), you may not be in the best of positins.
If you have not missed any payments, you lender may not even talk to you about any options to modify your loan. Reason being,that you are current on payments, so there is nothing to talk about.
By NO means should you stop paying your mortgage, I highly suggest consulting an attorney as well as calling you lender asap to see what you can do.
If you have no interest in being a landlord or simply just want to unload the property, there are tons of investors like myself who would be more than happy to help you stop foreclosure. If you are looking to avoid foreclosure and want to sell the propert, you can read up on my company at www.psusallc.com
There are many options out there to help you, but it really is a case-by-case situation.
Remember, if you do nothing to stop the foreclosure, nothing will change. Depending on how far into the foreclosure process you are, there may be time to stop the foreclosure.
Best of Luck!!!!
The Wall Street Journal had an article on this. The lenders have the right to come after you for any loss. None of the banks have done this. Too much time and effort and very little chance of getting any money from you.
But the banks are suffering and they think they might be able to recoup some money from court action. There is rumbling that they will come after you. So far it is still all talk and very little action..
Why are the Banks and mortgage companies crying about loses when all the home loans have mortgage insurance?
I dont see why they have loses, its the insurance companies that are losing. The Bank collects on the default loan and have the houses too!Why are the Banks and mortgage companies crying about loses when all the home loans have mortgage insurance?
Actually, insurance companies have insurance. Ever hear of reinsurance? I know, it pissed me off to learn that as well. None of them are really losing which is why they keep getting richer. Did you know insurance takes about 12% of your net income? Auto, health, dental, life, unemployment, etc.
Also, the properties that don't have PMI are the ones where there is 20% I believe already paid up. That's why the PMI goes away since there is enough to recover from factoring in the house, insurance, etc., etc. It's a whole numbers game, but don't believe that the banks lose out. They've been practicing the art of banking for hundreds of years, you've been doing it for like ten? Whoever thinks the banks will lose on more than a tiny fraction of deals is in la la land.Why are the Banks and mortgage companies crying about loses when all the home loans have mortgage insurance?
Thats not true.
Many companies don't do PMI (private mortgage insurance) unless the borrower is an exceptionally bad risk.
I don't believe you have a clear picture of how mortgages work. Not all mortgages have PMI. The bank uses the property as collateral for the loan. When the property value goes down, it is possible that the loan amount exceeds the collateral value. There are costs involved in REO (bank owned) properties too.
That isn't true, which is why the insurance companies are not folding.
They have a house which has a mortgage on it that is more than what they can sell it for. This could be a 20, 30, 40,000 loss... Believe me, it's not a gold mine the lenders have. It's not profitable for them and they'd rather you make your payments so they can make the interest. http://www.choicefinance.net/
Many banks insure their own mortgages.
They make you pay for mortgage insurance, and add it to the bottom line.
When homes are going up in value, this is pure profit as no one in their right mind would let a home go back to the bank that just went up $50,000.
Hope this helps.
Terry S.
http://www.Welcome2Arizona.comengine oil lips
Actually, insurance companies have insurance. Ever hear of reinsurance? I know, it pissed me off to learn that as well. None of them are really losing which is why they keep getting richer. Did you know insurance takes about 12% of your net income? Auto, health, dental, life, unemployment, etc.
Also, the properties that don't have PMI are the ones where there is 20% I believe already paid up. That's why the PMI goes away since there is enough to recover from factoring in the house, insurance, etc., etc. It's a whole numbers game, but don't believe that the banks lose out. They've been practicing the art of banking for hundreds of years, you've been doing it for like ten? Whoever thinks the banks will lose on more than a tiny fraction of deals is in la la land.Why are the Banks and mortgage companies crying about loses when all the home loans have mortgage insurance?
Thats not true.
Many companies don't do PMI (private mortgage insurance) unless the borrower is an exceptionally bad risk.
I don't believe you have a clear picture of how mortgages work. Not all mortgages have PMI. The bank uses the property as collateral for the loan. When the property value goes down, it is possible that the loan amount exceeds the collateral value. There are costs involved in REO (bank owned) properties too.
That isn't true, which is why the insurance companies are not folding.
They have a house which has a mortgage on it that is more than what they can sell it for. This could be a 20, 30, 40,000 loss... Believe me, it's not a gold mine the lenders have. It's not profitable for them and they'd rather you make your payments so they can make the interest. http://www.choicefinance.net/
Many banks insure their own mortgages.
They make you pay for mortgage insurance, and add it to the bottom line.
When homes are going up in value, this is pure profit as no one in their right mind would let a home go back to the bank that just went up $50,000.
Hope this helps.
Terry S.
http://www.Welcome2Arizona.com
Can I place the remaining mortgage payment on my existing home towards a mortgage on a new home?
Amidst this struggling economy, I'm looking to sell my townhouse and purchase a single-family home. I know I will not sell the house for more than I originally purchased it for, but will I be able to transfer the remaining balance of the mortgage after I sell the townhouse to the mortgage on the new single-family home? Excuse my limited knowledge on the rules and regs regarding mortgages. Thank you!Can I place the remaining mortgage payment on my existing home towards a mortgage on a new home?
No, you can't transfer anything. When you sell the townhouse, you have to pay off the mortgage on the townhouse. You should talk to your realtor and/or mortgage rep about this.
Good luck.Can I place the remaining mortgage payment on my existing home towards a mortgage on a new home?
Your loan is sold as a security bond...secured by that specific residence. The owner of that bond is not the bank, it's some guy in china who wants all the money that his bond is worth. You will actually not be able to sell (transfer title) to new ownership till the previous mortgage holder is paid in full, so transferring the remaining mortgage balance to a new subject property is only shifting the debt...you still owe that bank the remaining balance.
It also wont work because your new purchase loan (best case scenario 97% LTV),of lets say 194K is secured by a home worth 200K...if you were to transfer a balance of even 10K that would bring the loan amount greater than the property securing it. Even if you only transferred a measly 2K to the new loan...a loan amount of 196K violates the guidelines restricting loan amounts to exceed our 97% FHA loan.
Use the down paymenmt you were gonna use, and pay off the remaining balance if possible then get a high LTV purchase loan via FHA to purchase the new home.
The only way you can use money from the sale of your current home is to sell it above and beyond what the payoff is including Real Estate commission and all closing cost. If in fact you clear more than your payoff and all closing cost you can use those monies for a down payment on the new home. FHA home loans only require a 3.5% down payment and the seller can pay up to 6% of your closing cost.
Hope this helps
No. Your current Mortgage must be paid in full so that ownership passes to the buyer and his lender.
You then have to apply for an entirely new mortgage for the new home.
No, you can't transfer anything. When you sell the townhouse, you have to pay off the mortgage on the townhouse. You should talk to your realtor and/or mortgage rep about this.
Good luck.Can I place the remaining mortgage payment on my existing home towards a mortgage on a new home?
Your loan is sold as a security bond...secured by that specific residence. The owner of that bond is not the bank, it's some guy in china who wants all the money that his bond is worth. You will actually not be able to sell (transfer title) to new ownership till the previous mortgage holder is paid in full, so transferring the remaining mortgage balance to a new subject property is only shifting the debt...you still owe that bank the remaining balance.
It also wont work because your new purchase loan (best case scenario 97% LTV),of lets say 194K is secured by a home worth 200K...if you were to transfer a balance of even 10K that would bring the loan amount greater than the property securing it. Even if you only transferred a measly 2K to the new loan...a loan amount of 196K violates the guidelines restricting loan amounts to exceed our 97% FHA loan.
Use the down paymenmt you were gonna use, and pay off the remaining balance if possible then get a high LTV purchase loan via FHA to purchase the new home.
The only way you can use money from the sale of your current home is to sell it above and beyond what the payoff is including Real Estate commission and all closing cost. If in fact you clear more than your payoff and all closing cost you can use those monies for a down payment on the new home. FHA home loans only require a 3.5% down payment and the seller can pay up to 6% of your closing cost.
Hope this helps
No. Your current Mortgage must be paid in full so that ownership passes to the buyer and his lender.
You then have to apply for an entirely new mortgage for the new home.
What is the loan modification with your mortgage while in Chapter 13 bankruptcty?
After filing Chapter 13 bankruptcy (mortgage included -fixed rate) my husband became unemployed, so we are now 6 months behind on our mortgage and our attorneys are submitting for a loan modification, what is the process? Is a loan modification always granted?What is the loan modification with your mortgage while in Chapter 13 bankruptcty?
no not always. If the lender and the trustee believe that you cannot honor the payment plan then they will take the home out of the bankruptcy filing by a motion from the lenders attorney and foreclose on your home. The worst thing is that he lost his job so how can you even pay the trustee the required payments unless you were on a short schedule and modify it to the full 5 yearsWhat is the loan modification with your mortgage while in Chapter 13 bankruptcty?
If the home is part of the Bankrupcty itself, the lender will be unable to modify as the home will be protected by the Bankruptcy court. It must be removed from the BK or the note reaffirmed. Learn more: www.cdalawcenter.com
The most common ';modification'; is for the bank to allow you to miss 6 payments with no penalty. That money is added on to the balance of the loan..
no not always. If the lender and the trustee believe that you cannot honor the payment plan then they will take the home out of the bankruptcy filing by a motion from the lenders attorney and foreclose on your home. The worst thing is that he lost his job so how can you even pay the trustee the required payments unless you were on a short schedule and modify it to the full 5 yearsWhat is the loan modification with your mortgage while in Chapter 13 bankruptcty?
If the home is part of the Bankrupcty itself, the lender will be unable to modify as the home will be protected by the Bankruptcy court. It must be removed from the BK or the note reaffirmed. Learn more: www.cdalawcenter.com
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The most common ';modification'; is for the bank to allow you to miss 6 payments with no penalty. That money is added on to the balance of the loan..
What are the benefits of seeing a mortgage adviser?
Should i just speak to my bank?What are the benefits of seeing a mortgage adviser?
Independent Mortgage advisers can offer deals from the whole of the market place. But be sure to ask if the cover the whole market or just a selection of lenders .
Choosing a mortgage is one of the most important financial decisions you'll ever make, with the wrong decision potentially costing you thousands of pounds.
A good mortgage adviser will guide you through the thousands of mortgages there are available, and recommend the best deal for you based on a thorough exploration of your needs.
In addition to clarifying your needs, a good adviser will provide and explain all this information, thoroughly check whether you can afford the mortgage you want to take on, fully explain the different deals and repayment methods available, and advise you which is the most suitable.
Disclaimer:
The answers above are for guidance only and should not be acted upon without you receiving professional mortgage advice relevant to your circumstances. To find an independent mortgage adviser please go to http://www.unbiased.co.ukWhat are the benefits of seeing a mortgage adviser?
Well worth seeking advise from a mortgage adviser, as they have access to all products and will advise you of the most competitive mortgage lenders out there. At the end of the day, they will find you the best deal out there for you. Remember to ask them if they charge you additional extras for their service. By seeing your bank I presume they will only offer you their deals. By all means seek advise from both a mortgage adviser and you bank and compare the two. We have always gone through mortgage advisers when we first got our mortgage as well as re-newing when our deal was up.
An independent mortgage adviser should offer you the best deal to fit your plans.
A bank will simply offer their limited range of products which might not be best for you.
There are a lot a different rates out there and you need to decide not only on the best interest rate, but which is suitable for your needs; interest only, tracker, discounted for a period, whatever.
Best to go to an independent..... or try two different ones to be sure.
a mortgage adviser will go thro which mortgage type would be best for you , he will run thro many different company's to see who can give you the best deal , its worth a try , but some advisers do charge alot of money try on line and see if you can do it your self x
A mortgage advisor will not be tied to a particular bank's products..
They will search wider than just 1 bank.
Independent Mortgage advisers can offer deals from the whole of the market place. But be sure to ask if the cover the whole market or just a selection of lenders .
Choosing a mortgage is one of the most important financial decisions you'll ever make, with the wrong decision potentially costing you thousands of pounds.
A good mortgage adviser will guide you through the thousands of mortgages there are available, and recommend the best deal for you based on a thorough exploration of your needs.
In addition to clarifying your needs, a good adviser will provide and explain all this information, thoroughly check whether you can afford the mortgage you want to take on, fully explain the different deals and repayment methods available, and advise you which is the most suitable.
Disclaimer:
The answers above are for guidance only and should not be acted upon without you receiving professional mortgage advice relevant to your circumstances. To find an independent mortgage adviser please go to http://www.unbiased.co.ukWhat are the benefits of seeing a mortgage adviser?
Well worth seeking advise from a mortgage adviser, as they have access to all products and will advise you of the most competitive mortgage lenders out there. At the end of the day, they will find you the best deal out there for you. Remember to ask them if they charge you additional extras for their service. By seeing your bank I presume they will only offer you their deals. By all means seek advise from both a mortgage adviser and you bank and compare the two. We have always gone through mortgage advisers when we first got our mortgage as well as re-newing when our deal was up.
An independent mortgage adviser should offer you the best deal to fit your plans.
A bank will simply offer their limited range of products which might not be best for you.
There are a lot a different rates out there and you need to decide not only on the best interest rate, but which is suitable for your needs; interest only, tracker, discounted for a period, whatever.
Best to go to an independent..... or try two different ones to be sure.
a mortgage adviser will go thro which mortgage type would be best for you , he will run thro many different company's to see who can give you the best deal , its worth a try , but some advisers do charge alot of money try on line and see if you can do it your self x
A mortgage advisor will not be tied to a particular bank's products..
They will search wider than just 1 bank.
Wakovia Bank gives mortgages to illegal immigrants?
Most banks do now.
http://money.cnn.com/2005/08/08/news/eco鈥?/a>Wakovia Bank gives mortgages to illegal immigrants?
And we wonder why we have such a problem with illegal immigrents.Wakovia Bank gives mortgages to illegal immigrants?
Bank of America is even worse though.
And you wonder why the housing market is suffering...lol.
That is not a bad idea as long as the information is used to locate them and ship them back to the country they came from.
http://money.cnn.com/2005/08/08/news/eco鈥?/a>Wakovia Bank gives mortgages to illegal immigrants?
And we wonder why we have such a problem with illegal immigrents.Wakovia Bank gives mortgages to illegal immigrants?
Bank of America is even worse though.
And you wonder why the housing market is suffering...lol.
That is not a bad idea as long as the information is used to locate them and ship them back to the country they came from.
Do you have to get mortgage insurance when buying a house. not house insurance, mortgage insurance?
isn't mortgage insurance for if you die, the loan will be paid off? if so wouldn't life insurance do the same, so why is mortgage insurance needed. Must you have it or is it just a option?Do you have to get mortgage insurance when buying a house. not house insurance, mortgage insurance?
You have to have PMI; it's to protect the lender, not you.
Most, but not all, lenders will remove their PMI requirements if:
1. The loan to value ratio on your loan is 80% or less. (Some require 75% or another LTV).
2. You have made your payments on time for two years.Do you have to get mortgage insurance when buying a house. not house insurance, mortgage insurance?
You do not have to get it, but it is a good idea.
you dont have to get mortgage insurance but it is a good saftey precaution, i have and my other family members have it too. when my father passed away suddenly a few years ago, that insurance paid off the mortgage and saved my mother a heartache of having a healthy mortgage to deal with, trust me, its a very worthwhile minimal expense added to your mortgage payment
Not mandatory. Life insurance will suffice if one wants it to be used for that purpose.
In most cases mortgage ins. is more costly than
Term Life, although they pitch payment coverage in case of illness.
Same with credit cards.
High profit.
If the lender perceives you as high risk, it may be a requirement to get the loan. One way around it is to have a second mortgage instead (instead of $300 on one mortgage, you could have $200 on one, and $100 on the second). Avoid PMI if you can.
Sometimes you are required to take out mort ins if your ratios are not good (loan to value, income or very large jumbo mortgages).
Mortgage insurance is rerquired fo first time buyers and or FHA approved buyers. It protects lender from default. Once your credit history is established with prompt, not late mortgage payments for a period of 1 to 2 years, you may discontinue it with lender approval. Lender will not tell you this as they receive a percentage of payment. Check it out at your bank or Federal Housing Authority. Much Luck!
In addition, you must have home owners insurance for house damage protection
No, you are actually thinking about ';title insurance';. Title insurance insures the buyer of the home that the land and home have good marketable title. Title problems can arise in real estate and cause a new home owner/buyer hundreds or thousands of dollars in court costs. There are two kinds of policys. Mortgagees policys for the lender/bank. And owners policy for the new owner. These policys will cover you if anyone ever comes out of the woodwork (examples: previous lenders, previous owners, heirs of previous owners, errors in previous deeds, unknown easements, etc.) and claims an interest in the land upon which your home sets. This use to be refered to as abstracting. Its now Title Insurance. It has nothing to do with home insurance. If Title problems arising after the buy your home then the underwriter who issued your title insurance policy will have to cover all court costs for you. They will have to provide you with information on easements, set-back lines, property restrictions, etc. A good website to go to is Southern Title Insurance.com. Hope this helps. If you have any more questions then please e-mail me at stephanierudder@yahoo.com. I am an agent.
maybe if u happen to lose ur job (GOD forbid) then they'll take over ur monthly payment. it's a sweet deal if it's avaible especially if one is a seasonal worker or if the company closes down or an illness.
as for life insurance, i guess they would take over only after the insured person passes away.
You have to have PMI; it's to protect the lender, not you.
Most, but not all, lenders will remove their PMI requirements if:
1. The loan to value ratio on your loan is 80% or less. (Some require 75% or another LTV).
2. You have made your payments on time for two years.Do you have to get mortgage insurance when buying a house. not house insurance, mortgage insurance?
You do not have to get it, but it is a good idea.
you dont have to get mortgage insurance but it is a good saftey precaution, i have and my other family members have it too. when my father passed away suddenly a few years ago, that insurance paid off the mortgage and saved my mother a heartache of having a healthy mortgage to deal with, trust me, its a very worthwhile minimal expense added to your mortgage payment
Not mandatory. Life insurance will suffice if one wants it to be used for that purpose.
In most cases mortgage ins. is more costly than
Term Life, although they pitch payment coverage in case of illness.
Same with credit cards.
High profit.
If the lender perceives you as high risk, it may be a requirement to get the loan. One way around it is to have a second mortgage instead (instead of $300 on one mortgage, you could have $200 on one, and $100 on the second). Avoid PMI if you can.
Sometimes you are required to take out mort ins if your ratios are not good (loan to value, income or very large jumbo mortgages).
Mortgage insurance is rerquired fo first time buyers and or FHA approved buyers. It protects lender from default. Once your credit history is established with prompt, not late mortgage payments for a period of 1 to 2 years, you may discontinue it with lender approval. Lender will not tell you this as they receive a percentage of payment. Check it out at your bank or Federal Housing Authority. Much Luck!
In addition, you must have home owners insurance for house damage protection
No, you are actually thinking about ';title insurance';. Title insurance insures the buyer of the home that the land and home have good marketable title. Title problems can arise in real estate and cause a new home owner/buyer hundreds or thousands of dollars in court costs. There are two kinds of policys. Mortgagees policys for the lender/bank. And owners policy for the new owner. These policys will cover you if anyone ever comes out of the woodwork (examples: previous lenders, previous owners, heirs of previous owners, errors in previous deeds, unknown easements, etc.) and claims an interest in the land upon which your home sets. This use to be refered to as abstracting. Its now Title Insurance. It has nothing to do with home insurance. If Title problems arising after the buy your home then the underwriter who issued your title insurance policy will have to cover all court costs for you. They will have to provide you with information on easements, set-back lines, property restrictions, etc. A good website to go to is Southern Title Insurance.com. Hope this helps. If you have any more questions then please e-mail me at stephanierudder@yahoo.com. I am an agent.
maybe if u happen to lose ur job (GOD forbid) then they'll take over ur monthly payment. it's a sweet deal if it's avaible especially if one is a seasonal worker or if the company closes down or an illness.
as for life insurance, i guess they would take over only after the insured person passes away.
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