Countrywide told us that for a 30 year fixed rate for a $417k loan it would be 6% because we work for the government and any mortgage company will offer the same exact rate because it is the ';government rate';. Is this correct? I never heard of such a thing.Is there such a thing as a government mortgage rate?
sorry that is not correct. and even if its a government rate it a little high a good rate for someome with around 700 score is 5.850
you are a government worker of some kind what is your jobs? there are some programs in some state called ';my comunity'; that offer a slightly lower rate to police teachers etc. As far as a magic government rate I dont think so. IM A BANKER!
Asuming your scores are above 680 and you have the income to support such a large loan you should be able to get a loan at 5.850% at least!
your most likely working with a unqualifiedor inexpiranced broker brokerIs there such a thing as a government mortgage rate?
No, its not correct. There is no such thing. Any FHA or VA approved lender can set their own rates. The government does not give home loans, they insure them so they have little to do with the actual pricing of the mortgage. While 6% is fairly standard right now for a FHA or VA loan, it may vary from lender to lender so you should still shop around.
Thursday, July 29, 2010
It has been 10 months since my house was sold. I want to buy a house now but tyhe lates from my last mortgage?
I had some lates due to pay decrease on my last mortgage, how do i get approved for a new mortgage?It has been 10 months since my house was sold. I want to buy a house now but tyhe lates from my last mortgage?
You should apply at a good bank and see what they say.
If you did not pay your loan off when you sold expect to not be buying anything else until the evidence of your reliability no longer shows up on your credit report.
That will be around 2014-2016It has been 10 months since my house was sold. I want to buy a house now but tyhe lates from my last mortgage?
You usually have to wait at least about 12 months, though some banks won't lend until you have 36 months of records showing no late mortgage payments.
u did not indicate if you sold the house or it was foreclosed on.
if in doubt, visit any mortgage
broker or bank that claims to
make home loans.
your late pays will stay on your credit for 5-7 yrs.coupons rosacea
You should apply at a good bank and see what they say.
If you did not pay your loan off when you sold expect to not be buying anything else until the evidence of your reliability no longer shows up on your credit report.
That will be around 2014-2016It has been 10 months since my house was sold. I want to buy a house now but tyhe lates from my last mortgage?
You usually have to wait at least about 12 months, though some banks won't lend until you have 36 months of records showing no late mortgage payments.
u did not indicate if you sold the house or it was foreclosed on.
if in doubt, visit any mortgage
broker or bank that claims to
make home loans.
your late pays will stay on your credit for 5-7 yrs.
Is it illegal to do Real Estate and Mortgage Loans?
I heard that a well known real estate company was doing both loans and selling real estate and they were arrested recently. Is there a law that prohibits this practice. If you are licensed must you chose one or the other?Is it illegal to do Real Estate and Mortgage Loans?
I know several agents that are mortgage brokers and real estate agents... it is not illegal.
They can NOT force you to use them for the mortgage, and if they give you ';cash back'; from their commission if you use them... their could be legal issues with that.
But offering you a mortgage as well as being your REA is perfectly fine.Is it illegal to do Real Estate and Mortgage Loans?
In California it is not illegal to do both. I have a company that sells real estate and I do the loans for my buyers when they purchase a home. In fact I have a slogan for my business.
';List with me and your home loan is FREE';. If a person lists with me and I sell their home, I will do their purchase loan for free. Now that means that I will make no money on their loan at all. That usually gives them a rate that is .5 below the going rate for nothing. On a $1,000,000 home, I usually save a buyer around $20,000. Not bad and not illegal.
No it is not illegal to do real estate and mortgage. They can go hand in hand if handled properly. As long as the Broker has a license to do both it is fine. Did you also know that well know real estate companies are like franchises which means one office might do both real estate and loans and another just real estate.
Of course not.
How do you ';arrest'; a company??
I sell real estate and mortgages in CA. That company must have been doing something illegally.
Each state has their own rules. In utah its illegal, you have to pick one or the other. But there are about 18 states in the US that dont even license Loan Officers. So clearly in those states it wouldnt be an issue.
It would change state to state. It was legal to do both in Utah until about 2 years ago. Now you cant. Call your states Dept of Real Estate and ask them.
But I cant beleive they arrested somebody for it, in any state. They probably got arrested for something else.
Hope this helps
*update*
Seriously, check your state. The States run if you need to be licensed and give rules on this. Most people are saying its perfectly fine, I would have said the same thing 2 years ago. I know of 7 states you cant do it in, but most states I would assume its legal from the responses. Im sure everybody that said its legal is right, but its only right in their state.
It is legal to sell and fund real estate. There must be other illegal dealings for it to encounter legal trouble.
The same owners could set up as many companies as they want even if not the same company.
Kiel Real Estate and Kiel Mortgage company have commercials that both say with a K and an I and an E and an L then the name of the company. The voice is even the same but they aren't probably the same company even if they share office space or employees.
It is legally possible to do both, but it's difficult, and often done wrong.
Most agents wouldn't know how to be a loan officer if their life depended on it. So everyone tries to skirt the rules and pay the agent for doing little to no actual work. That's where it can get to be illegal, and be considered a ';kickback';.
There's also licensing issues that could've been ignored or done improperly as well, usually on the mortgage side. They may not have had the agents as W-2'd employees of the mortgage company, which is almost always a requirement and one that most agents don't like, considering most of them are already 1099 contract employees for their real estate.
But it's unlikely they'd actually be arrested for this. They'd get shut down with a cease and desist order first. Even if they broke that, I don't know if that's an arrestable crime, or simply something that they can get civil fines and censures for.
There might be much more to it than you heard.
It's not illegal just open for fraudulent practices. It's too easy to create wrongdoing or the appearance of wrongdoing if there isn't an arms length relationship. So if there was an arrest and I don't know what state you are in, they probably stepped way over the line to the point where they got called down for it. Every major franchise that I know has an in house lender (mortgage company or mortgage banker and they have a piece of that pie as income.) They would not jeopardize their main business if there was any possibility of an issue.
Not at all... most real estate offices have ';mortgage companies'; as well.
I know several agents that are mortgage brokers and real estate agents... it is not illegal.
They can NOT force you to use them for the mortgage, and if they give you ';cash back'; from their commission if you use them... their could be legal issues with that.
But offering you a mortgage as well as being your REA is perfectly fine.Is it illegal to do Real Estate and Mortgage Loans?
In California it is not illegal to do both. I have a company that sells real estate and I do the loans for my buyers when they purchase a home. In fact I have a slogan for my business.
';List with me and your home loan is FREE';. If a person lists with me and I sell their home, I will do their purchase loan for free. Now that means that I will make no money on their loan at all. That usually gives them a rate that is .5 below the going rate for nothing. On a $1,000,000 home, I usually save a buyer around $20,000. Not bad and not illegal.
No it is not illegal to do real estate and mortgage. They can go hand in hand if handled properly. As long as the Broker has a license to do both it is fine. Did you also know that well know real estate companies are like franchises which means one office might do both real estate and loans and another just real estate.
Of course not.
How do you ';arrest'; a company??
I sell real estate and mortgages in CA. That company must have been doing something illegally.
Each state has their own rules. In utah its illegal, you have to pick one or the other. But there are about 18 states in the US that dont even license Loan Officers. So clearly in those states it wouldnt be an issue.
It would change state to state. It was legal to do both in Utah until about 2 years ago. Now you cant. Call your states Dept of Real Estate and ask them.
But I cant beleive they arrested somebody for it, in any state. They probably got arrested for something else.
Hope this helps
*update*
Seriously, check your state. The States run if you need to be licensed and give rules on this. Most people are saying its perfectly fine, I would have said the same thing 2 years ago. I know of 7 states you cant do it in, but most states I would assume its legal from the responses. Im sure everybody that said its legal is right, but its only right in their state.
It is legal to sell and fund real estate. There must be other illegal dealings for it to encounter legal trouble.
The same owners could set up as many companies as they want even if not the same company.
Kiel Real Estate and Kiel Mortgage company have commercials that both say with a K and an I and an E and an L then the name of the company. The voice is even the same but they aren't probably the same company even if they share office space or employees.
It is legally possible to do both, but it's difficult, and often done wrong.
Most agents wouldn't know how to be a loan officer if their life depended on it. So everyone tries to skirt the rules and pay the agent for doing little to no actual work. That's where it can get to be illegal, and be considered a ';kickback';.
There's also licensing issues that could've been ignored or done improperly as well, usually on the mortgage side. They may not have had the agents as W-2'd employees of the mortgage company, which is almost always a requirement and one that most agents don't like, considering most of them are already 1099 contract employees for their real estate.
But it's unlikely they'd actually be arrested for this. They'd get shut down with a cease and desist order first. Even if they broke that, I don't know if that's an arrestable crime, or simply something that they can get civil fines and censures for.
There might be much more to it than you heard.
It's not illegal just open for fraudulent practices. It's too easy to create wrongdoing or the appearance of wrongdoing if there isn't an arms length relationship. So if there was an arrest and I don't know what state you are in, they probably stepped way over the line to the point where they got called down for it. Every major franchise that I know has an in house lender (mortgage company or mortgage banker and they have a piece of that pie as income.) They would not jeopardize their main business if there was any possibility of an issue.
Not at all... most real estate offices have ';mortgage companies'; as well.
How can you get out of a joint mortgage but still keep the house?
We want to split up but have a joint mortgage together, and I really don't want to lose the house...How can you get out of a joint mortgage but still keep the house?
you have to refinance into a new loan with only 1 borrower. the existing loan gets paid off.How can you get out of a joint mortgage but still keep the house?
refinance
you have to refinance into a new loan with only 1 borrower. the existing loan gets paid off.How can you get out of a joint mortgage but still keep the house?
refinance
How much do you pay monthly for your mortgage?
I wish I paid 508$ !!!
While the cost of living is different everywhere....
I pay about 1200 and I only live in a 3bdrm townhome.
Yeah, I bought right before the bubble burst...How much do you pay monthly for your mortgage?
$1020How much do you pay monthly for your mortgage?
752 a month
$508
1380.00
While the cost of living is different everywhere....
I pay about 1200 and I only live in a 3bdrm townhome.
Yeah, I bought right before the bubble burst...How much do you pay monthly for your mortgage?
$1020How much do you pay monthly for your mortgage?
752 a month
$508
1380.00
Does the Mortgage Forgiveness Debt Relief Act apply to short sales?
Hi - I am considering entering into a short sale of my townhouse, but I was wondering if anyone can advise me on if whether or not the Mortgage Forgiveness Debt Relief Act 2007, applies to the difference between what I purchased the townhouse for in 2006 and what it will ultimately sell for (much lower) in 2008? Thank you in advance! Does the Mortgage Forgiveness Debt Relief Act apply to short sales?
Yes, the act would apply to you. However, the act applies to the amount of debt forgiven, which is not exactly the same as the purchase and sale prices.
For example, let's say you bought the house for $200,000 but took out a $195,000 mortgage. By now the mortgage has been paid down to $193,000. However, the house is now only worth $160,000 so that is how much you do a short sale for. So the amount of debt forgiven would be $193,000 minus the $160,000 the bank received, or $33,000.
Also, keep in mind that the act only applies to debt used to buy, build or substantially improve your principal residence, or to refinance debt incurred for those purposes.
Yes, the act would apply to you. However, the act applies to the amount of debt forgiven, which is not exactly the same as the purchase and sale prices.
For example, let's say you bought the house for $200,000 but took out a $195,000 mortgage. By now the mortgage has been paid down to $193,000. However, the house is now only worth $160,000 so that is how much you do a short sale for. So the amount of debt forgiven would be $193,000 minus the $160,000 the bank received, or $33,000.
Also, keep in mind that the act only applies to debt used to buy, build or substantially improve your principal residence, or to refinance debt incurred for those purposes.
How can I remove my name from a mortgage that is not an FHA?
I was told that refinancing the house to remove my name could only be done if there was 20% equity. Is this true? We are in a 30 year fixed, owned the house for 2 years, and I have not lived there for a year and a half. The co-owner currently lives there is making the payments, and does not want to refinance. All I want is my name off. What can I do about this?How can I remove my name from a mortgage that is not an FHA?
You do not need 20% equity to refinance. You can refi into an FHA loan with as little as 3.5% equity. As far as making your ex refinance, there is nothing you can do about it unless you want to file for a divorce and try and get a judge to force the issue.How can I remove my name from a mortgage that is not an FHA?
Seriously man you cant,
I gave my best answer. You signed on a piece of paper saying you would be on the loan until its paid in full. The bank could care less if you separated or not.
To give you an example, a divorce court says okay you are liable to pay the mortgage. And lets say this person doesnt. Guess how much the lender cares? They dont, They come after you.
Even a court cant release you from a mortgage you have signed. They can only force the other person to sell it. You are headed to court where a judge will decide who owns the property but they cant force the lender to release you.
Unless the judge requires you to sell the property if she doesnt get you off of the loan in X number of days. I gave you the easy answer. This is your reality. You are on that loan until its paid off.
They only way you may be able to get out of it without cooperation from the other party (refinancing) would be to file a partition suit. But I hear that is a long and expensive process.
likely nothing; This is a time when you must bite the bullet of
discomfort.
OR try to sell Part of the house!
You do not need 20% equity to refinance. You can refi into an FHA loan with as little as 3.5% equity. As far as making your ex refinance, there is nothing you can do about it unless you want to file for a divorce and try and get a judge to force the issue.How can I remove my name from a mortgage that is not an FHA?
Seriously man you cant,
I gave my best answer. You signed on a piece of paper saying you would be on the loan until its paid in full. The bank could care less if you separated or not.
To give you an example, a divorce court says okay you are liable to pay the mortgage. And lets say this person doesnt. Guess how much the lender cares? They dont, They come after you.
Even a court cant release you from a mortgage you have signed. They can only force the other person to sell it. You are headed to court where a judge will decide who owns the property but they cant force the lender to release you.
Unless the judge requires you to sell the property if she doesnt get you off of the loan in X number of days. I gave you the easy answer. This is your reality. You are on that loan until its paid off.
They only way you may be able to get out of it without cooperation from the other party (refinancing) would be to file a partition suit. But I hear that is a long and expensive process.
likely nothing; This is a time when you must bite the bullet of
discomfort.
OR try to sell Part of the house!
Why do mortgage brokers have such bad attitudes? Do they learn that in school?
They treat people like garbage and are out for themselves.
You won't find em doing volunteer work for habitat for
humanity or anything and they don't go to church since
they would burst into flames if there is a god. Why do mortgage brokers have such bad attitudes? Do they learn that in school?
Biggie is so full of crap Mtg compaines are not customer service driven, they are completely sales driven, because they dont make a dime until they close a loan. If they got paid by the hour then maybe customer service driven but not on a % cut. Why do mortgage brokers have such bad attitudes? Do they learn that in school?
WOW! Aren't you just a bundle of joy! Sorry that you had a bad experience. I have been a broker for almost 5 years %26amp; people like me, they even come back again %26amp; again! Usually it is the mortgage company %26amp; not the person. I work for a great company %26amp; we have great employees. They train us every week, but not to have bad attitudes. We are customer service driven, not completely sales driven. Maybe you are just trying to get a reaction out of people here, which is fine, but I hope you are ready for back lash!lash liner rosacea
You won't find em doing volunteer work for habitat for
humanity or anything and they don't go to church since
they would burst into flames if there is a god. Why do mortgage brokers have such bad attitudes? Do they learn that in school?
Biggie is so full of crap Mtg compaines are not customer service driven, they are completely sales driven, because they dont make a dime until they close a loan. If they got paid by the hour then maybe customer service driven but not on a % cut. Why do mortgage brokers have such bad attitudes? Do they learn that in school?
WOW! Aren't you just a bundle of joy! Sorry that you had a bad experience. I have been a broker for almost 5 years %26amp; people like me, they even come back again %26amp; again! Usually it is the mortgage company %26amp; not the person. I work for a great company %26amp; we have great employees. They train us every week, but not to have bad attitudes. We are customer service driven, not completely sales driven. Maybe you are just trying to get a reaction out of people here, which is fine, but I hope you are ready for back lash!
Can I mortgage a house I own with a overseas bank?
I own a house in Australia can I raise a mortgage on my property with a bank not in Australia say for instance in Malaysia.Can I mortgage a house I own with a overseas bank?
Sorry about all of the spam.
Generally the answer is no because if you default the bank has to be within a legal jurisdiction to foreclose. The Malaysia bank would need a branch in your country in order to easy reclaim their funds.Can I mortgage a house I own with a overseas bank?
i'm not sure, but i think this site has the answer to this particular question. they've got lots of stuff about this anyway.
Sorry about all of the spam.
Generally the answer is no because if you default the bank has to be within a legal jurisdiction to foreclose. The Malaysia bank would need a branch in your country in order to easy reclaim their funds.Can I mortgage a house I own with a overseas bank?
i'm not sure, but i think this site has the answer to this particular question. they've got lots of stuff about this anyway.
Can I mortgage a house I own with a overseas bank?
I own a house in Australia can I raise a mortgage on my property with a bank not in Australia say for instance in Malaysia.Can I mortgage a house I own with a overseas bank?
Sorry about all of the spam.
Generally the answer is no because if you default the bank has to be within a legal jurisdiction to foreclose. The Malaysia bank would need a branch in your country in order to easy reclaim their funds.Can I mortgage a house I own with a overseas bank?
i'm not sure, but i think this site has the answer to this particular question. they've got lots of stuff about this anyway.
Sorry about all of the spam.
Generally the answer is no because if you default the bank has to be within a legal jurisdiction to foreclose. The Malaysia bank would need a branch in your country in order to easy reclaim their funds.Can I mortgage a house I own with a overseas bank?
i'm not sure, but i think this site has the answer to this particular question. they've got lots of stuff about this anyway.
Must I be licensed in Texas as a Mortgage Broker (Commercial) if I charge a fee for arranging financing?
Instead of charging a broker fee could I call it a ';Finders Fee'; or a ';Consulting Fee';? I work for a Mortgage Banker but am contemplating starting my own shop as I have developed some relationships over the years. I am not licensed at present.Must I be licensed in Texas as a Mortgage Broker (Commercial) if I charge a fee for arranging financing?
if you discuss rates, fees, or review income documentation with a client.....you must have a licenseMust I be licensed in Texas as a Mortgage Broker (Commercial) if I charge a fee for arranging financing?
Commercial mortgage and residential mortgage are two very different things. I used to own a brokerage in NV and while residential lending required a license commercial lending does not.
Mortgage licensing is set up in order to protect the client, those dabbling in purchasing commercial properties are deemed mo0re financially savvy, and thus not in need of as much protection.
A few states- require licensing for any type of mortgage-both commercial and residential -Texas however is not one of them.
I would consult an attorney as far as how you word the fee- but there are legal ways for you to get paid- you will however probably have to establish an LLC and charge the fee through that.
You can check here for states requiring Commercial Licensing
http://www.integritymortgagelicensing.com/lists-of-licensing-requirements/commercial-loan-licensing/
and here for licensing requirements in Texas:
http://www.bankapedia.com/mortgage-encyclopedia/state-licensing/517-texas-mortgage-broker-requirements
Finders fees are consulting fees are ILLEGAL under FEDERAL lending guidelines.
So, that pretty much answers your question.
It's not worth prison.
If you don't know that, then you don't know enough to go into the business.
if you discuss rates, fees, or review income documentation with a client.....you must have a licenseMust I be licensed in Texas as a Mortgage Broker (Commercial) if I charge a fee for arranging financing?
Commercial mortgage and residential mortgage are two very different things. I used to own a brokerage in NV and while residential lending required a license commercial lending does not.
Mortgage licensing is set up in order to protect the client, those dabbling in purchasing commercial properties are deemed mo0re financially savvy, and thus not in need of as much protection.
A few states- require licensing for any type of mortgage-both commercial and residential -Texas however is not one of them.
I would consult an attorney as far as how you word the fee- but there are legal ways for you to get paid- you will however probably have to establish an LLC and charge the fee through that.
You can check here for states requiring Commercial Licensing
http://www.integritymortgagelicensing.com/lists-of-licensing-requirements/commercial-loan-licensing/
and here for licensing requirements in Texas:
http://www.bankapedia.com/mortgage-encyclopedia/state-licensing/517-texas-mortgage-broker-requirements
Finders fees are consulting fees are ILLEGAL under FEDERAL lending guidelines.
So, that pretty much answers your question.
It's not worth prison.
If you don't know that, then you don't know enough to go into the business.
Will the mortgage melt down and the economic trouble that brings cause divorce to go up in 2008 and 2009?
Will all the people that got ARMS, that wont be able to pay their mortgages choose to divorce when they declare bankrupcy and walk away from their foreclosed half million dollar 700 square foot condos?Will the mortgage melt down and the economic trouble that brings cause divorce to go up in 2008 and 2009?
No. The most common cause of divorce, now and forever, is marriage. No marry, no divorce. Easy!Will the mortgage melt down and the economic trouble that brings cause divorce to go up in 2008 and 2009?
TFTP
It may because one of the major contributing factors for divorce is money problems.
No. Divorce rates remain amazingly stable despite any change in the economy. While they may lose their homes they still will need to share expenses for their future rental.
if a mortgage causes a divorce, it wasn't much of a marriage was it?
No. The most common cause of divorce, now and forever, is marriage. No marry, no divorce. Easy!Will the mortgage melt down and the economic trouble that brings cause divorce to go up in 2008 and 2009?
TFTP
Report Abuse
It may because one of the major contributing factors for divorce is money problems.
No. Divorce rates remain amazingly stable despite any change in the economy. While they may lose their homes they still will need to share expenses for their future rental.
if a mortgage causes a divorce, it wasn't much of a marriage was it?
Is it possible to get a 100% financed mortgage with a FICO score of 579?
I am looking to buy a first home. I was told you can get it 100% financed with no down payment if you have a score of 580 or better. I found out today that my median score is 579. Is one little point going to keep me from this possibility, or can they manuever a bit since it's only one point? I just wasn't sure if this was set in stone or if they have the power to work around it for one point.Is it possible to get a 100% financed mortgage with a FICO score of 579?
If your in Texas let me know, There are usually some exceptions we can get from somewhere. just make a few calls if not.
Items that can help you get the exceptions you need:
Long Rental History
Long Time on the Job
I assume your score is not great due to the lack of you paying your bills on time. Make sure you get them paid!! If you must pay something late make it your phone, cell phone, water, electric or anything else that does not report on your credit bureaus. PAY YOUR CREDIT CARDS / CAR NOTES ON TIME!!! then repull your credit in about 2-3 months you will make it over the 580 mark.
Your score changes on the 1st of every month, this is the best time to re-pull it. Then the report is usually good for at least 60 days (sometimes as long as 90 days depending on the lender) make sure that you understand what the lender requires because you will have to re-pull if you dont close in that alloted timeframe. info AT ';brown-lending'; dot com.Is it possible to get a 100% financed mortgage with a FICO score of 579?
Even now, I doubt that it is still possible for a mortgage company to finance 100% loan with a 580 credit score unless it is full documentation. With that said, 579, eventhough it is one point away it would still be denied because the cut off line is 580. Banks now a days are strict about the loans that they financed because investors are getting picky about the loans that they buy. Anyway since you have a 579 all you have to do is pay down your bills and wait three months and repull your credit. Or ask your mortgage company to talk to their credit company and ask about a way to fix your credit.
Yes, some lenders will make an exception. Another option you can consider is to find a mortgage broker who handles FHA loans. They aren't score based. They will do 97% and get you the 3% from non-profit groups out there who give money for people who can't come up with the money. (You don't have to pay it back) I am in the process of buying a home through FHA right now myself. With FHA, you get a much lower interest rate then you would with your credit score. Good Luck!
If your in Texas let me know, There are usually some exceptions we can get from somewhere. just make a few calls if not.
Items that can help you get the exceptions you need:
Long Rental History
Long Time on the Job
I assume your score is not great due to the lack of you paying your bills on time. Make sure you get them paid!! If you must pay something late make it your phone, cell phone, water, electric or anything else that does not report on your credit bureaus. PAY YOUR CREDIT CARDS / CAR NOTES ON TIME!!! then repull your credit in about 2-3 months you will make it over the 580 mark.
Your score changes on the 1st of every month, this is the best time to re-pull it. Then the report is usually good for at least 60 days (sometimes as long as 90 days depending on the lender) make sure that you understand what the lender requires because you will have to re-pull if you dont close in that alloted timeframe. info AT ';brown-lending'; dot com.Is it possible to get a 100% financed mortgage with a FICO score of 579?
Even now, I doubt that it is still possible for a mortgage company to finance 100% loan with a 580 credit score unless it is full documentation. With that said, 579, eventhough it is one point away it would still be denied because the cut off line is 580. Banks now a days are strict about the loans that they financed because investors are getting picky about the loans that they buy. Anyway since you have a 579 all you have to do is pay down your bills and wait three months and repull your credit. Or ask your mortgage company to talk to their credit company and ask about a way to fix your credit.
Yes, some lenders will make an exception. Another option you can consider is to find a mortgage broker who handles FHA loans. They aren't score based. They will do 97% and get you the 3% from non-profit groups out there who give money for people who can't come up with the money. (You don't have to pay it back) I am in the process of buying a home through FHA right now myself. With FHA, you get a much lower interest rate then you would with your credit score. Good Luck!
How to get a possible investor/buyer to take possession of my home & pay the mortgage until they can sell?
My home is over 194K; I refinanced, w/ the help of my best friend. The loan is now over 212k, the house has been apraised for 230k. As of 6/2008, their will be 40k of equity available. I would like for an investor/buyer to take possession of the home, continue to pay the mortgage and give me 30k, leaving them w/10k of equity. I will give them gift of deed %26amp; they can sell or rent out the home. We refinanced in 6/2006, so if the house is sold before 6/2008 than a 2% penalty will apply. I wil move out as soon as the investor agrees to my 30K and contracts are signed. I do not wish to have any further compensation. The 30k will help for relocation of myself %26amp; family %26amp; paying off debt. The real estate agent that originally sold me this home stolel 20K from me; Atty fees %26amp; closing cost was put into the new loan. The mortgage is 1500 monthly, this was fine, but my hrs @ work have decreased %26amp; I before it gets critical, I would like to be out of the situation. Is option possible? Thank you.How to get a possible investor/buyer to take possession of my home %26amp; pay the mortgage until they can sell?
Well, when was the appraisal done, as appraisals do have a shelf life. If the appraisal is more than a year old, it is not worth the paper it is written on.
Your post is very complex, although you seem to have it all figured out in your mind. Investors are interested in CAP rate, how much it will make them. That a realtor stole 20k from you seems strange. Attorneys fees and closing costs are typical to be put into a loan. You can't ';gift'; a deed, you have issues to settle on who holds the note. And you are speculating on how much equity will be available.
You have so many things going on here, and you are running on speculation of what the market will do. You should offer the property for sale and take your chances. Do a FSBO, this sounds right up your alley.How to get a possible investor/buyer to take possession of my home %26amp; pay the mortgage until they can sell?
You may consider doing a FSBO offering where you offer
';rent-to-own'; terms structured initially with a reasonable down payment and monthly rental payments sufficient to cover your mortgage. Schedule a one year ';balloon';.
It sounds like you want someone to assume your mortgage. I'm a mortgage broker from Edmonton, Alberta. here home owners can let a buyer assume there mortgage, which basically means they buy the equity in the home. Don't know if this is an option where you live, but it sounds like this is what you wantlash liner rosacea
Well, when was the appraisal done, as appraisals do have a shelf life. If the appraisal is more than a year old, it is not worth the paper it is written on.
Your post is very complex, although you seem to have it all figured out in your mind. Investors are interested in CAP rate, how much it will make them. That a realtor stole 20k from you seems strange. Attorneys fees and closing costs are typical to be put into a loan. You can't ';gift'; a deed, you have issues to settle on who holds the note. And you are speculating on how much equity will be available.
You have so many things going on here, and you are running on speculation of what the market will do. You should offer the property for sale and take your chances. Do a FSBO, this sounds right up your alley.How to get a possible investor/buyer to take possession of my home %26amp; pay the mortgage until they can sell?
You may consider doing a FSBO offering where you offer
';rent-to-own'; terms structured initially with a reasonable down payment and monthly rental payments sufficient to cover your mortgage. Schedule a one year ';balloon';.
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It sounds like you want someone to assume your mortgage. I'm a mortgage broker from Edmonton, Alberta. here home owners can let a buyer assume there mortgage, which basically means they buy the equity in the home. Don't know if this is an option where you live, but it sounds like this is what you want
I was filling out an application for a mortgage the other day through USAA?
and it had added PMI. When you put 50% down why would they make you have that? And I want to pay my own homeowner's insurance and taxes so I can earn interest on the money until I pay it out. Do you have to do escrow or is this an option if you put enough money down?I was filling out an application for a mortgage the other day through USAA?
i am a 40 year member of usaa, they are the greatest company in the world. call 1-800-531-8111 and ask them i have also been a mortgage loan officer for the last 10 years u do not have pmi when u put down more than 20%, and normally when u put down 20% or more they allow u the option of escrows or paying it on ur own. TRUST THEM THEY WILL GUIDE U AND LEAD U PROPERLY, I WOULD NEVER TRUST ANYONE ELSE AND THEIR DEAL WILL BE HARD TO BEAT, GL TO U RETIRED 0-4I was filling out an application for a mortgage the other day through USAA?
Escrow is a third party to the transaction between the seller and buyer and has nothing to do with the loan.
Your lender will request PMI to insure that you qualify for a loan and that if you should default they are covered. The Underwriter has requirements that they have to have before they approve the loan.
Your deposit doesn't tell them that down the road you will have the same money available for the payments.
The PMI is wrong, you don't need PMI if you put at least 20% down. You can waive your escrow account but you may have to pay a fee of around .25 of the loan amount to do so as long as you do the 20% down.
I agree with Donald E. Sometimes on websites things are done automatically. This actually might be something that USAA would like to get feedback on to make further improvements to their web features.
Absolutely call them directly to discuss the situation with a loan officer as yours is more unique than the usual.
If you don't already have USAA HomeOwners Insurance and you qualify you'll be able to get your home insurance set at that time as well.
USAA believes in customer service and working with their customers as best as possible.
i am a 40 year member of usaa, they are the greatest company in the world. call 1-800-531-8111 and ask them i have also been a mortgage loan officer for the last 10 years u do not have pmi when u put down more than 20%, and normally when u put down 20% or more they allow u the option of escrows or paying it on ur own. TRUST THEM THEY WILL GUIDE U AND LEAD U PROPERLY, I WOULD NEVER TRUST ANYONE ELSE AND THEIR DEAL WILL BE HARD TO BEAT, GL TO U RETIRED 0-4I was filling out an application for a mortgage the other day through USAA?
Escrow is a third party to the transaction between the seller and buyer and has nothing to do with the loan.
Your lender will request PMI to insure that you qualify for a loan and that if you should default they are covered. The Underwriter has requirements that they have to have before they approve the loan.
Your deposit doesn't tell them that down the road you will have the same money available for the payments.
The PMI is wrong, you don't need PMI if you put at least 20% down. You can waive your escrow account but you may have to pay a fee of around .25 of the loan amount to do so as long as you do the 20% down.
I agree with Donald E. Sometimes on websites things are done automatically. This actually might be something that USAA would like to get feedback on to make further improvements to their web features.
Absolutely call them directly to discuss the situation with a loan officer as yours is more unique than the usual.
If you don't already have USAA HomeOwners Insurance and you qualify you'll be able to get your home insurance set at that time as well.
USAA believes in customer service and working with their customers as best as possible.
If i am buying a house on a land contract can i use that to mortgage the house?
I want to buy the house i currently live in off the landlord on a land contract. Now if the landlord gives me the land contract can i take that to the bank or loan officer could I use it to mortgage my house to pay the landlord off for a cheaper monthly payment?
I would use the money to make major and minor home improvements to the house that the landlord has not done. New furnace new doors new windows new siding and new roof.If i am buying a house on a land contract can i use that to mortgage the house?
I'm not sure what you mean by a ';land contract'; but I will assume you are talking about a ';contract for deed'; since I think that ';land contract'; might be another name for a contract for deed. If you enter into a contract for deed with your landlord you should know that a contract for deed is essentially nothing more than a lease. You will not own the property when you execute the contract for deed. The landlord will retain title to the property until you have satisfied the terms of the contract and have paid him off fully. Only then will you obtain title to the property. If you default, by missing even a single payment, the landlord will most likely be able to evict you from the property and all of the payments you have made up to that point will be considered as rent. You will get none of it back. Furthermore, you will not be able to take this contract for deed to a bank or other lending institution in order to obtain a mortgage note since you don't actually own the property. The contract for deed is, in reality, a form of long term lease.
I would use the money to make major and minor home improvements to the house that the landlord has not done. New furnace new doors new windows new siding and new roof.If i am buying a house on a land contract can i use that to mortgage the house?
I'm not sure what you mean by a ';land contract'; but I will assume you are talking about a ';contract for deed'; since I think that ';land contract'; might be another name for a contract for deed. If you enter into a contract for deed with your landlord you should know that a contract for deed is essentially nothing more than a lease. You will not own the property when you execute the contract for deed. The landlord will retain title to the property until you have satisfied the terms of the contract and have paid him off fully. Only then will you obtain title to the property. If you default, by missing even a single payment, the landlord will most likely be able to evict you from the property and all of the payments you have made up to that point will be considered as rent. You will get none of it back. Furthermore, you will not be able to take this contract for deed to a bank or other lending institution in order to obtain a mortgage note since you don't actually own the property. The contract for deed is, in reality, a form of long term lease.
What will happen if they cannot pay the mortgage?
My parents owned two homes one that my grandparents lived in and paid off this year but left it in my parents name they other they lived in. This year my Dad's pay was cut in half and now they can not make the payment on the house they are living in. My question is can they take the house that my grandparents live in since it is in my parents name even though my grandfather is the one that paid it off?What will happen if they cannot pay the mortgage?
No. The only circumstance that I can think of where that could happen is if the paid off property is being used for collateral for the loan on the second property.What will happen if they cannot pay the mortgage?
get the paid off home in the name of the occupants OR in the
name of a trust........
have the GP get a reverse annuity mortgage to get you some cash
or sell the house that is behind in payments.
or rent it out
I think your answers are a little confused on the question. I'm assuming your grandparents are deceased and they willed the house to your parents. In that case, I see no reason not to live in your grandparents house, and sell the other house. If your grandparents are still alive and living there obviously you can't boot them out of ';their'; house. If you are a teen try not to worry, and let the adults take care of this. If you are an adult chlld maybe the website below would be helpful.
No. The only circumstance that I can think of where that could happen is if the paid off property is being used for collateral for the loan on the second property.What will happen if they cannot pay the mortgage?
get the paid off home in the name of the occupants OR in the
name of a trust........
have the GP get a reverse annuity mortgage to get you some cash
or sell the house that is behind in payments.
or rent it out
I think your answers are a little confused on the question. I'm assuming your grandparents are deceased and they willed the house to your parents. In that case, I see no reason not to live in your grandparents house, and sell the other house. If your grandparents are still alive and living there obviously you can't boot them out of ';their'; house. If you are a teen try not to worry, and let the adults take care of this. If you are an adult chlld maybe the website below would be helpful.
Can I renagotiate with bank holding a second mortgage so that the bank will agree to be second in importance?
I read somewhere that banks that hold your second morgage can agree to be of secondary importance so that my primary resonsibility is my first mortgage even to the exclusion of the bank that holds my second mortgage?Can I renagotiate with bank holding a second mortgage so that the bank will agree to be second in importance?
In WA, the first mortgagee has priority as a creditor, and would be holding the Certificate of Title deed as security.
Any subsequent mortgages must have the approval and authority from the first mortgagee to register a mortgage on the title deed.
For the 2nd mortgage to be registered, the first mortgagee must produce the Title Deed to Landgate (the govt title office) so that the second mortgagee can lodge the mortgage document for registeration on the title deed. The title deed will be returned to the first mortgagee for security. Never held by the 2nd mortgagee.
Your second mortgagee will have obtained a search-copy of the title deed and will be fully aware there is already a mortgage registered on the property, and second mortgagee cannot insist or demand they be first.
There is a variation on the theme. Anybody who has documented evidence that they have an interest in the property, can register a Caveat on the title, without the authority from first mortgagee or the owner, and without the necessity of having the title deed produced for lodgement/registration of the Caveat. The Caveat document will state that the Caveator has a financial interest by way of mortgage. But a Mortgage document is NOT actually registered on the title.
If you already have two mortgages registered on your title deed, the first mortgagee will NOT give up their right as first, unless you have fully paid out the loan and it is discharged. Then the 2nd mortgagee will become the first.Can I renagotiate with bank holding a second mortgage so that the bank will agree to be second in importance?
Not sure what you mean- with a first and second mortgage the only difference is which ever one was recorded first is the first mortgage. You still are responsible for both equally. Some things to know- the 2nd mortgage cannot foreclose unless they pay off the first mortgage. The first mortgage can foreclose without paying off the 2nd. If that happens they usually advise the 2nd mortgage holder and give the 2nd an opportunity to pay them off %26amp; foreclose if they want. If the 2nd doesn't %26amp; the first forecloses- you are still responsible for the 2nd.
That's the way it's set up in most cases. The first mortgage you take out has 'first lien priority' in the event of foreclosure, and the second mortgage has 'second lien priority'. That being said, there is no way for YOU to have a bank decide that it's less important to be paid than another bank. It's not going to happen, if that is what you are asking.
If you default on payment on EITHER mortgage, you are going to face a foreclosure action.
A second mortgage is in second place by definition. (Normally the places are determined by the date they were recorded.) In any case, you cannot avoid the responsibility to pay the second mortgage. Their ranking only determines which lien holder will get paid first if your home is sold as part of a foreclosure action that yields less than the total you owe.
In WA, the first mortgagee has priority as a creditor, and would be holding the Certificate of Title deed as security.
Any subsequent mortgages must have the approval and authority from the first mortgagee to register a mortgage on the title deed.
For the 2nd mortgage to be registered, the first mortgagee must produce the Title Deed to Landgate (the govt title office) so that the second mortgagee can lodge the mortgage document for registeration on the title deed. The title deed will be returned to the first mortgagee for security. Never held by the 2nd mortgagee.
Your second mortgagee will have obtained a search-copy of the title deed and will be fully aware there is already a mortgage registered on the property, and second mortgagee cannot insist or demand they be first.
There is a variation on the theme. Anybody who has documented evidence that they have an interest in the property, can register a Caveat on the title, without the authority from first mortgagee or the owner, and without the necessity of having the title deed produced for lodgement/registration of the Caveat. The Caveat document will state that the Caveator has a financial interest by way of mortgage. But a Mortgage document is NOT actually registered on the title.
If you already have two mortgages registered on your title deed, the first mortgagee will NOT give up their right as first, unless you have fully paid out the loan and it is discharged. Then the 2nd mortgagee will become the first.Can I renagotiate with bank holding a second mortgage so that the bank will agree to be second in importance?
Not sure what you mean- with a first and second mortgage the only difference is which ever one was recorded first is the first mortgage. You still are responsible for both equally. Some things to know- the 2nd mortgage cannot foreclose unless they pay off the first mortgage. The first mortgage can foreclose without paying off the 2nd. If that happens they usually advise the 2nd mortgage holder and give the 2nd an opportunity to pay them off %26amp; foreclose if they want. If the 2nd doesn't %26amp; the first forecloses- you are still responsible for the 2nd.
That's the way it's set up in most cases. The first mortgage you take out has 'first lien priority' in the event of foreclosure, and the second mortgage has 'second lien priority'. That being said, there is no way for YOU to have a bank decide that it's less important to be paid than another bank. It's not going to happen, if that is what you are asking.
If you default on payment on EITHER mortgage, you are going to face a foreclosure action.
A second mortgage is in second place by definition. (Normally the places are determined by the date they were recorded.) In any case, you cannot avoid the responsibility to pay the second mortgage. Their ranking only determines which lien holder will get paid first if your home is sold as part of a foreclosure action that yields less than the total you owe.
Why is it so hard to get a mortgage as a self-employed person?
I recently applied for a loan on ';Lending Tree'; and was denied a loan from any bank. Despite the fact that I have a 740+ FICO and
have been gainfully self-employed for 7 years, not to mention I have taken over the business of the shop for the last 2 years.
I have a small debt and have paid 1/3 of a car loan, other then that I still at least 1500 dollars left available to apply towords a mortgage payment?
What gives, this is discrimination against the self-employed !Why is it so hard to get a mortgage as a self-employed person?
Your self employed therefore you are your own security , meaning they require security of income and as self employed you don't really have that unless you have private insurance coverage that guaranties your income in cases of health ect.
Its all about wealth and equity. If you can guarenty your income you are a good risk.
hope that helpedWhy is it so hard to get a mortgage as a self-employed person?
with your credit score you can get a mortgage, but you have to use no income verification program. interest rates with your credit score will be somewhere between 0.25-0.50% higher, then regular mortgage, but i don't see any other problems for you to get the mortgage. the real question is how much you can afford to pay, because with your credit score the lenders will give you any amount you want. i thing you approach this problem without any knowledge how to apply for the mortgage- you do everything right, but you don't know what are the requirements to obtain the loan .
go talk with mortgage broker and they will guide you in the right direction.
i hear you ! I had the same problem ,too! It just is not fair to the selfemployed . But it pays to shop around for mortgages. Did you ask your bank yet?
Yes it is. And it is because you are your own boss %26amp; don't get ';a real check';. Sad but true... Keep trying you'll get one.
Its not hard at all, call me what ever your credit score I will get you the mortgage amount with a good interest rate. This is a good time to buy so hurry and give me a call JIM 703-918-0033 EXT 28. I will get it for you in one week.
Take care
Contact me!
Self Employees are not a problem, you just need the right lender. I actually have a product available for Commercial Loans - No Proof of Income Necessary- Stated Income - Min 660 FICO score
Visit my website for my contact info www.bletza.com
It's hard because that income can easily be made up. With a W-2, banks know for certain what kind of money you are bringing in.
So many people defraud the government and report that they are making more/less than they really are. Plus, bankruptcy rates are higher than ever now days and banks are really being careful. Have you tried other banks/mortgage companies? Just because one says no, doesn't mean that the others will. Good luck!
How about trying a loan on http://www.prosper.com
Its a new concept of person to person lending.
The max amount to ask for I believe is 25,000 and you may only get that if you have perfect credit. It won't hurt for you to try though and get a smaller amount. You can pay off the loan which will raise your credit and the banks may then loan to you.
I am a mtg broker in Fl. What the banks look at most of the time for self-employed persons is the amount of monies you have in savings or retirement accounts. They usually want to see a certain amount based on the income you say you are making, i.e if you say you make $10K a month they may want at least $60K in the bank. Having said that if you credit score is that high there are many programs that should work for you.
the lending tree probably just doesn't want to do all the work that is involved (2+yr's of 1090's, 12+months of bank statement's...)
Companies like the lending tree want quick in and out business...not crazy complicated loans. If you are in NJ, PA, CA, or MD, contact my old employer and they will be more then happy to help...
www.terrafinancialgroup.com
If your not in any of those states...just contact your local mortgage broker...they are licensed to shop around differnt companies and get you the best deal possible.
good luck
It's not that hard, you just have to go to the right places. Lending Tree has more conforming mortgage lenders.You need to find a lender that does non-conforming loans and that have Niche programs.
Go to your Yellow Pages or online and look up mortgage brokers in your town and state. Most of their ads will tell you if they do those kinds of loans. Just give some of them a call and tell them you need a stated self-employed or full doc self employed. They will know what you're talking about. There are many lenders with many programs for the self employed.I work for a major lender and I process them all day long.
Good Luck!
Well bascially yes. Although you have been gainfully self-employed for 7 years, banks and lenders do generally frown with self-employment. The reason is with regular workers they can always verify income with a paystub or a copy of direct deposit. With self employment the only thing to show your income and taxes and such is your tax returns. Not saying, it's you but it's a lot simpler to ';modify'; your self employement income than someone with a traditional job. My advise, dont dispair and just keep shopping around. You may also want to try countrywide.com and maybe start tyring your local credit unions. Good luck!
I have no idea.
have been gainfully self-employed for 7 years, not to mention I have taken over the business of the shop for the last 2 years.
I have a small debt and have paid 1/3 of a car loan, other then that I still at least 1500 dollars left available to apply towords a mortgage payment?
What gives, this is discrimination against the self-employed !Why is it so hard to get a mortgage as a self-employed person?
Your self employed therefore you are your own security , meaning they require security of income and as self employed you don't really have that unless you have private insurance coverage that guaranties your income in cases of health ect.
Its all about wealth and equity. If you can guarenty your income you are a good risk.
hope that helpedWhy is it so hard to get a mortgage as a self-employed person?
with your credit score you can get a mortgage, but you have to use no income verification program. interest rates with your credit score will be somewhere between 0.25-0.50% higher, then regular mortgage, but i don't see any other problems for you to get the mortgage. the real question is how much you can afford to pay, because with your credit score the lenders will give you any amount you want. i thing you approach this problem without any knowledge how to apply for the mortgage- you do everything right, but you don't know what are the requirements to obtain the loan .
go talk with mortgage broker and they will guide you in the right direction.
i hear you ! I had the same problem ,too! It just is not fair to the selfemployed . But it pays to shop around for mortgages. Did you ask your bank yet?
Yes it is. And it is because you are your own boss %26amp; don't get ';a real check';. Sad but true... Keep trying you'll get one.
Its not hard at all, call me what ever your credit score I will get you the mortgage amount with a good interest rate. This is a good time to buy so hurry and give me a call JIM 703-918-0033 EXT 28. I will get it for you in one week.
Take care
Contact me!
Self Employees are not a problem, you just need the right lender. I actually have a product available for Commercial Loans - No Proof of Income Necessary- Stated Income - Min 660 FICO score
Visit my website for my contact info www.bletza.com
It's hard because that income can easily be made up. With a W-2, banks know for certain what kind of money you are bringing in.
So many people defraud the government and report that they are making more/less than they really are. Plus, bankruptcy rates are higher than ever now days and banks are really being careful. Have you tried other banks/mortgage companies? Just because one says no, doesn't mean that the others will. Good luck!
How about trying a loan on http://www.prosper.com
Its a new concept of person to person lending.
The max amount to ask for I believe is 25,000 and you may only get that if you have perfect credit. It won't hurt for you to try though and get a smaller amount. You can pay off the loan which will raise your credit and the banks may then loan to you.
I am a mtg broker in Fl. What the banks look at most of the time for self-employed persons is the amount of monies you have in savings or retirement accounts. They usually want to see a certain amount based on the income you say you are making, i.e if you say you make $10K a month they may want at least $60K in the bank. Having said that if you credit score is that high there are many programs that should work for you.
the lending tree probably just doesn't want to do all the work that is involved (2+yr's of 1090's, 12+months of bank statement's...)
Companies like the lending tree want quick in and out business...not crazy complicated loans. If you are in NJ, PA, CA, or MD, contact my old employer and they will be more then happy to help...
www.terrafinancialgroup.com
If your not in any of those states...just contact your local mortgage broker...they are licensed to shop around differnt companies and get you the best deal possible.
good luck
It's not that hard, you just have to go to the right places. Lending Tree has more conforming mortgage lenders.You need to find a lender that does non-conforming loans and that have Niche programs.
Go to your Yellow Pages or online and look up mortgage brokers in your town and state. Most of their ads will tell you if they do those kinds of loans. Just give some of them a call and tell them you need a stated self-employed or full doc self employed. They will know what you're talking about. There are many lenders with many programs for the self employed.I work for a major lender and I process them all day long.
Good Luck!
Well bascially yes. Although you have been gainfully self-employed for 7 years, banks and lenders do generally frown with self-employment. The reason is with regular workers they can always verify income with a paystub or a copy of direct deposit. With self employment the only thing to show your income and taxes and such is your tax returns. Not saying, it's you but it's a lot simpler to ';modify'; your self employement income than someone with a traditional job. My advise, dont dispair and just keep shopping around. You may also want to try countrywide.com and maybe start tyring your local credit unions. Good luck!
I have no idea.
When my mortgage payment is due, is it for the month that just passed or for the upcoming month?
I bought my house at the end of December 2006. My first mortgage payment was not drawn until February 1st, 2007. This makes me think that I am not paying in advanced per se but paying for the month that just ended.When my mortgage payment is due, is it for the month that just passed or for the upcoming month?
A mortgage payment isn't like rent. It doesn't represent a period of time that you've lived in the house. It represents a percentage of the total amount of money that you owe the mortgage company. When my mortgage payment is due, is it for the month that just passed or for the upcoming month?
No, you're okay. But you may want to call your mortgage company just to double check.
Usually mortgage payments are ';behind'; which means if you closed in Dec, your first mortgage payment won't be due until Jan. However, there are times when you ';miss” two month's mortgage payments. This is most likely the situation because you closed the during the first week of Feb.
But, I would call your bank just to make sure.
PS. If you think about it, when you refinance you want to try to close during the first of the month since this means you'll have longer until your first new mortgage payment, right?
Good luck!!
http://www.mylendingplace.com
When your escrow closed, if you look on your HUD-1 statement you will find that you paid advance interest to cover a 45 day period or so, thus you are right on schedule with your notes and mortgage payments.
So check that document and see what date in Feb you paid up until.
I hope this has been of some use to you, good luck.
';FIGHT ON';
Mortgage interest and principle is paid in the arrears, so when you make payment on November 1, you are paying Octobers interest.lash liner rosacea
A mortgage payment isn't like rent. It doesn't represent a period of time that you've lived in the house. It represents a percentage of the total amount of money that you owe the mortgage company. When my mortgage payment is due, is it for the month that just passed or for the upcoming month?
No, you're okay. But you may want to call your mortgage company just to double check.
Usually mortgage payments are ';behind'; which means if you closed in Dec, your first mortgage payment won't be due until Jan. However, there are times when you ';miss” two month's mortgage payments. This is most likely the situation because you closed the during the first week of Feb.
But, I would call your bank just to make sure.
PS. If you think about it, when you refinance you want to try to close during the first of the month since this means you'll have longer until your first new mortgage payment, right?
Good luck!!
http://www.mylendingplace.com
When your escrow closed, if you look on your HUD-1 statement you will find that you paid advance interest to cover a 45 day period or so, thus you are right on schedule with your notes and mortgage payments.
So check that document and see what date in Feb you paid up until.
I hope this has been of some use to you, good luck.
';FIGHT ON';
Mortgage interest and principle is paid in the arrears, so when you make payment on November 1, you are paying Octobers interest.
Is it a bad time to become a mortgage broker?
A friend who ownes his own business is willing to pay me 50% of all the fees and commissions I earn on any given loand. i.e. loan makes $8,000 I get $4,000. Is this a good business to be in now? WIll it be good for many years to come? Is this a high pay out? Sound like a good opportunity?Is it a bad time to become a mortgage broker?
Mortgage rates have been climbing lately and many have already re-financed in the past 5 years, so...it is not the BEST time.
However, home sales seem to happen regardless of economic conditions.
Be sure to check with your state's agency regarding this kind of work...it is likely to be regulated heavily.Is it a bad time to become a mortgage broker?
sounds abnormally high to me and may even be illegal . It is obviously a secondary or less than prime lender like a credit union or a bank . The mortgage business is always a good business but just be sure your friends business is on the up and up and if it is go for it .
It depends on where you live, I'm a loan processor, and business did get a little slow in the last month or two, but it's picking up again, my friend owns this company, and they are making a lot of money. It also depends what company you work for, because some have a bad reputation, so they don't have a lot of business. This company pays their loan officers 50% to start, and after a while it goes to 70%. It's a really good business, if you know how to treat the clients.
I would say yes but dont let that stop you though.
Well, I think the wave of the housing boom is nearing an end. if it is not your only job, then maybe it would be nice to get some extra income. I was talking to my friend a realtor the other day. The news says the market is down 15 percent, he said it has been more like 25 %.
Maybe the opportunity is nice but the timing isn't. Good luck to you though.
Mortgage rates have been climbing lately and many have already re-financed in the past 5 years, so...it is not the BEST time.
However, home sales seem to happen regardless of economic conditions.
Be sure to check with your state's agency regarding this kind of work...it is likely to be regulated heavily.Is it a bad time to become a mortgage broker?
sounds abnormally high to me and may even be illegal . It is obviously a secondary or less than prime lender like a credit union or a bank . The mortgage business is always a good business but just be sure your friends business is on the up and up and if it is go for it .
It depends on where you live, I'm a loan processor, and business did get a little slow in the last month or two, but it's picking up again, my friend owns this company, and they are making a lot of money. It also depends what company you work for, because some have a bad reputation, so they don't have a lot of business. This company pays their loan officers 50% to start, and after a while it goes to 70%. It's a really good business, if you know how to treat the clients.
I would say yes but dont let that stop you though.
Well, I think the wave of the housing boom is nearing an end. if it is not your only job, then maybe it would be nice to get some extra income. I was talking to my friend a realtor the other day. The news says the market is down 15 percent, he said it has been more like 25 %.
Maybe the opportunity is nice but the timing isn't. Good luck to you though.
First time moving and need some help with mortgage?
Hey I live in the uk, and its that first time im looking to buy a house, me and my partner earn 拢25000 each, Were looking for a 100% mortgage if possible, but we don't know who to go with. I was wondering if any of you know who the best mortgage people to go with are??
Thanks.First time moving and need some help with mortgage?
You need to keep up with the news. No-one is giving 100% mortgages anymore, that's what led us into the mess we are in.
Talk to a mortgage broker.
Thanks.First time moving and need some help with mortgage?
You need to keep up with the news. No-one is giving 100% mortgages anymore, that's what led us into the mess we are in.
Talk to a mortgage broker.
How do I get in on Obama's mortgage relief plan?
So according to the news I have read, his 75 billion dollar relief plan will also assist people like me who owe more than my home is worth. What should I do to get the help I need?How do I get in on Obama's mortgage relief plan?
The plan will only help those in foreclosure and bankruptcy...so I guess stop paying for it.How do I get in on Obama's mortgage relief plan?
What State do you live in? And do you have more than one mortgage? And if so, is it a first mortgage from buying the house?
There's no way to help you without those kinds of details. For example, if you live in California and only have the loan from buying the house, you're in luck. But if you live in Oregon and took out two mortgages (one to make the downpayment on the other), you are screwed.
The plan has not been approved. The larger bailout was approved, but the mortgage relief has just been proposed. Therefore, we do not know the final details or guidelines. Once it is approved, there will be some type of public notice as to how to proceed.
Why is everyone looking for a free ride. It is disgusting. If you get in over your head, then it is too bad. I purchased a home in an area that I was not overly exicted about and a much smaller house than I wanted, but the bottom line: I BOUGHT WHAT I CoulD AFFORD
Skip school, have a lot of kids with no marriage, buy bling and Nikes, get on welfare, buy a home you can't afford, vote for a ';savior'; that will fix all your problems.... and then hold your breath.
Fail miserably at life by buying a house that you cannot, in no way, afford. Then, quit paying your bills, cry and whine, and demand that everyone else pays for you. Then you will get money.
More info to come after March 4th.
Read all about it here....
http://news.yahoo.com/s/ap/20090218/ap_on_go_pr_wh/obama_home_foreclosures
Send him a letter, or call City Hall and they should have a department with recent information for help on mortgages and houses! Good Luck!
He hasn't even announced it fully yet-I'm watching too but why don't people wait till there is an actual way to find out
Get in line ... the really long line.
The plan will only help those in foreclosure and bankruptcy...so I guess stop paying for it.How do I get in on Obama's mortgage relief plan?
What State do you live in? And do you have more than one mortgage? And if so, is it a first mortgage from buying the house?
There's no way to help you without those kinds of details. For example, if you live in California and only have the loan from buying the house, you're in luck. But if you live in Oregon and took out two mortgages (one to make the downpayment on the other), you are screwed.
The plan has not been approved. The larger bailout was approved, but the mortgage relief has just been proposed. Therefore, we do not know the final details or guidelines. Once it is approved, there will be some type of public notice as to how to proceed.
Why is everyone looking for a free ride. It is disgusting. If you get in over your head, then it is too bad. I purchased a home in an area that I was not overly exicted about and a much smaller house than I wanted, but the bottom line: I BOUGHT WHAT I CoulD AFFORD
Skip school, have a lot of kids with no marriage, buy bling and Nikes, get on welfare, buy a home you can't afford, vote for a ';savior'; that will fix all your problems.... and then hold your breath.
Fail miserably at life by buying a house that you cannot, in no way, afford. Then, quit paying your bills, cry and whine, and demand that everyone else pays for you. Then you will get money.
More info to come after March 4th.
Read all about it here....
http://news.yahoo.com/s/ap/20090218/ap_on_go_pr_wh/obama_home_foreclosures
Send him a letter, or call City Hall and they should have a department with recent information for help on mortgages and houses! Good Luck!
He hasn't even announced it fully yet-I'm watching too but why don't people wait till there is an actual way to find out
Get in line ... the really long line.
If you rent one house for the monthly mortgage amount, how does that affect your ability to buy a second home?
Would you be better off just selling the first house? What should you consider in deciding whether to sell the first house or rent it out if you are staring to think of moving to another house?If you rent one house for the monthly mortgage amount, how does that affect your ability to buy a second home?
It affects your debt to income ratio. Your lender will not assume 100% occupancy, 100% of rental income.
Depends on your other debts and your total income.
Depends on your credit rating.
Right now it is VERY difficult to sell a home.
Long distance renting can be a problem, fraught with problems.
You should try to rent it for MORE than your monthly mortgage payments if possible.
Go to a lender and get prequalified, or see if you can qualify.If you rent one house for the monthly mortgage amount, how does that affect your ability to buy a second home?
HEY!!! This is a good thing! If you are still able to rent the house for the same amount as your monthly mortgage then you are better off than a lot of people. Also, this allows you to qualify for a second house.
my friend has 1 house where her parents live and they rent out some of the rooms which pays for half of the mortgage there. she then found another house 2 hours away closer to work. She qualified to get this 2nd house because she is in effect doesnt owe the full amount of the first house, she only owed half because she can prove that she has renters there.
so as long as you have a source of income covering the monthly mortgage of the first house then you are fine.
ok here is the truth. Only 75% of the rent is counted and if you are renting for just the mtg payment then you will have the balance figured into your debt ratio that is why so many choose to sell rather than be landlords
I am a mortgage banker in TN %26amp; KY
There are some brand new changes in how FHA treats this situation and very likely all lenders will treat this situation. Get advice from your lender to see if this effects you.
It affects your debt to income ratio. Your lender will not assume 100% occupancy, 100% of rental income.
Depends on your other debts and your total income.
Depends on your credit rating.
Right now it is VERY difficult to sell a home.
Long distance renting can be a problem, fraught with problems.
You should try to rent it for MORE than your monthly mortgage payments if possible.
Go to a lender and get prequalified, or see if you can qualify.If you rent one house for the monthly mortgage amount, how does that affect your ability to buy a second home?
HEY!!! This is a good thing! If you are still able to rent the house for the same amount as your monthly mortgage then you are better off than a lot of people. Also, this allows you to qualify for a second house.
my friend has 1 house where her parents live and they rent out some of the rooms which pays for half of the mortgage there. she then found another house 2 hours away closer to work. She qualified to get this 2nd house because she is in effect doesnt owe the full amount of the first house, she only owed half because she can prove that she has renters there.
so as long as you have a source of income covering the monthly mortgage of the first house then you are fine.
ok here is the truth. Only 75% of the rent is counted and if you are renting for just the mtg payment then you will have the balance figured into your debt ratio that is why so many choose to sell rather than be landlords
I am a mortgage banker in TN %26amp; KY
There are some brand new changes in how FHA treats this situation and very likely all lenders will treat this situation. Get advice from your lender to see if this effects you.
If your mortgage is not owned by freddie mac or fannie mae?
What do homeowners who are falling behind on payments or want to refinance their mortgage do if their mortgage is not owned by freddie mac or fannie mae? Are these the only two lenders eligible?If your mortgage is not owned by freddie mac or fannie mae?
Not as of this last monday.
Anyone can apply for the Obama plan. Contract your lender and ask for a modification package. You can apply, the restriction was lifted.
Not as of this last monday.
Anyone can apply for the Obama plan. Contract your lender and ask for a modification package. You can apply, the restriction was lifted.
If a person is under house arrest?How do they make money to pay their mortgage?
If a person was to be under house arrest.How do they make any money to pay their bills? Their mortgage? and buy groceries? I understand they wear a bracelet. Is the prisoner supported through Tax Dollars and their bills are paid? I was wondering how it works.If a person is under house arrest?How do they make money to pay their mortgage?
That's their problem.
They should have thought of that before committing the crime.If a person is under house arrest?How do they make money to pay their mortgage?
I am currently on house for a very violent crime and I鈥檓 legally not allowed to work for 14 months. I worked as a truck driver and was making $85,000 a year (85 thousand). The government is required to pay me the same amount I filed my taxes for last year using your tax money. I live in a $500,000 house, so my mortgage is a lot, plus I鈥檝e got dozens of bills and 2 kids to pay child support to.
I don鈥檛 really mind being on house arrest, because the government is basically paying me to be on vacation. What happened is I got in a fight with a meter maid who ticked my car with a $12 fine, and I slammed his head into the concrete and knocked out some of his teeth. In return, your taxes are paying for my 14 month vacation. So I guess I should say thanks for this new computer you just bought me.
The bracelet is turned off so the person can go to work and turned back on when he returns home. Most states don't place working people on house arrest, they normally get some type of community supervision so they can work. Most of the one's placed on house arrest don't have a job and that is the way to keep tabs on them.
It aint easy. My brother was under house arrest for 18 months and had to sell marijuana from his kitchen to his neighbors just to make ends meet. He finally got a permit from the judge to go back to his job at the factory though by then he was laid off finally was busted again and now is back in the can.
you can get permission to be at your job for a certain amount of time and then you better be back home when they tell ya to or you goin back to jail. If not then you better have a very good verifiable by a relaible source why you werent.
People on house arrest are sometimes allowed to leave their house..they need special permission from their Parole Officer.
I'm sure the courts dont mind if people on house arrest work, but they probably have to check in many times during the day.
They either make arrangements, or do the time in the clink. They aren't forced to do house arrest, it's a benefit they don't have to take.
Usually, when a person is under house arrest, they are allowed to go straight to work %26amp; then straight home.
eTrade.
WORK FROM HOMElash liner rosacea
That's their problem.
They should have thought of that before committing the crime.If a person is under house arrest?How do they make money to pay their mortgage?
I am currently on house for a very violent crime and I鈥檓 legally not allowed to work for 14 months. I worked as a truck driver and was making $85,000 a year (85 thousand). The government is required to pay me the same amount I filed my taxes for last year using your tax money. I live in a $500,000 house, so my mortgage is a lot, plus I鈥檝e got dozens of bills and 2 kids to pay child support to.
I don鈥檛 really mind being on house arrest, because the government is basically paying me to be on vacation. What happened is I got in a fight with a meter maid who ticked my car with a $12 fine, and I slammed his head into the concrete and knocked out some of his teeth. In return, your taxes are paying for my 14 month vacation. So I guess I should say thanks for this new computer you just bought me.
The bracelet is turned off so the person can go to work and turned back on when he returns home. Most states don't place working people on house arrest, they normally get some type of community supervision so they can work. Most of the one's placed on house arrest don't have a job and that is the way to keep tabs on them.
It aint easy. My brother was under house arrest for 18 months and had to sell marijuana from his kitchen to his neighbors just to make ends meet. He finally got a permit from the judge to go back to his job at the factory though by then he was laid off finally was busted again and now is back in the can.
you can get permission to be at your job for a certain amount of time and then you better be back home when they tell ya to or you goin back to jail. If not then you better have a very good verifiable by a relaible source why you werent.
People on house arrest are sometimes allowed to leave their house..they need special permission from their Parole Officer.
I'm sure the courts dont mind if people on house arrest work, but they probably have to check in many times during the day.
They either make arrangements, or do the time in the clink. They aren't forced to do house arrest, it's a benefit they don't have to take.
Usually, when a person is under house arrest, they are allowed to go straight to work %26amp; then straight home.
eTrade.
WORK FROM HOME
Will a mortgage company refinance a loan currently in forebearance?
I've got a mortgage that is in a repayment status under a forebearance plan, but they want to modify the loan and put what I currently owe on the back of the loan. I want to know if another mortgage company will refinance me with the loan currently being behind (although payments have been made as agreed through the plan).
Thanks for your help!!!
Stressed in GA...Will a mortgage company refinance a loan currently in forebearance?
They will if your credit still qualifies. If you are in a repayment plan its most likely you have hurt your credit. It may not be high enough anymore.Will a mortgage company refinance a loan currently in forebearance?
You certainly can refinance. However, you will have to pay off the existing mortgage amount with the new mortgage.
Generally speaking, no they won't. Right now, though you may be in luck. There is a big push by Congress and the industry in general to ';fix'; this whole fiasco of subprime mortgages going into default. You may be able to qualify for some help. Check with a few mortgage agencies and see what they say.
Do: get a fixed rate long term loan
Don't: get anything balloon, ARM, or interest only.
Expect to have to suck up some of the losses by adding them into the loan. Either from your current lender or from someone else.
Thanks for your help!!!
Stressed in GA...Will a mortgage company refinance a loan currently in forebearance?
They will if your credit still qualifies. If you are in a repayment plan its most likely you have hurt your credit. It may not be high enough anymore.Will a mortgage company refinance a loan currently in forebearance?
You certainly can refinance. However, you will have to pay off the existing mortgage amount with the new mortgage.
Generally speaking, no they won't. Right now, though you may be in luck. There is a big push by Congress and the industry in general to ';fix'; this whole fiasco of subprime mortgages going into default. You may be able to qualify for some help. Check with a few mortgage agencies and see what they say.
Do: get a fixed rate long term loan
Don't: get anything balloon, ARM, or interest only.
Expect to have to suck up some of the losses by adding them into the loan. Either from your current lender or from someone else.
If me and my partner let the bank reposses our home will we get a mortgage in the future?
We really dont like were it is located and cant get it sold or rented to anyone.If me and my partner let the bank reposses our home will we get a mortgage in the future?
Hello,
(ANS) No.1 I think the problem with this kind of situation is that if the property is repossessed then there are only a limited number of options left open to you:-
a) The bank takes back the house as its security against the original mortgage loan, %26amp; thus will try and sell the house on the property market to recover its losses as best it can.
b) you yourselves try %26amp; sell the property %26amp; repay the mortgage after the completion of sale. But either way this leaves you without a house to live in? So this solves one problem i.e. the outstanding loan value but leaves you with another i.e. were to live? neither is ideal to be honest, its a case of which will cause the least pain?
**Really its a question of control and who conducts the sale and the recovery of the funds.
No.2 The loss of or repossession of a house will adversely affect (i.e. damage) your credit rating %26amp; credit history. My advise would be that you should contact either Experien one of the UK's x4 credit reference agencies, or you could contact the CCCS (consumer credit counselling service) http://www.cccs.co.uk or also you could contact CAB as they are extremely knowledgeable about financial matters %26amp; the law related to this kind of case. Oh! CCCS is a free national charity to help people who find themselves in financial difficulty.
**If you at some point in the future both found yourselves back in employment then it would be a case of trying to rebuild your credit worthiness and there is no reason I can see why you couldn't get another mortgage in future provided your circumstances changed %26amp; your credit rating was healed.
Kind Regards IvanIf me and my partner let the bank reposses our home will we get a mortgage in the future?
yes but that depends on what action the lender can take on you in your state. Now if they sue and get a judgment on the balance after they sell it you will pay that off and must be 3 years past the foreclosure with today's rules and you can buy FHA. 4 years conforming. They will also issue a 1099 on that the IRS will get their money. Foreclosure is the worst thing you can do. A short sale or a deed in lieu would be better than that
If the bank can't sell at a reasonable price either they will just sell it for what they can get and you will still be liable for the difference and your credit rating will be zero for about the next 20 years, cut down all your overheads and pay your debts and other commitments.
I seriously doubt it and you will still be saddled with the debt. Handing back keys to the bank does not cancel out the loan...have you considered selling the property at auction. It might be the best way out of a bad situation like yours.
I very much doubt, becasue they could think that if you couldn't afford the mortgage on the old one who's to say you can afford the next one.
MOST LIKELY NOT GET A JOB WHY DO YOU HAVE INTERNET WHEN YOU ARE LOSING YOUR HOUSE. A HOUSE IS THE AMERICAN DREAM NOT THE INTERNET SO GET A JOB OR TWO.
Hello,
(ANS) No.1 I think the problem with this kind of situation is that if the property is repossessed then there are only a limited number of options left open to you:-
a) The bank takes back the house as its security against the original mortgage loan, %26amp; thus will try and sell the house on the property market to recover its losses as best it can.
b) you yourselves try %26amp; sell the property %26amp; repay the mortgage after the completion of sale. But either way this leaves you without a house to live in? So this solves one problem i.e. the outstanding loan value but leaves you with another i.e. were to live? neither is ideal to be honest, its a case of which will cause the least pain?
**Really its a question of control and who conducts the sale and the recovery of the funds.
No.2 The loss of or repossession of a house will adversely affect (i.e. damage) your credit rating %26amp; credit history. My advise would be that you should contact either Experien one of the UK's x4 credit reference agencies, or you could contact the CCCS (consumer credit counselling service) http://www.cccs.co.uk or also you could contact CAB as they are extremely knowledgeable about financial matters %26amp; the law related to this kind of case. Oh! CCCS is a free national charity to help people who find themselves in financial difficulty.
**If you at some point in the future both found yourselves back in employment then it would be a case of trying to rebuild your credit worthiness and there is no reason I can see why you couldn't get another mortgage in future provided your circumstances changed %26amp; your credit rating was healed.
Kind Regards IvanIf me and my partner let the bank reposses our home will we get a mortgage in the future?
yes but that depends on what action the lender can take on you in your state. Now if they sue and get a judgment on the balance after they sell it you will pay that off and must be 3 years past the foreclosure with today's rules and you can buy FHA. 4 years conforming. They will also issue a 1099 on that the IRS will get their money. Foreclosure is the worst thing you can do. A short sale or a deed in lieu would be better than that
If the bank can't sell at a reasonable price either they will just sell it for what they can get and you will still be liable for the difference and your credit rating will be zero for about the next 20 years, cut down all your overheads and pay your debts and other commitments.
I seriously doubt it and you will still be saddled with the debt. Handing back keys to the bank does not cancel out the loan...have you considered selling the property at auction. It might be the best way out of a bad situation like yours.
I very much doubt, becasue they could think that if you couldn't afford the mortgage on the old one who's to say you can afford the next one.
MOST LIKELY NOT GET A JOB WHY DO YOU HAVE INTERNET WHEN YOU ARE LOSING YOUR HOUSE. A HOUSE IS THE AMERICAN DREAM NOT THE INTERNET SO GET A JOB OR TWO.
If a person was in default of his mortgage and could not catch up the payments ?
Would it be financially better to let the bank foreclose or try to sell it in a Short sale.What are the tax consequences.If a person was in default of his mortgage and could not catch up the payments ?
Have you tried to modify your loan? If you had a hardship but are now back on track, you should qualify. Foreclosure and shortsale both show up on your credit. Shortsale you need to claim the negative amount as capitol gain. If you need assistance with either I can put you in contact with someone.
Beatriss
909-633-1523If a person was in default of his mortgage and could not catch up the payments ?
Try to work out a restructured loan first.
If they will not work with you,try to sell the house for enough you pay your past due amount plus some pocket money.
Let them take over the payments to finish paying of the mortgage.
File bankruptcy and the court will sell the house and apply that money against your debts.
Have you tried to modify your loan? If you had a hardship but are now back on track, you should qualify. Foreclosure and shortsale both show up on your credit. Shortsale you need to claim the negative amount as capitol gain. If you need assistance with either I can put you in contact with someone.
Beatriss
909-633-1523If a person was in default of his mortgage and could not catch up the payments ?
Try to work out a restructured loan first.
If they will not work with you,try to sell the house for enough you pay your past due amount plus some pocket money.
Let them take over the payments to finish paying of the mortgage.
File bankruptcy and the court will sell the house and apply that money against your debts.
Can someone who is not still a citizen in Australia ask for a loan or mortgage?
I want to know if someone who has permanent residency and a working visa in Australia ask for a loan to buy a car a mortgage from bank to buy a house, or maybe a store there??!!
Is it really possible or not??Can someone who is not still a citizen in Australia ask for a loan or mortgage?
Every bank and every branch of those banks is different. You may have a little more luck using a loan broker. Use one that does not charge you any fees to negotiate the loan. (the bank pays them for finding them business) ou can only ask. Make sure you use a mainstream bank or building society or credit union. Ask lots of questions about fees and interest. Do not get suckered into something like AGC credit etc.Can someone who is not still a citizen in Australia ask for a loan or mortgage?
Mortgage loan is a term used for the loans secured by a property. Mortgage loans refer to a loan secured by residential property, often for the purpose of securing real estate. Mortgage loans are priced lower than other loan structures because the value of the property risk for the lender.
http://www.worldbestloans.com/Mortgage%20Loan.htm
A fixed rate mortgage loan has its own benefit. If the borrower is budget conscious, he will remain at peace because the monthly mortgage amount will not change.Fixed rate mortgage loan is a loan where the interest rate remains the same through the term of the loan. Fixed rate mortgage loans are the most traditional form of loan.
Is it really possible or not??Can someone who is not still a citizen in Australia ask for a loan or mortgage?
Every bank and every branch of those banks is different. You may have a little more luck using a loan broker. Use one that does not charge you any fees to negotiate the loan. (the bank pays them for finding them business) ou can only ask. Make sure you use a mainstream bank or building society or credit union. Ask lots of questions about fees and interest. Do not get suckered into something like AGC credit etc.Can someone who is not still a citizen in Australia ask for a loan or mortgage?
Mortgage loan is a term used for the loans secured by a property. Mortgage loans refer to a loan secured by residential property, often for the purpose of securing real estate. Mortgage loans are priced lower than other loan structures because the value of the property risk for the lender.
http://www.worldbestloans.com/Mortgage%20Loan.htm
A fixed rate mortgage loan has its own benefit. If the borrower is budget conscious, he will remain at peace because the monthly mortgage amount will not change.Fixed rate mortgage loan is a loan where the interest rate remains the same through the term of the loan. Fixed rate mortgage loans are the most traditional form of loan.
When does mortgage refinance make sense?
Hello all,
i 'd like to know how to best use mortgage refinance, and usually for what reasons people refinance. Also does refinance ultimately cost more? I don't need to lower my monthly payment, so I don't have any clear purpose in mind. It is just that I have heard a lot of different views on refinance. I hope to get some insights and analysis from you out there. Thank you.When does mortgage refinance make sense?
Hello,
There are several reasons to refinance. However, it really depends on your unique situation.
Besides lowering their mortgage rate and monthly payment, the biggest reason people decide to refinance usually would be to consolidate debt, or take cash out their home or investment property (in other words borrow money against their home).
Another reason, especially lately, is to refiance out of an ARM (adjustable rate mortgage) to keep mortgage payment from rising.
Any of these would be a great reason to refinance. Hope this answers your questions. I've included a link to our refinance page for more information and scenarios for refinancing.When does mortgage refinance make sense?
When you can get a MUCH better interest rate on your loan. NEVER, EVER refinance to include other non secured debts like charge card debt into your home loan.
You can refinance to pay off debt, cashout, remodel your home, lower rates. Go from variable to a fixed. Get out of a negam loan, get out of a balloon loan. There are tons of reasons, maybe you want to go from 30 year to a 15 year or you're just tired of dealing with the bank that has your loan. You can tap into the equity in your home and invest it or maybe you need to pay for your childrens college education. It's really something that changes from individual to individual, so it's really hard to say how to best use a refinance, because it depends on what your situation is.
People refinance to get a lower rate or into a fixed rate or maybe even a interest only loan. It all depends where your current rate is on your home. Also people refinance to do debt consolidation take money out of there equity to pay of bills or remodel there home. In which some equity sometimes a second mortgage or heloc/home equity loan comes in handy.
If you can lower your payment or change to a fixed from an adjustable rate loan...why wouldn't you want to save some money? Some people also use a refinance to fund a college education or add on to their existing home or remodel. If you consider this, please be aware of the potential consequences of removing the equity in your home. Many are facing foreclosure now as they used their homes as a piggybank. When house prices began to drop they found that they actually owe more than what their home is worth.Instead...Be conservative.
There are any number of reasons to refinance. Many people need the lower payment. If you trade one 30 year loan for another, you will end up paying for another 30 years no matter how long you have been paying for.
You could refinance into a 15 year loan, especially if the rates drop.
We recently refinanced into an interest only to free up more available cash each month as a safety net. We can afford the payments be we leveraged our home into 2 additional rental properties and if one sits vacant we can pay just the interest if needed. With our interest only, we can pay additional amounts toward principal each month.
to get a LOWER rate or into a fixed rate or maybe even a interest only loan.
President Bush have implemented an FHA refinance program called ';FHASecure';. To qualify, borrowers must meet 5 criteria:
1) History of timely mortgage payments before their adjustable rate increased
2) Rate will re-set between June 2005 and December 2009
3) 3% equity in home or 3% cash
4) Sustained employment history
5) Income must meet qualifying guidelines.
I found interesting information about your answer %26amp; the best options here. (mortgage opportunitty refinancing )
http://all-mortgage-calculators.blogspot鈥?/a>
Good luck!
If rates were to go down you could refinance and switch your current rate with a lower one.
This depends wildly on a variety of factors your current income? your future income? your plans to stay in your home long term or not? is your current rate low? is your current rate fixed or currently adjustable? Is your rate fixed for at least a few more years? Do you have a deferred interest loan? Are you comfortable paying ALL of your bills on time? How much equity do you have? Are the values in your area going up? Staying about the same? Plumeting? Do you have kid(s)? Do you plan on having kid(s)? If you have or plan to have kid(s) do you live in a good school district? Is your home the right size for your family? etc.
Ok so now that you know I am answering this question semi blind lol I will give you some ';basics';
If you have a deferred interest loan or a loan that is currently adjusting or has less then 2 years to adjust and you plan on staying in your home long term get the hell out of that loan and get a FIXED rate! Get a 15 year fixed if you can afford it because the rate is lower and you save tens of thousands of dollars in intereste over the life of the loan and you will own your home out right that much sooner.
To the person who says don't consolodate debt that may or may not be true. IF you are having trouble paying your bills and a consolidation can save you a LOT of money a month ($300 or more) then it ';may'; be a good idea to do so! ONLY if you NEED that payment relief in a bad way! Otherwise the prior poster is correct. Also, as long as doing so is not eating up too much of your equity! I used to do debt consolidation and I would save people $500 a month or more! This made the difference between paying everything on time and not! So to say that debt consolidation is a no no under ANY circumstances is wrong. Although in general this is not a good idea but it CAN be exceptionaly useful in some situations. Also, when you consolidate your credit card debt now becomes tax deductable which gives you further savings.
I hope this helps!? lol!
Yey! Refinancing....what joy!....something you should investigate, because there are tricks in refinancing too as well as selling or buying a home.
Compare rates and DO NOT be rushed into signing anything no matter how well you get along with the lender. Their job is to get along with the client to get a commission on the refinanced loan. So be careful litirally!
Avoid signing a variable rated loan of any kind and ONLY look for fixed rates and be diligent in comparing rates to get the one you can afford to pay. Read up on lender laws that are always changing to keep up on your knowledge to throw back at a lender should they get to that con stage.
You want your money back through a future sell, then it is most wise to use your money for any upgrades needed to keep current with the market demands and laws:
Such as updated earhtquake straps for the water heater, if you live in California, emergency gas shut off valve, f you live in CA, water regulator, updated certified termite treatment/report, etc so you don't get had in escrow if you were to sell your home at a future date. I would check with the city or even an escrow company first on what list of items that most people get stuck with in escrow who are the sellers and get the pricing on each item. Take that into consideration dearly to CYOA. That way you will know how much you need to refinance for to keep your home current. Unless you are current, then I would refinance to possibly update a room such as a kitchen, bathroom or even possibly a new addition. Think about the reward, but put your self in the buyers shoes and walk through your house and think of what turns you off, get estimates from qualified contractors so that refinance can help fix that.
Avoid using your equity on the refy to pay for vacations and extravagant endeavers as this will just damper your future profit on any future sell of that house. Or even make for a worse monthly payment.
rule of thumb if you can save 1% or better it is good to refinance! some would say that paying off credit card debt is a bad idea but if you are paying a interest rate of 14% on a card it is best to refinance and include it if you are also getting a lower rate on the mortgage than you started with!
Its best to have a professional look over the idea and see if it makes sense. always get a fixed rate mortgage for stability.
contact someone and see if it makes sense you may find you save alot of money (depending on what rate you have currently) try directlendigplanet they should be able to tell you if it makes sense and show you on paper within a few minutes
www.directlendingplanet.com
Generally if you can save money it is worth doing. You need to factor in the costs of a new loan. If you have an arm that is scheduled to reset. I'd get a fixed rate loan now.
It is not a particularly good idea to include other debt in the refi especially now with falling Real esate prices-so be careful. Good lucklash liner rosacea
i 'd like to know how to best use mortgage refinance, and usually for what reasons people refinance. Also does refinance ultimately cost more? I don't need to lower my monthly payment, so I don't have any clear purpose in mind. It is just that I have heard a lot of different views on refinance. I hope to get some insights and analysis from you out there. Thank you.When does mortgage refinance make sense?
Hello,
There are several reasons to refinance. However, it really depends on your unique situation.
Besides lowering their mortgage rate and monthly payment, the biggest reason people decide to refinance usually would be to consolidate debt, or take cash out their home or investment property (in other words borrow money against their home).
Another reason, especially lately, is to refiance out of an ARM (adjustable rate mortgage) to keep mortgage payment from rising.
Any of these would be a great reason to refinance. Hope this answers your questions. I've included a link to our refinance page for more information and scenarios for refinancing.When does mortgage refinance make sense?
When you can get a MUCH better interest rate on your loan. NEVER, EVER refinance to include other non secured debts like charge card debt into your home loan.
You can refinance to pay off debt, cashout, remodel your home, lower rates. Go from variable to a fixed. Get out of a negam loan, get out of a balloon loan. There are tons of reasons, maybe you want to go from 30 year to a 15 year or you're just tired of dealing with the bank that has your loan. You can tap into the equity in your home and invest it or maybe you need to pay for your childrens college education. It's really something that changes from individual to individual, so it's really hard to say how to best use a refinance, because it depends on what your situation is.
People refinance to get a lower rate or into a fixed rate or maybe even a interest only loan. It all depends where your current rate is on your home. Also people refinance to do debt consolidation take money out of there equity to pay of bills or remodel there home. In which some equity sometimes a second mortgage or heloc/home equity loan comes in handy.
If you can lower your payment or change to a fixed from an adjustable rate loan...why wouldn't you want to save some money? Some people also use a refinance to fund a college education or add on to their existing home or remodel. If you consider this, please be aware of the potential consequences of removing the equity in your home. Many are facing foreclosure now as they used their homes as a piggybank. When house prices began to drop they found that they actually owe more than what their home is worth.Instead...Be conservative.
There are any number of reasons to refinance. Many people need the lower payment. If you trade one 30 year loan for another, you will end up paying for another 30 years no matter how long you have been paying for.
You could refinance into a 15 year loan, especially if the rates drop.
We recently refinanced into an interest only to free up more available cash each month as a safety net. We can afford the payments be we leveraged our home into 2 additional rental properties and if one sits vacant we can pay just the interest if needed. With our interest only, we can pay additional amounts toward principal each month.
to get a LOWER rate or into a fixed rate or maybe even a interest only loan.
President Bush have implemented an FHA refinance program called ';FHASecure';. To qualify, borrowers must meet 5 criteria:
1) History of timely mortgage payments before their adjustable rate increased
2) Rate will re-set between June 2005 and December 2009
3) 3% equity in home or 3% cash
4) Sustained employment history
5) Income must meet qualifying guidelines.
I found interesting information about your answer %26amp; the best options here. (mortgage opportunitty refinancing )
http://all-mortgage-calculators.blogspot鈥?/a>
Good luck!
If rates were to go down you could refinance and switch your current rate with a lower one.
This depends wildly on a variety of factors your current income? your future income? your plans to stay in your home long term or not? is your current rate low? is your current rate fixed or currently adjustable? Is your rate fixed for at least a few more years? Do you have a deferred interest loan? Are you comfortable paying ALL of your bills on time? How much equity do you have? Are the values in your area going up? Staying about the same? Plumeting? Do you have kid(s)? Do you plan on having kid(s)? If you have or plan to have kid(s) do you live in a good school district? Is your home the right size for your family? etc.
Ok so now that you know I am answering this question semi blind lol I will give you some ';basics';
If you have a deferred interest loan or a loan that is currently adjusting or has less then 2 years to adjust and you plan on staying in your home long term get the hell out of that loan and get a FIXED rate! Get a 15 year fixed if you can afford it because the rate is lower and you save tens of thousands of dollars in intereste over the life of the loan and you will own your home out right that much sooner.
To the person who says don't consolodate debt that may or may not be true. IF you are having trouble paying your bills and a consolidation can save you a LOT of money a month ($300 or more) then it ';may'; be a good idea to do so! ONLY if you NEED that payment relief in a bad way! Otherwise the prior poster is correct. Also, as long as doing so is not eating up too much of your equity! I used to do debt consolidation and I would save people $500 a month or more! This made the difference between paying everything on time and not! So to say that debt consolidation is a no no under ANY circumstances is wrong. Although in general this is not a good idea but it CAN be exceptionaly useful in some situations. Also, when you consolidate your credit card debt now becomes tax deductable which gives you further savings.
I hope this helps!? lol!
Yey! Refinancing....what joy!....something you should investigate, because there are tricks in refinancing too as well as selling or buying a home.
Compare rates and DO NOT be rushed into signing anything no matter how well you get along with the lender. Their job is to get along with the client to get a commission on the refinanced loan. So be careful litirally!
Avoid signing a variable rated loan of any kind and ONLY look for fixed rates and be diligent in comparing rates to get the one you can afford to pay. Read up on lender laws that are always changing to keep up on your knowledge to throw back at a lender should they get to that con stage.
You want your money back through a future sell, then it is most wise to use your money for any upgrades needed to keep current with the market demands and laws:
Such as updated earhtquake straps for the water heater, if you live in California, emergency gas shut off valve, f you live in CA, water regulator, updated certified termite treatment/report, etc so you don't get had in escrow if you were to sell your home at a future date. I would check with the city or even an escrow company first on what list of items that most people get stuck with in escrow who are the sellers and get the pricing on each item. Take that into consideration dearly to CYOA. That way you will know how much you need to refinance for to keep your home current. Unless you are current, then I would refinance to possibly update a room such as a kitchen, bathroom or even possibly a new addition. Think about the reward, but put your self in the buyers shoes and walk through your house and think of what turns you off, get estimates from qualified contractors so that refinance can help fix that.
Avoid using your equity on the refy to pay for vacations and extravagant endeavers as this will just damper your future profit on any future sell of that house. Or even make for a worse monthly payment.
rule of thumb if you can save 1% or better it is good to refinance! some would say that paying off credit card debt is a bad idea but if you are paying a interest rate of 14% on a card it is best to refinance and include it if you are also getting a lower rate on the mortgage than you started with!
Its best to have a professional look over the idea and see if it makes sense. always get a fixed rate mortgage for stability.
contact someone and see if it makes sense you may find you save alot of money (depending on what rate you have currently) try directlendigplanet they should be able to tell you if it makes sense and show you on paper within a few minutes
www.directlendingplanet.com
Generally if you can save money it is worth doing. You need to factor in the costs of a new loan. If you have an arm that is scheduled to reset. I'd get a fixed rate loan now.
It is not a particularly good idea to include other debt in the refi especially now with falling Real esate prices-so be careful. Good luck
Can i get out of my fixed rate mortgage?
I signed up for fixed rate which isn't due to expire for a couple of years , can i get out of it before it`s due and will there be a fee?Can i get out of my fixed rate mortgage?
Well you can pay it off or file for bankruptcy if thats what you are referring to. And if you pay it off early, there shouldn't be a fee as most standard mortgage contracts contain clauses that allow you to pay off early without penalty.Can i get out of my fixed rate mortgage?
You want to refinance for a lower interest rate, which is fine. Some lenders have a fee they charge for paying off early, but most don't. What will happen is you will find a new lender to do a mortgage with. You will get a loan for x amount of dollars and the existing mortgage will be paid off. You will still have a mortgage but with the new company, and the old will be cancelled.
probably and yes. there is no such thing as a free lunch.
Well you can pay it off or file for bankruptcy if thats what you are referring to. And if you pay it off early, there shouldn't be a fee as most standard mortgage contracts contain clauses that allow you to pay off early without penalty.Can i get out of my fixed rate mortgage?
You want to refinance for a lower interest rate, which is fine. Some lenders have a fee they charge for paying off early, but most don't. What will happen is you will find a new lender to do a mortgage with. You will get a loan for x amount of dollars and the existing mortgage will be paid off. You will still have a mortgage but with the new company, and the old will be cancelled.
probably and yes. there is no such thing as a free lunch.
Can this be counted as income for a mortgage?
My fiance and I are looking at buying a house. I own a rental property currently but she has never bought a house. We would like to find a way for her to qualify for the house on her own to take advantage of the first time homebuyer credit.
Is there a way for me to sign something like a lease or something similar that obligates me to pay her a certain amount of money every month that she could count as ';income';? Any ideas?Can this be counted as income for a mortgage?
Yes, you become a co-signer for the mortgage. People do it alot when one person doesnt have the credit to do it. She has to keep the morgage for 3 years, at that time, you will want to re-finance and become co-owner on the mortgage, but before then its really like she is buying the house and you are just financially supporting her. syanchuk@comcast.net if you have any more questions pertaining to the first time homebuyer or other issues with this (short vs foreclosure) etc.Can this be counted as income for a mortgage?
Is it possible for her to be a free-lancer?
Let her send you a bill every month
Is there a way for me to sign something like a lease or something similar that obligates me to pay her a certain amount of money every month that she could count as ';income';? Any ideas?Can this be counted as income for a mortgage?
Yes, you become a co-signer for the mortgage. People do it alot when one person doesnt have the credit to do it. She has to keep the morgage for 3 years, at that time, you will want to re-finance and become co-owner on the mortgage, but before then its really like she is buying the house and you are just financially supporting her. syanchuk@comcast.net if you have any more questions pertaining to the first time homebuyer or other issues with this (short vs foreclosure) etc.Can this be counted as income for a mortgage?
Is it possible for her to be a free-lancer?
Let her send you a bill every month
Do you think that the super mega rich celebrities have mortgages on their houses?
probably not. If i was a celebrity and I had a lot of money, the FIRST thing I would do is buy a house and a car, paid for in full. That way, if anything ever happens, I wont be homeless.
What would I need to know inorder to be a good loan officer in the mortgage industry?
A. Market and network like crazy. If you don't, you have no deals. No deals=no income.
B. Put your clients before your commissions. Honor your word. Don't jack their rates or costs up at the last minute to make extra money. If you do, they never come back. Treat them well, and one deal can turn into 10. How many would you like to do for them?
C. Learn and study every product and program out there. Don't just be a one-trick pony with only a couple products you understand enough to sell.What would I need to know inorder to be a good loan officer in the mortgage industry?
How to best serve your client.What would I need to know inorder to be a good loan officer in the mortgage industry?
It really depends on what kind of lending institution you are working for. If you are a marketing and originating loan officer you need to be agressive enough to get people to want to go to you but honest enough and concerned enough about people to not let them get into debt they cant afford. I have been in the industry for 5 years and we do much more analysis than most banks. You will learn more from experience than any book will teach you. A good financial back ground as well as economic background will help though.
B. Put your clients before your commissions. Honor your word. Don't jack their rates or costs up at the last minute to make extra money. If you do, they never come back. Treat them well, and one deal can turn into 10. How many would you like to do for them?
C. Learn and study every product and program out there. Don't just be a one-trick pony with only a couple products you understand enough to sell.What would I need to know inorder to be a good loan officer in the mortgage industry?
How to best serve your client.What would I need to know inorder to be a good loan officer in the mortgage industry?
It really depends on what kind of lending institution you are working for. If you are a marketing and originating loan officer you need to be agressive enough to get people to want to go to you but honest enough and concerned enough about people to not let them get into debt they cant afford. I have been in the industry for 5 years and we do much more analysis than most banks. You will learn more from experience than any book will teach you. A good financial back ground as well as economic background will help though.
My 1st mortgage is in my inlaws name. We have made every payment with proof, can we claim the interest?
Regarding filing taxes.My 1st mortgage is in my inlaws name. We have made every payment with proof, can we claim the interest?
If you and at least one other person (other than your spouse if you file a joint return) were liable for and paid interest on a mortgage that was for your home, and the other person received a 1098 form showing the interest that was paid during the year, you should attach a statement to your return explaining this.
In your statement, show how much interest each of you paid, and give the name and address of the person who received the form.
Deduct your portion of the interest on Schedule A (Form 1040) on line 11 and print ';see attached'; next to the line.
Your portion, from what you stated, is 100%.
The part of the statement that reads ';you and at least one other person'; means that your in-laws are liable to the lender, and you are liable to your in-laws since they fully expect you to make the mortgage payments including all interest. The person who actually PAYS the interest is the one who deducts it.
See page 7 of IRS publication 936 under the heading ';More than one borrower';.My 1st mortgage is in my inlaws name. We have made every payment with proof, can we claim the interest?
Bad answer. If it's not in YOUR name, you may NOT deduct the interest.
Also per the Pub 936, page 2: You must be legally liable for the loan. You cannot deduct payments you make for someone else if you are not legally liable to make them. In addition, there must be a true debtor-creditor relationship between you and the lender.
Only the person who owns the house (who's name is on the mortgage) can deduct the interest regardless of who actually pays.
I don't think so. The mortgage is in their name. They receive the interest statement with their name and ss#.
I would call the IRS to get a definite answer on this one. It could be an audit trigger since their records will not match the interest that you are claiming.
We have names for a reason.
yes, you need their SS#
Deduct the home mortgage interest and points reported to YOU on Form 1098. You must be a payer of record and be liable for the loan.
If you and at least one other person (other than your spouse if you file a joint return) were liable for and paid interest on a mortgage that was for your home, and the other person received a Form 1098 showing the interest that was paid during the year, attach a statement to your return explaining this. Show how much of the interest each of you paid, and give the name and address of the person who received the form. Deduct your share of the interest on Schedule A (Form 1040), line 11, and print “See attached” next to the line.
Similarly, if you are the payer of record on a mortgage on which there are other borrowers entitled to a deduction for the interest shown on the Form 1098 you received, deduct only your share of the interest on Schedule A (Form 1040), line 10. You should let each of the other borrowers know what his or her share is.
If you and at least one other person (other than your spouse if you file a joint return) were liable for and paid interest on a mortgage that was for your home, and the other person received a 1098 form showing the interest that was paid during the year, you should attach a statement to your return explaining this.
In your statement, show how much interest each of you paid, and give the name and address of the person who received the form.
Deduct your portion of the interest on Schedule A (Form 1040) on line 11 and print ';see attached'; next to the line.
Your portion, from what you stated, is 100%.
The part of the statement that reads ';you and at least one other person'; means that your in-laws are liable to the lender, and you are liable to your in-laws since they fully expect you to make the mortgage payments including all interest. The person who actually PAYS the interest is the one who deducts it.
See page 7 of IRS publication 936 under the heading ';More than one borrower';.My 1st mortgage is in my inlaws name. We have made every payment with proof, can we claim the interest?
Bad answer. If it's not in YOUR name, you may NOT deduct the interest.
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Also per the Pub 936, page 2: You must be legally liable for the loan. You cannot deduct payments you make for someone else if you are not legally liable to make them. In addition, there must be a true debtor-creditor relationship between you and the lender.
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Only the person who owns the house (who's name is on the mortgage) can deduct the interest regardless of who actually pays.
I don't think so. The mortgage is in their name. They receive the interest statement with their name and ss#.
I would call the IRS to get a definite answer on this one. It could be an audit trigger since their records will not match the interest that you are claiming.
We have names for a reason.
yes, you need their SS#
Deduct the home mortgage interest and points reported to YOU on Form 1098. You must be a payer of record and be liable for the loan.
If you and at least one other person (other than your spouse if you file a joint return) were liable for and paid interest on a mortgage that was for your home, and the other person received a Form 1098 showing the interest that was paid during the year, attach a statement to your return explaining this. Show how much of the interest each of you paid, and give the name and address of the person who received the form. Deduct your share of the interest on Schedule A (Form 1040), line 11, and print “See attached” next to the line.
Similarly, if you are the payer of record on a mortgage on which there are other borrowers entitled to a deduction for the interest shown on the Form 1098 you received, deduct only your share of the interest on Schedule A (Form 1040), line 10. You should let each of the other borrowers know what his or her share is.
What are the cost involved with getting a mortgage?
Besides origination, what are the approximate costs in getting a mortgage? escrow, title, processing etc...What are the cost involved with getting a mortgage?
You shouldn't have to pay any origination fees in a mortgage that is worth having. Ask for a ';Par quote'; which is Zero points and Zero origination fees. A decent buyer's agent can and will take the time to explain this whole process to you. If they won't do that, you need a different agent.What are the cost involved with getting a mortgage?
The major ones are these:
- Points. Basically a form of pre-paid interest.
- Escrow fee. Somebody gets paid to do the paperwork.
- Title insurance. There will be two separate title policies involved: one to protect your title, and one to protect the lender's interest.
- Recording fees. Relatively small, this pays the county to make your documents part of the public record.
- Document transmittal fees. Pays for moving documents from place to place.
- Prepaid taxes and fire insurance. You will pay a portion of the property taxes, pro-rated by time.
- Nuisance charges. Some people will tack on ';funding fees'; and other such, especially if a loan broker was involved. Ask about these.lash liner rosacea
You shouldn't have to pay any origination fees in a mortgage that is worth having. Ask for a ';Par quote'; which is Zero points and Zero origination fees. A decent buyer's agent can and will take the time to explain this whole process to you. If they won't do that, you need a different agent.What are the cost involved with getting a mortgage?
The major ones are these:
- Points. Basically a form of pre-paid interest.
- Escrow fee. Somebody gets paid to do the paperwork.
- Title insurance. There will be two separate title policies involved: one to protect your title, and one to protect the lender's interest.
- Recording fees. Relatively small, this pays the county to make your documents part of the public record.
- Document transmittal fees. Pays for moving documents from place to place.
- Prepaid taxes and fire insurance. You will pay a portion of the property taxes, pro-rated by time.
- Nuisance charges. Some people will tack on ';funding fees'; and other such, especially if a loan broker was involved. Ask about these.
Will the mortgage company still accept our money even after they said they wouldnt?
We became late for three months they sent a letter and said they wouldnt accept money, but i called them and they said that they would if they recieved it by the end of the month.Will the mortgage company still accept our money even after they said they wouldnt?
Usually at that point it goes to a lawfirm and you need to pay it ASAP before they add their charges. The same happened to me and the mortgage company didn't accept money, because it went into foreclosure. I had to go to the lawfirm who was handling it to pay everything + penalties + lawyer fees in full. It cost me over $8,000.
Good luck.Will the mortgage company still accept our money even after they said they wouldnt?
The letter may have said they wouldn't accept partial payment? Banks do NOT want to foreclose - in this market they are doing everything they can to work with homeowners. If you don't think you will have the money by the end of the month, contact them to see if they will do a forebearance (sp?) Say your mortgage is behind $3,000 - you would start making your regular payments next month and part of that 3k will be split up over several months until it is caught up. So, if your regular payment is $1000/mo, it may be $1300-$1400/mo until it is caught up.
If you can't afford your home then visit the site below but basically if you're 3 months behind the lender wont accept your payment. If someone at the bank said they would overnight or wire the money asap but make sure you get their full name and extension. Also keep in mind if you are this far behind they will expect you to catch up asap they will NOT allow you to continue to be 3 months behind they may let you once or twice after that most of the time they will send the money back.
I would use the money to rent something not send them any and move as fast as you can. They will take your money and still sit you out any way. One way of getting all they can from you before they do it. Don't send them any if you are that far behind and can't make it all up or pay the mortgage off.
4 months late = foreclosure alot of people on here say 90 days thats not true and heres why ,in california it is 4 months i can send you a time frame with all the information ,if you e mail me (h3e0m0ic@yahoo.com)also they want to work with you they will even ...depending on the bank renegotiate your loan...its called forbearence.. also they are behind in so many foreclosures its taking even more than 5 -6 months to foreclose ...foreclosure is a process you should receive a trustee sale notice and you still have (im not sure if it is 11,7or3) days before the sale to save the house
what city are you in???
Most lenders are going to take what they can get under the current conditions. If you call them with the money they will probably take it, unless you are so far behing they already started foreclosure action. If not you might be able to work out something with them ask about ';loss mitigation'; options. Those are programs that keep you from going into foreclosure.
then send it..so you dont get forclosed on! 90 days late = forclosure!
The best thing to do, is send in your payment. You want to delay foreclosure proceedings as long as possible. So, be sure to send in full mortgage payments. If you call, they will tell you that they wont accept. However, by mailing the payment, it will go to the cashiering dept and they are to busy to notice how delinquent you are and will post your payment. Also, the worst thing that will happen is the mortgage company will send the money back to you. Either way, send in at least a full payment until you are able to completely reinstate.
Once Foreclosure starts, they will not accept payments. If you are unable to bring your loan current, contact your mortgage company and apply for thier Homeowner's Assistance Program. They offer different programs to assist you in bringing your loan current. However, keep in mind that many programs require some sort of down payment. So, if your payments are returned, be sure to save them!!!
Usually at that point it goes to a lawfirm and you need to pay it ASAP before they add their charges. The same happened to me and the mortgage company didn't accept money, because it went into foreclosure. I had to go to the lawfirm who was handling it to pay everything + penalties + lawyer fees in full. It cost me over $8,000.
Good luck.Will the mortgage company still accept our money even after they said they wouldnt?
The letter may have said they wouldn't accept partial payment? Banks do NOT want to foreclose - in this market they are doing everything they can to work with homeowners. If you don't think you will have the money by the end of the month, contact them to see if they will do a forebearance (sp?) Say your mortgage is behind $3,000 - you would start making your regular payments next month and part of that 3k will be split up over several months until it is caught up. So, if your regular payment is $1000/mo, it may be $1300-$1400/mo until it is caught up.
If you can't afford your home then visit the site below but basically if you're 3 months behind the lender wont accept your payment. If someone at the bank said they would overnight or wire the money asap but make sure you get their full name and extension. Also keep in mind if you are this far behind they will expect you to catch up asap they will NOT allow you to continue to be 3 months behind they may let you once or twice after that most of the time they will send the money back.
I would use the money to rent something not send them any and move as fast as you can. They will take your money and still sit you out any way. One way of getting all they can from you before they do it. Don't send them any if you are that far behind and can't make it all up or pay the mortgage off.
4 months late = foreclosure alot of people on here say 90 days thats not true and heres why ,in california it is 4 months i can send you a time frame with all the information ,if you e mail me (h3e0m0ic@yahoo.com)also they want to work with you they will even ...depending on the bank renegotiate your loan...its called forbearence.. also they are behind in so many foreclosures its taking even more than 5 -6 months to foreclose ...foreclosure is a process you should receive a trustee sale notice and you still have (im not sure if it is 11,7or3) days before the sale to save the house
what city are you in???
Most lenders are going to take what they can get under the current conditions. If you call them with the money they will probably take it, unless you are so far behing they already started foreclosure action. If not you might be able to work out something with them ask about ';loss mitigation'; options. Those are programs that keep you from going into foreclosure.
then send it..so you dont get forclosed on! 90 days late = forclosure!
The best thing to do, is send in your payment. You want to delay foreclosure proceedings as long as possible. So, be sure to send in full mortgage payments. If you call, they will tell you that they wont accept. However, by mailing the payment, it will go to the cashiering dept and they are to busy to notice how delinquent you are and will post your payment. Also, the worst thing that will happen is the mortgage company will send the money back to you. Either way, send in at least a full payment until you are able to completely reinstate.
Once Foreclosure starts, they will not accept payments. If you are unable to bring your loan current, contact your mortgage company and apply for thier Homeowner's Assistance Program. They offer different programs to assist you in bringing your loan current. However, keep in mind that many programs require some sort of down payment. So, if your payments are returned, be sure to save them!!!
What would I need to know inorder to be a good loan officer in the mortgage industry?
A. Market and network like crazy. If you don't, you have no deals. No deals=no income.
B. Put your clients before your commissions. Honor your word. Don't jack their rates or costs up at the last minute to make extra money. If you do, they never come back. Treat them well, and one deal can turn into 10. How many would you like to do for them?
C. Learn and study every product and program out there. Don't just be a one-trick pony with only a couple products you understand enough to sell.What would I need to know inorder to be a good loan officer in the mortgage industry?
How to best serve your client.What would I need to know inorder to be a good loan officer in the mortgage industry?
It really depends on what kind of lending institution you are working for. If you are a marketing and originating loan officer you need to be agressive enough to get people to want to go to you but honest enough and concerned enough about people to not let them get into debt they cant afford. I have been in the industry for 5 years and we do much more analysis than most banks. You will learn more from experience than any book will teach you. A good financial back ground as well as economic background will help though.
B. Put your clients before your commissions. Honor your word. Don't jack their rates or costs up at the last minute to make extra money. If you do, they never come back. Treat them well, and one deal can turn into 10. How many would you like to do for them?
C. Learn and study every product and program out there. Don't just be a one-trick pony with only a couple products you understand enough to sell.What would I need to know inorder to be a good loan officer in the mortgage industry?
How to best serve your client.What would I need to know inorder to be a good loan officer in the mortgage industry?
It really depends on what kind of lending institution you are working for. If you are a marketing and originating loan officer you need to be agressive enough to get people to want to go to you but honest enough and concerned enough about people to not let them get into debt they cant afford. I have been in the industry for 5 years and we do much more analysis than most banks. You will learn more from experience than any book will teach you. A good financial back ground as well as economic background will help though.
My 1st mortgage is in my inlaws name. We have made every payment with proof, can we claim the interest?
Regarding filing taxes.My 1st mortgage is in my inlaws name. We have made every payment with proof, can we claim the interest?
If you and at least one other person (other than your spouse if you file a joint return) were liable for and paid interest on a mortgage that was for your home, and the other person received a 1098 form showing the interest that was paid during the year, you should attach a statement to your return explaining this.
In your statement, show how much interest each of you paid, and give the name and address of the person who received the form.
Deduct your portion of the interest on Schedule A (Form 1040) on line 11 and print ';see attached'; next to the line.
Your portion, from what you stated, is 100%.
The part of the statement that reads ';you and at least one other person'; means that your in-laws are liable to the lender, and you are liable to your in-laws since they fully expect you to make the mortgage payments including all interest. The person who actually PAYS the interest is the one who deducts it.
See page 7 of IRS publication 936 under the heading ';More than one borrower';.My 1st mortgage is in my inlaws name. We have made every payment with proof, can we claim the interest?
Bad answer. If it's not in YOUR name, you may NOT deduct the interest.
Also per the Pub 936, page 2: You must be legally liable for the loan. You cannot deduct payments you make for someone else if you are not legally liable to make them. In addition, there must be a true debtor-creditor relationship between you and the lender.
Only the person who owns the house (who's name is on the mortgage) can deduct the interest regardless of who actually pays.
I don't think so. The mortgage is in their name. They receive the interest statement with their name and ss#.
I would call the IRS to get a definite answer on this one. It could be an audit trigger since their records will not match the interest that you are claiming.
We have names for a reason.
yes, you need their SS#
Deduct the home mortgage interest and points reported to YOU on Form 1098. You must be a payer of record and be liable for the loan.
If you and at least one other person (other than your spouse if you file a joint return) were liable for and paid interest on a mortgage that was for your home, and the other person received a Form 1098 showing the interest that was paid during the year, attach a statement to your return explaining this. Show how much of the interest each of you paid, and give the name and address of the person who received the form. Deduct your share of the interest on Schedule A (Form 1040), line 11, and print “See attached” next to the line.
Similarly, if you are the payer of record on a mortgage on which there are other borrowers entitled to a deduction for the interest shown on the Form 1098 you received, deduct only your share of the interest on Schedule A (Form 1040), line 10. You should let each of the other borrowers know what his or her share is.
If you and at least one other person (other than your spouse if you file a joint return) were liable for and paid interest on a mortgage that was for your home, and the other person received a 1098 form showing the interest that was paid during the year, you should attach a statement to your return explaining this.
In your statement, show how much interest each of you paid, and give the name and address of the person who received the form.
Deduct your portion of the interest on Schedule A (Form 1040) on line 11 and print ';see attached'; next to the line.
Your portion, from what you stated, is 100%.
The part of the statement that reads ';you and at least one other person'; means that your in-laws are liable to the lender, and you are liable to your in-laws since they fully expect you to make the mortgage payments including all interest. The person who actually PAYS the interest is the one who deducts it.
See page 7 of IRS publication 936 under the heading ';More than one borrower';.My 1st mortgage is in my inlaws name. We have made every payment with proof, can we claim the interest?
Bad answer. If it's not in YOUR name, you may NOT deduct the interest.
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Also per the Pub 936, page 2: You must be legally liable for the loan. You cannot deduct payments you make for someone else if you are not legally liable to make them. In addition, there must be a true debtor-creditor relationship between you and the lender.
Report Abuse
Only the person who owns the house (who's name is on the mortgage) can deduct the interest regardless of who actually pays.
I don't think so. The mortgage is in their name. They receive the interest statement with their name and ss#.
I would call the IRS to get a definite answer on this one. It could be an audit trigger since their records will not match the interest that you are claiming.
We have names for a reason.
yes, you need their SS#
Deduct the home mortgage interest and points reported to YOU on Form 1098. You must be a payer of record and be liable for the loan.
If you and at least one other person (other than your spouse if you file a joint return) were liable for and paid interest on a mortgage that was for your home, and the other person received a Form 1098 showing the interest that was paid during the year, attach a statement to your return explaining this. Show how much of the interest each of you paid, and give the name and address of the person who received the form. Deduct your share of the interest on Schedule A (Form 1040), line 11, and print “See attached” next to the line.
Similarly, if you are the payer of record on a mortgage on which there are other borrowers entitled to a deduction for the interest shown on the Form 1098 you received, deduct only your share of the interest on Schedule A (Form 1040), line 10. You should let each of the other borrowers know what his or her share is.
What are the cost involved with getting a mortgage?
Besides origination, what are the approximate costs in getting a mortgage? escrow, title, processing etc...What are the cost involved with getting a mortgage?
You shouldn't have to pay any origination fees in a mortgage that is worth having. Ask for a ';Par quote'; which is Zero points and Zero origination fees. A decent buyer's agent can and will take the time to explain this whole process to you. If they won't do that, you need a different agent.What are the cost involved with getting a mortgage?
The major ones are these:
- Points. Basically a form of pre-paid interest.
- Escrow fee. Somebody gets paid to do the paperwork.
- Title insurance. There will be two separate title policies involved: one to protect your title, and one to protect the lender's interest.
- Recording fees. Relatively small, this pays the county to make your documents part of the public record.
- Document transmittal fees. Pays for moving documents from place to place.
- Prepaid taxes and fire insurance. You will pay a portion of the property taxes, pro-rated by time.
- Nuisance charges. Some people will tack on ';funding fees'; and other such, especially if a loan broker was involved. Ask about these.
You shouldn't have to pay any origination fees in a mortgage that is worth having. Ask for a ';Par quote'; which is Zero points and Zero origination fees. A decent buyer's agent can and will take the time to explain this whole process to you. If they won't do that, you need a different agent.What are the cost involved with getting a mortgage?
The major ones are these:
- Points. Basically a form of pre-paid interest.
- Escrow fee. Somebody gets paid to do the paperwork.
- Title insurance. There will be two separate title policies involved: one to protect your title, and one to protect the lender's interest.
- Recording fees. Relatively small, this pays the county to make your documents part of the public record.
- Document transmittal fees. Pays for moving documents from place to place.
- Prepaid taxes and fire insurance. You will pay a portion of the property taxes, pro-rated by time.
- Nuisance charges. Some people will tack on ';funding fees'; and other such, especially if a loan broker was involved. Ask about these.
Will the mortgage company still accept our money even after they said they wouldnt?
We became late for three months they sent a letter and said they wouldnt accept money, but i called them and they said that they would if they recieved it by the end of the month.Will the mortgage company still accept our money even after they said they wouldnt?
Usually at that point it goes to a lawfirm and you need to pay it ASAP before they add their charges. The same happened to me and the mortgage company didn't accept money, because it went into foreclosure. I had to go to the lawfirm who was handling it to pay everything + penalties + lawyer fees in full. It cost me over $8,000.
Good luck.Will the mortgage company still accept our money even after they said they wouldnt?
The letter may have said they wouldn't accept partial payment? Banks do NOT want to foreclose - in this market they are doing everything they can to work with homeowners. If you don't think you will have the money by the end of the month, contact them to see if they will do a forebearance (sp?) Say your mortgage is behind $3,000 - you would start making your regular payments next month and part of that 3k will be split up over several months until it is caught up. So, if your regular payment is $1000/mo, it may be $1300-$1400/mo until it is caught up.
If you can't afford your home then visit the site below but basically if you're 3 months behind the lender wont accept your payment. If someone at the bank said they would overnight or wire the money asap but make sure you get their full name and extension. Also keep in mind if you are this far behind they will expect you to catch up asap they will NOT allow you to continue to be 3 months behind they may let you once or twice after that most of the time they will send the money back.
I would use the money to rent something not send them any and move as fast as you can. They will take your money and still sit you out any way. One way of getting all they can from you before they do it. Don't send them any if you are that far behind and can't make it all up or pay the mortgage off.
4 months late = foreclosure alot of people on here say 90 days thats not true and heres why ,in california it is 4 months i can send you a time frame with all the information ,if you e mail me (h3e0m0ic@yahoo.com)also they want to work with you they will even ...depending on the bank renegotiate your loan...its called forbearence.. also they are behind in so many foreclosures its taking even more than 5 -6 months to foreclose ...foreclosure is a process you should receive a trustee sale notice and you still have (im not sure if it is 11,7or3) days before the sale to save the house
what city are you in???
Most lenders are going to take what they can get under the current conditions. If you call them with the money they will probably take it, unless you are so far behing they already started foreclosure action. If not you might be able to work out something with them ask about ';loss mitigation'; options. Those are programs that keep you from going into foreclosure.
then send it..so you dont get forclosed on! 90 days late = forclosure!
The best thing to do, is send in your payment. You want to delay foreclosure proceedings as long as possible. So, be sure to send in full mortgage payments. If you call, they will tell you that they wont accept. However, by mailing the payment, it will go to the cashiering dept and they are to busy to notice how delinquent you are and will post your payment. Also, the worst thing that will happen is the mortgage company will send the money back to you. Either way, send in at least a full payment until you are able to completely reinstate.
Once Foreclosure starts, they will not accept payments. If you are unable to bring your loan current, contact your mortgage company and apply for thier Homeowner's Assistance Program. They offer different programs to assist you in bringing your loan current. However, keep in mind that many programs require some sort of down payment. So, if your payments are returned, be sure to save them!!!
Usually at that point it goes to a lawfirm and you need to pay it ASAP before they add their charges. The same happened to me and the mortgage company didn't accept money, because it went into foreclosure. I had to go to the lawfirm who was handling it to pay everything + penalties + lawyer fees in full. It cost me over $8,000.
Good luck.Will the mortgage company still accept our money even after they said they wouldnt?
The letter may have said they wouldn't accept partial payment? Banks do NOT want to foreclose - in this market they are doing everything they can to work with homeowners. If you don't think you will have the money by the end of the month, contact them to see if they will do a forebearance (sp?) Say your mortgage is behind $3,000 - you would start making your regular payments next month and part of that 3k will be split up over several months until it is caught up. So, if your regular payment is $1000/mo, it may be $1300-$1400/mo until it is caught up.
If you can't afford your home then visit the site below but basically if you're 3 months behind the lender wont accept your payment. If someone at the bank said they would overnight or wire the money asap but make sure you get their full name and extension. Also keep in mind if you are this far behind they will expect you to catch up asap they will NOT allow you to continue to be 3 months behind they may let you once or twice after that most of the time they will send the money back.
I would use the money to rent something not send them any and move as fast as you can. They will take your money and still sit you out any way. One way of getting all they can from you before they do it. Don't send them any if you are that far behind and can't make it all up or pay the mortgage off.
4 months late = foreclosure alot of people on here say 90 days thats not true and heres why ,in california it is 4 months i can send you a time frame with all the information ,if you e mail me (h3e0m0ic@yahoo.com)also they want to work with you they will even ...depending on the bank renegotiate your loan...its called forbearence.. also they are behind in so many foreclosures its taking even more than 5 -6 months to foreclose ...foreclosure is a process you should receive a trustee sale notice and you still have (im not sure if it is 11,7or3) days before the sale to save the house
what city are you in???
Most lenders are going to take what they can get under the current conditions. If you call them with the money they will probably take it, unless you are so far behing they already started foreclosure action. If not you might be able to work out something with them ask about ';loss mitigation'; options. Those are programs that keep you from going into foreclosure.
then send it..so you dont get forclosed on! 90 days late = forclosure!
The best thing to do, is send in your payment. You want to delay foreclosure proceedings as long as possible. So, be sure to send in full mortgage payments. If you call, they will tell you that they wont accept. However, by mailing the payment, it will go to the cashiering dept and they are to busy to notice how delinquent you are and will post your payment. Also, the worst thing that will happen is the mortgage company will send the money back to you. Either way, send in at least a full payment until you are able to completely reinstate.
Once Foreclosure starts, they will not accept payments. If you are unable to bring your loan current, contact your mortgage company and apply for thier Homeowner's Assistance Program. They offer different programs to assist you in bringing your loan current. However, keep in mind that many programs require some sort of down payment. So, if your payments are returned, be sure to save them!!!
What is the most common legal type of mortgage?
What is the most common legal type of mortgage?What is the most common legal type of mortgage?
lol - i've never heard of an illegal mortgage before!
but 30-year, fixed rate is (hopefully) the most common.What is the most common legal type of mortgage?
Type does not include amortization period.
Most common is fixed term fixed rate with blended payment based on amortization period.
A 30 year fixed rate mortgage.
it would have to be the 30 year with a fix rate!!!!lash liner rosacea
lol - i've never heard of an illegal mortgage before!
but 30-year, fixed rate is (hopefully) the most common.What is the most common legal type of mortgage?
Type does not include amortization period.
Most common is fixed term fixed rate with blended payment based on amortization period.
A 30 year fixed rate mortgage.
it would have to be the 30 year with a fix rate!!!!
Cash or mortgage to buy an investment property?
I have cash to buy an investment property but I heard it's better to set up a mortgage for tax purpose. Can anyone explain the reson why?Cash or mortgage to buy an investment property?
Because you are able to utilize the mortgage interest on your income tax return - thus reducing the total price by the amount saved in taxes.Cash or mortgage to buy an investment property?
I have some shares in a bank. My opinion is that you should take out a mortgage from my bank and pay me interest for the next 30 years.
With business you still have to pay this tax %26amp; that tax, but ih you get a house its an investment without tax, buy %26amp; sell your gross profit is your net, but if you want more value then ofcourse you need to give a facelift with the property.
I just invested money on a beatiful house, dont have to earn big money to buy a big house, just 7.5k deposit and earning around15k per annum, i have asmall bar in my house playing room too, call richard on uk property invest on 01214525600 tell him i told you.
After giving up smoking I can afford extra 125 pounds that I used to spend on tabacco and another 320 pounds for drinking outside it will all change on 1st July. This would effect the Bars %26amp; night clubs alot since 65% of major clubers are smokers other 35% are dead anyway because of smokers.
Good Luck %26amp; Good Health %26amp; Make Tax Free Earnings
Because you are able to utilize the mortgage interest on your income tax return - thus reducing the total price by the amount saved in taxes.Cash or mortgage to buy an investment property?
I have some shares in a bank. My opinion is that you should take out a mortgage from my bank and pay me interest for the next 30 years.
With business you still have to pay this tax %26amp; that tax, but ih you get a house its an investment without tax, buy %26amp; sell your gross profit is your net, but if you want more value then ofcourse you need to give a facelift with the property.
I just invested money on a beatiful house, dont have to earn big money to buy a big house, just 7.5k deposit and earning around15k per annum, i have asmall bar in my house playing room too, call richard on uk property invest on 01214525600 tell him i told you.
After giving up smoking I can afford extra 125 pounds that I used to spend on tabacco and another 320 pounds for drinking outside it will all change on 1st July. This would effect the Bars %26amp; night clubs alot since 65% of major clubers are smokers other 35% are dead anyway because of smokers.
Good Luck %26amp; Good Health %26amp; Make Tax Free Earnings
If a mortgage is higher than the house value, what would be the solution?
If you can sell, could you just pay the bank the amount from the buyer and walk out?If a mortgage is higher than the house value, what would be the solution?
that is called a short sale and you need approval from your lender.
Once you receive an offer you would forward it to your lender and ask for their approval.
You cannot provide clean title to a buyer if the bank still has a mortgage recorded on the property. This ;process is necessary so that the lender completely wipes out the mortgage despite not being paid in full.If a mortgage is higher than the house value, what would be the solution?
As Steve D said you would still be liable for balance if you sold. Find out your break-even, (mortgage, title,taxes everything) your real estate agent could help you. Then see if you could get a loan for the balance(after your sale price) and take the deal to your mortgage holder. Make sure you downsize in your next house to cover your added burden. If getting out with a more debt is not an option, check out rental rates. Maybe you could rent out the house and break even or have to pay a little extra to cover the mortgage until value turns around. Not much else to do except hold on.
No - without prior approval from the bank, the bank will not release teh lien and you cannot make a clean transfer and the buyer cannot take legal possession. Additionally, depending upon your state and the original mortgage contract, if there is recourse, the bank can come after you for the balance due.
difficult financial situations means a large number of Americans want aid with their credit problems. if you are one of them, you need to obtain aid immediately. visit http://creditplace.notlong.com and see if it solves your problem.
keep paying the installments regularly. as time passes the value will increase by all means.
don't quit.
'Winner never Quits and Quitter never Wins'
that is called a short sale and you need approval from your lender.
Once you receive an offer you would forward it to your lender and ask for their approval.
You cannot provide clean title to a buyer if the bank still has a mortgage recorded on the property. This ;process is necessary so that the lender completely wipes out the mortgage despite not being paid in full.If a mortgage is higher than the house value, what would be the solution?
As Steve D said you would still be liable for balance if you sold. Find out your break-even, (mortgage, title,taxes everything) your real estate agent could help you. Then see if you could get a loan for the balance(after your sale price) and take the deal to your mortgage holder. Make sure you downsize in your next house to cover your added burden. If getting out with a more debt is not an option, check out rental rates. Maybe you could rent out the house and break even or have to pay a little extra to cover the mortgage until value turns around. Not much else to do except hold on.
No - without prior approval from the bank, the bank will not release teh lien and you cannot make a clean transfer and the buyer cannot take legal possession. Additionally, depending upon your state and the original mortgage contract, if there is recourse, the bank can come after you for the balance due.
difficult financial situations means a large number of Americans want aid with their credit problems. if you are one of them, you need to obtain aid immediately. visit http://creditplace.notlong.com and see if it solves your problem.
keep paying the installments regularly. as time passes the value will increase by all means.
don't quit.
'Winner never Quits and Quitter never Wins'
I want to refinance my two year fixed mortgage. I'm in a Chapter 13 bankruptcy. Any good companies for this?
I have been with the same mortgage company for almost four years. I started with an adjustable mortgage. After two years the rates and payments shot up. I modified with them to a two year fixed. This expires in August. Last November, I filed a Chapter 13 bankruptcy, which includes the mortgage. My attorney says to either work on another modification with the company I have, or to seek out a refinance somewhere else. Has anyone out there been in similar situations? What did you do? Any recommendations on a good company to go with?I want to refinance my two year fixed mortgage. I'm in a Chapter 13 bankruptcy. Any good companies for this?
My sister refinanced with Countrywide after filing bankruptcy. That was a few years ago so I don't know how they are now but you might call and talk to them.I want to refinance my two year fixed mortgage. I'm in a Chapter 13 bankruptcy. Any good companies for this?
I would love to help you! However...your approval will boil down to what your home is worth %26amp; the size of loan amt. you need to pay off your mortgage %26amp; your BK. So if those all check out to be 85% loan to value %26amp; you have a fico of 580 %26amp; higher...your loan is a slam dunk!
Hi,
I used ';Credit Solution'; to settle my debt and recover from bankruptcy.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://click.linksynergy.decenturl.com/credit-solutions-credit-consolidatio
My sister refinanced with Countrywide after filing bankruptcy. That was a few years ago so I don't know how they are now but you might call and talk to them.I want to refinance my two year fixed mortgage. I'm in a Chapter 13 bankruptcy. Any good companies for this?
I would love to help you! However...your approval will boil down to what your home is worth %26amp; the size of loan amt. you need to pay off your mortgage %26amp; your BK. So if those all check out to be 85% loan to value %26amp; you have a fico of 580 %26amp; higher...your loan is a slam dunk!
Hi,
I used ';Credit Solution'; to settle my debt and recover from bankruptcy.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://click.linksynergy.decenturl.com/credit-solutions-credit-consolidatio
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