Kim N asked:


Recently My parents got a divorce and asked me to take over the mortgage payments, tax payments etc. We need to keep the house since I am the oldest (thank god I graduate college). I have 2 sisters and a brother to take care of. My mom might be getting lay-off soon too. The title was transfered to me and I’ve been making payments. We did not want to re-finance since the interest is now higher and that would cause the monthly payments to increase. We talked to the bank and they have not gotten back on whether they are willing to agree to a novation.

I’m a single female trying to take care of my siblings. Any advise would be great. PLEASE HELP.

Cody

rrc72 asked:


Basically, we take over someone’s monthly mortgage payments, thus bailing them out of foreclosure. Will this disqualify my family from receiving the 8k credit? By the way, we would get the tax credit if we do the conventional way. Please advise.

Is it true that if the house is sold with a non-qualifying assumption, that means you don’t have to pass a credit check or demonstrate your ability to pay the mortgage. If it’s a qualifying assumption, then you do?
Also, any other tips on dealing with assuming a mortgage loan will be greatly appreciated.

Elizabeth

dfixer asked:


About 2 yrs. ago I bought a SF for investment purposes for $375k. with interest only and currently rented with a loss of 1200k monthly (2 yrs. loss). The value has gone down to $275.k and I’m still locked in interest payment only. I dont qualify to refinance since my credit score sucks!! Help, I need advise.

Constance

Mercy Maranga asked:


When you are looking for financing for that dream house or you are looking to purchase a commercial property or even to refinance a loan, you can look into the mortgage loan option. They are designed to help individuals getting funding at lower interest rates since the loan is secured by mortgage on real property.  There are many types available and many companies that offer them. It is advisable that you carefully research on the best offers in the market. This will help you make an informed choice since there are different lenders who have different requirements.

You can do this by acquiring the services of a qualified mortgage consultant. They will be in position to educate you on the intricacies of the mortgage world and ensure that you fully understand the entire process. You can also look for information online and even apply for a loan there. Here you will get a lot more options than anywhere else. When you apply online you can also get discounted rates and there are many competitive rates. This gives you a variety of choices to select the one that you think will work best for you. There are also online calculators that can give you an estimate of what your monthly mortgage repayments will be.

Before the lenders can grant you a loan, they look at various aspects of your financial records. They look at your credit score, monthly income and the down payment. If you have a good credit score, that will mean that you are a lower risk so the lenders will be willing to give you reasonable loan terms and lower interest rates.

Your monthly income is assessed to ensure that your expenditure does not exceed your income. The down payment assures the lender that they are not covering the full expense of the loan should you default on payments. Mortgage loans have flexibility options available and give you a chance to own an asset.



Regina

Reno Charlton asked:


As has been the case for the last couple of years, there are many potential first time buyers in the UK that are itching to get onto the property ladder, despite sky high property values and interest rates that are at a six year high. However, a number of industry experts are now urging those looking to get onto the property ladder to take a step back and think before making such a long term commitment with haste.

Some experts are stating that it could be in the best interest of the potential first time buyers to stand back and wait for a short while, as there may be changes coming that could make home ownership more affordable and simpler for the first time buyer. Over the past couple of years first time buyers have had to take out huge mortgage loans to fund the purchase of a property, and over the past year have also had to cope with five interest rate rises, which means higher fixed rate deals and higher repayments on variable rate mortgages.

Experts are stating that, as a result of the recent turmoil that has hit the financial markets on a global level, it could be well worth consumers waiting until the market has calmed down, when lenders may be less cautious and mortgage loans may be more accessible to a wide range of consumers. It is also thought by many industry professionals that house prices may be falling over the coming months, and for potential first time buyers who do not have to luxury of equity from a previous property to put towards a loan, this means having to take out a smaller loan as well as find a smaller deposit.

Finally, some also state that it is worth waiting to see whether interest rates fall towards the end of the year. Although some experts though that interest rates would rise again this year, the level of CPI inflation coupled with the recent financial turmoil makes it unlikely that the Bank of England will raise rates again this year.

First time buyers are being urged by some financial advisers to hold out for six months and either continue living with family or opt for a six month tenancy with a landlord in order to benefit from the possibility of lower prices and reduced interest rates if and when they do decide to buy a home.



Carlos

Bozie Bear asked:


I need mortgage or refinance data (mortgagor) to extract from a database. I use to go to a courthouse to get this as it is considered public information. I would like to retrieve this data online but without the cost I encountered when I tried once before. Any ideas? Please advise of someplace specific. I can do a web search myself. That just usually refers to a place like I mentioned before. Thanks.

Keith

Alan Lim asked:


Determine your credit score

Checking your credit score in preparation for buying a home may bring some unpleasant surprise. It is usually advisable to correct the errors and problems found in a credit report before actually applying for a home loan, but if this is impractical due to time constraints or other issues, there are options available to you when applying for a home mortgage loan. These options usually involve the use of a sub prime lenders.

Improving a poor credit score

While improving your credit score may seem like a time consuming and maybe impossible task it can make a huge difference in the amount of the interest rate and total payment amounts paid on a home mortgage loan. Taking time to correct errors is essential. Making payments on time and at least the minimum due can raise your credit score rapidly. Decreasing your overall debt load will also help to increase your credit score. This is something that the average person can do. There is no need to pay a company or attorney to do what you can do yourself. Becoming aware of not only your options but how the American credit system works can help a lot when dealing with lenders as well as creditors. Taking proactive steps to improve your credit score sends out positive signals that you are addressing problems and being responsible.

Sub prime lenders interest rates

Sub prime lenders can help those that have had or are currently having debt problems. Many times their interest rates can be lower thereby making payments on a home mortgage loan lower and more manageable for an individual that is having debt issues. It is important to shop around using lenders that specialize in bad or credit challenged loans. Those that specialize can be more flexible thereby making the dream of home ownership a reality to those that are credit and financially challenged. The interest rates for a subprime home mortgage loan can be a major factor in making the decision to own rather than rent a home.

Sub prime lender payments

Sub prime lenders can be more flexible with payment schedules and payment amounts making them a great resource for the person who has credit dings. This can allow those that would not be able to afford a home to be able to afford a home mortgage loan. Again looking around and checking out poor credit lenders can save a potential buyer thousands and even hundreds of thousands of dollars on the total amount paid for a home.

Finding poor credit lenders

With the advent of the internet and computers it is easier than ever to take control of your own home mortgage loan destiny. You can research poor credit or sub prime lenders on the web. You can check out interest and payment rates and schedules. While most lenders can be found by doing a mortgage lender search don’t forget your phone book or your own bank. Take charge of your loan and your credit.



Lucy

Adam Hefner asked:


Your home is most probably the largest investment you will make during the entire course of your life. Home mortgage loans are most often the largest financial decision a person ever makes. It is important to fully understand how mortgages work and their component terms. Failure to do so can prove quite costly. The first component is the duration of the loan. Mortgages most often have thirty year pay back periods. However, some newer exotic mortgages allowed for extension of this timeframe to up to fifty years. The long the loan term means the slower you are paying towards principal balance. This can prove risky. It is advised you stick with a 30 year term, and if you can afford the payment then seek a 25 year term. The next important facet of a mortgage is its associated interest rate. Interest rates for mortgages are generally tied to a prevailing market rate. If you have good credit this rate tends to be lower. Also, a higher down payment can translate to a lower rate. It is important to seek the lowest rate possible. Even a tiny bit lower rate can translate to significant savings over the long course of the loan. Some interest rates are fixed. This means the initial rate you have stays the same and never changes. This allows for effective family budgeting knowing exactly how much your housing expense will be on a continuing basis. The fact that is fixed doesn’t mean that you are stuck with it forever. At some point in the future if rates decrease it could be possible to refinance and thus lower your rate. Other mortgages have what is called “adjustable rates”. These mortgages have interest rates which fluctuate with the benchmark rate. Most often, they go significantly up from the initial rate you are given. Many borrowers are confused and think their adjustable rate loan is actually fixed. It is imperative you know for sure which yours is. If you unknowingly have an adjustable rate you could be in for a rude surprise which is best avoided. Some loans have what are called “teaser” rates. You are well served not to be teased in by these. The initial monthly payment amount on these mortgages are very low. That is the bait. Once they hook you, then the payment amount can radically increase. Many times so much so the borrower can no longer afford it. This is obviously a predicament you do not desire to find yourself in. Some mortgages have various fees and other charges termed “points”. Many borrowers focus solely on the interest rate and fail to take into consideration these fees and points. Make sure you read all the fine print. See exactly what charges are levied at closing. High points or fees can wipe out an otherwise attractive interest rate. Home mortgage loans can be confusing. If you don’t understand a clause then ask. If you still don’t understand, then ask again. Pay attention to the duration, the interest rate and ensure you understand if your rate is fixed or adjustable. Avoid high fees or points owed at closing. These simple steps can save you thousands over the time you own your home.



Heidi

Greg Smith asked:


A process where an advance of funds from a lender, called the mortgagee, to a borrower, called the mortgagor is secured by real property and evidenced by documents is called mortgage. This mortgage sets forth the conditions of the loan, the manner and duration of repayment, and reserves to the mortgagee the right to repossess the pledged property if the mortgagor fails to repay any portion of principal and interest. A mortgage loan which can be either for a home purchase, a refinancing, or a home equity loan is a product, so the price and terms are always in the mode of negotiation. If you in the market for a mortgage loan and want to make sure that you get the absolute best mortgage loan rate that you can possibly qualify for Here are few tips that will help you get the best deal in mortgage loans. “Get hold of information from several lenders

Before going for a mortgage loan you should clearly have an idea about the lenders in market. Different lenders may quote you different prices, so you should contact several lenders to make sure you’re getting the best price. You can also get a mortgage through a mortgage broker. This will enable you to grab the best deal.

“Gather all important cost information First of all be sure how much of a down payment you can afford, and then find out all the costs involved in the mortgage loan. Keep in mind that knowing just the amount of the monthly payment or the interest rate is not enough. The following information is important to get from each lender and broker:

1.Rates – be sure whether the rates are fixed or adjustable. If the rate is an adjustable-rate loan, be sure how your rate and mortgage loan payment will vary, including whether your loan payment will be reduced when rates go down. Also ask about the annual percentage rate.

2.Points – points are the fees paid to the lender for the loan and are often linked to the interest rate.

3.Fees – a mortgage loan often bears many fees such as loan origination or underwriting fees, broker fees, and transaction, settlement, and closing costs.

4.Down payment and private mortgage insurance – keep in mind that when government-assisted programs such as FHA (Federal Housing Administration), VA (Veterans Administration), or Rural Development Services are available, the down payment requirements may be substantially smaller. If private mortgage insurance is required for your loan, be sure of the terms and conditions.

“Compare and negotiate Don’t forget that this might be the only big transaction you are making. So for better result shop, compare and negotiate before coming to final decision on your mortgage loan.

“Legal help If you find yourself not well equipped to handle the legal problems and intricacies involved in the mortgage loan process, it is advisable to seek the help of a legal expert. This will be hassle free and smoother with process oriented expert guidance.



Melissa

itsallaboutobama asked:


I work for loan officer MTG or mortgage broker. He constantly belittles me and after while he has gotten to me. I cry at night because I’m not happy working for him. But at the same time I know that I won’t make the same income somewhere else. I was hired at 19 yrs old and made $30,000/yr. Now I feel trapped because I wonder where am I going to find another job with the same pay. I’m IN Los Angeles, CA. Now I’m 21 yrs and feel a need for a change.

I’m tired of being blamed for everything that goes wrong. I wish I knew someone who could mentor me in becoming a loan rep. But I guess that’s for the privileged or just lucky one’s I guess. HELP

Richard

John Elton asked:


If we check up the statistics of the real estate field, all most all responsible home owners have taken mortgage loans for acquiring the their dream home property. In the present day of economic instability and the expected economic recession, the interest rates on the all loans including personal, bad credit, consumer and mortgage have reached very high levels. As the interest rates have grown significantly, the homeowners who had already availed mortgage loans long time back are facing problems in the repayments. They are not able to accumulate the monthly repayment amounts, as it has grown insane with the higher interest rates. They either become defaulters with bad credit records and end up with foreclosures or forced to take a mortgage refinance loans. To avoid such a situation one has to look mainly into two factors. First factor is the selection of option on interest rates and the second factor is the selection of repayment period.

Thousands of people are out there facing problems with mortgage loans. Almost every one knows that the pinnacle of the issues with mortgage loans is the foreclosures of the properties. But without foreclosures people can face problems with mortgage loans. If you are little careful in selecting the type of mortgage loans you take up and also the right loan provider, you can avoid many mortgage loan issues that can pop up.

Also keep in mind that there can be some options that appear to be very promising but coming from some companies, which has no reputation at all. They may not be consistent as well. They can raise the interest rates any time during the term period, citing any reasons. You must have signed in many places allowing them to do whatever they like. Mainly the hidden conditions, which we used to sign blindly, will give all provisions for the financing companies to make money from us. So be careful about simply signing on the mortgage refinance loan documents. The major factors, which can affect the selection of a mortgage loan, are the interest rates and the repayment periods.

Thousands Millions of people are complaining about the variable interest rates of the mortgage loans. This is one of the major problems faced by the mortgagers. They will be hard pressed to pay more monthly repayments as the loan interest rates spruce up. It is always advisable to go for fixed interest rates so that the lender knows in advance the monthly payments he has to make. Once if you select the fixed interest rate against the variable rates, you are safeguarding yourself against any increase in the interest rates. You will have to pay interest only with the rate at which you have availed the loan whole through the repayment period. This option will help you to avoid the financial crunches due to the change in interest rates.

Before selecting a provider, you should thoroughly check the rates of interest he offer. Make sure that he has the provision of fixed rate interest for mortgage loans.



Jacqueline

whitesoxfaninla asked:


I am getting ready to file for bankruptcy due to an ARM mortgage loan. I bank with WaMu and my lawyer advised me to take my money out and put it into a different account. He said WaMu usually closes account of people that file for bankruptcy. Where can I open a checking account where it won’t be closed after bankruptcy.
Thanks in advance.
Any good banks in Los Angeles, California specifically near South Gate, CA.

Philip

John Elton asked:


As far as the mortgage loans are considered there will be many options in front of you to select with. On the first appearance you may feel that all the options, or at least some, are one and same. But it is not correct, in the detailed analysis you can find major differences and some options will just drain out your hard earned money from the wallet. You should be very careful on such mortgage loans.

When we consider the repayment periods, almost all people looking for a hefty sum as loan to acquire a property tempted to take the maximum repayment periods. Presently mortgage companies offer repayment periods from 5 to 25 years. As a lender you can select one of the options, 5 years, 10 years, 15 years, 20 years or 25 years. But the factor associated with the repayment period is the interest amount you pay all together by the time the loan is closed. You will be overwhelmed with the estimated interest you have to pay with the long term 25 years period. The interest rate may surpass the loan amount you have availed. But if you see the short-term period, you will be highly satisfied with the less interest you paid. In general the interest rates will be slightly high for the long-term loans.

Again there is a trade off. With short-term repayments you have to pay the hefty sum of amount as the monthly deductions. Mostly the amount will be so high so that you will not able to get the maximum mortgage loan with your monthly repayment eligibility. But if you go for a long-term repayment period your monthly loan cuttings will be less. A simple estimate can give you a number of about 3 to 4 times less monthly repayments for a 25-year term loan than the 5-year term loan repayment at the beginning period. You can avail more amount of mortgage loan if you opt for long-term loans. In essence if you can get $10,000 for a five year term loan, you will have the eligibility to get nearly $30,000 or more for a 25 year long term.

It is better to get the consultancy of experts in this field to decide up on the repayment period to be selected. With your monthly payment capacity and in accordance with your requirement of the loan amount, the experienced people in the field can calculate the right terms for your mortgage loans. With the availability of online consultancy services, nowadays the process of getting the support from the mortgage consultants is very easy. You need not spend much time in moving here and there; the help is in your desktop. I can also assure you that you need not worry about the fees of the consultant. It is very less compared to the valued advises you receive in order to avoid many future problems in Mortgage loans. Go to the websites, hunt for a reliable agent. Place your request; you are on the process of materialising a best deal in Mortgage loans.

 



Raul

Not so looney afterall asked:


Two years ago we lived in California, where our mortgage was ASTRONOMICAL. We sold our house and paid off the loan. We moved to another state and bought our new house with cash. We are now in the process of getting a small mortgage to put toward home improvements. Yesterday, my husband’s credit score came back as 744- yea! But also the report showed two late payments on the old house before we sold it. The mortgage company wants us to contact the old mortgage company and find out why those payments were late. The truth is I know they were late because we had a temporary employment issue- but then we got back on track for several payments before we sold the house- and then paid off the loan anyway. I guess, despite the excellent credit rating, this might affect our interest rate on the new loan. Please advise how I should approach the old mortgage company so we can get the best rate on the new loan. Thanks!

Terri

Bill Priore asked:


Mortgage loan modification Ohio is a leading example of how the housing market has turned upside down.  Ohio, alone, reports over 6,000 families in crisis over the recent downturn in the economy.  In many cases, layoffs for both parents are common.  The amount of impending foreclosures is alarming.

Ohio leads the nation in the number of foreclosures.  As a result, several private and government agencies received funding from the federal government to aid this catastrophe.  Most of the loan modification in Ohio is geared towards the homeowner with a subprime mortgage.

Subprime mortgages come with extremely high interest rates.  Many of these rates were on an ARM (adjustable rate mortgage), and once the economy went into recession, payments were missed, rates were adjusted to phenomenally higher rates than before, and the borrower was stuck with payments they couldn’t afford.

Most of these loans end up going into default and then foreclosure.  This is no surprise since at the peak of the mortgage heyday around 2003, loans went from stated income to NINA (no income no assets) just to push through a loan.  At one time, mortgage securities were a sound investment on a global level until the recent collapse.

Ohio is the standing example of just how desperate the mortgage meltdown can get.  As a result, government backed agencies developed programs such as the Opportunity Loan Refinancing Program from Ohio Housing Finance Agency (OHFA).  Borrowers of subprime mortgages may refinance into affordable 30-year fixed rate mortgages.

Mortgage loan modification Ohio opportunities are endless.  Trying to get your loan modification accepted on your own is like a sink or swim situation.  It’s no wonder that loan modification programs receive a bad rap because people are ill advised on how to go about it.  Even worse, they pay a “specialist” or attorney to negotiate the loan for them, only to pay out $4,000 to someone that knows just about as much as they do concerning the whole process.

Mortgage loan modification doesn’t have to be a tumultuous journey through your financial institution.  There are methods that have a high rate of return in getting your mortgage crisis handled.

If you feel the pending doom of a foreclosure happening, you need to keep in touch with your lender.  Never ignore any letters or phone calls.  Your lender will have up to date information on foreclosure assistance in Ohio.  Your lender doesn’t want you to foreclose, either.  On average, lenders lose close to $50,000-$60,000 on each foreclosure.  Early intervention is the best option to preventing a foreclosure.

To find the right mortgage loan modification program for you, you don’t have to come up with thousands of dollars to get help getting the process going.  It’s possible to DIY (do it yourself).  DIY loan modification doesn’t have to be difficult.  For a small fraction of the cost to hire a consultant, you can pick up a program to guide you through every step.

The steps to mortgage loan modification in Ohio need to be meticulously followed, so that it doesn’t end up sitting on the desk of an overworked loan mitigation specialist.  To make sure your loan modification is smooth and seamless; a DIY loan modification kit is the best way to go.



Natalie