sondrassssssss asked:


I fell behind in my mortgage payments and am now facing forclosure. I was advised to contact my mortgage company, they are required to work with me under some new laws. They are continuing with forclosure. Is there anything I can do? I am currently paying 11 % interest as I got suckered into one of those idiot loans. My house was appraised at $225,000.00 last November, and I refinanced at that same time for $140,000.00. I am currently working.

Agnes

Mariza V asked:


I owe 2 houses one under my name, in the rental property I am 1 payment behind in the first deed and 5 payments behind on the second deed. I can’t make the payments no more, I am in home loans, and my paycheck has been reduce soo much. I want to keep only my owner occupied property and let go the rental. Balance is $410,K and $220K on second. I been thinking on calling the lenders to give them the house back, some other friends tell me to do a shortsale, and other to file bankruptcy or forclose the property. at this point all I want is not to have $5,500 mortgage payment a month. I can’t refinance because there is no equity, and my credit has been ruined due to the late payments, I don’t want to go to a credit consultant because my intentions are not to keep the house. I need some advise before I go to an attorney .

Jorge

bruce m asked:


hello,
I have been battleing a ordeal with my mortage company for sometime now. About a 2 years ago i got a 2nd mortgage. About 6 months ago i wanted to refi but i soon discovered i owed more then the home was worth. The company had both my first and second after that. they inflated the value by 30k. Making it impossible to refinance to sell or refinance. I had to get the state of Kansas attorney general involved. The company did take fault at over valued the property. the company offered to re write the loan on todays apprased value and what ever the diffrence they would expense it with in there orgniation. I close on the loan next week and the difference is about 33k they are going to eat. Now should i be concerned here! should i get a lawer at this point? or should i just use the backing of a the kansas attorney generals office.
Thx

Beatrice

Loan to Loan asked:


When it is the question of a mortgage, proper care should be taken while choosing one. A little mistake on your part can make you end up paying overages that’ll increase your budget. Hence, it is advisable to opt for the services of a reputed mortgage Broker. The services from a trusted source will not only save your money but will also guarantee you a good mortgage rate with long term benefits. Moreover, dealing with authentic mortgage Brokers also keep your mortgaged property safe. Hence, if you want to bag the lowest home mortgage rates in UK, then try to take the help of a mortgage Broker. While banks and other financial institutions are there to offer you help, dealing with an experienced mortgage Broker has other benefits too. As a borrower, you can also try online financing services. There are a good number of financial service companies. You can choose their services to know about the current mortgage rate in the market.

From the borrower’s point of view, it should be your first priority to bag easily the lowest mortgage interest rates available. If you are one who is on the lookout for the lowest home mortgage rate, then you can also take clues from a mortgage broker. They are a good medium to gain access to a large number of lenders who provide better opportunities to compare mortgage rates and terms. Apart from them, you can also negotiate with banks and other financial institutions to find a mortgage rate that suits your budget.

Some lenders in UK offer capped rates for mortgages, having the maximum interest rates which the borrower is required to pay at any time within the term of the loan. In case of capped rates, there are many early repayment charges. It basically has higher interest rates than those of comparable fixed rates.

Here are some tips which might help you in the quest for a good mortgage quote comparison.

· Consider the Interest Rates

· Bigger Deposits Mean Better Options

· Evaluate Mortgage Quotes having Same Points

· Check the Mortgage Fees

· Consider the Time Duration

· Consider Mortgage Flexibility

Loan 2 Loan UK is a great option in case of Mortgage Loan, However, a great advancement has come into effect in the financial market and the fraternities have turned up with several lucrative offers for the Debt Consolidation.





Laurie

BettyDavisEyes asked:


Can I assume their loan? What is a quit claim? Any suggestions? I would really like to lease to own, but is that risky for me?? Advise please!

Louise

rainbow asked:


How to finance a mortgage when you just get employed less than 1 month? I plan to buy a house for $85,000, with $20,000 down and just started working ($15/hour). I had no work history in the last 2 years, no W2 form in the past. I talked to one agent at Chase bank, he said I am not qualified for a loan, and I was in doubt. How could students just graduated, got a job to buy a house? Most graduated students do this right? My credit score is okay, 650 as I remembered the last time I checked

I was employed by my parents business, is this an issue? It is a legitimate business, and my parents paid for taxes every year. My parents are in business for 6 years now.

What are the proof the bank will need? Employment verification letter from the owner of the business?

Do you know any private loan is doing stated income loan?

Please advise

Thanks
I just checked my credit score and it is 770. I think it is good credit score

Marie

Robert Langdon asked:


Your home value has substantially gone up over the years. This means that your home has great amounts accumulated in it as equity. It is this equity that you would like to explore for meeting expenses towards variety of purposes. But how do you do it? Well, one beneficial way is to go for cash out refinance mortgage loan.

Before taking the loan you must be well aware of its aspects. Cash out refinancing is all about refinancing your current mortgage with the intention of borrowing more amounts than what you owe as balance payments towards the mortgage. Clearly, then you have a difference of sum which is a cash out for you. You can use this extra greater money for which ever purpose you want.

A homeowner can use cash out refinance for variety of purposes like home improvements, debt consolidation, for avoiding high rate credit cards, pay bills or for investments. These loans provide homeowners with greater monetary help in dire situations.

As has been mentioned, in taking Cash Out Refinance Mortgage Loan you are in fact using greater equity build-up in your home. There are two ways that you can do so. First is to take a second mortgage like home equity line of credit or you can refinance whole of existing mortgage plus desired amounts as cash. Before you go for cash out refinance you should first find out as to which way of the refinancing is best suited for you.

It is advisable to first take a good look at the prevailing interest rates. In case the rates are low then you can go for refinancing the entire mortgage. You should be consolidating old mortgage and cash out. However when the market rates are not that lower when you intend to go for cash out then it would be wise to let fist mortgage remain untouched. Instead add second mortgage to it so that interest rate and terms of the first one are not affected at all.

You should be careful in searching for cash out refinance mortgage loan. Interest rates on refinancing and closing costs are some of the aspects that you must look into when shopping for right deal.



Corey

Reno Charlton asked:


Over the past couple of years the risk of repossession has become a very real one for many homeowners and the UK, and this has been partly fuelled by the series of interest rate hikes applied to the base rate by the Bank of England. Between August 2006 and July 2007 the interest rate rose fives times, each time by 0.25%, taking the base rate to 5.75% by July 2007.

Interest rates were hiked during this time so that the government could try and keep a lid on inflation, which had spiralled out of control and exceeded the government’s 2% target. However, the rate rises inevitably impacted on household finances, with many homeowners facing rocketing mortgage repayments, and this had a knock on effect on the economy as well as on consumer confidence.

In December of last year, and again in February of this year, the base rate was cut, again each time by 0.25%, taking the base rate back down to 5.25%. However, despite these rate cuts many homeowners are still struggling, as any cuts in their mortgage repayments have been counteracted by increases in other costs such as energy bills, food prices, and petrol costs.

Recent figures have shown that in 2007 the level of repossessions in the UK soared by 21%, with around 27,000 homeowners having their properties repossessed over the course of the year because they could not make repayments. A number of industry officials have predicted that this year will see the level of repossessions continue to rise as a result of strained household finances and rising costs.

However, homeowners that are struggling to keep up with repayments on their mortgage loan are advised to seek advice and help as early on as possible, and often the first line of enquiry will be the mortgage lender. Unlike unsecured finance, your mortgage loan is tied to your home, and missing repayments could result in losing your home.

One official from the Council of Mortgage Lenders said that anyone struggling with mortgage repayments should contact their lender as soon as possible with a view to coming to an agreement, at least in the short term. He said: ‘Lenders take their responsibilities to borrowers facing repayment difficulties very seriously, and many go to exceptional lengths to provide debt counselling, reschedule payments, extend loan terms, or in some circumstances even allow payment breaks. They will abandon repossession action right up to the last moment if they can reach a payment solution consistent with both the borrower’s and the lender’s interests.’



Grace

barkulkum asked:


I am applying for a Home Mortgage loan through Wells Fargo program and they have approved my loan application based on the condition of two year employment history. The problem is i was working outside the US for 6 years until January 2008 and i am currently working in US from then.I gave all my W2 and pay stubs till today to the bank. Will this be a problem for my loan approval since i only have 20 months of experience in US and rest of them outside US? Please advise.
I gave all the tax and income documents to the bank prior to January 2008.

Annette

Diannelogan asked:


With an extremely large crowd of lenders ready to provide you with a mortgage loan for your house, getting a mortgage nowadays proves to be hardly a problem for anyone. But getting a low interest rate, affordable mortgage with flexible repayment terms is still a major problem. Considering the fact that you can end up paying thousands of dollars extra if you land with a bad mortgage deal, here is a list of a few things that you need to know in order to negotiate the best mortgage loan deal:

1. There Are Two Main Types Of Mortgage Loans: Mortgage loans are broadly divided into two main types: fixed-rate mortgages (FRM) and adjustable rate mortgages (ARM). While you will find that the conditions for applying for an ARM loan are easier and they come with lower initial rates, a fixed rate mortgage is generally advised for people who are planning long term periods. This is because a fixed rate mortgage loan, which may cost more than an ARM initially, requires the payment of the same rate of interest starting from today onwards till a period of twenty to thirty years. On the other hand, an adjustable rate mortgage’s payments will vary every month based on a number of indices. However, an ARM will provide you with a lower rate of interest initially which might go up later on.

2. Your Credit History Matters: Your credit score is a major determinant nowadays of the kinds of interest, terms and conditions that you will get on your mortgage loan. If you have already taken out a number of loans which you have paid or are paying back on time, you have a higher chance of getting a low rate mortgage than someone who has never taken credit for a car or a house. Secondly, having a high credit score and a clean credit history can often slash back a number of points off your mortgage loan’s interest. Therefore, it is advised that you clean up your credit report as much as possible and get your highest possible score before you apply for a mortgage loan.

3. The Best Mortgage Loans Are Available Online: Not only are most reputable banks and lending institutions now providing loans over the internet, there are a number of new but reliable companies that are also dispensing mortgages online. Online loan companies get the advantage of garnering an extremely large market for a very small cost when compared to brick and mortar lenders. But the competition on the web is also higher than that in real space. As a result, most online lenders will not only provide you with lower interest rates, they will also charge you lower processing and other fees. So make sure that you do your research well and get quotes from online mortgage providers before you sign on the dotted line. While you compare interest rates and term periods, do not forget to compare all the fees that different lenders charge you for the same loan.



Chester

Lesley Lyon asked:


Mortgage is a loan that is obtained to close the gap between the cash in hand for a down payment and the purchase price of the home. While opting for a home mortgage loan, choosing the type of loan can clear half of the hurdle. There are various types of loans like fixed rate mortgage loans and adjustable rate.

In a fixed rate mortgage loan, the interest rate remains the same irrespective of the economy. Therefore the monthly mortgage payment is the same throughout in effect. The main advantage of this type of fixed rate mortgage is the certainty but the negative aspect is that the amount of the monthly installment for repayment of the loan will be a little higher in the form of a higher interest rate. When the period of fixed rate loan is longer there is a certain amount of risk for the lender because the difference in the increase of interest rate is borne by the lender and hence the higher interest rate.

On the contrary, adjustable rate mortgage rates of interest adjust periodically during the loan term. And for this type of loans the overall interest rate is low. The main disadvantage in this type is the uncertainty of the adjustment phase. During this period the monthly payments will go up and down with the changes in interest rates and it is highly unpredictable.

The third type of loan is the balloon loans or a reset mortgage which starts with the fixed interest rate for a certain number of years, usually seven to ten years which will be as low as adjustable market rates, after which period the balance should be paid in full which is a large sum of money to be paid in one lump sum. Balloon mortgages have interest rates lower than a traditional home loan.

Fixed rate mortgage can be for a term of 30 year fixed rate, which has the greatest interest reduction and easiest type to qualify for. The 20 year fixed rate offers a lower interest rate and 15 year fixed rate, which is the same as 20 years term but increases the monthly amount to be paid.

In addition there are other loans like FHA loans, VA loans and RHS loans. FHA loan is offered by the Federal Housing administration to qualified homebuyers for moderately priced homes with a low down payment, usually three to five percent VA loan is offered by the department of veteran affairs, which has the added benefit of zero down payments. This type of loan is available only to military veterans RHS loans are available to households with low or moderate income located in rural areas or small towns.

To get a fair deal in home mortgage, it is advisable to set a budget, pick the right type of mortgage, choose a suitable locale, compare the cost of loans with similar ones and most importantly inspect the home to be bought. If these things are taken care of, a home mortgage loan can be worth taking.



Debra

Dilip asked:


These days, many banks and financial institutions are ready to offer mortgage loans to people with good credit history. Moreover, they are ready to offer different types of mortgage loans that suit different people with different needs. The following points present some of the different varieties of such loans that banks and financial institutions offer:

 

1. Term Loans with Fixed-Term Repayment : These are normal term loan schemes where you get a loan for a fixed duration. The rate of interest can be fixed or can vary based on some benchmark rate.

 

2. Overdraft-Loan : These are loans in the form of current account overdraft where surplus funds can be parked and therefore interest burden can be minimized. Every month, the overdraft limit is reduced as per the Equated Monthly Installment (EMI) amount.

 

3. Flexible-Loans : These are loans with a fixed rate of interest for one part of the loan and a floating rate of interest for the other part. It can be designed as per the convenience of the applicant and up to what is allowed under the rules of the bank/financial institution

 

4. Fixed Interest Loan: These are loans with a fixed rate of interest for the entire duration of the loan. It is well protected against market rate fluctuations. Generally, these rates are somewhat higher than the market rate.

 

5. Floating Interest Loan: Floating rate of interest is the rate that is linked to the Central Bank’s (Federal Reserve) prime lending rate. If the Central Bank increases (decreases) the prime lending rate, then the bank/financial institution also increases (decreases) its interest rate.

 

Generally, it is advisable to go for floating rate of interest as the rates will be lower when the economy

If you want to know more about getting a mortgage loan visit Mortgage Loanand it is always worthwhile to know about other alternatives that are available. To know about home loans visit Home Loan

 



Anita

ginnyree03 asked:


The mortgage company i’m dealing with now is totally belligerent, unfriendly and unhelpful. They literally will not answer questions – they just tell me I need to re-read my loan agreement. I don’t qualify for a refinance, I just want to move my current loan amount to another company entirely. Can somebody please advise ?
Thanks !

Donna

Alan S asked:


I have been in mytownhome for 3.5 years bough it for 194k. My mortgage was a2`year ARM. My mortgage company approached me 2 years ago for a 2nd loan, they told me that my townhome is worth 275k. I had a 45k medical bill for my son and at that time the payment were killing me, i went a head and did it brining the loan to 55k, that paid that off and closing fees. Well now i am tring to refinance and finding out my townhome is worth 195k, i owe now 252k on the home. My payments are killing me the ARM is now at 10.25%. I was talking to my neighbor Bud who lives in my community bought his townhome at the same time they wrote my 2nd loan, he paid 200k. I had a realitor friend investage and found no town home ever sold above 205k. I doug out all of my paper work and found false #. 1, they put down my home was worth 275k, no townhomes ever sold over 205k. Second my monthly income was doubled. I called my mortgage company to see if they could help, i got laughed at?

Anita