Posted by admin on May 12th, 2008
On Thursday the House of Representative passed the Home Mortgage Bill to provide limited relief to the defaulted homeowners. The main provision of this bill is that FHA will guarantee up to $300 in refinanced home loan.
Homeowner who have taken sub-prime mortgage and ARM but still shows now the ability to pay the refinanced loan will have reduced principal and converted their mortgage to 30 year FRM. This will help them to reduce monthly mortgage payments and avoid foreclosure.
Posted by admin on May 12th, 2008
Here it is shown how you are being cheated when they actually saying that they are helping you out. You loose you home, your equity and everything. So talk to your lender if you have any problem regarding your mortgage problem and avoid such the third party mortgage frauds.
Would love to have your comments on it.
Posted by admin on May 12th, 2008
i have a property that i shared with my older sister and she wanted 50% of the property though she never help me on the expenses to keep it. i am thinking of quit claiming it to my 3 nieces and a nephew who are still under age. their ages are 7, 10, 13 and 17. i will still continue to pay for everything but i just don't know if it is legal for me to do this. besides my older sister want to sell the property and take half of the equity which is not fair and in don't want it because i want my nieces and nephew to make use of the equity in getting to college. what should be the best way for me to do to keep this property for i am very sure she won't quit claim especially now that she is financially unstable after spending all her money back home?
Posted by admin on May 12th, 2008
I am a first time home buyer - trying to purchase my mothers home (she recently passed) and satisfy the obligation to my siblings who are other beneficiaries. I have a $52,000 year income and have been at my job 11 years - but my credit score is 602.
Posted by admin on May 12th, 2008
My Son MUST move next month due to he is Military. He has had his home on the market for over 6 months and NO offers. He has already signed a lease on a apartment at his new location. Once he moves,he will not be able to make the mortgage payment on the home...(well he can for about 2 months and exhaust his savings).
Two dozen or so people have looked at the home buy none have made a offer. The mortgage balance is 405K and the local agents are telling him the home is only worth 340-350K.......I`m not so sure if BofA would even consider a short sale.
So whats the next move????
I sugested to him to ask the bank for a forbearance until he can find a buyer. If not, I quess a Deed in Leiu is next????
His credit score is near 800 and never late on payments.
Renting it out will due no good, the average rent payment is around 1000.00 less than his mortgage payment,not including managment fees.
He is in a real crappy deal.....40 year loan....10 year fixed.....30 year ARM.......first ten years intres only..........Sheesh
Posted by admin on May 9th, 2008
Have you looked in the newspaper and seen an incredibly amazing mortgage rate that made your last mortgage rate look pitiful? Maybe this was even a week after you signed for what you thought was the best rate available. And possibly it was. When lenders advertise their best mortgage rates, these figures usually are the absolute best rate they can give to the very best customer. Does that mean you are not a good customer?
Posted by admin on May 9th, 2008
You may have seen the recent television commercials with "The Golden Girls" star, Rue McClanahan, which advertises reverse mortgages. What are these loans? Who is eligible? And what are the risks involved?
Posted by admin on May 9th, 2008
Interest rates affect almost every part of our lives, and one of the biggest things affected by rising rates is the mortgage. The type of mortgage you take out will determine which interest rate you pay, which can be high or low depending on the base rate at the time.
Posted by admin on May 9th, 2008
When you read the news about mortgages, or watch the news, you are told how difficult it is to get a mortgage these days. Times have changed. You can no longer state your income, even if it is not true, and get a mortgage. However, if you need to refinance or purchase a home, you can still get a high quality loan. An FHA loan is the perfect solution if your credit is good but not great, and the limits have changed so most peoples loan needs can now be satisfied.
Posted by admin on May 9th, 2008
A mortgage refers to a type of loan taken out by an individual that is used to pay for a property. The property is then used as security against repayments on the loan. A mortgage is used to buy property and is paid back in installments.
