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Below, you'll find extensive information
on leading mortgage implode articles and products to
help you on your way to success.
How To Stop Forelosure
By Dean Lusk, Sat Dec 10th
A loss of a job,death in family, medical expenses and otherlife-altering situations can happen to anyone, causing us tofall behind in our loan payments. If we neglect payingour credit cards it hurts our credit rating; if we neglect our homeloan payments the lender will foreclose, and repossess our home.We are often embarrassed to talk about our money problems, butthat approach doesn't solve anything. Put your pride on hold andget serious about avoiding foreclosure.Contact your lender assoon as you know your payments will be late. Never ignore thelender's letters and do not assume you are in a hopelesssituation. Lenders do not want to foreclose, and will usuallywork with you to get your account back on track. Below are Solutions for Temporary Problems
1.Reinstatement When you are behind in your payments but canpromise a lump sum to bring payments current by a specific date. 2.Forbearance You are allowed to delay payments for a shortperiod, with the understanding that another option will be usedafterwards to bring the account current. Lenders sometimescombine Forbearance with Reinstatement if you know you'll havethe funds to bring your account current by a specific date. 3.ARepayment Plan If your
Qualifying for mortgage AFTER unemployment ends
My wife andamp; myself, victims of Michigan economy, moved to Georgia and returned to the workforce in June 2010 after periods of unemployment. Myself-16 months straight, my wife-6 months out of the previous 24. We we told by several lenders that we had to work at new positions for six months to qualify for a mortgage. Quite a shock as we have no debts/loans and our credit scores range 795-820.
Does anyone know specifically when and where these regulations came into effect and where is the doc...
VOE
My husband recently quit his previous job (assumedly on good terms) to go work for the competition for better pay, perks, etc. We have to move because the new job is too far to drive daily. The loan officer is insisting on a VOE. Unfortunately the previous employer is quite ridiculous and vengeful and will now not sign the VOE form. Is there any way around this as we have provided paystubs and W2's showing he worked there for the past 2 years??
refi or pay more each month
We currently owe 233,000 on our home at a rate of 5.5% and are 6 years into a 30 year mortgage. (Original loan was for 260,000) I've been paying an extra $200 each month towards principal to pay it off a bit sooner. Am I better off refinancing to a slightly lower rate (~4.5%) or should I simply continue to pay more each month on what we have?
Who is entitled to the earnest money?
My husband and I decided to buy our first home a couple months ago. After looking for a while we found one. Since we were pre-approved for a mortgage it was fairly easy getting the ball rolling. The sellers accepted our offer, (which included them paying for a termite inspection) and we set a closing date. In that time frame my husband lost his job and had to seek new employment. This changed our loan approval and the deal fell through. Now the seller is wanting the earnest money, money for the ...
any investor friendly broker licensed in Geogrgia
looking for cash out refi for 2 houses which are paid no mortgage...looking for cash out refi....
thank you
[Email deleted as per forum rules. Thanks.]
PMI - Conventional vs FHA
We bought our house last September and as we were planning to put down 10% we learned we have to pay PMI. We told the Bank of America mortgage agent that we were planning to pay it off as soon as possible. We have been making double payments in hopes to get rid of our PMI. He told us that the best thing for us is the 30 year Fixed with PMI.
However, our mortgage is listed as 30 Years Conv w/PMI on our online account page and our HUD statement states that we have an FHA loan and we were charg...
PMI with 20% down??
I have a credit score of 802 but last years income was lower than normal. I don't qualify for a traditional mortgage for the house that I want I'm about 40k short but my father is willing to cosign. I was told I can only get an FHA loan because he is a 'non occupant' and we are still required to pay pmi even though we are putting down 20%...Any way around this??
refinance
We have 124,000 left on a 30 year mortgage. Currently 22 years left to pay. We pay biweekly (and pay 200 extra a month) the rate is 5.75. So it has dropped the amount dramatically through the years. Should we refinance at a 15 year, 3.8 interest rate or just keep paying the extra on the original loan. We would pay the same extra 200 on the new loan amount also. The closing costs might be around 3,000. Not sure yet. Am I just fooling myself into thinking lower rate will get it paid off qui...
Should we refinance?
Current: 27 yrs left on 30 yr fixed at 6.625% andamp; we pay $200/mo extra on a $773.18 Pandamp;I note. Home value $162K, owe $109,800. Ficos are 736/781. Offer: 30 yrs 5%, so not 2 points difference. We would be depleting large part of savings for closing. I say recoup that by lessening our non matched 401K deposits for 6 mo. We are disciplined and would go back to that for sure. Husband thinks not worth it. Plan on being in this home for life.
Thanks!
owner or not
Hi my ex wants me to sign the quitdeed under my legal name but I did on 2005 that this means im legally owner
?
account is past due, but you can now makepayments, the lender may agree to let you catch up by adding aportion of the past due amount to each currentmonthly paymentuntil your account is current. Solutions for Longer-Term Problems 1.Mortgage Modification If you can make your regular paymentnow, but cannot catch-up the past due amount, the lender mayagree to modify your mortgage. One solution is to add the pastdue amount into your existing loan, financing it over a longterm. Modification might also be possible if you no longer havethe ability to make payments at the former level. The lendermight modify your to extend the length of your loan, ortake other steps to reduce your payments. 2.Selling Your Home If catching up is not a possibility, thelender may agree to put foreclosure on hold, giving you someextra time to attempt to sell your home. www.wesellhomesdfw.comcan help by purchasing your home. 3.Deed in Lieu of Foreclosure The lender may allow you togive-back your property, in turn forgiving the debt. This doesnegatively affect your credit record, but not as much as aforeclosure. The lender may require that you attempt to sell thehouse for a specific time period before allowing this option;the option may not be possible if there are other liens againstthe home. http://www.wesellhomesdfw.com About the author:None
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