Sep
26
what happens if the bank you have a morgage with goes bankrupt?
Filed Under Personal Finance | 8 Comments
yonahdreams asked:
I read an article that said that one bank in california failed and two are backed up by the government to keep them in business. So what happens to those who have a morgage with the bank that goes under?
DREW
I read an article that said that one bank in california failed and two are backed up by the government to keep them in business. So what happens to those who have a morgage with the bank that goes under?
DREW
Sep
25
I am broke and cant pay my morgage this month. What do i do?
Filed Under Personal Finance | 2 Comments
Greg asked:
I cannot pay my morgage this month. I have until the 15th but there just isnt any way that I can come up with the 1100 dollar payment for the first time in 2 years. I have money in my account but it will be taken out automatically for other bills. any suggestions besides stupid wasteful ones?
MORRIS
I cannot pay my morgage this month. I have until the 15th but there just isnt any way that I can come up with the 1100 dollar payment for the first time in 2 years. I have money in my account but it will be taken out automatically for other bills. any suggestions besides stupid wasteful ones?
MORRIS
Sep
23
Filed Under Mortgage | Leave a Comment
Felix Maudio asked:
gage Payments: Get Your Mortgage Paid For FREE
The most important thing you must realize about a mortgage is that what you believe it to be is actually wrong. Often referred to as a mortgage home loan, they are not a loan in the traditional meaning of the word. The mortgagor is the person who owes money to the mortgagee (the person who finances the deal) using a legal contract called a mortgage. In fact, in reality, this isn\’t the debt but the security required by the lender to protect their interests for the duration of the term.
The facility that a mortgage creates means individuals and companies can acquire land or property without needing the full face value to purchase it at the time. To help understand how this works, some important information is discussed here. The mortgagor who is also referred to as the Borrower (leading to the false impression that it is a loan) and the mortgage, who is also called the Lender (again, falsely leading you to think that a loan has been agreed). The security the mortgagee uses is called a lien which is a legal term that stays in force until all monies are repaid.
The mortgagee\’s money is then protected by this knowing the property is in fact security against its own debt. The lien (document) is normally recorded at the local courthouse in the public records section. So while the property is recorded as yours, there is an interest in its ownership which cannot be altered until the debt is paid off. Even if your property is mortgaged, you still own the property wholly and completely and nobody else, not even the mortgagee has title to the property.
However if the mortgagor or the owner defaults on his or her payments, the mortgagee has the right to dispose of the property to reclaim funds. In the unfortunate event that requires the property to be sold or Foreclosed, then the case will need to be presented to the courts for approval. This is a further step but it is a legal formality which needs to be taken and is often referred to judicial foreclosure. This is only a short introduction as the subject is much more complex but this information should make this important issue much clearer.
Click Here To Get $1500 To Pay Your Mortgage Instantly!
EMILE
gage Payments: Get Your Mortgage Paid For FREE
The most important thing you must realize about a mortgage is that what you believe it to be is actually wrong. Often referred to as a mortgage home loan, they are not a loan in the traditional meaning of the word. The mortgagor is the person who owes money to the mortgagee (the person who finances the deal) using a legal contract called a mortgage. In fact, in reality, this isn\’t the debt but the security required by the lender to protect their interests for the duration of the term.
The facility that a mortgage creates means individuals and companies can acquire land or property without needing the full face value to purchase it at the time. To help understand how this works, some important information is discussed here. The mortgagor who is also referred to as the Borrower (leading to the false impression that it is a loan) and the mortgage, who is also called the Lender (again, falsely leading you to think that a loan has been agreed). The security the mortgagee uses is called a lien which is a legal term that stays in force until all monies are repaid.
The mortgagee\’s money is then protected by this knowing the property is in fact security against its own debt. The lien (document) is normally recorded at the local courthouse in the public records section. So while the property is recorded as yours, there is an interest in its ownership which cannot be altered until the debt is paid off. Even if your property is mortgaged, you still own the property wholly and completely and nobody else, not even the mortgagee has title to the property.
However if the mortgagor or the owner defaults on his or her payments, the mortgagee has the right to dispose of the property to reclaim funds. In the unfortunate event that requires the property to be sold or Foreclosed, then the case will need to be presented to the courts for approval. This is a further step but it is a legal formality which needs to be taken and is often referred to judicial foreclosure. This is only a short introduction as the subject is much more complex but this information should make this important issue much clearer.
Click Here To Get $1500 To Pay Your Mortgage Instantly!
EMILE
Sep
23
Filed Under International Business | Leave a Comment
virgilio vallecera asked:
What do the words debt consolidation company mean to you? If you’re like most people, you probably only have a vague idea what a debt consolidation company is; you can probably guess it consolidates debts, as the name implies. But what exactly is a debt consolidation company?
A debt consolidation company bails out customers who are deeply in debt or are trapped in murky financial situations.
These financial ditches arise due to heavy credit card debts and unsecured loans. The consolidation company enters the picture by providing debt-reducing strategies that protect the customers from going bankrupt. These strategies range from lengthening the pay-off term to reducing the rate of interest.
How does the process work?
The debt consolidation company gives the customers counseling and solutions in debt settlement, credit counseling, and budget management. They arrange such terms with your creditors that your monthly payment gets reduced to 40% of the original.
At the same time, they may be successful in getting your interest rate reduced, too, which enables you to conveniently shell out the new lowered monthly pay.
With the help of the consolidation company, a client is able to repay his debt in as little as a few months or a maximum of three years; whereas it would have otherwise taken him ten to 15 years.
This is because the consolidation company makes it possible for us to pay only on principal, rather than both principal and interest.
What are the benefits?
When you approach such a company, it provides you with qualified and experienced personnel, who will guide you appropriately. They can be a big helping hand to those who have been struggling to pay monthly payments.
These consolidation companies are sought out by those who have up to eight credit cards bills unpaid and up to 25% interest on each one of them.
Only the debt consolidation companies are equipped with the expert tactics of handling and negotiating with the creditors and making them agree to terms, which will ultimately be ust
ROGELIO
What do the words debt consolidation company mean to you? If you’re like most people, you probably only have a vague idea what a debt consolidation company is; you can probably guess it consolidates debts, as the name implies. But what exactly is a debt consolidation company?
A debt consolidation company bails out customers who are deeply in debt or are trapped in murky financial situations.
These financial ditches arise due to heavy credit card debts and unsecured loans. The consolidation company enters the picture by providing debt-reducing strategies that protect the customers from going bankrupt. These strategies range from lengthening the pay-off term to reducing the rate of interest.
How does the process work?
The debt consolidation company gives the customers counseling and solutions in debt settlement, credit counseling, and budget management. They arrange such terms with your creditors that your monthly payment gets reduced to 40% of the original.
At the same time, they may be successful in getting your interest rate reduced, too, which enables you to conveniently shell out the new lowered monthly pay.
With the help of the consolidation company, a client is able to repay his debt in as little as a few months or a maximum of three years; whereas it would have otherwise taken him ten to 15 years.
This is because the consolidation company makes it possible for us to pay only on principal, rather than both principal and interest.
What are the benefits?
When you approach such a company, it provides you with qualified and experienced personnel, who will guide you appropriately. They can be a big helping hand to those who have been struggling to pay monthly payments.
These consolidation companies are sought out by those who have up to eight credit cards bills unpaid and up to 25% interest on each one of them.
Only the debt consolidation companies are equipped with the expert tactics of handling and negotiating with the creditors and making them agree to terms, which will ultimately be ust
ROGELIO
Sep
18
Filed Under Mortgage | Leave a Comment
A. Oikawa asked:
I see that on the news that Mortgage application volume increased 3 percent during the week ending Feb. 1, according to the trade group Mortgage Bankers Association’s weekly application survey. even though morgage companys are getting tigher on lending standards.
I wonder is it really time to start looking for refinace?
I think you should start look around and see what are available. even though lenders are tigher on standards, if you have good credit history, you can still shop around and have them bring the deal to you.
I know it’s tough time right now. but if refinancing can help you ease on your bill, and you can live bit more comfortable, I say why not?
I got the feeling that in few month, interests rate will be lower on refiancing, and everybody gonna go after it, but by that time, do you think you can keep your credit history clean and good standing?
it’s all up to managing your finance, I guess you know that. check your credit history now and see where you are.
if your credit score is going down, maybe there is something you can do to have score increased to where it was or maybe even higher.
You can also get free mortgage quote and see what is available to you. you maybe see the lower monthly payment, if not maybe higher, if it’s lower, start loking for fees etc. and see how much you will beend up paying from what you are paying monthly.
it’s really up to your situation and where is your finance stands to make that choice, so look around…..
WILL
I see that on the news that Mortgage application volume increased 3 percent during the week ending Feb. 1, according to the trade group Mortgage Bankers Association’s weekly application survey. even though morgage companys are getting tigher on lending standards.
I wonder is it really time to start looking for refinace?
I think you should start look around and see what are available. even though lenders are tigher on standards, if you have good credit history, you can still shop around and have them bring the deal to you.
I know it’s tough time right now. but if refinancing can help you ease on your bill, and you can live bit more comfortable, I say why not?
I got the feeling that in few month, interests rate will be lower on refiancing, and everybody gonna go after it, but by that time, do you think you can keep your credit history clean and good standing?
it’s all up to managing your finance, I guess you know that. check your credit history now and see where you are.
if your credit score is going down, maybe there is something you can do to have score increased to where it was or maybe even higher.
You can also get free mortgage quote and see what is available to you. you maybe see the lower monthly payment, if not maybe higher, if it’s lower, start loking for fees etc. and see how much you will beend up paying from what you are paying monthly.
it’s really up to your situation and where is your finance stands to make that choice, so look around…..
WILL
Sep
15
Shiva asked:
I am shopping for a Mortgage now. I have found a Morgage Banker who is giving really good rate. My concern is how can i verify this morgage banker i have found is reliable. I was told that they are going to sell my morgage soon too.
JULIAN
I am shopping for a Mortgage now. I have found a Morgage Banker who is giving really good rate. My concern is how can i verify this morgage banker i have found is reliable. I was told that they are going to sell my morgage soon too.
JULIAN
Sep
15
Filed Under Business Opportunities | Leave a Comment
Richard Blake asked:
In the past two years, Spain has experienced a cycle of change with respect to its financial system especially concerning the mortgage.
Thus we have seen that the borrowing family situation has become tough, because the level of expense has increased, so we find that income is not enough and does not cover our total financial liabilities. This is because as the value of the home each year has increased, we may request further permanent loans, either to reform housing, car purchase or spend for the holidays. When the stock market has began his upward climb, the shares rose to a high percentage significantly affect the solvency of the families. How can we solve this?
First, negotiate with the bank through a novation or subrogation of the mortgage, increasing the amortization period or improving the conditions of the loan.
Another tool is the use of online foreclosure moratorium ICO, targeting those who are unemployed. These permanent loans vary from 500 euros per month share of the mortgage.
We may also make use of a total restructuring of our debt: short and long term.
The idea is to form a new mortgage, canceling all the previous loans and pay one fee. If we increase the repayment period and become short-term debt with high interest debt with longer-term mortgage interest, linked to the consumer price index, which is currently less than 1.90% per annum, contributed to a substantial decrease in the monthly fee.
Here we have been trying to show you the advantages and disadvantages to a reunification of debts, but we believe that in these times of crisis, the most important thing is to ensure that our housing and we can cope comfortably with our financial commitments.
HERSHEL
In the past two years, Spain has experienced a cycle of change with respect to its financial system especially concerning the mortgage.
Thus we have seen that the borrowing family situation has become tough, because the level of expense has increased, so we find that income is not enough and does not cover our total financial liabilities. This is because as the value of the home each year has increased, we may request further permanent loans, either to reform housing, car purchase or spend for the holidays. When the stock market has began his upward climb, the shares rose to a high percentage significantly affect the solvency of the families. How can we solve this?
First, negotiate with the bank through a novation or subrogation of the mortgage, increasing the amortization period or improving the conditions of the loan.
Another tool is the use of online foreclosure moratorium ICO, targeting those who are unemployed. These permanent loans vary from 500 euros per month share of the mortgage.
We may also make use of a total restructuring of our debt: short and long term.
The idea is to form a new mortgage, canceling all the previous loans and pay one fee. If we increase the repayment period and become short-term debt with high interest debt with longer-term mortgage interest, linked to the consumer price index, which is currently less than 1.90% per annum, contributed to a substantial decrease in the monthly fee.
Here we have been trying to show you the advantages and disadvantages to a reunification of debts, but we believe that in these times of crisis, the most important thing is to ensure that our housing and we can cope comfortably with our financial commitments.
HERSHEL
Sep
11
Filed Under Banking | Leave a Comment
Catherine Harvey asked:
Mortgage brokers are the best way of quickly finding the best deal and this is becoming increasingly important in this time of financial difficulties. Banks have been through a time of refusing mortgages to the majority, particularly those without large deposits and home loans have been increasingly difficult to come by. A change is occurring at the moment with banks now offering new borrowers better deals but, unfortunately, at the expense of current customers who have felt the weight of sudden interest hikes.
When discussing finances with your mortgage broker, make sure you know the ins and outs of the finer details for that rainy day. When the unexpected financial pressures come along, you will need a contingency plan, especially if you have no significant savings.
For those who believe their financial setback to be temporary, you mortgage broker will hopefully have secured you a deal that means you can take full benefit of a payment holiday. The conditions will vary from lender to lender and it is essential you know what they are before you commit yourself.
Some lenders require that you make overpayments during the more secure times to take advantage of a mortgage payment holiday. The amount of the overpayments will equal the amount you can take a holiday from paying. This is, of course, for those who have had their loan for longer and have had chance to pay some off in advance.
For other more fortunate borrowers, a payment holiday is possible as long as you have had the mortgage for three months or more. This period will stretch between three and twelve months depending on personal circumstances and can bring welcome relief, possibly giving you time to get back on your feet to ride out the current credit storm.
These mortgage payment holidays are available one or two times through the life of your mortgage and can bring serious welcome relief. I experienced this on a personal level when I was going through a divorce. Unable to afford the mortgage payments after my husband left, and without an amicable arrangement with the ex, I had to find a way of keeping the house until I was able to sell it.
My mortgage broker advised me to take a payment holiday which was agreed for six months. I kept up the insurance payments and the house was put on the market with a sale completed days before the mortgage payments were due to kick in again. Needless to say, this worked out well for me as I didn’t lose money on a repossession which is what I would have otherwise faced.
For those without this option, or who do not wish to use it yet, can take advantage of offset mortgages. These mortgages set the amount of your savings against the balance of your mortgage effectively cutting the size of your overall mortgage. However, they can be adjusted in order to bring lower repayments for a set period to bring you a bit of a breather.
For those who have a stable credit rating and want to take effective measures before facing financial difficulties, it is a good idea to borrow more than needed initially as rates are good for those new to mortgages. This spare equity can then be put in a high interest account, earning you money and being in place for that difficult period, should it ever come.
If your mortgage broker arranged a repayment mortgage for you then the amount you are paying can be reduced by switching to an interest only mortgage. This is best looked at as a short term measure to relieve difficulties and adequate investment taken out to repay the outstanding amount at the end of the term if you wish to continue on this road.
One measure that not that many people consider when wanting to ease the financial burden temporarily is that of switching your borrowing to a currency that has a lower interest rate. This can drastically cut the cost of your mortgage but comes with risks that should be carefully weighed up by your mortgage broker first.
At the end of the day, the trick is to not be panicked into action by news reports of impending financial doom, after all, good news never sold newspapers.
JOHN
Mortgage brokers are the best way of quickly finding the best deal and this is becoming increasingly important in this time of financial difficulties. Banks have been through a time of refusing mortgages to the majority, particularly those without large deposits and home loans have been increasingly difficult to come by. A change is occurring at the moment with banks now offering new borrowers better deals but, unfortunately, at the expense of current customers who have felt the weight of sudden interest hikes.
When discussing finances with your mortgage broker, make sure you know the ins and outs of the finer details for that rainy day. When the unexpected financial pressures come along, you will need a contingency plan, especially if you have no significant savings.
For those who believe their financial setback to be temporary, you mortgage broker will hopefully have secured you a deal that means you can take full benefit of a payment holiday. The conditions will vary from lender to lender and it is essential you know what they are before you commit yourself.
Some lenders require that you make overpayments during the more secure times to take advantage of a mortgage payment holiday. The amount of the overpayments will equal the amount you can take a holiday from paying. This is, of course, for those who have had their loan for longer and have had chance to pay some off in advance.
For other more fortunate borrowers, a payment holiday is possible as long as you have had the mortgage for three months or more. This period will stretch between three and twelve months depending on personal circumstances and can bring welcome relief, possibly giving you time to get back on your feet to ride out the current credit storm.
These mortgage payment holidays are available one or two times through the life of your mortgage and can bring serious welcome relief. I experienced this on a personal level when I was going through a divorce. Unable to afford the mortgage payments after my husband left, and without an amicable arrangement with the ex, I had to find a way of keeping the house until I was able to sell it.
My mortgage broker advised me to take a payment holiday which was agreed for six months. I kept up the insurance payments and the house was put on the market with a sale completed days before the mortgage payments were due to kick in again. Needless to say, this worked out well for me as I didn’t lose money on a repossession which is what I would have otherwise faced.
For those without this option, or who do not wish to use it yet, can take advantage of offset mortgages. These mortgages set the amount of your savings against the balance of your mortgage effectively cutting the size of your overall mortgage. However, they can be adjusted in order to bring lower repayments for a set period to bring you a bit of a breather.
For those who have a stable credit rating and want to take effective measures before facing financial difficulties, it is a good idea to borrow more than needed initially as rates are good for those new to mortgages. This spare equity can then be put in a high interest account, earning you money and being in place for that difficult period, should it ever come.
If your mortgage broker arranged a repayment mortgage for you then the amount you are paying can be reduced by switching to an interest only mortgage. This is best looked at as a short term measure to relieve difficulties and adequate investment taken out to repay the outstanding amount at the end of the term if you wish to continue on this road.
One measure that not that many people consider when wanting to ease the financial burden temporarily is that of switching your borrowing to a currency that has a lower interest rate. This can drastically cut the cost of your mortgage but comes with risks that should be carefully weighed up by your mortgage broker first.
At the end of the day, the trick is to not be panicked into action by news reports of impending financial doom, after all, good news never sold newspapers.
JOHN
Sep
7
He has good credit, I have bad credit, can we still get a morgage together?
Filed Under Credit | 3 Comments
Lindsay asked:
My husband has really good credit, he makes about 50,000/year and already has a house with a morgage of about 120,000. I make about 60,000 but while in college really messed up my credit. Could we ever get a morgage together or would they not give us one because of my bad credit? Serious advice is VERY much appreciated. Thanks!
My husband has really good credit, he makes about 50,000/year and already has a house with a morgage of about 120,000. I make about 60,000 but while in college really messed up my credit. Could we ever get a morgage together or would they not give us one because of my bad credit? Serious advice is VERY much appreciated. Thanks!
We want to buy some land and build and would want to get a morgage around 220,000
JIMMY
Sep
5
Filed Under Mortgage | Leave a Comment
Dushan Kokar asked:
Hello everyone shopping for a home Mortgage … refinancing an old one or applying for a brand new Mortgage.
Last week I’ve received a Letter of Renewal Agreement for a Mortgage expiring next month (Sept. 2009). You know most of us are busy during the week and such an important task as mortgage renewal, we leave for the weekend. Well, I did it anyway.
Very early Sunday morning I woke up (at 3:00am) and didn’t feel like sleeping any longer. I got up and in a flash of a moment remembered the Renewal Agreement I have to sign and send out to my Mortgage Company.
I’ve found the papers in my briefcase and started really studying that document. It occured to me that when I was talking to the Mortgage Broker, few years back, we signed the papers for 15yr. ammortization period.
Well, the time came to renew (now) and I’ve discovered that our 15yr Amortization magically turned into 30 year ammortization period. Well, that was an early morning shock!
The new Renewall Agreement was for 27 years. I was expecting to see 15 years!
Now, I wanted to see for how much money I was swindled out by the Mortgage Company. The next step was to find a Canadian Mortgage Calculator with Amortization Tables. I was in luck. It didn’t take me five minutes to find the website at www.canequity.com/ Andthere it was the Calculator and Morgage Rates across Canada, from East to West oast.
I was really amazed to find out that my Mortgage Company is offering me a Renewal Rate almost twice as high as this Company CanEqui did!
Please feel free to check it out for yourself. So, what did I do? I’ve applied for the Mortgage Renewal with them on my terms and for 15yr Amortization and a lot lower interest rate.
Now, this was an eye oppening … this new Company will save me … $51,871.00 in the next five years. I simply couldn’t believe it. I would give away every year over $10,000 if I’ve stayed with the same Mortgage Company! I call this a HGHWAY ROBBERY!
Note to the readers. I am not affiliated with the CanEquity by any means. I simply stambled upon their website searching for the Canadian Mortgage Calculator.
I hope that anyone reading this will be more than leased.
I am just a Canadian Citizen trying to help my fellow men.
You may find some real help if you are a baby boomer at:
www.BabyBoomerRetireNow.com
I want all the best for you.
Dushan Kokar
omega1@cogeco.ca
FREDDIE
Hello everyone shopping for a home Mortgage … refinancing an old one or applying for a brand new Mortgage.
Last week I’ve received a Letter of Renewal Agreement for a Mortgage expiring next month (Sept. 2009). You know most of us are busy during the week and such an important task as mortgage renewal, we leave for the weekend. Well, I did it anyway.
Very early Sunday morning I woke up (at 3:00am) and didn’t feel like sleeping any longer. I got up and in a flash of a moment remembered the Renewal Agreement I have to sign and send out to my Mortgage Company.
I’ve found the papers in my briefcase and started really studying that document. It occured to me that when I was talking to the Mortgage Broker, few years back, we signed the papers for 15yr. ammortization period.
Well, the time came to renew (now) and I’ve discovered that our 15yr Amortization magically turned into 30 year ammortization period. Well, that was an early morning shock!
The new Renewall Agreement was for 27 years. I was expecting to see 15 years!
Now, I wanted to see for how much money I was swindled out by the Mortgage Company. The next step was to find a Canadian Mortgage Calculator with Amortization Tables. I was in luck. It didn’t take me five minutes to find the website at www.canequity.com/ Andthere it was the Calculator and Morgage Rates across Canada, from East to West oast.
I was really amazed to find out that my Mortgage Company is offering me a Renewal Rate almost twice as high as this Company CanEqui did!
Please feel free to check it out for yourself. So, what did I do? I’ve applied for the Mortgage Renewal with them on my terms and for 15yr Amortization and a lot lower interest rate.
Now, this was an eye oppening … this new Company will save me … $51,871.00 in the next five years. I simply couldn’t believe it. I would give away every year over $10,000 if I’ve stayed with the same Mortgage Company! I call this a HGHWAY ROBBERY!
Note to the readers. I am not affiliated with the CanEquity by any means. I simply stambled upon their website searching for the Canadian Mortgage Calculator.
I hope that anyone reading this will be more than leased.
I am just a Canadian Citizen trying to help my fellow men.
You may find some real help if you are a baby boomer at:
www.BabyBoomerRetireNow.com
I want all the best for you.
Dushan Kokar
omega1@cogeco.ca
FREDDIE