Di asked:


We are looking to purchase a home through a short sale and the sellers are concerned that if their second morgage gets nothing in the sale that they can come after her husbands 401k.

ARNOLD

Desperatehouswife asked:


i am behind on my morgage by 3 months because of loss of wages. Now that I found a new jobs I have less income than before and wont be able to afford my home. Please help !

NOAH

Aubrey Clark asked:


Many people believe that the best mortgage deals are no longer available for the average consumer that is shopping for a mortgage in today’s economy. That may be true if you cannot prove your income or have had a bankruptcy in the last two years. However, if you are the average Joe with a few dings on your credit, and are looking to buy a new home, the best deals are still out there. The truth is, they have always been there. The Federal Housing Administration (FHA) has been helping the average consumer get great deals on mortgages since the 1950’s.

FHA mortgages fell out of popularity in the late 80’s and early 90’s because of the flood of new non-conforming mortgages that hit the market at that time. FHA mortgages are backed by the US Government, which means, they have forms on top of forms that tell you about the previous form that you have already signed. The new non-conforming were easier to qualify for and didn’t have mortgage insurance (PMI).

This meant that the new non-conforming loans could offer a lower payment while actually charging higher rates. Everyone won; the mortgage company made money, the investors made money and the consumer received a 2 year ARM and an easy approval. It was like Wall Street in the early 20’s all over again. Fat cats and paper millionaires were created overnight and corruption reigned. Today’s mortgage crisis parallels that era and the consumers, once again, are picking up the tab.

Now, the once forgotten FHA mortgage is back in vogue. In fact, FHA is almost the only place the “average Joe” with a few credit dings can still get a great deal on a home loan. Most people don’t know that you can get approved, and get the best interest, rates with ANY credit score using FHA. This is because FHA is a common sense mortgage that is primarily underwritten by real underwriters, not fancy processors who run loans through a computer.

The reason the borrower’s credit score is irrelevant to FHA, is because they measure the customer’s ability and probability of paying back the mortgage. On top of that, FHA doesn’t grade interest rates on a sliding scale that worsens your interest rate for lower credit scores and higher risks. With FHA you will either get the best rates they offer or not get the loan at all. Getting approved for an FHA loan can be tricky if you have current credit issues or some from the past. Knowing how to prepare is the key.

Like I mentioned earlier, FHA is a common sense loan, they basically want to put good people into good houses. The first thing that will be scrutinized is the collateral, or the home you want to buy. If you are trying to buy a “foreclosure” or a fixer-upper with shaky credit, you will probably be denied. The FHA underwriter’s job is to put borrowers into the best position to succeed and homes that have issues aren’t a good risk. The next thing an underwriter is going to measure is your capacity to repay the mortgage, namely your debt to income ratio. If this ratio is “out of whack” the loan stops there.

Your housing payment, as of this writing, must be below 33% of your gross income. Your total debt must be below 44%.There are some extenuating factors that can override those ratios, but they have to be solid proof of additional income or the promise of. The next factor that FHA requires is that your mortgage does not exceed 97% of the home’s value, 95% if you are taking cashing out equity. If you are purchasing a home, you will need to put 3% down.

When an underwriter looks at your credit report they aren’t concerned with your credit score, what they are looking for is how well you have maintained your recent credit compared to your past credit. Prior credit issues can be forgiven, especially medical bills, if you have demonstrated good credit management in the last year. You can even have current open collections on your bureau if you have a repayment agreement and have been making regular payments for a year. Last but definitely not the least deciding factor in an FHA mortgage that can help/hurt your application is your current mortgage or rental history. If you have been late on your mortgage in the last year, you will need a very good excuse to move forward.

However, FHA has recently added some specific programs that are aimed to help consumers who are having or have had mortgage payment problems. This is part of an effort to help those borrowers who were put into bad mortgages that are now adjusting. Be sure to ask your loan officer if you qualify for the new Government sponsored programs, who knows, you just may be able to get your best mortgage deal regardless of your mortgage history.



BERT

Jonathan Sapling asked:


California Reverse Mortgage is a perfect opportunity for senior citizens or mortgage holders that wish to utilize their equity while staying in their home. The California Reverse Mortgage is very popular among senior citizens.

Unlike the regular mortgage that makes you move out of your property to a different place when your property is mortgaged, this type of reverse morgage allows you to stay put.

Just as other regular mortgages, the California Reverse Mortgage provides financing based on the equity of your property. However, with your equity secured, you can continue staying in your home by paying the Equated Monthly Installments (EMI) to the mortgage lender and for retired people age 62 and above, this may be a great financing option.

California Reverse Mortgage – Choose With Care Although the Californian Reverse Morgage provides you with financial security while you enjoy your retirement, you should select one with caution.

Reverse mortgages are handled by the same mortgage companies and lenders who handle the conventional and various other kinds of mortgages for California real estate.

For the deal to be approved, you will need to negotiate well to get the good terms and provide required data and documents. Once you do this, you’re likely to be approved.

Depending on your requirements, your Californian Reverse Mortgage financer can either provide you with a lump sum amount or open a line of credit. California Reverse Mortgage provides mortgages under three categories:

- Home Equity Conversion Mortgage

- Single Purpose Reverse Mortgage

- Proprietary Reverse Mortgage

The Home Equity Conversion Mortgage is federally insured, where as the other two are offered by government licensed agencies, by banks, and by other private mortgage financing institutions.

If you’re interested, you should have your property appraised by a licensed real estate appraiser before applying for a reverse mortgage. This will tell you what your property is worth.

Compared to the regular mortgage rates, the Californian Reverse Mortgage financing companies charge a higher rate of interest because they allow you the luxury of continuing to stay in your home after it had been mortgaged.

Fees, such as the appraisal fee, the recording fee, origination fee etc., are built up into a large fee that is ultimately charged by the financer.

Since any kind of mortgage, including the California Reverse Mortgage, is a long-term plan, it should be chosen with care to avoid any problem cropping up during the tenure of the loan.

For more information, seek the services of a financial consultant to learn the maximum about California Reverse Mortgage.

In conclusion, these reverse morgages might be a viable option. It not only allows you to stay put but the total loan amount is tax-free. However, if you intend to move within the first five years of your reversed mortgage’s tenure, they are expensive and may not be the best financing option.



HANS

sdchaldo27 asked:


The renter hasn’t payed morgage and we are getting eveicted w/o our deposit etc. What can we do?
I am the renter, sorry for confusing guys.

KERMIT