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

Felix Maudio asked:


cle is hopefully going to explain many of the things people believe about mortgages that are actually false. The first thing to put straight is that it is not a loan, although they are normally referred to as a mortgage home loan. There are three terms that you need to learn that are used: the first is mortgagor (the property owner), the mortgagee (the company that takes on the security for the property) and the mortgage (the contract to pay between the two). This is in fact the document which ensures the financing of the property is safeguarded until the end of the term, usually twenty five years.

Without mortgages being available, people and many businesses would not be able to afford the full asking price of a property if it was required they pay this amount upfront. Misunderstandings on how the system works also create problems but the main points are dealt with during the rest of this article. The problem arises because so many people refer to the buyer as the Borrower and the financier as The Lender which leads people to believe that the money has been loaned which is not the case. A security measure designed for purchasing properties, called a lien, is enforced until the mortgage is cleared at the end of the term.

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The mortgagee\’s money is then protected by this knowing the property is in fact security against its own debt. Information about the lien is registered at a county courthouse, or similar, to ensure the contract is official and binding. While the property is owned now by the mortgagor, the lien cannot be reversed until the amount specified in the debt is paid off. So how this works is that the mortgagor (you) owns the property completely even though the mortgagee has possession of the mortgage but not the title.

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. This is the dreaded process referred to as foreclosure but if the property is used as security, then the foreclosure must go through the court system. The reason behind this process is to ensure the legal procedures have been followed and also why it is called Judicial Foreclosure. If you were unsure about the definition before and the subject surrounding it, I trust this information has been of use.

EDDY

Scott McGregor asked:


Go check out how much information there is on Google about how to make money online. There is so much its not funny!

Go do it, type in “make money online” and see how many results it brings up.

There was over 33,000,000 results for it when i last looked!

That’s insane!

Well, thinking about it now, it shouldn’t be so surprising.

Everyone needs money correct? We have to survive, we have to pay morgages etc etc.

Ok, to be a bit selfish, its the fun things in life like vacations, big houses, Apple i-phones, big plasma televisions, sports cars that we really want.

Life is here for enjoyment, so why not purchase these goodies if thats what makes us happy right?

Unfortinatly most of us don’t have the extra money to buy these fun things. Maybe you don’t care about having TV’s and i-phones, what about playing more Golf or visiting different family members who live all over the globe?

Things like this will bring a lot of happiness, but most are out of reach financially to get these things. This is what makes “make money online” so appealing.

Working in the comfort of your own home, imagine that.

You set your own hours of work on when and how much you want to do, imagine that.

Imagine being able to attend all of your family events and not worry about missing them because you have to work.

Your kids are sick and cant go to school. You can look after them as you are working from home. You will not need to find someone to look after them.

Rush hour traffic has dissapeared.

Go on a holiday whenever you want.

This is just a small list, it can go on and on but I guess your seeing my point.

That sounds great, and most of us would love our lives to be just that, so how?

The best, most productive and quickest way of making a lot of money online is by building your very own Internet Marketing Business! It can be really quite simple if you can follow a simple step-by step guide to making money online.

The list I mentioned above, well that’s the life of an Internet Marketer.

Ok, let me tell you. You can’t just throw up a website and expect it to earn you a passive income. What you need to do is follow a proven money making technique that has been tested and used with great success. You want something that teaches you a step-by-step guide to making money.

Trust me, you dont want to go this alone! Trying to make money through trial and error can be painfully slow. That will take

you years, if not ever, to start making money online.

So where can you find a proven method to help you start your Internet Marketing Business?

Well right here of course .

And it’s totally FREE!

I’m giving you 3 videos from 3 of my very own Internet Marketing products that will show you the short cut to building a money making business that you can leave on auto-pilot and rake in the cash while you’re sitting on a beach somewhere

drinking your favorite refreshments.

These videos will reveal:

The BEST and FASTEST way for a beginner to start making money online

How to get a rush of traffic to your site - (No traffic, no money)

How to build a list of potential buyers that you can sell to over and over again

So if you have ever thought about starting your own Internet Marketing Business, then you should grab these videos while you

can because I’m thinking of only keeping them up for a limited time.

So go check them out.. the price is right (FREE)!

==>http://www.guidemakingmoney.com<==



GARRY

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.

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LESLIE

Angela J. Brinker asked:


Reaching retirement age can start a sense of mixed feelings on the part any average American.  On one hand, they are now able to spend more time enjoying the remaining years of their lives with their grandchildren, and with each other.  On the other hand, it can bring a sense of worry on the part of the senior American citizen.  While many senior citizens may have stashed away from savings which they could use once they hit retirement, this would easily get depleted.  Once this is finished, the idea of having to cut back on some privileges they have been able to enjoy during their younger years.  Through the passing of the American Homeownership and Economic Opportunity Act and the National Housing Act, senior citizens are provided further financial security in the form of reverse mortgage securities.  As a result, they are able to still maintain the same quality of lifestyle that they have had when they were younger.

In fact, many people who have applied for reverse mortgage programs offered by different creditors and financial institutions have been reported to continue to life the same quality of life, if not achieving a higher quality of lifestyle, despite the current financial crisis faced by the country which has caused the vast majority of the American public to cut back on certain privileges.  Reverse mortgage holders have been able not to just have sufficient funds to meet their financial obligations on time.  They have been able to enjoy a number of different benefits as well such as the purchase of a new car, providing the financial need for their children or grandchildren’s college tuition, and make needed repair and maintenance in the home.

Take the case of Carl and Elizabeth from Arizona.  At 77, Carl was already retired and was looking for means and ways in order to provide financial security for him and his wife during their remaining years.  Since they determined that they had some equity in the home that they live in, Carl decided to use this equity to avail for a reverse mortgage.  By tying their credit line to their reverse mortgage facility, Carl and Elizabeth had not only been able to gain long-term care, which was the primary reason for getting the reverse mortgage.  The amount that they have received from their reverse mortgage has also allowed them to upgrade their home, further increasing its equity value, added a swimming pool and maintaining an extensive garden.  All in all, Carl and Elizabeth have the makings of an ideal retirement life, partly due to the reverse mortgage that they have taken out.

While this may be the case, there are certain instances where getting a reverse mortgage actually increases the financial burden of a senior citizen.  Does this mean that the situation of Carl and Elizabeth is an exception?  Not necessarily.  The reason why there are some people still facing financial difficulty even after getting a reverse mortgage plan lies in the ability of the borrower to have a sense of discipline.  There are a number of people who apply for reverse mortgage plans in order to get the financial assistance to make some really huge investments.  In order for this to provide comfort and change of lifestyle many people are hoping for by getting a reverse mortgage, the borrower must be able to have just the right amount of equity in their home to do so.



SYLVESTER

Ayden’s Mommy asked:


My husband and i are looking to buy our 1st house but his credit is not all that great and i dont have credit at all–anyone know who we can go through to get out loan?

WELDON