Jan
28
Filed Under Mortgage | Leave a Comment
vinny asked:
short version:
pending forclosure by the second mortage while I am looking into a loan modification by the first mrotgage. What is the best option since I don’t even want the house anymore as it is a money pit.
So after 7 years of never missing a mortgage payment I had some hardships of seperation and the lose of a second job. Although the wife and I are pack after a 6 month split, I am in jeopardy of losing the house and need advice. I have a second and first mortgage and owe 145% on my home. Or owe $72,000.00 more then the house is worth. I am behind on both first and second. The first is trying to help with a loan mod but the second says they are going to pursue forclosure. What is my best option.?Short sale? died in lieu? let them forclose? will I have to pay the difference to both morgages? Please help!!! Frankly the house is a money pit and regreat ever believing i the second mortgage lender in them telling me the house was worth more then it really was. I ended up checking after the fact and the day we took the second the comps in the area were $35,000 less and my home was worth $31,000 less then what they wrote on paper just to ok the loan.
Can they garnish my wages?
I dont want the house so what is my best option?
Will I have to pay second mortgage back if there isn’t enough money?
BENNETT
short version:
pending forclosure by the second mortage while I am looking into a loan modification by the first mrotgage. What is the best option since I don’t even want the house anymore as it is a money pit.
So after 7 years of never missing a mortgage payment I had some hardships of seperation and the lose of a second job. Although the wife and I are pack after a 6 month split, I am in jeopardy of losing the house and need advice. I have a second and first mortgage and owe 145% on my home. Or owe $72,000.00 more then the house is worth. I am behind on both first and second. The first is trying to help with a loan mod but the second says they are going to pursue forclosure. What is my best option.?Short sale? died in lieu? let them forclose? will I have to pay the difference to both morgages? Please help!!! Frankly the house is a money pit and regreat ever believing i the second mortgage lender in them telling me the house was worth more then it really was. I ended up checking after the fact and the day we took the second the comps in the area were $35,000 less and my home was worth $31,000 less then what they wrote on paper just to ok the loan.
Can they garnish my wages?
I dont want the house so what is my best option?
Will I have to pay second mortgage back if there isn’t enough money?
BENNETT
Jan
7
Filed Under Mortgage | Leave a Comment
Nick Riviera asked:
When you look around for a mortgage deal you’re probably looking for the best deal you can find. The problem is finding the best mortgage deal to suit you.
News on mortgages has recently suggested that there has been a reduction in the number of mortgages available on the market, but with over 8,000 to choose from you’d be hard-pressed to notice the difference. How can you choose the best mortgage deal to suit you?
Your circumstances will be particular to you. You may have a healthy income; you may have a low income; you may have income earned from different sources; you may have an impaired credit rating; you may be a first-time buyer; you may be newly divorced; you may have low income but have inherited some money. There are probably more than 8,000 different scenarios! Finding the best mortgage deal is difficult.
What is interesting to note is the results of a survey showed that Building Societies offer 70% of the top 250 best mortgage deals on the market today. It suggests that you would be better off going to a building society for a mortgage than to a high street bank. It is interesting to see that the top mortgage lenders didn’t come out very well in the survey. Top lender HBOS did not have any products in the top 250. The Royal Bank of Scotland fared best of the top names, with six products from its group in the top 250.
If the top lender has no products in the top 250 mortgages, how is it still the top lender? There is a huge amount of information available to the public – especially with the internet at most people’s finger tips – and financial and mortgage advisors abound, yet still well-known high street brands are getting most mortgage customers to sign up with them.
The best know providers may be able to often the best solution to some people, but according to the survey, by Moneyfacts, the majority of borrowers would be better off looking at smaller lenders and building societies for the best mortgage deals.
For most people getting a mortgage will be the biggest financial transaction they will ever make. It is not really wise to base a decision like that on a brand name or the fact that you walk through the doors on your local high street. Getting a mortgage should be about getting the best mortgage deal to suit your own personal circumstances.
There are so many facilities around now to help you find the best mortgage deals, such as the internet, and mortgage advisors and mortgage brokers, who have access to the whole of the market, and are not tied in tow a single brand. Make use of the internet to do some groundwork, and understand more about the mortgage market. Then use a mortgage broker, who will almost certainly be able to find a mortgage that suits your individual needs, and is the best mortgage for you – not for the bank!
CARL
When you look around for a mortgage deal you’re probably looking for the best deal you can find. The problem is finding the best mortgage deal to suit you.
News on mortgages has recently suggested that there has been a reduction in the number of mortgages available on the market, but with over 8,000 to choose from you’d be hard-pressed to notice the difference. How can you choose the best mortgage deal to suit you?
Your circumstances will be particular to you. You may have a healthy income; you may have a low income; you may have income earned from different sources; you may have an impaired credit rating; you may be a first-time buyer; you may be newly divorced; you may have low income but have inherited some money. There are probably more than 8,000 different scenarios! Finding the best mortgage deal is difficult.
What is interesting to note is the results of a survey showed that Building Societies offer 70% of the top 250 best mortgage deals on the market today. It suggests that you would be better off going to a building society for a mortgage than to a high street bank. It is interesting to see that the top mortgage lenders didn’t come out very well in the survey. Top lender HBOS did not have any products in the top 250. The Royal Bank of Scotland fared best of the top names, with six products from its group in the top 250.
If the top lender has no products in the top 250 mortgages, how is it still the top lender? There is a huge amount of information available to the public – especially with the internet at most people’s finger tips – and financial and mortgage advisors abound, yet still well-known high street brands are getting most mortgage customers to sign up with them.
The best know providers may be able to often the best solution to some people, but according to the survey, by Moneyfacts, the majority of borrowers would be better off looking at smaller lenders and building societies for the best mortgage deals.
For most people getting a mortgage will be the biggest financial transaction they will ever make. It is not really wise to base a decision like that on a brand name or the fact that you walk through the doors on your local high street. Getting a mortgage should be about getting the best mortgage deal to suit your own personal circumstances.
There are so many facilities around now to help you find the best mortgage deals, such as the internet, and mortgage advisors and mortgage brokers, who have access to the whole of the market, and are not tied in tow a single brand. Make use of the internet to do some groundwork, and understand more about the mortgage market. Then use a mortgage broker, who will almost certainly be able to find a mortgage that suits your individual needs, and is the best mortgage for you – not for the bank!
CARL
Dec
8
Filed Under Mortgage | Leave a Comment
David Smith asked:
Finding the right mortgage broker is not easy. You need to get a commercial mortgage broker with the right mix of professionalism, expertise and service. At Oxford Funding, we have been in the business for the past twelve years and have many satisfied customers who keep returning whenever they have a new requirement.
Our approach to finance and funding is something that our clients appreciate. We offer expert advice on selecting the right kind of funding or mortgage option in the UK . We have clients all over the UK and have provided them with unbiased service as their Commercial Motgage Broker.
Our team of professionals has many years of experience in the industry and since we work as your mortgage broker, you gain the advantages of our knowledge. Many of us have also had the experience of running our own businesses and you will agree that there’s nothing like hands-on experience. This is what gives us an edge as your Commercial Motgage Broker.
Call our specialist brokers in these packages, Glin or Peter on 01242 226662.
We offer a wide portfolio of services from commercial mortgages to corporate finance and provide access to a huge network of lenders. Our services as a Commercial Morgage Broker can be availed by all types of businesses from sole traders to PLCs and private individuals.
We make it a priority to source you the funds at the best rates possible – that’s the primary benefit of coming to a mortgage broker. You’ll find us cheaper and more efficient than most other options. We provide commercial and other kinds of mortgage from £1000 to £1,000,000 but also deal above and below these figures.
When you want to secure a mortgage against your commercial property and use this to fund your business, we will work as your commercial mortgage broker and help you design and identify the mortgage that would suit your financial situation.
Taking out a commercial mortgage with us is usually far cheaper than what you would get in the general market. We act as your commercial mortgage broker to structure your loans in such a way that you get both short and long term benefits.
TONY
Finding the right mortgage broker is not easy. You need to get a commercial mortgage broker with the right mix of professionalism, expertise and service. At Oxford Funding, we have been in the business for the past twelve years and have many satisfied customers who keep returning whenever they have a new requirement.
Our approach to finance and funding is something that our clients appreciate. We offer expert advice on selecting the right kind of funding or mortgage option in the UK . We have clients all over the UK and have provided them with unbiased service as their Commercial Motgage Broker.
Our team of professionals has many years of experience in the industry and since we work as your mortgage broker, you gain the advantages of our knowledge. Many of us have also had the experience of running our own businesses and you will agree that there’s nothing like hands-on experience. This is what gives us an edge as your Commercial Motgage Broker.
Call our specialist brokers in these packages, Glin or Peter on 01242 226662.
We offer a wide portfolio of services from commercial mortgages to corporate finance and provide access to a huge network of lenders. Our services as a Commercial Morgage Broker can be availed by all types of businesses from sole traders to PLCs and private individuals.
We make it a priority to source you the funds at the best rates possible – that’s the primary benefit of coming to a mortgage broker. You’ll find us cheaper and more efficient than most other options. We provide commercial and other kinds of mortgage from £1000 to £1,000,000 but also deal above and below these figures.
When you want to secure a mortgage against your commercial property and use this to fund your business, we will work as your commercial mortgage broker and help you design and identify the mortgage that would suit your financial situation.
Taking out a commercial mortgage with us is usually far cheaper than what you would get in the general market. We act as your commercial mortgage broker to structure your loans in such a way that you get both short and long term benefits.
TONY
Dec
5
Filed Under Mortgage | Leave a Comment
Danielle Fletcher asked:
The buy to let mortgage market faces crisis as banks tighten their lending criteria and raise their interest rates. Many landlords have profited over the last decade from buying property and renting it out to tenants. House prices have increased and mortgage deals have been plentiful. However since the collapse of part of the American mortgage market due to sub – prime lending, interest rates across the global have been rising.
Even landlords with good credit histories and reasonable sized deposits could face problems finding a profitable buy to let mortgage in today’s economic climate. But for those who already have these types of mortgage the outlook seems even worse. Landlords who brought one of the plethoras of new build city centre flats within the last five years are suffering from having to find people willing to pay high rents to cover the high interest rates. Often these new built properties have been over valued and sold for considerably more than their market rate. This means that bigger mortgages were required to purchase the properties, many of which have actually lost value in recent years. Now with the banks increasing interest rates across the mortgage market, it is costing landlords even more to maintain these flats.
When the time comes for landlords to re-mortgage they may find it extremely difficult to find a comparable deal. Morgage lenders in the UK are withdrawing their buy-to –let products faster than their mainstream ones and have pushed up the rates for existing high risk customers to encourage them to move. Other lenders have stopped offering their products to new borrowers all together. But it’s not just the landlords that are suffering; some lenders are finding it difficult to stay afloat also. Paragon, which specialises in lending to landlords, has said that it is dangerous close to collapsing and will have to cut a third of its staff in order to keep afloat
A number of mortgage lenders are stepping out of buy- to- let market altogether, whilst others are refusing to offer loans to landlords wanting to purchase new-build properties. This means that landlords are more likely to have to stick with the mortgage rates that they are offered by their current lenders when their lower rate deals run out. Typically the standard variable rate is considerable higher than the cheap deal used to enticed landlords when they first took out the mortgage. This means that higher rents are then needed in order to cover the raising costs. However rents have not kept pace with the increased interest rates of the mortgage market and now landlords have to pay the shortfall themselves.
There is little that can be done in these times to ease the burden on buy-to-let landlords in this situation. Selling the properties may be an option but some new build flats are now worth less than when first purchased, so will result in negative equity if they were sold. Riding out the storm seems to be the second option but if landlords are to do this they should ensure they have completed a thorough search of the market and have the best product they can find to match their needs.
EDWARD
The buy to let mortgage market faces crisis as banks tighten their lending criteria and raise their interest rates. Many landlords have profited over the last decade from buying property and renting it out to tenants. House prices have increased and mortgage deals have been plentiful. However since the collapse of part of the American mortgage market due to sub – prime lending, interest rates across the global have been rising.
Even landlords with good credit histories and reasonable sized deposits could face problems finding a profitable buy to let mortgage in today’s economic climate. But for those who already have these types of mortgage the outlook seems even worse. Landlords who brought one of the plethoras of new build city centre flats within the last five years are suffering from having to find people willing to pay high rents to cover the high interest rates. Often these new built properties have been over valued and sold for considerably more than their market rate. This means that bigger mortgages were required to purchase the properties, many of which have actually lost value in recent years. Now with the banks increasing interest rates across the mortgage market, it is costing landlords even more to maintain these flats.
When the time comes for landlords to re-mortgage they may find it extremely difficult to find a comparable deal. Morgage lenders in the UK are withdrawing their buy-to –let products faster than their mainstream ones and have pushed up the rates for existing high risk customers to encourage them to move. Other lenders have stopped offering their products to new borrowers all together. But it’s not just the landlords that are suffering; some lenders are finding it difficult to stay afloat also. Paragon, which specialises in lending to landlords, has said that it is dangerous close to collapsing and will have to cut a third of its staff in order to keep afloat
A number of mortgage lenders are stepping out of buy- to- let market altogether, whilst others are refusing to offer loans to landlords wanting to purchase new-build properties. This means that landlords are more likely to have to stick with the mortgage rates that they are offered by their current lenders when their lower rate deals run out. Typically the standard variable rate is considerable higher than the cheap deal used to enticed landlords when they first took out the mortgage. This means that higher rents are then needed in order to cover the raising costs. However rents have not kept pace with the increased interest rates of the mortgage market and now landlords have to pay the shortfall themselves.
There is little that can be done in these times to ease the burden on buy-to-let landlords in this situation. Selling the properties may be an option but some new build flats are now worth less than when first purchased, so will result in negative equity if they were sold. Riding out the storm seems to be the second option but if landlords are to do this they should ensure they have completed a thorough search of the market and have the best product they can find to match their needs.
EDWARD
Oct
27
Filed Under Mortgage | Leave a Comment
Justin Lukasavige asked:
I was recently asked about a mortgage acceleration program and how they work. The idea behind the program is to pay off your home 2 or 3 years early, and save a bunch of money on interest. But what are they exactly, and do they really work?
Most mortgage acceleration programs use the same basic principle. If you stick to it, you will actually pay off a 30-year fixed-rate mortgage in about 27 years, and as a result, you will save a few thousand dollars in interest payments.
As to how they work, the idea is very simple. For a fee, the companies will usually break your mortgage payment in half and have you pay it every two weeks, rather than one full payment every month. This tends to work out good for those of us that get paid every two weeks or every week. While making half payments every two weeks, the program actually forces you to make one extra full payment every year, thereby paying off your home early.
The process is simple, but is there a better way? Yes, there is.
Most of these programs charge a fee to set it up with your bank, and then another fee each time you make a payment. While you will come out ahead in the end (most of the time), you really can do this on your own without paying someone else.
If you want to make an extra payment each year, there are a few different ways to do it. If your mortgage payment is $1,200 per month for instance, divide it by 12 to get $100. That is how much extra you need to pay each month to equal an extra payment.
If you have paid weekly or bi-weekly, you can also take a portion of your extra two paychecks (26 paychecks at bi-weekly instead of 24), and apply that to your mortgage payment that month. By doing it on your own, you will save yourself the fees and keep the ball in your court. Of course, the good thing about any program is that once you are on it, you receive a bill every two weeks, and you are held liable to pay it on-time. Can you trust that you will have the will-power to do it on your own without a bill telling you to?
As with anything financial, always make sure that you do things in the proper order. To view the seven Financial Freedom Steps, visit www.lukascoaching.com/resources.htm and download it for free.
ERNESTO
I was recently asked about a mortgage acceleration program and how they work. The idea behind the program is to pay off your home 2 or 3 years early, and save a bunch of money on interest. But what are they exactly, and do they really work?
Most mortgage acceleration programs use the same basic principle. If you stick to it, you will actually pay off a 30-year fixed-rate mortgage in about 27 years, and as a result, you will save a few thousand dollars in interest payments.
As to how they work, the idea is very simple. For a fee, the companies will usually break your mortgage payment in half and have you pay it every two weeks, rather than one full payment every month. This tends to work out good for those of us that get paid every two weeks or every week. While making half payments every two weeks, the program actually forces you to make one extra full payment every year, thereby paying off your home early.
The process is simple, but is there a better way? Yes, there is.
Most of these programs charge a fee to set it up with your bank, and then another fee each time you make a payment. While you will come out ahead in the end (most of the time), you really can do this on your own without paying someone else.
If you want to make an extra payment each year, there are a few different ways to do it. If your mortgage payment is $1,200 per month for instance, divide it by 12 to get $100. That is how much extra you need to pay each month to equal an extra payment.
If you have paid weekly or bi-weekly, you can also take a portion of your extra two paychecks (26 paychecks at bi-weekly instead of 24), and apply that to your mortgage payment that month. By doing it on your own, you will save yourself the fees and keep the ball in your court. Of course, the good thing about any program is that once you are on it, you receive a bill every two weeks, and you are held liable to pay it on-time. Can you trust that you will have the will-power to do it on your own without a bill telling you to?
As with anything financial, always make sure that you do things in the proper order. To view the seven Financial Freedom Steps, visit www.lukascoaching.com/resources.htm and download it for free.
ERNESTO