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

Michelle asked:


My husband and I got married 3yrs ago and he and his ex-wife owns the home we live in. She has finnally signed the Quick Claims Deed yesterday. What I am asking is now we have that form, how do we go about getting my name on the deed and on the morgage and get hers off? What are the steps we should take? And does she have any rights to the home now

STEPHAN

FortLauderdale Mortgage asked:


Fort Lauderdale Morgage Broker

Any Fort Lauderdale mortgage broker that wants to get ahead and increase their business will certainly be turning to a provider of commercial Fort Lauderdale mortgage leads.

They get these leads by pushing a free Fort Lauderdale mortgage quote if the possible customer takes the time to fill out some pretty basic information and submit it to them. Once their information makes it to the advertising company, they are sure to receive a free guess within a specific amount of time. This saves them time and also provides Fort Lauderdale mortgage corporations the opportunity at a lead that may lead to a sale. It’s done with reverse Fort Lauderdale mortgage lead and just about each other conceivable finance related product.

Many Fort Lauderdale mortgage corporations will contact these lead generating firms to purchase the leads from them. This saves time and money for the Fort Lauderdale mortgage company because they do not need to spend any time researching potential business opportunities.

There are two types of Fort Lauderdale mortgage leads that may be bought. The most costly but also must helpful leads are the exclusive leads. An exclusive lead is only sold to one individual and that is why it costs so very much more.

If you want to have an exclusive lead and not need to compete against other Fort Lauderdale mortgage agents then it is surely worth the additional cash to get the Lead as an exclusive lead. By employing Fort Lauderdale mortgage leads you are bringing folks that are definitely considering getting a loan right to you which should lead to higher sales in a shorter amount of time.



RIGOBERTO

Nicholas Scoville asked:


The looming credit crunch is affecting markets world wide. The crunch is fueled largely by the alarming number of home foreclosures. The crisis initially began in the sub-prime lending sector, but is starting to show signs of moving into prime mortgages. If you find yourself one of the unfortunate homeowners that has or is about to miss a mortgage payment, use these steps to hopefully avoid the pain of foreclosure and losing your home.

1. Keep in constant communication with your mortgage servicer. If you are about to miss a payment, call them immediately. Never ignore any phone calls or letters they send you.

2. Remember to pay your mortgage payment before any unsecured credit payments. Credit card companies will let you know the moment you miss a payment, and will convince you your life will be over if you don’t pay them. The reason they get so upset is that they can’t take anything from you if you don’t pay. The banks know they can take your house if you don’t pay. Late and missed credit card payments will damage your credit, but nothing like a foreclosure.

3. Never give up hope. There are several steps that can be taken to get you back on the right track with your mortgage lender.

Some of the programs that help you resolve your issues with your lender include:

1. Reinstatement - paying a lump sum to bring the loan current and continuing with payments as normal afterwards.

2. Forbearance - you are allowed to delay payments for a short period of time with the understanding that you will bring the account current at an agreed upon date.

3. Repayment Plan - the lender may allow you to add some of your missed payments to an agreed upon number of future payments, thus bringing your account current.

4. Mortgage Modification - if you can’t pay a lump sum to bring your loan current, but can now make monthly payments, your lender may work with you, possibly adding the past due amount to the principal balance.

5. Selling your home - if you have adequate equity in your home, and are able to sell it for an amount to satisfy your mortgage balance.

6. Short Sale - the bank may accept a lesser payoff for your mortgage if you get an offer on your home. Make sure the bank accepts the amount received from the short sale as paid in full with no recourse, otherwise they can come after you for the difference. Banks are warming up to the short sale because they stand to lose even more money if they have to foreclose on your home.

7. Deed in Lieu of Foreclosure - the lender takes ownership of the property and forgives your debt. Much less damaging to your credit than a foreclosure.

8. FHA/VA - FHA loans and VA loans are government backed loan programs that have special programs to help you avoid foreclosure. Contact the VA or HUD if you have one of these loans for more information.

Your mortgage lender won’t automatically put you on one of these programs, you must work with them, and keep your promises to them. If you simply stop paying, you will lose your house, and any equity you may have in it. Banks are not in the real estate business, and do not want to own your home, they will work with you.



DANNY

catfur4u asked:


I have to make a choice. My mortgage was due on first not charged late fees until 16th-but can’t pay both car and mortgage. Do morgage co’s report you as late if your are 20 days out??

FREDERIC

Bob Mason asked:


e trying to get a Bank of America modification, this article will help explain some new programs emerging to help homeowners.

There are many homeowner out there who are struggling to make their morgage payments these days. With home prices down and the economy in the toilet, BofA simply can\’t stand to take on a tidal wave of foreclosures. Now, they have taken over RESPA violation masters Countrywide and something must be done to ease the onslaught of impending foreclosures.

Slowly but surely, Countywide loans will be converted over to the Bank of America system. Countywide loans have one less digit than BofA loans, so it will take some time to get everyone new loan numbers. If you have a Countrywide loan, once you get a BofA statment in the mail you might be eligible for a new loan modification program out there.

It\’s actually a great program. It eases the burden of this lending giant by letting a select few loan modification companies modify loans at warp speed. All they have to do is call up a case manager and give them the loan number. They can decide over the phone is the homeowner is a candidate for a loan modification or not. Then, if they do qualify, they will tell the rep what their new interest rate and payment will be. If the homeowner decides this is a beneficial move for them, they can proceed with the modification and have it completed in 24 hours to about 7 days. This streamlined program sure beats the alternative of waiting for months to see what is going to happen to your loan and your home.

If you are in need of a Bank of America loan modification, you have nothing to lose by making the call and seeing if you are a qualified candidate for this program.

MILES

Chrystal asked:


I am a full time college student with 6 months of school left before I graduate. I work part time making approximately $700.00 a month but have an additional $2,000 of income per month in the form of a gift. I would love to buy a home instead of rent; should I even bother applying for a morgage before I start working full-time?

MARQUIS

Nicola Cairncross asked:


LANE #3 - Property Investing is the topic I’m going to cover in the second part of this article on how to become a millionaire in just five years.

what you will find is that as many wealthy people made their money in business, as property, and once they have made their money in one of those two lanes, they then invest in the other.

Why? you will find that property is much easier!

In the same way that you have two ways to make a million in business essentially, you have two ways to make a million in property, within five years.

Actually, there are SO MANY ways to make a huge amount in property - like buying, renovating and flipping - but most of them incur capital gains tax whcih will make my sums harder, so I’m going to concentrate on the simplest and most tax efficient methods.

To make (and keep) $1 million in property in five years, you could work out that you need to create $250,000 rental profit per annum, net of tax, or $416,666 per annum gross. That’s $34,722 per month.

If you work out that a good rental profit on a small condo or family unit is $200 per month, then you can see that you need 173 rental units to achieve your goals.

An easier way is to create a property portfolio that appreciates in value by $250,000, per annum, which you can periodically refinance to pull out your equity, tax free (it’s not earned income you see, so not taxable).

If you figure that property appreciates in value by 10% per annum on AVERAGE, which means that some years it will do better, some years not so well, but over time, 10% per annum is reasonable for most of Europe, the UK, the USA and I believe most urban parts of Australia.

So in order to own a property portfolio that will appreciate by $250,000 per annum and that’s 10% then yes, you’ve guessed it, you will need $2.5million worth of property.

And before you tell me that this is impossible, let me tell you about my great friends Greg & Andy, who took £10,000 on a 0% credit card, bought property under market value, did it up a little bit, revalued, refinanced, pulled their deposit back out and went again, which enabled them to build up a £37 million (that’s pounds NOT dollars) within just 10 years.

if you visit our blog you can enjoy Greg & Andy’s very funny story.

They can pull out £3.what is even better is 7 million per annum, tax free.

Do the sums for yourself because every year, the compounding effect kicks in, and every year, their portfolio is growing exponentially, and so then is their available income every year.

One way to make money from property without even owning any (great for people without a deposit, who can’t get a morgage or who’s credit rating isn’t great) is to educate yourself about what makes a great property deal and then go and find those deals and then sell them onto investors with money but no time.

Another way is to find people who HAVE to sell, offer to buy their property at a future date at today’s full market value, then find people who can’t buy now but who can in the future (perhaps they are new to the country and haven’t built up a credit rating yet) and then strike a deal whereby the future owner moves in and rents the property, but has agreed to buy it for todays price, but in two years time. You make money from both deals and often an income at the same time. On The Money Gym blog we go into this in more depth.

There is another way to buy property - guaranteed 405 or 50% under market value. This is not an income strategy in the short term but it could certainly make you a property millionaire within five years.

I hope I’ve fired you up about the possibilities for becoming a property millionaire - there are just SO MANY ways to make money from property.

Look for Part #3 of this article to enjoy the extensive information on Lane #4.



LOGAN

Mark Coulthard asked:


The biggest problem with Internet Marketing today is the fact that there is little or no stability now days. In the past programs were started by honorable people who had genuine ideals, the problems started arising when the fad of pre launches, along with all the hype and tall stories that were told regarding the hypothetical incomes that could be made. This caused many of the seasoned marketers to jump ship and move onto another site,this would spell the death nel for a great number of these programs as the marketer would take his downline with him/her.The weakened structure would go into an ever growing spiral towardes extinction.Now days this behaviour is common place with so many new programs starting up, with about the same number of people trying to make a good living online. The adverts and the sites, still are promising “rags to riches” stories, making promises they have no chance of being able to deliver, because there is about the same number leaving the industry each day,disolusionedas there is joining, so its a loose loose situation.

 

There are some Programs out there, that are tried and true, they are there for the benifets of not only the programs owner but there are genuine incomes to be made. Most of the people attracted to these programs are the steady,solid marketers,who possibly play around with some of these short term big income programs, as a sideline but who stick with the tried and true programs for the stability they offer.They stay for the long term residual income that is prvided by them. Don’t get me wrong abouts the sort of income that can be made, there is very substantial monthly earners out there,its just that a very large number of Network Marketers out there that think or are lead to believe that all that is needed is to signup and all this promised money will start rolling in. How wrong can they be, like everything in this wourld, you get Nothing for Nothing. Its the sad truth, I for one would like to change that, but reality is reality. At the end of the day one still has to eat and sleep, if you have a family, this is more of a priority,morgages and motor cars are getting very expensive, the food prices are not dropping either.

 

So look for a steady performer,one that has been around for a while, one that is still going to be around for a good few years to come, some thing like the one listed below.

 

http:incomewitheffort.biz

 

Mark Coulthard

 

markec1946@gmail.com

 



CECIL