The question is how to refinance and get the best mortgage rates. You need to do some research into what mortgages are best for you and what mortgage rates are available. You need to compare mortgages before you decide which one is best for you.

Use the service below to compare mortgages at no cost!

Compare Mortgages is a post from: Upside Down Mortgage

Question: does champion mortgage have a bridge loan program for the $8000 tax credit?

it was recently announced hud will allow FHA-approved lenders to issue short-term loans to advance the credit amount for use in purchasing the home. does anyone know if champion mortgage has such a program? i checked with my state housing dept and they do not currently have a program set up yet. this will be for an fha loan.

Answer: I am not sure but I think it was passed on Friday (at least in Florida). I am waiting to find out myself. What state are you in? I would suggest you find a mortgage professional in your area or a trusted real estate agent and ask. I don't know how Lender Specific it will be, if they told you they are the only ones able to do it, they are misleading you. They have to be qualified to originate FHA to do a FHA loan but the 8000.00 credit is going to be across the board. The borrower has to qualify for it.

You can call email me on Monday and I will have the resourses to find out for you.
Jill
jt@firstmmc.com

First Time Home Buyer Loan, $8000 Tax Credit, FHA Low Down Payment Mortgage Assistance Program

Fha Mortgage Help Program is a post from: Upside Down Mortgage

Question: What is the pregnancy pay in the UK?

I read this piece on direct.gov.uk, and it said that pregnant women can take up to 39 weeks leave, however, you get paid 90% pay for first 6 weeks & for the next 33 weeks you get only £112.5 per week. That isn't very fair, is it? How would a single mother pay her mortgage at that rate? I'm not sure if this is the way it works.

Answer: hi
i work for NHS. this is what my hospital policy says,
you need to check with your employer for their policy, but it should not be very different

Eligibility and Entitlements for Maternity Leave
3.1.1 All employees are entitled to 39 weeks ordinary maternity leave (OML),
regardless of length of service.
3.1.2 Employees who intend to return to work1 after maternity leave are entitled to
take a period of additional (unpaid) maternity leave (AML) of up to 13 weeks.
They are therefore entitled to up 52 weeks maternity leave (39 weeks OML,
13 weeks AML).
Eligibility and Entitlements for Maternity Pay
3.2.1 There are two types of maternity pay as follows:
− Occupational Maternity Pay
− Statutory Maternity Pay
Entitlements to these will be dependent on a number of factors, including
length of service and intention to return to work after maternity leave. The
differences are outlined below.
Occupational and Statutory Maternity Pay and Maternity Allowance pay
periods can start on any day of the week aligning maternity leave and pay
start dates.
Please also refer to section 3.7 “Temporary Staff”.
3.2.2 Occupational Maternity Pay
Employees who have completed 12 months continuous service with the
Trust or another NHS employer at the beginning of the 11th week before
their Expected Week of Confinement (EWC)2, i.e. the 29th week of
pregnancy, may be entitled to the following:
− 8 weeks full pay (inclusive of Statutory Maternity Pay)
− 18 weeks half pay plus Statutory Maternity Pay (if half pay plus SMP or
Maternity Allowance exceeds full pay then half pay will be reduced
accordingly)
− 13 weeks statutory maternity pay or maternity allowance
Statutory Maternity Pay is paid at the rate of 90% of earnings for the first 6
weeks followed by a lower set rate for the remaining 33 weeks3
In order to qualify for occupational maternity pay, the employee must:
− Follow the procedure as set out in section 3.3
− Continue to be employed by Wrightington, Wigan & Leigh NHS Trust at
the 11th week before the EWC
− State on the application form their intention to return to work for the Trust
or other NHS Employer for a period of three months following the period
of maternity leave
− State on the application form the provisional date she intends to return to
work
3.2.3 Statutory Maternity Pay
Employees who have been employed by the Trust for at least 26 weeks
into the qualifying week (15th week prior to the EWC) will only receive
Statutory Maternity Pay.
The entitlement to Statutory Maternity Pay is provisional on their average
weekly earnings being above the lower earnings limit for National Insurance
purposes.
Statutory Maternity Pay is payable for a period of 39 weeks. It is paid at the
rate of 90% of earnings for the first 6 weeks followed by a lower set rate for
the remaining 33 weeks2.
If earnings are less than £100 per week, the rate of Statutory Maternity Pay
will be 90% of earnings for the full 39 weeks.
3.2.4 Calculating Full Pay
For the purposes of Occupational Maternity Pay, full pay is calculated on the
basis of your average weekly earnings over the 8 week period leading up to
the last pay day before the end of the 15th week before the expected week of
confinement. This will includes leads, allowances, overtime and
enhancements.
All payments that are taken into account for National Insurance contributions
are included in this calculation. Half pay is half the amount of full pay as
calculated above.
3.2.5 At no time will the combination of Occupational Maternity Pay and Statutory
Maternity Pay exceed the employee’s normal average weekly pay.

Hope this helps

How To Find Help For Your Mortgage Repayment

Mortgage Help Direct Gov Uk is a post from: Upside Down Mortgage

Question: I want to refinance from a balloon to a 15 year fixed rate mortgage?

I live in Saginaw, Michigan.
The house is supposed to be worth $95k.
I still owe $68k.
I refinanced already twice and didn't have to pay PMI because the first mortgage was a VA loan.
Will I have to pay PMI this time, and what lender should I choose?
The balloon mortgage is due in september 2010.

Answer: You only pay PMI when you are borrowing more than 80% of what you appraisal comes in at. If your house really is worth $95,000, you could borrow up to $76,000 without PMI.

Town Hall Meeting Livonia | Facing the Mortgage Crisis | Detroit Public TV | Michigan Radio

Mortgage Help In Michigan is a post from: Upside Down Mortgage

Question: If a Citizen can't make pay mortgage, will our Gov give the same helping hand given to Bear Stearns?

Chase only paid about $236 million for a multi billion dollar company. Chase got the corporate headquarters for nothing, but it is valued at a billion dollars.

The rest of the Bear Stearns debt, billions, taxpayers will be paying.

Why is the Bush governmet always bailing out corp "risk/moral hazard", when this risk also applies to defaulting homeowners who may have no place else to live?

Answer: Great question!! I will venture to answer it, but mind you it is my opinion and not an authoritative response!!

I believe the Bush Admin. is worried about 2 things. The first being the Bush "legacy" and second, the Bush "legacy".

Nothing this current administration has or hasn't done, benefits the people of the US. Bush and most Republicans believe Corporate USA drives the economy, so they try to help Corporate USA before they help the people.

In the Bear Stearns situation, their collapse would have properly corrected the financial markets. Too much of what these current markets are based on is speculation and creative lending to boost the bottomline. The markets need to correct on their own and self regulate. The free markets are now controlled by the Government. Not good!! Today's market run up is a good example. The speculators are out in full force speculating whether or not the fed will cut the rates more. Is that free market or government control?????

The fed should have come out with a statement indicating they are going to let the markets run their course and encourage lending houses to renegotiate loans close to or in default. A free bail out is not the option for consumers or businesses. It just teaches us how to be irresponsible.

No wonder why the US has debt!!!

DEBTORS REVOLT- CHASE HOME FINANCE

Chase Mortgage Help For Homeowners is a post from: Upside Down Mortgage

Question: Why doesn't the government just pay off everyone's mortgage?

It would not only bail out the banks but also the homeowners.
Everyone's balance sheet would turn their debt into equity.
The money actually pays off the debt instead of vaporizing into a margin call. The current bailout plan just wipes out $700 billion with little or no benefit and we have to still pay off the mortgage debt.
Real Estate could be sold at reasonable prices and still produce a profit for the owners.
Banks would be flush with cash and the credit markets would be liquid again.
It's time the politicians made an investment in the American people and not just wall street fat cats.
The cost could be amortized over 30 years at the lowest interest rates ever.
The economy would receive a massive injection of capital that would create jobs and spur economic growth.

Don't support the wall street bailout without paying off homeowner debts. It is time for the government to stop rewarding those who created the problem and start investing in the people of this nation.

Answer: Personal responsibility went out the window when we all became victims of a banking system gone wrong. Most of us pay ontime, all the time, but are in the spot now of owing more than homes are worth. Paying off everyone's mortgages would 1) certianly stop foreclosures, 2) allow housing prices to reset to better match our (lower) current income rates (since so many jobs have been shipped overseas) without crippling the existing responsible mortgage payers with depbt beyond their house value, and 3) get the bulk of Americans back in the role of being good, spendy consumers. High holiday retail sales, anyone? But the real question is why isn't anyone putting this on the table? I'd really like to know.

Mortgage Help: Talk is Cheap

Government Mortgage Help For Homeowners is a post from: Upside Down Mortgage

Question: How can someone with medium income buy a house in Southcentral CT?

Ok I am a first time home buyer, I have lived here for almost 4 years and just finally started to build my credit. The score is good, but my history is quite short. To the point I can hardly get a credit card. Anyhow, we are interested in buying a house here in the New Haven - Milford area but the houses are sky high in prices. We need a 3 bedroom and nothing decen goes less than 220K if not 250K. How in the world can someone with 40K income pull that off? This is very unmotivating. Will I be forced to rent for my life? I cannot afford a 1600 mortgage or more. The taxes are also ridiculous! But we really want to live in this area as I have a good job.

Answer: I know how you feel. Prices up here in NH are ridiculous too. If you want a really nice house with 3 + bedrooms that isn't older than dirt and is in a really nice area, you have to expect to pay AT LEAST $260,000 and UP. It's really hard for people like my husband and I who aren't rich and don't make tons of money per year. (I'm in social services and my hubby is self-employed, need I say more? lol). We just have come to realize that we're going to have to settle for a slight older home that may not be in the best area. We're just looking hard to find the best one that needs the least work and has room to add on to in the future, for when, if ever we have the money to do it. Also, look for foreclosure homes, we're doing that as well. Good luck!
We currently own a townhouse (our first home) that we're selling right now. We got it for really cheap three years ago and now are going to make a good profit off of it. So maybe that's something you could do - buy the cheapest townhouse/condo you can find, live there for a few years, and then sell it for a profit. That's what we're doing. We'll use our profit as a downpayment for a new single family house with some extra money for us and repairs.

7133 Waterford Ct Longmont Co FSBO Help With Listing - Drive by Only - Longmont Mortgage Help Expert

Mortgage Help In Ct is a post from: Upside Down Mortgage

President Obamas “Making Home Affordable” plan will save millions of homeowners a lot of money, their home from being lost, or both. Many benefits are now available through new mortgage refinancing and modification programs thanks to over $75 billion in Government funding. Here is how you can use this stimulus for yourself.

Right now, cash incentives are being given to mortgage lenders and banks who follow the Obama administrations guidelines and help homeowners. This help will come in the form of mortgage refinancing and modification. The thinking behind this mortgage bailout is that no matter what the economy or housing market is like, if a homeowner can afford their monthly loan payments, they will make them. To accomplish this, many benefits are now available to homeowners, some of the biggest ones are:

-Monthly mortgage payments must not be more than 31% of a homeowners gross monthly income. This includes home fees, insurance, and other costs.

-Mortgage rates can be lowered to as low as 2%. This will dramatically decrease a homeowners monthly mortgage payments.

-Homeowners with bad credit and other financial problems, including upside down mortgages, can still get approved for home loan help.

-There will be no closing costs or fees for homeowners who use this plan for mortgage refinancing or modification.

This program is designed to lower the foreclosure rate, and will help has the ability to help millions of people. This is because the government will provide cash incentives to mortgage lenders and banks every time they approve and help a homeowner according to the Obama administrations guidelines. This means that getting help with a home loan is now easier than it ever has been before, for homeowners in all types of situations.

If you are a homeowner who needs to lower your monthly payments, avoid foreclosure, or both, use this program for yourself. Contact your mortgage lender or bank and ask how Obamas stimulus can help you save your home and a whole lot of money. Take action before your problems get worse.

About the Author:

I have been underwriting mortgages for years. Recently, I got into a new business but I still wish to share my advice, tips, and industry inside happenings of the mortgage refinancing industry.
For more articles on Mortgage Refinance check out my website

Source - New Mortgage Refinance and Modification Guidelines from Obamas Stimulus

Tax Credit for First Time Home Buyer Mortgage, $8000 Government Assistance Program for Home Finance

New Mortgage Help From Government is a post from: Upside Down Mortgage

The recession has affected large and small businesses and people. Already struggling with additional responsibilities and lack of sustained source of income, single mothers have been the worst hit by this recessionary market. As if the pain of losing their job was not enough those having home loan mortgage have faced much harder time repaying their loan installments. As they fail to pay the home mortgage installments many of the single mothers become delinquent mortgagor and gradually run a risk of losing their home.

But there is a way out for the single mothers to save their homes from foreclosure. Buoyed by the support from Obama Government, Home Loan Modification has come up as the single most important tool for single mothers who want to stop foreclosure on her home. But most people don’t even know Home Loan Modification existed until recently.

Why Home Loan Modification ?
Home Loan modification helps people save their homes from foreclosure by lowering the terms of their home loan to affordable levels. Here are the ways Home Loan Modification helps struggling home owners:
•Lowering the loan interest rate
•Reducing the higher installments / monthly payments
•reducing the principal balance
•Changing the adjustable rate mortgage to fixed rate mortgage
•Increasing the loan term to decrease the monthly payment
•Any combination of the above.

How to Home Loan Modification Works ?
To do Home Loan Modification, one needs to prove to the lender that he or she is facing financial hardship. This is done by sending a Financial hardship Letter to your lender. It explains to your lender why you are in financial trouble and requests a specific remedy to help you through the crisis. Lenders would rather modify your loan than foreclose your home.  But to get the best deal out of your home loan modification you need to bargain hard with your lender. There are many Home Loan Modification Assistance companies which claim to get you the best deal but a Lawyer based firm would be the best bet as they have the required legal expertise to fight for your case.

You don’t need to worry about Home Loan Modification because it will not hurt your credit. In order to obtain a loan modification, you don’t really need to have good credit.

What is the Right Time to go for Home Loan Modification ?
You can go for Home Loan modification even if you are already in foreclosure. You should go for home loan modification as soon as you have received a notice of default if not earlier. If you have made up you mind then now a days can be the best time to get a Home Loan Modification, especially after the passing of the President’s Making Home Affordable plan.

About the Author:

For more informaton of Home loan Modification, Home Loan Modification for Single Mothers, loan modification, home loan modification process, home loan modification help visit at http://www.cdloanmod.com/home-loan-modification

Source - Home Loan Modification Made simple for Single Mothers

Pauley Perrette : Help Somebody

Mortgage Help Single Mothers is a post from: Upside Down Mortgage

Question: Government or a company pays all or part of seniors mortgage and then own the house when you die?

ive heard of such a program that pays your monthly mortage but then owns your house when you die, not your heirs. is there such thing? and if so can i have some more info like a phone number or website? thanks

Answer: It's called a reverse mortgage. A loan company or bank will pay money that is the value of the house. When the owner dies, the company sells the house to recover the money plus profit.

Mortgage Problems Explained

Government Mortgage Help Website is a post from: Upside Down Mortgage

Question: Are there any programs under the new Homeowner Affordability Act to assist military members after a PCS?

If a member of the armed services is forced to move due to PCS, is there any relief for them if their mortgage is underwater or they are unable to sell their home? So far, all I've found are programs for "owner-occupied" properties, but what about those who can't occupy their own home due to a forced, government move?

Answer: Here's some information on the homeowners assitance program through the DOD which should help once you sell or are foreclosed on - not before. But with this program you could sell your house for less than you owe or take a loss and the government would repay part of it. This was just for BRAC but it was recently expanded.

http://hap.usace.army.mil/homepage.html

Bush Fled House Arrest-US Military to Charge Bush with High Treason after election 5m17s-8m15s

Mortgage Help For Military Members is a post from: Upside Down Mortgage

Question: where can i get a loan to buy a house after filing chapter 7 bankruptcy?

I live in Indiana, I'm filing chapter 7 bankruptcy, found another home I would love to buy, and that I can actually afford this time! I've been told that it is possible to buy a house even one day after disclosure, does anyone know of a mortgage company that will do this?

Answer: I am a loan officer that specialized in providing mortgages for people with recent bankruptcies (0 - 36 months from discharge).

There are actually many loan programs that do not require any waiting period after a bankruptcy discharges. However, these programs have other guidelines that make getting a mortgage right after the discharge very difficult.

Here is what you need for most home loan programs that have no waiting period after a bankruptcy discharges:

1. Bankruptcy must be discharged.

2. Twelve months worth of verifiable rent or mortgage payment history (I do have several programs that do not need this).

3. Two credit scores over 600.

4. Credit history - usually one account with 24 months and two with six months history. They have late payment history but they cannot have been charged off, included in the bankruptcy or sent to collections.

5. Income sufficient to pay the mortgage and your other bills.

Even if you can meet the five conditions listed above often you still will not be able to be approved for a loan. Funding a home loan after bankruptcy is like reaching safe ground after walking through a mine field. So please, do not be over confident because you meet these conditions and only use an experienced loan officer that specializes in this type of loan.

Reverse Mortgages in Hamilton County, Indiana, Indianapolis, Noblesville, Carmel, Fishers, Westfield

Mortgage Help Indiana is a post from: Upside Down Mortgage

Question: How much mortgage debt is there in the USA?

Given all the worries about credit in this country, and subprime mortgages, I was curious as to what the entire amount of home mortgage debt is. There are about 110 million households in the country, with 70% of them owned residences. Let's say there are 75 million owned homes. Not all have mortgages, but if 70 million do, and the average mortgage amount on such homes is $200,000, that comes out to a scary $14 TRILLION of mortgage debt in the USA. If just 2% default, the amount of bad home loans is $280 billion. It could obviously be much higher.

Does anyone know what total mortgage debt is per household and in total? This is a real problem that could damage the economy.

Answer: I don't know the numbers, but it is an astronomical amount.

Money Minute: More Mortgage Help

Mortgage Help Usa is a post from: Upside Down Mortgage

Question: Hello, I am shopping for a mortgage for an investment property in PA.?

I would like to know:
1. Are there differences in rates between mortgages for primary living and investments? what are they?
2. What is the best rate for investments right now for fixed with 0 points?
3. What could be the hidden charges that I need to be aware of or to ask about?
Thanks!

Answer: 1. Yes, there are different rates between primary and investment properties. What they are depends on the lender, but they are always higher than primaries. Generally, the maximum LTV on investment properties is 90%, so you'll need 10% down. This will also depend on your credit.

2. You sure you want a fixed rate on an investment property? Most people I deal with that are looking for investment properties are looking for the low teaser rate to maximize profits, knowing they'll have to refinance in 2 years. As far as what the best rate is, there's no way to tell you based on the information you gave us.

3. RESPA requires that all charges be disclosed on a Good Faith Estimate within 3 days of application. In addition, all charges must be disclosed on the HUD settlement form at closing.

Help we need a mortgage loan

Mortgage Help In Pa is a post from: Upside Down Mortgage

Last week, and just today, we received in the mail a notice titled "Notice of HUD Rights" from a company called National Foreclosure Relief based in NV (addressed to the landlord/homeowner). At first, I thought this was some type of solicitation and threw the first one away. It states that the notice is not an attempt to collect a debt but that the time to enter into a repayment plan is running out.

On the back is states:
"As of Jan. 19, 2001, the US. Department of Urban Development mandated that all borrowers who had loans governed by their loss mitigation guidelines be informed as to their rights to repayment programs."...

The Homeowners have other properties they manage/lease aside from working in separate professions. I am almost certain that if a foreclosure is of concern then they would know about it.

My question is that if there is a foreclosure, do they have to give us a month notice or can they simply tell us to leave at any time? The agency would not tell me anything but instead tried to get me to go to a website and pay 29.95 to get information from 'legal experts' who could tell me what my options were. It all sounds like a gimmick to me. Can anyone clarify this for us?

Also, my question is do we have a right to know if there is a foreclosure, and do they have to give us a month notice or can they simply tell us to leave at any time? The agency would not tell me anything but instead tried to get me to go to a website and pay 29.95 to get information from 'legal experts' who could tell me what my options were. It all sounds like a gimmick to me. Can anyone clarify this for us? Thank you

Thanks in advance.

National Foreclosure Relief and Notice of HUD Rights is a post from: Upside Down Mortgage

He's gonna call me back tomorrow, but until then I just want to know what charge off means in mortgage term.

What is a mortgage charge off? is a post from: Upside Down Mortgage

Question: What about housing stimulus package for homes not held by Fredie Mac and Fannie May?

I have an adjustable mortgage and want to avail refinancing to current low rate. My mortgager is selling me an FHA loan instead pending appraisal. I have not defaulted till date and do not know what to do. My home unfortunately is not held by the FM's. Had it been the case I would have been able to avail the "housing stimulus package". Any advise would be appreciated.

Answer: If you qualify to refinance on an FHA loan you should not need to utilize a program that is specifically designed for people who can not refinance because they are upside down on their loan.
If the appraisal comes back and you owe more than what your home is worth you may be able to get the current lender to agree to modify your loan using the new Fannie/Freddie guidelines.

Stimulus Offers NO Homeowner Help! What?

Mortgage Help From Stimulus Package is a post from: Upside Down Mortgage

Buy The Truth About Your Bad Home Loan

The Truth About Your Bad Home Loan is a post from: Upside Down Mortgage

Buy How to Use a Short Sale to Stop Home Foreclosure and Protect Your Finances

How to Use a Short Sale to Stop Home Foreclosure is a post from: Upside Down Mortgage

Can you buy a home if you owe your ex spouse money for child support? is a post from: Upside Down Mortgage