Archive for the ‘Help with mortgage’ Category

Mortgage Help In Michigan

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

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Chase Mortgage Help For Homeowners

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

Government Mortgage Help For Homeowners

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