Archive for the ‘Help with mortgage’ Category
Help With Mortgage
Times are tough, and banks know that better than we do. (The reason why FOURTY big banks went under between 2008 and 2009!)
All those banks hitting rock bottom started a chain of events that hasn't fully played out yet, but no doubt is in some small part responsible for you reading this page right now.
Asking for help with your Mortgage may be hard, but is always a smart move. Thousands of people every year don't ask for help, living in a state of denial that only catches up with them when the sheriff comes to evict them.
But what kinds of help is available to you? The possibilities are limitless, depending on many factors, such as the condition of your bank, the amount of equity you have built up, the local laws, the local charities, your insurance, the money you have on hand, your credit record, your willingness to relocate, and many other factors. It can be extremely confusing to know who to ask for help, and of course what kind of help you need.
Since you're here right now, we're working hard on making this page useful to you. It will list the latest news and editorials about getting help with mortgages, and anything else we think will lead you in the right direction. In short, if you're reading this, you'd be smart to read everything below on this page.
Government Mortgage Help Website
October 9th, 2009
Government Mortgage Help Website
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
If you're new around here, you might want to subscribe to our Upside-Down Mortgage RSS feed. It's quite likely the only feed of it's type on the internet!
Posted in 
Tags: 
Mortgage Help For Military Members
October 8th, 2009
Mortgage Help For Military Members
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 Indiana
September 13th, 2009
Mortgage Help Indiana
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