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.
Mortgage Help Usa
September 10th, 2009
Mortgage Help Usa
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
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Mortgage Help In Pa
September 1st, 2009
Mortgage Help In Pa
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
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National Foreclosure Relief and Notice of HUD Rights
August 17th, 2009
I have a 1 yr. lease on a fairly new home with 2 other people on the lease with me. We are in the 8th month now and we all have plans to end it after the year is up.
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.
Posted in Foreclosure, Help with mortgage, Home Loan Questions, Loss Mitigation, Mortgage Problems, Upside Down FHA Loan |
Tags: borrowers, foreclosure relief, gimmick, hud, hud foreclosure, hud loan, hud rights, landlord, legal experts, loans, Loss Mitigation, mail, mitigation guidelines, national foreclosure, national foreclosure relief, national foreclosure relief nv, notice of hud rights, professions, repayment plan, reply, solicitation, urban development, us department of urban development, yr lease |
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