Supoose you had a fixed rate mortgage for the last two years.
And now it’s about to expire. What do you do next? Will your mortgage lender offer you a new deal or he will just change to the standard rate? Well, read on… Read the rest of this entry »
So what really is the end results when someone has there home foreclosed?
Well it normally takes about six months for a morgage company to forclose on a home. It can be sooner or later, just depends on how much of careless the creditor is?
Then within three months this will show on there credit report. It will affect the credit score as soon as it is reported to the credit bureaus. Read the rest of this entry »
Do you need to stay away from a second mortgage interest only loan?
If you have been approved for the first mortgage at a fixed rate and a second mortgage interest higher than your first mortgage. And suppose you want the second mortgage interest only loan for an investment property.
Is there a possiblity that your second mortgage payments may go up? If yes, should you go for another loan? Read the rest of this entry »
If you have your house put for foreclosure, you will still owe some money.
Suppose you are told that you will still owe to the bank the difference from the sale. So is there always a possiblity that the house will sell for less then the loan is?
More likely you will be told to do a “Deed In Lieu”, and walk away from it. You must try and call your Lender and ask for this. Read the rest of this entry »
If you allow a buyer to pay you partially with a second mortgage what are the taxes like?
Suppose you are selling a rental house and will hold a $26,000 private second mortgage for the buyers. Will the government tax you on this as money you received at the closing?
Even though it is just paper? Or will you pay captial gains on any amount above your basis only when you get the payments from the purchaser? Read the rest of this entry »
Is is really easy is it to buy a second home and get a second mortgage?
There is a possible way that you can get second mortgage. You have to prove that your first home is rented out and that you have been consistent in paying all your mortgage payments in the past.
So will the mortgage companies look at this as a hoax if you can provide a copy of the lease agreement, or will it be included in the debt to income ratio ? Read the rest of this entry »
What does it take for you to qualify for both the loans with purchase money and get a combo loan.
As far as just second mortgage is concerned, just like a home equity loan, you need to have a pretty good credit score, good income/employment history and low DTI.
The person who qualifies for a second mortgage is one that has a credit score acceptable to the lender, enough equity in the property to warrant a second and the ability to repay the loan. Read the rest of this entry »
This is the buzz all over now but sub prime housing market is still not improving.
Recently there has been much talk about the government stepping in to bail out the people who are losing htere homes do to sub prime loans. Some people have expressed their disagreement with this new step in the recent months.
With the highly unstable subprime market conditions, the government decided to bail people out when they cannot afford it. So do you think it is wrong with a government bail out? Read the rest of this entry »
Here you will know how foreclosures work and if they are risky?
Are you wondering if foreclosure is risky?
Foreclosure is what happens when a lender has not been paid and they “foreclose” on the collateral - (i.e. your home). Once the property goes into foreclosure you usually have to come up with the entire debt (entire loan amount) owed by a certain time.
Some states however, give you the opportunity to just pay what you neglected to pay before foreclosure. Read the rest of this entry »
Before taking any new loan, always ask yourself if the payments are to much for you.
If they are, then you may want to sell, and start over. If you have equity you will have some cash in hand to buy a cheaper place. If not you may want to short sell, and walk away with your cerdit saved.
If the reason your in forclosure is not because your payments are to much for you, then you have otions. Read the rest of this entry »