Second Mortgage

Foreclosures are primarily handled out of court.

The foreclosure process can take 3-14 months depending on the length of the redemption period. The typical foreclosure takes about eight months.

So what happens during pre-foreclosure period ? Court foreclosures are permitted in any sate.However, most mortgages contain a clause enabling a lender to sell a property out of court once a borrower defaults. Read the rest of this entry »

Sub prime lenders are being pretty stupid with their lending.

However, it takes two to tango. A lot of people borrowing money are being pretty stupid as well. They are jumping into loans without investigating the responsibilities and ramifications.

There are people who are getting second mortgages who do not have jobs. Read the rest of this entry »

What is the best kind of mortgage insurance here in Canada?

If you are healthy, get individual insurance rather than through your bank. Individual Insurance requires a medical exam/test, and assuming your are healthy, the insurance premiums will be considerably lower than insurance through the bank. Read the rest of this entry »

So the tax deduction on your mortgage payments or the tax waiver for profits after you sell a home?

In some states profits from the the sales of your home can be waived of taxes up to a certain amount if you live there long enough. This has nothing to do with tax deduction.

Any home where you pay a mortgage the interest is tax deductible.

Read the rest of this entry »

How to prove a mortgage payment? 

We’re about to take out a mortgage, and you can be reading about mortgage servicing fraud, where even though you send payment on time.

They cash the check but don’t update your records, then they add late fees, take out hazard insurance, send it to collection, and the whole thing snowballs from there. Read the rest of this entry »

Most people answering are getting confused.

There are two types of loans out there: Reverse Mortgages and Negative Amoritization Mortgages.

Reverse Mortgage are only for people 62 years or greater and they can be a great way to go. Increases cash flow, eliminates monthly payment. Read the rest of this entry »

Remember, if a mortgage sounds too good to be true, it can be a scam.

Lenders will always get their money out of you, no matter how sweet the terms sound.

You have to consider carefully all the ramifications of a reverse mortgage. Eventually the bank will own your home, so you have to make sure that the income will last long enough for you not to run into a problem. Read the rest of this entry »

Why would a mortgage appraiser reject to give you a second mortgage?

There are a few important questions that need to be answered to understand the role of mortgage appraiser in lending you a second mortgage.

The questions are does a mortgage appraiser have the right to reject a mortgage? Who has the right to reject a mortgage? What might be the most common reasons to reject a mortgage in addition to the condition of house?  Read the rest of this entry »

Do you know how a Mortgage Interest Deduction works?

You pay your payments for the second mortgage but do you know who really gets the “cut” everytime you send that pay cheque? It is called Mortgage Interest deductions.

So who deducts the mortgage interest paid. If you are paying a mortgage in some one else’s name then should it be on his/her tax return since the mortgage is in his/her name? Read the rest of this entry »

5 year fixed rate means the fixed rate of interest on the capital loan of the total.

After five years the interest rate will resume to the normal variable rate.

The type of mortgage taken depends on many factors like the intent of the buyers for the house. Are they planning to sell it or stay on it long term. Read the rest of this entry »