Mar
12
What happens to the second mortgage when the first mortgage forecloses?
Filed Under Renting & Real Estate | Leave a Comment
Painted Jezebel asked:
I am going through a foreclosure on my first mortgage, what are my options with dealing with the second mortgage? Any legitimate websites with guides for dealing with the aftermath of foreclosure would also be appreciated.
TOMMIE
I am going through a foreclosure on my first mortgage, what are my options with dealing with the second mortgage? Any legitimate websites with guides for dealing with the aftermath of foreclosure would also be appreciated.
TOMMIE
Mar
9
Forclosure Sales: Boom or Bust?
Filed Under Real Estate | Leave a Comment
Scott Baxter asked:
Now that banks are having to repossess homes from delinquent mortgagors, some buyers are asking, “should I buy a bank owned property”? Even with years of real estate experience and knowledge, the best answer here is still: “It depends.” Shopping around and knowing the particulars of each sale are still vital as they can vary widely from one house to the next. Arming yourself with some basic information on these types of transactions should also help to give you an idea of the risks and potential gains involved.
SHOP AROUND
Bank-owned or REO (real estate owned) properties can vary in condition from damaged to excellent, and be priced properly (at market) or be a great value. You just need to shop around. I have some clients that have found absolute gems priced 10% to 20% below market.
Even after you shop around though, there’s still a fair amount of risk involved in buying this kind of property. Most of the homes in this category are sold in “AS-IS” condition. In some cases, you won’t even be able to inspect the house before you buy it. Banks won’t make repairs or be held liable for damages, mold or the like so be prepared to sign lots of addendums exonerating them from any responsibility after the sale. Also the bank tends to place a per diem clause that may cost you $100 per day if you’re late in closing.
If you’re prepared to accept these conditions, I say “Make an offer” and see what happens. Basically, there are three types of foreclosure sales:
AUCTION
This is the riskiest way to purchase bank-owned property, but can also net the greatest financial gain. Some estimates say 25% off the original purchase price is common. If you want to play the auction game, you’ll have to pay cash and you’ll have to forego any kind of inspection. Auctioned homes are truly “AS-IS.” There is also no way to avoid the fact that you are profiting from someone else’s misfortune with this option. People who are losing their homes may refuse to move out or may damage the property in anger
SHORT SALE
This isn’t really a foreclosure sale, but a sale the homeowner makes in order to ward off foreclosure and do some damage control. Also known as pre-foreclosure, this is when you buy from a homeowner before the bank intervenes. You can inspect the house before you buy when you go this route, but be warned - many of these deals are stalled or squashed by the banks before they’re closed.
REO
This is when you buy a foreclosure from a real estate company. REO presents the least risk of all three options. You have clear title, right to inspect and can get your financing in line first. You won’t get as great a deal as you could by buying at an auction but for many buyers, the reduced headache is well worth it.
One thing I can say for certain: banks NEVER want to own these REO properties, they just want to lend money and collect mortgage payments. When a property becomes bank owned, it’s because the borrower has forced the bank to foreclose, that is it. What this usually means for buyers is a clear chance to purchase a home from a very willing seller.
DONOVAN
Now that banks are having to repossess homes from delinquent mortgagors, some buyers are asking, “should I buy a bank owned property”? Even with years of real estate experience and knowledge, the best answer here is still: “It depends.” Shopping around and knowing the particulars of each sale are still vital as they can vary widely from one house to the next. Arming yourself with some basic information on these types of transactions should also help to give you an idea of the risks and potential gains involved.
SHOP AROUND
Bank-owned or REO (real estate owned) properties can vary in condition from damaged to excellent, and be priced properly (at market) or be a great value. You just need to shop around. I have some clients that have found absolute gems priced 10% to 20% below market.
Even after you shop around though, there’s still a fair amount of risk involved in buying this kind of property. Most of the homes in this category are sold in “AS-IS” condition. In some cases, you won’t even be able to inspect the house before you buy it. Banks won’t make repairs or be held liable for damages, mold or the like so be prepared to sign lots of addendums exonerating them from any responsibility after the sale. Also the bank tends to place a per diem clause that may cost you $100 per day if you’re late in closing.
If you’re prepared to accept these conditions, I say “Make an offer” and see what happens. Basically, there are three types of foreclosure sales:
AUCTION
This is the riskiest way to purchase bank-owned property, but can also net the greatest financial gain. Some estimates say 25% off the original purchase price is common. If you want to play the auction game, you’ll have to pay cash and you’ll have to forego any kind of inspection. Auctioned homes are truly “AS-IS.” There is also no way to avoid the fact that you are profiting from someone else’s misfortune with this option. People who are losing their homes may refuse to move out or may damage the property in anger
SHORT SALE
This isn’t really a foreclosure sale, but a sale the homeowner makes in order to ward off foreclosure and do some damage control. Also known as pre-foreclosure, this is when you buy from a homeowner before the bank intervenes. You can inspect the house before you buy when you go this route, but be warned - many of these deals are stalled or squashed by the banks before they’re closed.
REO
This is when you buy a foreclosure from a real estate company. REO presents the least risk of all three options. You have clear title, right to inspect and can get your financing in line first. You won’t get as great a deal as you could by buying at an auction but for many buyers, the reduced headache is well worth it.
One thing I can say for certain: banks NEVER want to own these REO properties, they just want to lend money and collect mortgage payments. When a property becomes bank owned, it’s because the borrower has forced the bank to foreclose, that is it. What this usually means for buyers is a clear chance to purchase a home from a very willing seller.
DONOVAN
Mar
8
How often do mortgage comapnies use the 4506 t form to very info. Always or hardly ever when buying a home?
Filed Under Renting & Real Estate | 1 Comment
james w asked:
If you provide the mortgage company with all the requested info do they typically follow up on that. Does it vary from company to company or is it a common practice for them to execute the 4506t form. Also, has anyone everheard of first choice mortgage in charlotte? Any thoughts on them?
ANDRE
If you provide the mortgage company with all the requested info do they typically follow up on that. Does it vary from company to company or is it a common practice for them to execute the 4506t form. Also, has anyone everheard of first choice mortgage in charlotte? Any thoughts on them?
ANDRE
Mar
7
How does reworking a mortgage affect my credit score?
Filed Under Renting & Real Estate | 2 Comments
Greatone76 asked:
I could use the help of potentially reworking my mortgage to be more affordable. It is possible for me to get by without doing so. If I do call my mortgage holder and rework my mortgage for a reduced interest rate or reduced principle how does that affect my credit score?
RICH
I could use the help of potentially reworking my mortgage to be more affordable. It is possible for me to get by without doing so. If I do call my mortgage holder and rework my mortgage for a reduced interest rate or reduced principle how does that affect my credit score?
RICH
Mar
6
What is the differences between all these different mortgage terms?
Filed Under Personal Finance | 3 Comments
Cindy16 asked:
I am looking into different mortgage.
Get very confused by so many different kinds of them.
What are the differences?
I am looking into different mortgage.
Get very confused by so many different kinds of them.
What are the differences?
If we are planning to get a 300K mortgage, and planning to stay in the house for at least 5 years.
What mortgage might be good for us?
30yr fix
5/1
7/1
why there is 5/1 ARM?? What is the different between all these?
thank u
ROBERT
Mar
2
What is the best mortgage advertisment you have seen?
Filed Under Search Engine Optimization | 2 Comments
Mike asked:
I am a Mortgage Broker looking for some good ideas for advertising. What is the funiest or best mortgage ad anyone has seen? Any loan officers out there with any creative new ideas?
RAPHAEL
I am a Mortgage Broker looking for some good ideas for advertising. What is the funiest or best mortgage ad anyone has seen? Any loan officers out there with any creative new ideas?
RAPHAEL
Mar
2
What happens to a real mortgage when a debtor files for bankruptcy?
Filed Under Law & Ethics | 2 Comments
JV asked:
I’m a creditor whose debt is secured by a real mortgage. I’ve received recently a notice that the debtor has filed for bankruptcy under chapter 7 of the US Bankruptcy code. What will happen to both my loan and my mortgage? Will I be enjoined from foreclosing the mortgage? The insolvent debtor by the way is an individual, not a corporation. Please prvide legal basis.
I’m a creditor whose debt is secured by a real mortgage. I’ve received recently a notice that the debtor has filed for bankruptcy under chapter 7 of the US Bankruptcy code. What will happen to both my loan and my mortgage? Will I be enjoined from foreclosing the mortgage? The insolvent debtor by the way is an individual, not a corporation. Please prvide legal basis.
Thank you. 
CURTIS
Feb
28
Income Protection Could Save You Struggling Due To A Lost Income
Filed Under Finance | Leave a Comment
Simon Burgess asked:
If you were to lose you income due to suffering from an illness, if you were to have an accident or should be made unemployed by no fault of your own by such as being made redundant, then you could be left seriously struggling to find the money to carry on paying your essential outgoings. However there is a safety net which, providing you have checked the exclusion, could give you a replacement income - income protection.
It is imperative that you check the exclusions before buying income protection cover because the products do have exclusions which stop you from being eligible to make a claim. Some typical ones include if you are in part time employment, are of retirement age, suffer a pre-existing medical condition or are self-employed. Providers can put other exclusions in the small print so it is essential that you do check to make sure a policy would be suitable for your circumstances.
Providing it is, then income protection can be bought much cheaper with a standalone specialist provider, the insurance does vary greatly from lender to lender so you have to get several quotes and compare them. When looking for protection you need to not only compare the quotes but also look for the best cover that offers the least exclusions. Also check to make sure that cover will backdate to the first day you come out of work and that you will not have to pay any excess when you claim. If possible you should also check to make sure the provider is qualified to sell the cover and has had experience in selling payment protection products.
A good quality income protection policy will begin to payout from between day 31 and 90 and would then continue to payout between 12 and 24 months. The payout will be tax free and will give you the money so that you can continue living your lifestyle without many changes being made and would continue to pay your essential outgoings. The premium for income cover will depend on how much cover you want, you can usually cover up to a certain amount of your monthly income and this is stated at the outset. It will also depend on your age at the time of taking out the cover.
Income protection can benefit anyone who is not covered for health benefits by their workplace or who fear their savings would quickly dwindle if they were to rely on them in the event of becoming unable to work. But you do have to check to make sure you would be eligible to claim. Luckily an independent standalone provider should give you access to the exclusions which means that you would be able to make an informed decision after reading the exclusions and so have peace of mind that you be able to make a claim. Along with offering the key facts all ethical specialists should give free advice regarding the products they sell and provide a FAQs page which answers a variety of general questions.
RANDALL
If you were to lose you income due to suffering from an illness, if you were to have an accident or should be made unemployed by no fault of your own by such as being made redundant, then you could be left seriously struggling to find the money to carry on paying your essential outgoings. However there is a safety net which, providing you have checked the exclusion, could give you a replacement income - income protection.
It is imperative that you check the exclusions before buying income protection cover because the products do have exclusions which stop you from being eligible to make a claim. Some typical ones include if you are in part time employment, are of retirement age, suffer a pre-existing medical condition or are self-employed. Providers can put other exclusions in the small print so it is essential that you do check to make sure a policy would be suitable for your circumstances.
Providing it is, then income protection can be bought much cheaper with a standalone specialist provider, the insurance does vary greatly from lender to lender so you have to get several quotes and compare them. When looking for protection you need to not only compare the quotes but also look for the best cover that offers the least exclusions. Also check to make sure that cover will backdate to the first day you come out of work and that you will not have to pay any excess when you claim. If possible you should also check to make sure the provider is qualified to sell the cover and has had experience in selling payment protection products.
A good quality income protection policy will begin to payout from between day 31 and 90 and would then continue to payout between 12 and 24 months. The payout will be tax free and will give you the money so that you can continue living your lifestyle without many changes being made and would continue to pay your essential outgoings. The premium for income cover will depend on how much cover you want, you can usually cover up to a certain amount of your monthly income and this is stated at the outset. It will also depend on your age at the time of taking out the cover.
Income protection can benefit anyone who is not covered for health benefits by their workplace or who fear their savings would quickly dwindle if they were to rely on them in the event of becoming unable to work. But you do have to check to make sure you would be eligible to claim. Luckily an independent standalone provider should give you access to the exclusions which means that you would be able to make an informed decision after reading the exclusions and so have peace of mind that you be able to make a claim. Along with offering the key facts all ethical specialists should give free advice regarding the products they sell and provide a FAQs page which answers a variety of general questions.
RANDALL
Feb
28
What happens to a second mortgage when a home is purchased at a foreclosure auction?
Filed Under Renting & Real Estate | 5 Comments
buad0118 asked:
I am going to bid on a house at foreclosure and it has a 1st mortgage of $280K and a second of $70K. The lender on the first two mortgages is Decision One Mortgage. The lender at foreclosure is Countrywide. Does this mean that if I buy this house at foreclosure that I will own additional money to the second mortgage or just the first mortgage and back taxes?
GERARDO
I am going to bid on a house at foreclosure and it has a 1st mortgage of $280K and a second of $70K. The lender on the first two mortgages is Decision One Mortgage. The lender at foreclosure is Countrywide. Does this mean that if I buy this house at foreclosure that I will own additional money to the second mortgage or just the first mortgage and back taxes?
GERARDO
Feb
28
Real Estate FAQ
Filed Under Real Estate | Leave a Comment
realestatebase asked:
!!. Serious Genuine Financial Aid Needed.!!?
I am Adam, 27, a Singapore citizen. Does anyone anybody with a good soul here volunteer a personal loan/sponsorship to an individual person? I wanted to set up a small F&B franchise store within Singapore and I needed a capital. I am…
$1,000,000 homes not considered luxury anymore?
It seems the flea market in New York and California own homes that only start at $700k (There are cheaper ones, but they’re awful). I penny-pinching, how much would it cost to just mortgage another 300k? If the platform prices start…
$25,000, Business?? What would you do??
If you had 25k saved up and looked-for to start your own business. What kind of things would like to do? What are your planning?
$40,000 or $60,000 mortgage, pmt. one and only change $50/mo., why?
I think my mortgage co. is giving me the runaround. If I borrow $40,000 my pmt. is $370/mo., if I borrow $60,000 my pmt. is $420/mo. If I get < $50,000 they want me to...
What’s it close to to move out on your own? ?
I’m only fourteen years old and this have been worrying me. I only own four more years of being careless surrounded by my living situation. I was wondering what a good plan would be, when do…
How much would i be looking to money to rent a 2/3 bedroom house contained by West London?
Failing that, how do i go give or take a few getting a morgage or what ever to buy a place.?
Ghosts” should landlords / estate agents make clear to you / inform you”?
?should landlords / estate agents ell you / inform you?if people have died contained by the property? Do I have the write to end a contract if I own not been…
ATTENTION PLEASE HELP.IM BUYING A HOUSE..sooo?
can anyone anywhere tell me what make the interest rate go up and down ? presently it is 6.000 i live in virginia..it convoy 9 2008..and will it go up or down contained by the nexy few weeks..im…
Bush to outline aid to mortgage holders.. Can this be true?
Is Bush in actual fact doing something for the american race in our borders? Will he succeed at this latest errand?
Douglas Hernberg-Advantage Florida Mortgage would approaching to know how long the feed will preserve rates low?
Douglas Hernberg-Advantage Florida Mortgage would like to know how long the fed will keep hold of rates low?
Good Faith Funds held contained by escrow given put a bet on if no board approval?
If I have 10% of the final mart price of a co-op held in escrow while I’m waiting for board approval on a co-op purchase, and the board, for doesn`t matter…
GoogleCash-2 is it reliable?
I could use some extra money. How it works? what I have to do? Google should be reliable- what do you say?
how do i riddle out apartment applications?
hi i am looking at the kohner properites apartments how do you fill out at hand aparment applications?
Income Qualifications Apply?
What does it stingy when an apartment complex say that income certificate apply? I assumed for a while that it intended you have to kind ABOVE a particular amount, but I talk to one apartment who required that you fashion BELOW a indubitable amount. …
One Easy Fee loan broker contained by San Diego I have a fruitless experience and believe in attendance are likley to be others.
let me know what happen and maybe I can help out
something more or less that look,when you stare?
Tell me what comes to mind when you here that title? im a poet and merely looking for what comes to a folks mind when they here this.
Sorry No Pets, Smokers Or H/B?
i just saw an advert for a flat and at the bottom it said Sorry No Pets, Smokers Or H/B. what does No H/B mean?
used solely for the erection of single inherited residences propose within a work of restrictions for subdivision lot
Have closely contained by a subdivision and one of the restrictions is lots shall be used solely for the erection of single relations residences does it niggardly you enjoy to build…
When do relations buy homes the most?
Is nearby a unique month(s) that race tend to purchase homes (actual houses) the most? I could assume but is in attendance some documented information roughly this? Whats your guess?
Wilshire Home Design?
Theres a long story behind this, but this house: http://www.newenglandmoves.com/viewDetai… have the term Wilshire Design contained by the description. Does anyone have any hypothesis what this is, or where I could find it?
(a) Rent a center im renting a sony vaio laptop , but im wanting a untried one ..?
is there any method possible i could turn the sony vaio in, && attain a toshiba, however the amount i have payed on the sony vaio would it be…
(a)Question needed hurried!?
OK I need some simple answers for these questions lol. These are question about millsberry.com Again SIMPLE answers! Also list your mills username! 1. Who wrote the mills gazette articleGROCERY SHOPPING MADE EASY? 2.General Mills market several well-known brands, including…. List at least 3…
(electricity bill) Is this gala?
I live in a house with 3 other family, and when the electricity bill came one of the housemates felt it be unfair for her to pay the full amount, because she have been staying with her boyfriend for days gone by couple…
(If you own a house) How much do you annually repay for your house taxes, insurance and keeping?
I know it depends on the value of your house, I just want to do some estimation.
(In the UK) I never signed an inventory on the flat I rent, when I move out could this basis problems?
When we moved in there be only one item of furniture (a kettle, which apparently counts as ’some white goods’) and the place was contained by good…
(UK) once my landlady have served spot to quit our habitation (she’s selling up)?
Can we leave at any time minus giving her any notice?
(UK) one narrative mortgage - what are the catch??
My husband wants us to take out a one rationalization mortgage. He reckons that you put your savings and income contained by there, your mortgage shrinks, say, to 3 years - later your house is completely paid off and…
(UK) why is my innkeeper asking me for my prospective different landlords details?
surely this is none of her business? She says she needs this within order to return our deposit? I have told her I am not at nouns to supply third party details to…
every tabloid step on in the region of the housing crash but how much enjoy prices fallin within london?
hi all the papers are allways going on about how much the housing souk has crashed but how much has it really crashed by surrounded by london not the…
Eviction In Los Angeles, CA?
My rent for March 2008 is 1289.00 which I paid 1000.00 due to wage garnishment. I placed the money order within a sealed envelope and placed it in the tenant mailbox. Five days later I received the money order wager on from…
More Real Estate Q&A Please visit : Real-Estate-Base.com
GUY
!!. Serious Genuine Financial Aid Needed.!!?
I am Adam, 27, a Singapore citizen. Does anyone anybody with a good soul here volunteer a personal loan/sponsorship to an individual person? I wanted to set up a small F&B franchise store within Singapore and I needed a capital. I am…
$1,000,000 homes not considered luxury anymore?
It seems the flea market in New York and California own homes that only start at $700k (There are cheaper ones, but they’re awful). I penny-pinching, how much would it cost to just mortgage another 300k? If the platform prices start…
$25,000, Business?? What would you do??
If you had 25k saved up and looked-for to start your own business. What kind of things would like to do? What are your planning?
$40,000 or $60,000 mortgage, pmt. one and only change $50/mo., why?
I think my mortgage co. is giving me the runaround. If I borrow $40,000 my pmt. is $370/mo., if I borrow $60,000 my pmt. is $420/mo. If I get < $50,000 they want me to...
What’s it close to to move out on your own? ?
I’m only fourteen years old and this have been worrying me. I only own four more years of being careless surrounded by my living situation. I was wondering what a good plan would be, when do…
How much would i be looking to money to rent a 2/3 bedroom house contained by West London?
Failing that, how do i go give or take a few getting a morgage or what ever to buy a place.?
Ghosts” should landlords / estate agents make clear to you / inform you”?
?should landlords / estate agents ell you / inform you?if people have died contained by the property? Do I have the write to end a contract if I own not been…
ATTENTION PLEASE HELP.IM BUYING A HOUSE..sooo?
can anyone anywhere tell me what make the interest rate go up and down ? presently it is 6.000 i live in virginia..it convoy 9 2008..and will it go up or down contained by the nexy few weeks..im…
Bush to outline aid to mortgage holders.. Can this be true?
Is Bush in actual fact doing something for the american race in our borders? Will he succeed at this latest errand?
Douglas Hernberg-Advantage Florida Mortgage would approaching to know how long the feed will preserve rates low?
Douglas Hernberg-Advantage Florida Mortgage would like to know how long the fed will keep hold of rates low?
Good Faith Funds held contained by escrow given put a bet on if no board approval?
If I have 10% of the final mart price of a co-op held in escrow while I’m waiting for board approval on a co-op purchase, and the board, for doesn`t matter…
GoogleCash-2 is it reliable?
I could use some extra money. How it works? what I have to do? Google should be reliable- what do you say?
how do i riddle out apartment applications?
hi i am looking at the kohner properites apartments how do you fill out at hand aparment applications?
Income Qualifications Apply?
What does it stingy when an apartment complex say that income certificate apply? I assumed for a while that it intended you have to kind ABOVE a particular amount, but I talk to one apartment who required that you fashion BELOW a indubitable amount. …
One Easy Fee loan broker contained by San Diego I have a fruitless experience and believe in attendance are likley to be others.
let me know what happen and maybe I can help out
something more or less that look,when you stare?
Tell me what comes to mind when you here that title? im a poet and merely looking for what comes to a folks mind when they here this.
Sorry No Pets, Smokers Or H/B?
i just saw an advert for a flat and at the bottom it said Sorry No Pets, Smokers Or H/B. what does No H/B mean?
used solely for the erection of single inherited residences propose within a work of restrictions for subdivision lot
Have closely contained by a subdivision and one of the restrictions is lots shall be used solely for the erection of single relations residences does it niggardly you enjoy to build…
When do relations buy homes the most?
Is nearby a unique month(s) that race tend to purchase homes (actual houses) the most? I could assume but is in attendance some documented information roughly this? Whats your guess?
Wilshire Home Design?
Theres a long story behind this, but this house: http://www.newenglandmoves.com/viewDetai… have the term Wilshire Design contained by the description. Does anyone have any hypothesis what this is, or where I could find it?
(a) Rent a center im renting a sony vaio laptop , but im wanting a untried one ..?
is there any method possible i could turn the sony vaio in, && attain a toshiba, however the amount i have payed on the sony vaio would it be…
(a)Question needed hurried!?
OK I need some simple answers for these questions lol. These are question about millsberry.com Again SIMPLE answers! Also list your mills username! 1. Who wrote the mills gazette articleGROCERY SHOPPING MADE EASY? 2.General Mills market several well-known brands, including…. List at least 3…
(electricity bill) Is this gala?
I live in a house with 3 other family, and when the electricity bill came one of the housemates felt it be unfair for her to pay the full amount, because she have been staying with her boyfriend for days gone by couple…
(If you own a house) How much do you annually repay for your house taxes, insurance and keeping?
I know it depends on the value of your house, I just want to do some estimation.
(In the UK) I never signed an inventory on the flat I rent, when I move out could this basis problems?
When we moved in there be only one item of furniture (a kettle, which apparently counts as ’some white goods’) and the place was contained by good…
(UK) once my landlady have served spot to quit our habitation (she’s selling up)?
Can we leave at any time minus giving her any notice?
(UK) one narrative mortgage - what are the catch??
My husband wants us to take out a one rationalization mortgage. He reckons that you put your savings and income contained by there, your mortgage shrinks, say, to 3 years - later your house is completely paid off and…
(UK) why is my innkeeper asking me for my prospective different landlords details?
surely this is none of her business? She says she needs this within order to return our deposit? I have told her I am not at nouns to supply third party details to…
every tabloid step on in the region of the housing crash but how much enjoy prices fallin within london?
hi all the papers are allways going on about how much the housing souk has crashed but how much has it really crashed by surrounded by london not the…
Eviction In Los Angeles, CA?
My rent for March 2008 is 1289.00 which I paid 1000.00 due to wage garnishment. I placed the money order within a sealed envelope and placed it in the tenant mailbox. Five days later I received the money order wager on from…
More Real Estate Q&A Please visit : Real-Estate-Base.com
GUY