Your Questions About Check My Mortgage Loan

George asks…

Getting a home loan with low credit score?

My aunt has owned a home for the last 10 years, just
recently she was in a very bad situation where she got
behind on her mortgage. She is now caught up and in
good standing but her credit check doesn’t show this.
How long until it shows up and how soon will her credit
score begin to increase? Also her score is very low
around 550. Is there any chance she would be able
to get a new home loan? We are trying to get her into
a smaller home. Thanks

admin answers:

See if she can find a co-signer with good credit…620 is the number needed to get home loan i think

Chris asks…

How do I bring a mortgage current?

My house is going to be auctioned from foreclosure tomorrow. My boss said he might be able to give me a loan to bring it current. How do I find out how much it’s behind and will that be the exact amount to send a check to the lender? This is in CA and I have a hard time getting info and help from the lender don’t know what to do.

admin answers:

Call the lender and ask what you owe. Then pay that amount.

Robert asks…

I have joint mortgage and my husband filed chapter 7 and included the mortgage do I still own my house?

we just checked his credit report and it states that he owes 0 dollars because the mortgage was included in the bankruptcy .When we checked my credit I owe the house mortgage as it has been. Am I the only responsible person for the loan or is did I lose my house due to his bankruptcy.

admin answers:

Are you making your mortgage payments? Since your husband was discharged you now owe the debt. If you are making the payments then you are not in default, therefore you did not loose the house. You would know because you would get be getting either sued for foreclosure if judicial and non-judicial you would get a notice of default.

Steven asks…

What is automated mortgage underwriting ? When is it done?

Is automated underwriting started when I first apply for the loan? Do you know of anyone who has been denied during underwriting. My credit already has been check, submitted all paper work and now I am in underwriting.

admin answers:

I haven’t heard of an automated underwriter before but traditionally, underwriting won’t begin until you’ve put an offer on a home and completed inspection successfully – essentially when you are under contract. You can’t be underwritten without an appraisal done by the bank on the home you plan to purchase. If you haven’t already, you’ll need to provide paystubs (they may ask for more recent ones if it’s been a while since you originally were pre-approved) and tax returns. The bank will confirm employment status and may re-check your credit to confirm nothing now shows as negative. This process can take 2-4 weeks.

Carol asks…

Can Wells Fargo tell if I cash a check?

We are in the middle of a loan modification and have received money from my husband’s annuity. Our mortgage company is Wells Fargo and the annuity check is from Wells Fargo. Will they know if we cash the check?
I know they will see when the check is cashed, but will they be able to use it against us in our modification? We didn’t plan on depositing the money into an account.
I know they will see when the check is cashed, but will they be able to use it against us in our modification? We didn’t plan on depositing the money into an account.

admin answers:

Of course they will. How would they not be able to?

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Your Questions About Check My Mortgage Interest

John asks…

Home loan modification denied…?

Mortgage Co stated I did not make enough money, can you believe this? My 1200.00 month ( just interest) Mortgage was approved, but making it more affordable for me is not possible…I just do not understand this hope and change from the government. Does anyone know what the next step should be? My Mortgage Co. is CHASE, there is no second on the property and the value now is less then what the first is. Any suggestions out there? The 1200.00 is half of my monthly income…I feel lost! To make it more complicated friends told me not to make the payments and now I am 7 months behind! Living pay check to pay check suck. Is there an answer?

admin answers:

I have to say it your friend advised you correctly as with your income that eventually you will not be able to make your house payment in the future. You can always appeal this is discsion and I would advise not to pay them a dime in the mean time. I was able to get a loan modification but with lots of Research and follow up the process took a year.
There is a non-profit site called I used and swear by it and dig around there is a section for Chase in the Forum that has contact number for Chase upper management.

Laura asks…

Looking to buy a house in 1 year, what should I do with the money I am socking away?

I currently have my money in my checking account. Obviously, the return on interest is minimal. I am looking to save up 40K, I have about 10K now. I’m 27M, Single, No Kids, No Wife, No current mortgage. No car payment, no credit card debt. 780+ Credit score. I work as a 1099 contracted employee doing general construction / IT work for medical field.

admin answers:

I would put it in the highest interest FDIC insured account you can find. When we were saving for a house we used a savings account with ING direct. There account gave a higher rate than a CD at the time and we could access it whenever we needed it. Eg If you saw the house you had to have tomorrow.

Betty asks…

Should I report my mortgage broker to better business bureau?

I dont understand why my broker didnt lock my rate when I recieve the contract my rate was 9.87 I told him I agree, and lock it. He didnt want to at the time because he said he was still shopping for a better rate. A month went by and the rate went up a little so i ask him to lock so it wont go up again he never did it. now just a few days away from closing he called me, and said that I need to come up with $ 4500 to bring down my interest rate or I wont be qualified for the loan because the rates went really high, and also if my credit score goes one point down I wont be qualified, the only reason my credit went down from the time he check it because he had submitted my info to more then one bank. Right know I feel that my back is against the wall, I have no choice but to come up with the money, I believe he scam me, he knew exactly what he was doing. Will my complaint to BBB will help me get this guy out of business

admin answers:

In some states you have to have a license to be a mortgage broker. If you are in one of those states you should report him to the state and to the BBB.

Susan asks…

How many hard credit checks count as one?

Is is true that any hard credit checks done within a 15 day period count as only one? If so, can you provide any references?

I ask because I’m preparing myself to buy a home and am researching which mortgage lender will provide the lowest interest rate. And I was thinking, I’d try and get several pre-approval letters from different lenders/banks. But if it’s going to hurt my credit score, then probably not a good idea!

admin answers:

Actually it’s 30-days and they all count as 1.

FICO knows when people are trying to get approved for either a vehicle or home loan so they will all show on your credit but your score only takes 1 hit.

Sharon asks…

How is this a conflict of interest?

My husband and I recently purchased our first home. We are currently going through the loan process (haven’t closed yet). My father is our Realtor. Instead of taking the commission he would make he is going to give it to us to go towards our down payment. He has to fill out a Gift Letter (to make sure he isn’t actually loaning us the money). Now the processor at our Mortgage Company just called and said it is a conflict of interest for him to give us the gift check. I’m curious. I understand why they are looking at it this way but I’m just wondering what a Realtor could do that would somehow manipulate the system in a situation like this. Obviously we are not doing anything underhanded, I’m just wondering how there could actually be a conflict of interest.

admin answers:

FHA prohibits any interested parties to the transaction from giving the gift.
“Interested parties” are anyone who stand to profit from the transaction. That includes the lender, seller, appraiser, and realtors — even if they are related to you!
There are a thousand ways the system could have been manipulated for them to come up with this rule. Seller could have increased the purchase price by 3% and given the difference to the seller. If they only limited sellers, seller could have increased the purchase price by 3% and given 9% commission to the realtor for the realtor to give to the seller. Etc.
All of this leads to overinflated home prices and buyers with homes that they weren’t qualified to buy.
Sorry your lender didn’t tell you all this ahead of time. Your loan officer shouldn’t have even given that to the processor.

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Your Questions About Check My Mortgage Balance

Ruth asks…

Will I be approved for a mortgage?

I was given a mortgage in principle for £112,000. I have now made an offer for a house, and only need to borrow £104,000.

However, Im worried given the economic climate. Also I know they now have to do even further credit checks, and 5 years ago I had several late and missed payments on my credit report. However it has been perfect since then, except one late payment in the whole 5 years. I also have applied for several credit cards over the period (around 6), to juggle the interest-free promotions they give, but now only have 2. They all have £0 balances, and I have no other debts, but I’m worried the constant ‘footprint’ put on my file would have affected my chances.

The survey, I’m certain will be fine, as the house is fairly undervalued, due to them needing a quick sell.

Do you think I will be approved? Or is there a chance it could all fall through? As I am set to lose solicitor and survey fees if so.


admin answers:

In principle means they did a credit check first, the same happened to me as something came up but was soon rectified as I wanted to know how much I could borrow.

Carol asks…

Question about my bank statements for home loan?

I am about to apply for my first home loan. The house is only 59000 and I’ve been gifted the down payment and closing cost by GA Dream. My middle score is about a 680 now and I have a steady employment history with a good paying job. So as you can see I do meet all requirements. My only concern right now is my bank statement. I have NEVER had a overdraft, NEVER been late on my rent, and all my bills are up to date. I deposit my check every week but my ending balance for a few days are below 100, but never overdrafted. I’m transferring $2k next week from my school refund and I plan on writing a short letter to the underwriter explaining circumstances with me paying my tuition and books out of pocket a month ago. Do you think the underwriter will approve with these circumstances? I will show him I am paying incredibly too much (800 a month for a two bedroom apt) so I will not have a problem paying a $300-$400 mortgage. Opinions and answers are welcomed!! Thank you so much!
To Equality: If you read and comprehended it well, it stated that I will be having that money gifted, therefore I wont be coming out my pocket except for my appraisor and such (only about $500). Other fees, closing costs, and down payment will be paid through other sources. And $400 a month and property tax and insurance have already been calculated. I have my things correct on this end, I just asked about my bank statements. Thanks!

admin answers:

If there is an excess amount of funds added to your account, then you would need to write a letter of explanation explaining where the funds came from and the circumstances under which you received them.

The funds would have to be from a legitimate source. It might would be a good idea before, you cashed the check you might would want to take a picture of the check. Include this copy with your letter of explanation.

What are your normal balances in this checking account. The lender would be looking for stability in your account. There might be some reserve problems as lenders would like a few months in your checking or savings account that would equal your monthly mortgage payment.

I hope this has been of some benefit to you, good luck.


Nancy asks…


Specifically my dad. We don’t get along at all basically because I’m flat broke due to HIS DEBT!!
We had a MAJOR argument yesterday, and he even threatened me that he was gonna slap me, but I flat out told him to try, and I wouldn’t hesitate to call the cops in a heartbeat. I’m 22yrs old, laid off work now, so I get alittle unemployment, and basically I’ve decided to move to a different state, and start anew, go to school, and get a job there.
My dad, now all of a sudden, wants to show interest in my life. Like he’s researching what school I’ll be going to, what city I can move to, etc.. I DO NOT NEED HIS EFFING HELP. I’ve already figured out where what school Im going to, and in what city.

I told him flat out, that he should’ve shown his concern, when I was working full time, graveyard shift, to help HIM pay the bills and his EFFING MORTGAGE! I’ve been working full time since I was 18yrs old, and I have zero savings now that I’m laid off.. why?? Because my dad had my debit card, and used it whenever he felt like it. The only time I got my card back was when it was close to being in negative balance.

I wouldn’t feel so negative towards my dad about the money, if he didn’t end up losing our house to foreclosure, even when I helped with the mortgage!! Basically all of my check went towards that!! Also, we didn’t lose the house because we didn’t have any money, but because of his stupidity that he didn’t pay the bills on time! And because of his stupidity, the house got sold in a short sale, I had given my parents a $5k down payment for the house, that went down the drain, and he filed a lawsuit against the bank and mortgage company, which is costing us additional money, because the expenses aren’t cheap.

Am I wrong to effing hate him at this point in my life? He’s practically ruined my life. I quit school because I could never concentrate in class due to my parents financial troubles, helped them out fully with whatever I earned, only for them to lose it all sooo easily!

The fact that Im even moving to a different state is to get the eff away from my dad, I want no influence of him in my life. I did tell him this. His response was “Fine, eff off.”

The main reason why I hate him is because he’s pretty much lost everything my mom and I worked soo hard for, and yet for some reason, he still thinks that he has a say in my life, and what happens in our household. Like, are your effing serious!?

If I had known that he was pretty much throw the money that I had earned and saved down the drain like that, I would’ve spent it on me, bought college supplies, and basically not given a damn about my parents. My own mother blamed me for quitting school! Had I known that after all I’ve done for them, that I would be blamed and not acknowledged for helping them out, I would have not given a damn about them.

Even tho Im broke, I plan on moving out in about 2 weeks. I don’t care if I have to go live in a homeless shelter but I’m done. I seriously hate my father for ruining my life. I was basically a paycheck to them, thats all. He wants to show his concern now, well he can take it and shove it.

How do I deal with them for the next 2 weeks, things are pretty awkward (I’m not talking to either of them)…any advice?

admin answers:

You should have never been put in that position. I am sorry that you were. Two weeks, just do a count down. Stay busy, maybe out of the house. Good luck on rebuilding your life.

Sandy asks…

can i be sued for gift money?

so my wife and i bought a house and was given money from her dad. he signed a legal document gift letter to the mortgage company and also noted the check as GIFT. after the house was bought we had a huge fight and we paid half the amount back. now he is threatening to sue for the rest of the money, put a lien on the house (although his name is not on anything for the house), and also charge us interest. we told him we would pay him back but he continues to send us threatening emails. can he legally sue for the remaining balance even though he signed the gift letter and noted the check to us as a GIFT?

admin answers:

He can not.

If he tries your just respond to the court asking for a dismissal and submit a copy of that gift declaration.

Jenny asks…

When i can see change on my credit score?

Hi.I start my loan modification 2 years ago and my agent say if i stop pay my mortgage my loan modification can be done faster.I know this gonna probably afect my credit score,but i lost my job and i realy dont care about my credit history i just want save my house.So i stop pay my mortgage.Last year i got job offer,but i must buy pickup truck.When i ask for car loan ,dealer said i have some negative unpaid balance(aroun 10K) on my credit.I check my credit report and i see i owe 10K dollars to BofAmerica for unpaid mortgage.But i got that car loan without any trouble.Finaly after two years and my trial payment done i got permanent modification and that money what i dont paid ,bank just added to my loan.I pay now my new mortgage payment and i just need the know when i can see some change on my credit score.Bank said they gonna start from next month report my payment as current.And i pay last month all my credit card under 30% .When i can see some changes on my credit score?

admin answers:

It depends on the agency (i.e. Equifax, Transunion, Experion, etc.) and other things. As a general rule, credit scores are based upon a weighted history over the current and various number-of-months periods. Don’t expect much change for a while or any significant change for at least 6-12 months, assuming you stay current.

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I’m Almost Ready To Buy A Home, What Should I Do?

Well, the first thing you should do before you shop for your new home is to get a copy of your credit report and credit score! You can obtain a copy of your credit report and score from one or all of the three credit bureaus: TransUnion, P.O. Box 2000, Chester, PA. 19022,800-888-4213,; Equifax, P.O. Box 740256, Atlanta, GA. 30374, 877-784-2528 ,; Experian, P.O. Box 2104, Allen, TX. 75013, 888-397-3742 ,

You may even consider ordering a three in one credit report to see what each credit bureau is reporting about you.

You’ll want to review your credit report for any potential problems that will need to be cleared up before you start shopping for your home. You don’t want any surprises when you complete your home loan application. So, it’s important to be proactive about getting your credit report first!

After you have secured your credit report, the next step for you to consider when preparing to purchase a home is to get pre-approved for your home loan. That’s right, get pre-approved for your home loan not pre-qualified, there’s a big difference! Getting pre-approved for your home loan means that you have obtained approval from your chosen lender to pay a certain amount for the home you are about to purchase.

Basically, pre-approval means you already have your money for your home purchase and have the ability to negotiate a better deal with the seller because you have the funds to purchase quickly. A pre-qualification doesn’t have much clout, because you have not secured approval of your home loan from a lender. A pre-qualification is that you may qualify for a home loan. So, do your research and secure pre-approval of your home loan from a lender of your choice before you start shopping for your home!

As you look for your home, you may want to choose a buyer’s agent to represent you for your home purchase. Remember, the sellers agent represents the seller and not you the buyer! That means that whatever offers you make or whatever you tell the sellers agent for the most part must be relayed to the seller. For example, if you tell the sellers agent that you could pay up to $200,000 for a particular property but relay a bid of $180,000 directly to the agent for the seller, the agent usually has a duty to tell the seller that you would pay up to $200,000 for their property. This would leave you with no room for further negotiations of the purchase price to the seller.

So, consider getting your own buyer’s agent that will represent your interests for the home you are trying to purchase. Consider getting a buyer’s agent that will split or get a portion of the real estate commission for the home sell with the sellers agent so you’re not stuck paying a commission fee directly.

If you’re interested in purchasing a brand new home, it is recommended that you have your own buyer’s agent representing your own interests and not the agent who represents the builder! In most cases, you will find that the terms of the contract for the purchase of the new home presented by the builder’s agent, is one sided and may not protect your interest! So, get an agent that will represent you for your new home purchase. You will find that you may have a better peace of mind during the purchase of your home.

Buying a home is probably the most expensive purchase you’ll make in your lifetime. It’s also one of your bigger investments for your future. So, it’s important that you do your research before you buy and take precautions that will make your home purchase easy going, less stressful and carefree! So go ahead, get started on your home purchase today!

Nocita Carter is a writer that designs websites providing informative tips at finance tips & dating tips

How To Get The Most From Mortgage Brokers

Finding a home loan is a big deal. A home loan is going to be one of the biggest debts a person will incur in their lifetime. That is why it deserves special attention. Almost any advice a person gets on finding a home loan will include the tip to shop around for the best rates. That is because the interest rate on such a large loan, like a home loan, can cost hundred of thousands of dollars. It is not cheap to finance a home purchase. One way to get the best home loan rates is to try using a mortgage broker.

A mortgage broker is someone who searches for home loans for the home buyer. The broker is basically an insider in the industry. This means they have access to special deals and financing offers that the home buyer may not have otherwise been able to find. Additionally, they often have good relationships with lenders and can negotiate good deals for a home buyer.

A mortgage broker is going to be able to help a home buyer by finding them the best deals. Additionally, they are going to save the home buyer time because they are going to be doing the searching and all the major work in finding the home loan.

The broker is going to be able to also pre-qualify buyers. What this means is the home buyer gives their information to the broker and the broker can fill in pre-applications with different lenders. They can secure lending for the buyer and all the buyer needs to do is finalize once they accept the deal.

A mortgage broker can be set up exclusively to find a home buyer their mortgage or they can be used to just find good deals to offer the home buyer so they can look into them further.

Home buyers have the option of using multiple brokers if they want. This is a great way to really find the best deals and is especially useful for people who are going to have a hard time getting approved. The brokers often know who will lend to those with bad credit or other situations that make securing a loan difficult.

Mortgage brokers work independently and sometimes directly for lenders. It can help to know which kind of broker the home buyer is using. A broker that works for a specific lender is not going to search around for different lenders, but rather just search their lending institutions options.

Mortgage brokers can be found in a variety of places. A person can find them by calling lending institutions. They can find then right in the yellow pages or they can do an online search for mortgage brokers.

Using a mortgage broker is a great way to get the best home buying experience. A broker can simplify the process and elevate a lot of stress. They can also help to speed things up and make things move along quicker. A mortgage broker is well worth looking into when searching for a home loan.

James Copper is a writer for where you can get information on mortgage brokers

Home Loan Modifications and Your Credit Score

A Home Loan Modification can help you stop foreclosure and stay in your home. But if you’re like most homeowners, you’re probably wondering how it will affect your credit, and whether in a good or bad way. Unfortunately, there’s no single answer—it all depends on how far behind you are and the kind of mortgage loan modification you’ll be granted.

Best-case scenarios

Technically, since you’re not borrowing any money, a home loan modification won’t hurt your credit score. If you’re paying less in interest, you have a smaller debt burden. And since most lenders prefer an interest rate reduction, there’s a pretty good chance that a Home loan modification will improve your credit score.

The implications are even better if your lender forgives part of the principal, although this is less common. If they write off $50,000 from your loan amount, it will show up on your report as a smaller loan, which can increase your credit score.

The lender factor

Unfortunately, it doesn’t always happen that way. It also depends on how your lender reports the home loan modification to the credit bureaus. Many of them will consider it paid for less than the original amount owed, which will count against your score. If you’re already in foreclosure, the impact on your credit can be substantial. Of course, compared to a short sale or a foreclosure, a Mortgage Loan Modification is still the best way to maintain your credit standing.

Tax implications

One of the early problems with Loan modification is that the amount forgiven is usually taxable. That means if your debt is reduced by $50,000, the IRS views it as income and imposes the corresponding tax. This can catch homeowners off guard during tax season, as many of them don’t know the tax implications at the time of the modification.

To avoid such incidents, the IRS announced in 2007 that Loan modification would no longer be classified as “prohibited transactions.” This applied to all loans originated from January 2004 to July 2007, the peak of the sub-prime boom, and those due to adjust from January 2009 to July 2012. If your mortgage falls under these categories, you won’t have to file a 1099 declaring the change as taxable.

A loan modification is much like going to court: you can save your money and get a court-appointed lawyer, or you can invest in professional representation and get the best mortgage assistance. Your loss mitigation won’t happen overnight, but if with a capable Loan Modification Attorney, you can be sure you’re in good hands.

Loan modification Department helps you legally change the terms of your mortgage so that you can pay it off better But you can’t expect lenders to make it easy. In fact, many homeowners fail to reach a reasonable settlement with their lenders, and even those who do have to settle for less-than-satisfactory setups.That’s where your loan modification attorney comes in.

Have You Lost Your Home to Foreclosure? Buying a Home is Still a Possibility

The dire headlines coming fast and furious in the financial and popular press suggest that the housing crisis is intensifying. The real estate market is a key sector contributing to the economic downturn in the U.S. economy. Millions of homeowners have lost homes and face ruined credit ratings due to bank foreclosures. Yet, this fact remains: you can buy a home after foreclosure.

Without a doubt, loss of a home is one of the most traumatic experiences that any homeowner will ever face. Foreclosure is the conclusion of a very stressful and emotional financial period in one’s life.

The foreclosure may not have been completely your fault. The road that led to you losing your home to the bank may have been caused by any number of reasons loss of employment, a life-altering event, buying more home than you could afford, or simply that you just had the wrong loan product from a lender. The reason itself does not matter. The fact is this foreclosure has changed your life. The process of foreclosure has caused you embarrassment, financial strain, anxiety, frustration, and a bad credit debt.

Now you must begin a long road to financial recovery. Any hopes of buying a home in the near future have disappeared, unless you have enough cash to do so.

Banks and mortgage companies will be of little or no help to you, once they see the foreclosure on you credit report. Keep in mind that a foreclosure stays on your credit report for ten years. Most traditional lenders will not even consider offering a home loan to you for the first several years after your foreclosure. They will inform you that you must wait until enough time has passed, in their opinion, and that you have improved and maintained an acceptable credit rating to their standards.

When the time finally comes that one of these traditional lenders will offer you a home loan, it more than likely will be at a premium interest rate and will include funding points. These points are bank fees (one point equals 1% of the loan amount).

This is not good news for those of you trying to get back into homeownership. The loan offer may result in you paying much more than otherwise needed for a home either in up-front closing costs or over the life of the loan itself. Thus, you may be forced to settle for a lesser priced home in order to afford the total loan payment that is being offered by the lender.

Wait. You do have other choices to live in the home you want. One option is to become a renter and begin paying a monthly fee to a owner. You may also consider a Lease Option agreement as a viable alternative if you must rent. Many real estate agents and homeowners trying to sell their homes could present this opportunity to you to get into the home.

Before you agree to either of these options, consider these details in making your decision.

As a tenant entering into a rental agreement with a landlord you will be required to provide the landlord a security deposit, as well as the first and last months rent. This usually amounts to a considerable sum of up-front money at a time when you’re already financially stressed.

In addition to that financial hardship, at the conclusion of your rental agreement you will be left with nothing. You will have no interest in the property and no equity growth. A method to purchase now with no more up-front money than if you rented a home. Your landlord has paid down his mortgage and your landlord has enjoyed a certain amount of equity growth on his property.

If you choose to enter into a lease option agreement with a seller, keep in mind that two agreements are being made at the same time.

The first agreement will be a lease between you and the owner of the property. This agreement makes you the tenant while the seller of the property becomes your landlord. You will be required to make monthly rental payments to the landlord, which may or may not have any deposit credit value (a percentage of the monthly rent payment to be applied to your deposit funds if you opt to purchase the property at the end of the lease). And you will most likely be required to place a security deposit with the landlord and pay him the first and last months rent in advance, as with a typical lease agreement.

The second agreement in a lease-option is the purchase agreement. This agreement will define the option date, price and terms to purchase the property from the landlord. The agreement will convert you from tenant to buyer, and the landlord to seller. The price for the property will have already been predetermined by the seller with you at the time of the original agreement to lease with the option to purchase the property.

The downside to this is that the seller wanted to sell the property originally at a price competitive with market values at the point in time when the agreement is made. By agreeing to lease the property to you with an option to purchase at a later point in time, he will expect you to pay a higher price based on anticipated equity growth for the property. You will also be required to make a full deposit prior to closing, and obtain the balance of the funds by the closing date in order to close on the property.

This simply means that since you have a foreclosure on you credit history you will most likely be required to make a 20% deposit, and to have improved your credit rating sufficiently in order to qualify with a lender for a mortgage loan. If you qualify for the loan you will finally start homeownership and home equity growth once again for you and your family.

The cost of regaining this position is one to three years of rental expense, a down payment of possibly 20% of the purchase price, any loan fees required by the lender to grant and fund the loan, and most importantly paying one to three years of equity growth more for the home.

What if there was another way to get into a home right now? A way, that allows you to start gaining home equity immediately? A way, that starts to rebuild your credit? A way to buy now with no more money up-front than if you rented a property?

Don’t run away from the problem. Face it head on and get back into home ownership reasonably and for not much more than what you would pay to rent a home.

Above all, be realistic. Don’t fall in love with a home you can’t afford. You may convince yourself that if you scrimp and tighten your belt, you can afford it. If you do that, you may put yourself at risk. Buy the home you can afford now and if you’re able later on, you can “trade up” when you can afford a larger house.

Don’t plan other big purchases or other big ticket items right away unless absolutely necessary. Build an “emergency fund” into your budget. Put a little away each month for the unexpected. That way when the car needs repair or the house needs a new roof you won’t be tempted to reallocate funds from existing financial responsibilities.

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Mortgage Lenders Face Repossession

Britain’s financial regulator has warned that more than one million families in the UK risk losing their homes in the next 18 months as a result of the global credit crunch.

With large mortgages and debts on the increase, the news that banks are becoming increasingly wary of lending money will see many people financially stretched to breaking point; especially those who are coming out of a fixed-rate term on their home loan and are now unable to switch to a cheaper deal.

The Financial Services Authority (FSA) have released figures showing that nearly one-fifth of people who took out a mortgage between April 2005 and September 2007, which equates to just over one million people, are at risk of having their home repossessed. This number does include people who took out their first home loan and those who re-mortgaged from one deal to another.

The FSA warn that this group of people qualify for having two or more of the ‘high-risk’ factors they have drawn up for people who borrowed during a time when property prices were on the increase.

The criteria outlined for meeting these ‘high-risk’ factors are people that put down a deposit of 10 per cent or less on a home, those who took out a mortgage for 25 years or longer, or people borrowing more than 3.5 times their annual salary. The FSA have identified around 150,000 borrowers who share all three of these factors and have advised that these are the people most at risk of having their homes reclaimed.

The last time figures for repossessions were at a record high was 1991, but the total then was only 75,540, half of what has been estimated this time round, according to the Council of Mortgage Lenders (CML).

They confirmed that the number of homes repossessed by mortgage lenders had risen by an astonishing 21 per cent during 2007 and were the highest figures since 1999. On top of this, the number of borrowers who found themselves at least thee months in arrears on mortgage repayments had also risen by 8.6 per cent to 129,800.

The CML argued that the rise in the number of people struggling with mortgage related debts had followed three base rate rises in the first half of 2007 and a stricter outlook on lending criteria caused by the credit crunch.

They also claim that despite the repossession figures being at their worst for some years, they are better than forecast by the industry, down 10 per cent. This represents less than one in 400 of the 11.8 million mortgages in Britain.

Of the other 900,000 or so homeowners identified at being at risk by the FSA, they are said to be facing ‘financial difficulty’, which may include repossession, but could also involve simply missing a monthly repayment, or payment of a bill.

Head of financial strategy and risk at the FSA, Lyndon Nelson warned, “It may not be mortgages which tip people over the edge, other debts such as personal loans, credit cards and overdrafts could cause the problems.”

Phil Benson is an author of several articles pertaining to Mortgages. He is known for his expertise on the subject and on other Business and Finance related articles.

Easy Home Loans

These days its fact that its not hard to get home loans. Either its home equity loan or its mortgage loan and availability of easy home equity loans is in full bloom. These loans are uncomplicated, tenable, easily available, very flexible and tailor-made for homeowners. The best part about all this is that almost every loan lending or financial institution offers them.

Most home buyers have to borrow money in order to purchase their home. Few have enough money sitting in the bank, or in other easily saleable assets, to pay the entire cost of the home at once. (Even those few who do have enough money usually find it financially advantageous – perhaps for extra tax relief — to borrow some of the money.) The home loans they receive is called a mortgage. Generally, a mortgage is a loan of money to the home owner secured by a “lien” on the real estate.

Own house is the dream of every person. For a middle class person, it is considered as a life time achievement as it requires quite a huge amount of money. Banks play a pivotal role in fulfilling this basic need. The products they offer and the services they provide are of immense use to people who intend to have their own house. For a safe and beneficial home loan, proper awareness over the products, policies, terms and conditions of the bank is most important as ignorance may result in more payments to the bank in terms of principal and interest components.

A mortgage is a security document that allows the borrower to keep title of the property while using the property as security or collateral for a loan. The lender then places a lien on the property in the event the owner does not pay the agreed payment. When the borrower pays off the loan, the lender gives the borrower a satisfaction of mortgage that removes the lien from the property. About half the states in the U.S. use mortgage foreclosure as the means of satisfying the loan balance.

Mortgage allows investors to pool money in a trust to lend to individuals and companies. They secure their borrowing by a mortgage over residential or commercial properties. The trust collects the interest paid on these loans and then distributes the interest, less charges, as income to investors.

Borrowers should bear in mind that there are two different kinds of mortgage points-discount points and origination points-and that lenders do not all charge the same amount for these different types of points. Discount points refer to an amount of money paid to a lender to obtain a loan at a specific interest rate. These points are like pre-paid interest on a loan that a borrower takes out for a new home, with each point equalling to 1% of the total principal amount of the loan. Origination points are used to pay for the costs of obtaining the loan in the first place. They are much less popular than discount points, as they do not provide borrowers with any valuable benefits and are not tax deductible. Borrowers are therefore better off trying to get a loan that does not require them to acquire these kinds of points.

He is an expert home loans and mortgage loans consultant.

The Common-Sense Mortgage : How to Cut the Cost of Home Ownership by $50,000 or More

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The Common-Sense Mortgage : How to Cut the Cost of Home Ownership by $50,000 or More