Your Questions About Mortgage

Donald asks…

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.

admin answers:

I don’t know the numbers, but it is an astronomical amount.

Carol asks…

How does a mortgage holder get out of PMI payments on their mortgage loan?

Seems to me that PMI is very costly for the home owner, especially me with a perfect credit rating and new funding source to maintain a mortgage if I lose my job (my job is very secure). Please any suggestions on how to get the PMI waived by the mortgage company.

admin answers:

PMI protects the lender in case your loan goes into default. The only way to have it removed is when you owe less than 80% of your home’s value.

Laura asks…

What is the difference between mortgage tax and property tax?

mortgage tax is the same as property tax but mortgage tax is pay to the bank because you borrow the mortgage loan?

Thank you.

admin answers:

In the USA, I don’t know of anything called a Mortgage Tax. The money you pay to the bank, because you borrowed the loan is called Interest.

William asks…

How does mortgage interest work when dealing with tax returns?

How does a mortgage work when dealing with tax returns?

Do we get back all the interest that we pay off or a certain percentage?

Please provide backup in your answer.

admin answers:

Http://www.irs.gov/publications/p936/ar02.html

Charles asks…

How does mortgage companies work when a person dies?

My mom and sister are both named on the mortgage. Payments are still being made. My mom just passed and my sister does not have a job because she was caring for our ailing mother.

admin answers:

It sounds like your sister needs to sell the house ASAP, or get herself a job to pay the mortgage, otherwise it be foreclosed.

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