Laura asks…
What is a mortgage? how long does a mortgage take to payoff in the UK?
What is a mortgage? How long is a typical mortgage? Identify the different types of mortgage on offer in the United Kingdom? If you cannot keep up with mortgage repayments what can happen?
admin answers:
Why could you not look in a dictionary?
A mortgage is a loan for real estate. Typically 15 to 30 years. If you can’t make the payments the lender will repossess or foreclose on the home.
Sandra asks…
What is the best mortgage advertisment you have seen?
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?
admin answers:
If you are looking to advertise mortgage services online, try Regional Mortgages
http://www.regionalmortgages.com
Its an informational website that has a directory of local mortgage professionals. They allow for one mortgage rep per zip code.
Susan asks…
Do you still make mortgage payments while your home is on the market to sell?
My friend was selling his house and couldn’t make the mortgage payments while the house was on the market. He said the real estate agent/company would pay his mortgage while it was up for sale. Then when the house sold, they deducted it from the price of the sale. How is this done?
Also, if you don’t make any mortgage payments while the house is on the market can it go into foreclosure?
admin answers:
The real estate agent “loaned ” your friend money to make mortgage payments while the house was on the market,or during the closing period,,these payments were rightfully deducted from the net profit,if any,from the sale
Charles asks…
How do I calculate mortgage payments when buying a home from a family member?
We are thinking of purchasing a house from my father. Instead of using a mortgage broker or bank, he suggested using a lawyer to set up monthly mortgage payments directly to him. We would still buy the house, and it would be in our names, not renting. How are payments like this calculated? Also, it seems this gives us flexibility and saves us money, but isn’t as secure. What are the specific down-sides to this?
admin answers:
Go thru a Title Company for the closing and have them prepare a amoritization schedule for you …..
Ken asks…
What happens to your mortgage if you sell your home for less than you owe?
We would like to move into a bigger home. We live in a small condo that we paid a lot for. We will never get as much for it as we owe for our loan, but we have out grown it. We are not in a foreclosure situation because we are making the payments on time without a problem. If we sell our home for less than it is worth, can we add the balance of our mortgage onto the mortgage of a new home, or will we owe the bank the balance right then and there?
admin answers:
You have to pay the balance at closing otherwise the buyer’s mortgage company won’t give them a mortgage. You could try to get loan modification on your existing loan. Consider calling HUD at (800) 569-4287 and take advantage of their free financial counseling services. A good site I used to get some help can be found at http://www.credit-hub.net/loan-modification where I entered some details about my current mortgage and the company got back to me multiple loan modification proposals.
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