Help with mortgage!?
hello – i have been a home owner for 5 yrs and now need to remortage as my fixed rate is ending and id like to add some of my debt to mortage.
Additional problem is that i am currently in contract work although am starting a new job on 3 sept. Bad news is new job is £10k pa less than current salary so im worried wont get mortgage for the remortgage if you see what i mean?
I dont want to put my fiance on mortage as he alreday has other flat but will i need a guaranteur or something?
You won;t find yourself mortgage less. They will assess you and your property and either allow you to change, or stick as you are.
If you have been paying your bills properly, there should be no problem if sticking with the same lender. They will probably have to do another survey (which you will have to pay for) and take it from there.
If you try another lender, then they will go through all the same questions as the first time around, but you don;t need to tell your current lender. If you don’t get anywher and nobody lends you more money, they won;t know about it.
What happens to a renter if their landlord defaults on a mortgage?
I’ve been reading about the Wall Street bailout for days. I’ve been trying to understand what caused it. Now I read an article in the Daily News and in Crain’s New York that city renters could be next victims of mortgage mess.
The articles goes on to say that “An increasing number of apartment complexes face possible foreclosures and thousands of city renters could be the next victims of the mortgage crisis housing advocates warn. At least 580 buildings containing 40,000 units have one or more factors that could lead to mortgage default, Crain’s New York Business reported yesterday on its website.
Private equity firms bought at least 90,000 affordable housing units in the past four years, many at inflated prices in badly leveraged deals, according to the Partnership to Preserve Affordable Housing.
The Riverton apartments in Harlem and Stuyvesant Town on the East Side are both at risk, according to the Crain’s website. Riverton’s owners indicated last month that they were on the verge of defaulting.
And Savory Park, a seven building complex in Harlem has been placed on a watch list. Appollo Real Estate Advisors and its partners bought the complex in 2006 for 175 million.
Appollo refinanced a year later, increasing the debt to 367.5 million, the credit rating agency Realpoint reported. The agency called the risk of default on the load “moderate to high.”
Housing advocates told Crain’s that buyers had unrealistic goals about rent increases. The same lenders caught up in the mortgage free-for-all in single family homes lent them money any-way.”
If these companies default on the mortgages (loans), what happens to the renters? What can the renters do? Can the renters do anything?
I live in one of the housing developments purchased by Appollo Real Estate. What can the tenants do?
I own much much much smaller apartments in Washington State. I bought a small complex which had been foreclosed. All of my loans have a provision which assigns the rents to the lender in case of foreclosure.
If your building is foreclosed on, then whoever takes possession of it will want you to pay them rent. They will want all the tenants in place and paying rent – so don’t worry too much.
In all of the situations I have experience with, maintenance and other services suffered some, but then owners in financial distress don’t do a great job at that stuff either – so you might not notice too much of a change.
You could move, but I wouldn’t. You can protect yourself by keeping good records: your lease agreement, receipt for deposits, receipts for rent – or canceled checks. I think your greatest problem is likely to be poor coordination between the different people likely to be managing your apartments. You can protect yourself from that by having your stuff together.
Bush isnt freezing rates to stop foreclosures?
Everything you have been hearing about the “deal” he worked out with the major mortage companies is BS.
You have to have less than 3% equity in your home and you must not have more than one 30 day late in the last 12 months or you dont qualify. All this is is a bunch of PR for Bush and the mortgage companies involved. You are going to have a bunch of people run to these mortgage companies because of the free advertising they are getting by having this story all over the news. But, the only people that will be “helped” are those who could have refinanced anway.
spifman…can you read? My “point” is exactly what I said in the first sentence. Try reading slower it might help you comprehend more
So what’s your point?
The people that should lose their homes are going to and the lenders are going to get stuck with the losses, just the way it should be for making the stupid loans in the first place.
After ages of the nice americans complaining about BP isn’t it only right we can blame them for something else?
One would just like to say this whole mess started with offshore drilling, the prime rate mortgages and the non existant financial regulation in the usa. Anyway is it time we had a good old moan at em?
Until America cleans up Bhopal and compensates the victims, complaining about BP is sheer hypocrisy.
What is the current national foreclosure rate?
I keep seeing in the news that foreclosure’s are up XX% in the last year. What they never say is what the foreclosure rate actually is. I mean if it’s up to 4% from 3%, that’s a dramatic 33% increase, but it also means that there are still 96% of people still paying their mortgages.
I just want to know what the real number is.
The article I read today said that 1 in 538 mortgages are in the foreclosure process…
So, 0.2% or so. This is an almost 100% increase from last year. Some regional markets are disasters with up to 5% of houses in foreclosure (Stockton, CA is one example).
The news makes it sound a lot more scary, no?
Powered by Yahoo! Answers