Your Questions About Mortgage

Betty asks…

mortgage??

if i buy a home of $350,000 detached / semidetached and 10,000 down payment then how much mortgage will i have to pay every month????

thanks for the answers 🙂
well if not 10,000 then wat abt 20 or 25 ?

admin answers:

Depends on your interest rate

lets say you did a 30 year 5% fixed

1825.19 would be your monthly

http://public.propertylinx.com/custom/templates/mortgage_calculator.asp?price=350000

here’s a calculator.. Toss around your own numbers.

Daniel asks…

Mortgage???????????

I recently got a letter from my bank saying I owed them $199 from “late payments” on my mortgage. (you know how your mortgage is due and if you pay it late they tack on a charge) Well, everytime my husband went to pay our mortgage even if it was late, the bank teller never tacked on the charge. Anyways, they are saying their going to take us to collections for the amount due, does this mean their going to try and take our house? We have never missed a month on our mortgage, just a few times they didnt tack on the late charge…can anyone answer?
It’s was late a few times because our son was sick and we spent a ton of money going back and forth to st judes. But that wasn’t my question, will they try and take our house?

and we are making them on time now.

admin answers:

Sounds to me like their taking what you owe for the late payments to collections unless you pay it. I would call first thing and get it straightened out..they normally work well with you.

Good luck.

Nancy asks…

How does mortgage fraud affects the subprime mortgage crisis?

In the actual Subprime mortgage crisis in the US huge amounts of mortgage frauds were discovered. What’s the part that these frauds played in the actual mortgage crisis ? Thanks.

admin answers:

Read on…
Http://myfinancetimes.com/2008/05/24/subprime-mortgage-creditcrisis/

The above article elucidates you on the actual subprime mortgage crisis in us. And the persons behind the mortgage fraud and all those who are to be directly blamed for this financial catastrophe.

Robert asks…

What happens to a second mortgage when a home is purchased at a foreclosure auction?

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?

admin answers:

When a senior lien forecloses, a junior lien is wiped out.

So if the first mortgage holder forecloses, the second trust deed goes away. If the second forecloses, you’ll still owe the first.

Oftentimes, if a senior lien forecloses, the junior lien holder will send a representative to the auction to defend its interests by making sure the property goes for enough to pay the junior lien as well. Or they buy it themselves with the idea of reselling. Costs money, yes. But better than losing their whole investment.

Helen 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:

You bring up an important question. The best data I can find on the ‘net are figures for 2003 (USA Today) – nothing newer available according to them. If that number is correct then the total mortgage debt in the US, 2003, $6.3 trillion. Some adjustments must be made for the past four years- higher, I’m sure.

Lots of bucks out there!!

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