PrimeConcern asked:


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.

Rachel

plus-gnositicism asked:


I would like to know who first estblished the current standards of a home mortgage. In other words, where did the process of charging mortgage interest by the current method where you pay two to three times the amount to purchase a home. If you buy a $100,000 home under the current methods you repay $200,000 to $300,000 over the period of the loan. Does anyone know because nothing comes up on an internet search except how to get a home loan today. Help!!!
I ABSOLUTELY DO NOT WANT A HOME LOAN NOR DO I HAVE NEED OF ONE.

Dan

lynndh5 asked:


We live in New York State. The other issue is that I took money out of my IRA to pay the down payment and closing costs. Does that mean I need to claim it to not get penalized? Any help would be great!

Melvin

sunnysideup asked:


I feel a little taken avantage of. Hubby and I qualified for a $100,000 loan in Ohio (FHA loan). We are first time home owners and feel that we got the raw end of the deal. The loan itself is nice. We bought our house for $96,900. We didn’t put down a deposit on it, the lady that we bought the house from put down One Thousand and something dollars. We have a fixed intrest rate of 5.9%. Well they have also added on a second mortage for the downpayment that we didn’t put down. (I think that is what the 2nd mortgage is for) It was almost $4000, with a 7.9 fixed intrest rate. I am really confused (BTW, we have lived in our house over a year now), isn’t it like this : we bought our house for 96,900 (lady put in an extra thousand something)…but have a 2nd mortgage of around $4000. It is like we have spent $100,900 on our house??? This is probaby confusing, but I don’t want to sound silly calling up our bank and asking them. If someone can make sense of this to me…
I hope it makes sense!

Jeffrey

dena s asked:


I purchased a mobile home at a tax sale and it is time to redeem. Do I inherit the liens that are on it? and what about the mortrgage lien?

Lori

Phillip K asked:


This is a new type of home loan. HOAP for short. If you have one, are you glad you have it instead of a traditional mortgage?

Ricardo

mary s asked:


Would any bank or credit union finance an applicant for a mortgage with a 567 credit score? I have a positive car note history (no late payments) and a credit card with no late payments. The negatives (4) that weigh my credit history are “charge offs” with a telephone company 5 years ago and a medical bill (collection account). All totalling $1,200.

Kyle

Mary asked:


I was late on my mortgage for about 3 months unknowingly but have been up to date since then.

Charlotte

diesel8111 asked:


I bought a home with a girl I am no longer seeing. She asked me to move out and I told her I could not afford rent and the morgage. She said her mom would help and not to worry about it. Later I signed papers to get my name off the deed for the house. My name is still on the mortgage. Is there anything I can do beyond her refinancing the house in her own name to fix this? I need out of this situation and I don’t no what to do

Edward

Mexione asked:


With all of the on-line tools that appear to exist to create a ficticious business (web pages, efax, etc, etc…), how does a lender verify a small company actually exists when verifying an application for a mortgage loan. Specifically Mr Jones, indicates that he works for X small company and provides realistic looking proof of employment of recent employment by XYZ company.

I am thinking about selling a piece of property and holding the paper myself. I have verified:

1. via credit report that the person has excellent credit history with a score in the low 900’s and his only debt is his existing home mortgage.

2. via bank and brokerage, that the person has substansial financial means, but VERY LITTLE current income

3. the open question is that although the person has a history of greater than 10 years of very good salary (150-500K/year) he did not work (he indicates by his choice for over a year) until very recently (just less than a month).

4. My preference was not to hold the paper on the property so I asked him why he did not just go get traditional mortgage financing and pay me out. He indicated that the bottom line was he tried but even with his credit and work history that the current lending guidelines will not allow him a mortgage soley because: a) his current income is from a small company and for less than one month…

5. He is putting up 40% in cash (as he offered to the mortgage lenders) and based on his bank, brokerage, and retirement accounts he would have enough to pay his current home loan for years and pay this new note for years without ever working a day.

So my bottom line is….I am suspicious of why a traditional mortgage lender would not lend money to him and I wonder if they know something I do not about his current (new) employer.

Your insights/expertise would be greatly appreciated. Thank you
I guess what I want to know, is how would those that make a living off of making mortgage loans look at this. How would they investigate, or would they investigage, the ‘employer’ given everything else is pristine (I only wish my financial situation was as positive as what I have verified on his). It brings me back to why wouldn’t they loan him the money?

Brett