Nov 2006 Peter Schiff Mortgage Bankers Speech Part 4 of 8; Is it possible to get a mortgage for a house if I am unemployed?

In 2006 Peter Schiff tells over 1000 mortgage brokers they are about to be out of jobs. Watch how he completely nails the coming real estate/mortgage debacle before anyone else even realized it was coming.

Question by Mike: Is it possible to get a mortgage for a house if I am unemployed?
Let me be specific: I have 130,000$ cash, but am unemployed. I received this money as an inheritance. I intend to buy a house with several floors and tenants. Is a mortgage possible in my case? My intention is to at first keep payments going for the mortgage through the revenue generated by the tenants. This will give me the time to get a new job. Would a bank accept this case despite my being unemployed?

Best answer:

Answer by ElleCeleste
Anything’s possible in this world. Just look for the right broker or lender – it just might not be a bank, that’s all. Good luck !

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May 23rd, 2012 | Tags: , , , , , , , , , , | Category: Mortgages | Leave a comment

Derivitive Securities: Mortgage Backed Securities; How to apply for mortgage loan modification?

Alex Merced explains the basics of what Mortgage Backed Securities are and how they work. If you’d like to learn more about MBS and other securities, sign up for a Series 7 Course at Greico Financial Training. www.Greico.com
Video Rating: 5 / 5

Question by Harris T: How to apply for mortgage loan modification?
I have lost my job and am now working as a cashier at a grocery store. The problem is that my new salary is not enough to cover the mortgage. I am in a very tight situation so I am curious to know my options. I have heard that applying for a mortgage loan modification can help reduce my monthly payments. Has anyone had experience with mortgage loan modification please let me know what are the steps to to lowering my mortgage payments.

Best answer:

Answer by Reena
You have only those options:

Get another job or start taking in a renter.

Tell a bank that you no longer have the income that made it possible to get the original mortgage…. and what do you think will happen?

They don’t modify the principal amount you owe. If you can’t afford to pay the mortgage anymore because you have significantly less income… then you need to find a way to generate more income.
Or else you will have to let the house go into foreclosure because you can’t afford it.

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May 22nd, 2012 | Tags: , , , , , , , | Category: Mortgages | Leave a comment

 
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