Faith and Finance » mortgage

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?

rstrst — Wed, 23 May 2012 14:34:07 +0000

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

rstrst — Tue, 22 May 2012 22:34:03 +0000

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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WestStar Mortgage First Radio Ad; Is their anyway to refinance my home loan with a court lien aginst it?

rstrst — Tue, 22 May 2012 09:14:21 +0000

WestStar Mortgage recently opened a new branch in Roswell, Georgia this is our first radio advretising. “Your Mortgage Manager for Life” (855) 85-MORTGAGE

Question by Baja: Is their anyway to refinance my home loan with a court lien aginst it?
I am trying to refinance my home but a lien with the courts is putting a stop to it. Just trying to figure out if their is a way around it without having to pay it off which isn’t an option.

Best answer:

Answer by sassy2
No there is not. The house is not free of encumbrance and no activity can occur with the deed until that debt is paid.

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Top 3 Mortgage Mistakes; Why is my mortgage company not paying my tax bill when I have escrow?

rstrst — Mon, 21 May 2012 06:33:58 +0000

Question by SJS: Why is my mortgage company not paying my tax bill when I have escrow?
My mortgage company (CITIMORTGAGE) is not paying my tax bill. The money is in escrow, the error has been spotted and documented in a case number by customer service.

I paid the bill myself, because it is over six months late and I risked being put on the TAX SALE foreclosure list.

Should I be worried that they are going out of business? Or is this a computer glitch?

Best answer:

Answer by michelob86
Are you signed up with the tax agency to use the escrow account? The company has to receive the tax notice to pay the tax. If you received the bill directly, then the tax agency isn’t sending the bill to the right address.

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Mortgage Repayment Calculator; Is there any way of getting rid of my PMI on my mortgage without refinancing or getting an appraisal?

rstrst — Sun, 20 May 2012 19:53:39 +0000

Mortgage Repayment Calculator to assist you with Refinancing or calculating your mortgage payoff amount. This mortgage calculator is for all types of mortgages. Repaying your mortgage does not have to be stressful! There are several different Mortgage Repayment Calculator options available…

Question by ballstothewall: Is there any way of getting rid of my PMI on my mortgage without refinancing or getting an appraisal?

Best answer:

Answer by Charity S
As I recall you don’t have to have PMI after you pay off 20% of your house’s value.

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Mortgage Broker Upland, Claremont, Chino Hills, La Verne, Fontana, Corona, Montclair, Chino; Can I refinance my mortgage without having to payoff my home equity line of credit balance?

rstrst — Sun, 20 May 2012 09:14:39 +0000

www.TheSoCalLoanPro.com TDR home loan mortgage company is a trusted provider of home loan mortgages and home refinance Compare mortgage rates on a home refinance, VA loans, FHA loans, Jumbo loans, conventional loans, reverse loans, calstrs, first time home loans, USDA loans, CalHFA loans…

Question by Anthony J: Can I refinance my mortgage without having to payoff my home equity line of credit balance?
I have a mortgage & home equity line of credit with the same lender. The rate on the equity loan is currently 2.5% (prime – 3/4). I was thinking of refinancing my mortgage and taking out a little cash to pay off some credit cards. My question is, if I refinance my mortgage do I have to pay off the balance on my home equity loan?

Best answer:

Answer by acermill
Yes, you will need to pay it off. You won’t get a refinance with an existing lien against your house.

What do you think? Answer below!

Nov 2006 Peter Schiff Mortgage Bankers Speech Part 5 of 8; How does a mortgage short sell work, and how will it effect my credit?

rstrst — Sun, 20 May 2012 06:34:19 +0000

Question by Kristi: How does a mortgage short sell work, and how will it effect my credit?
I’m tryin to sell my house in Michigan. We have had it up for sales for 2 months, and had only one showing. We can’t lower our asking price any lower then it currently is without having to come to closing with money. (that I don’t have) Since our realtor already lowered his commission he suggested talking to our mortgage company about a short sale. What is your opinion?

Best answer:

Answer by eeley
With a short sale, you are selling your home for less than the balance due on the mortgage. This way you are still paying back some of what you owe to the mortgage company and avoiding foreclosure and subsequently bankruptcy. You need to make sure the lender will agree to the short sale and will not hold you responsible for the deficiency balance. Get any agreements you make with them in writing. Good luck!

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What is Mortgage Debt to Income Ratio; How can I find out about a personal loan. I have bad bad credit and need a debt considation loan to clean up?

rstrst — Sun, 20 May 2012 02:18:40 +0000

What is Mortgage Debt to Income Ratio? In this episode of “It’s Not Rocket Science,” Don Carriker, the man behind IWantAGreatHomeLoan.com, will share with you what DTI or Debt to Income Ratio is and how you can figure yours out on your own. Many people are intimidated by these terms when looking for a mortgage, but Don breaks it down in plain English for you to easily understand. You no longer have to feel lost when your mortgage consultant says your DTI is to high. Know the facts and be prepared the next time you are looking for a home loan.
Video Rating: 4 / 5

Question by bbbaseball05@sbcglobal.net: How can I find out about a personal loan. I have bad bad credit and need a debt considation loan to clean up?
I have had Non Hodkins Lymphoma I now am in Remission and Need a large loan to clear up debt and purchase a Equnox GMC suv this would be to get back on my feet

Best answer:

Answer by mr_crankypants
Maybe you should get a used car. Anyway, you shoudl check with a credit union. They are non-profit so they have better rates. If the credit union does not give you a loan…..listen to this…..if they don’t give you the loan you cannot afford a loan and should not get one…….

If they turn you down you should borrow from family if you possibly can. There are lawyers who will help you set up a family loan for a fixed fee that protects the family member that is loaning you the money, but be preapred, if you don’t pay it back they will have all legal means at their disposal to come after you.

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Relative Evil; Are property taxes and home insurance included as part of mortgage debt?

rstrst — Sun, 20 May 2012 00:42:26 +0000

When JJ (Jonathan Tucker) returns home from rehab, he is greeted by a conniving family who are plotting to cash in on a life insurance policy before his 18th birthday. Caught in a web of self-destruction, JJ struggles to stay clean in an environment overflowing with temptations and deceit. With a winning performance by Jonathan Tucker and a beguiling turn from Jennifer Tilly, this dark, pulp thriller shows Home Sweet Home really can be murder.

Question by yeksniv: Are property taxes and home insurance included as part of mortgage debt?
NBC News said last night that debt should not exceed 38% of take home pay. Are property taxes and home insurance included as part of mortgage debt?

Best answer:

Answer by Worldly25
No but should be. Too many people apply for mortgages and yes they can stretch themselves to pay the loan. Then escrow is added to the monthly payment and the trouble begins since it could add as much as 1k to the monthly payment.

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Mortgage Fraud – MERS & The Forclosure Crisis; Is failure to report a marriage considered tax fraud?

rstrst — Sat, 19 May 2012 23:06:04 +0000

Any use of fraud or deception to manipulate true eligibility on a loan application represents mortgage fraud, a federal crime. Mortgage fraud goes by numerous names, such as wire fraud and bank fraud, and if indicted, can end in a prison sentence of as many as 30 years. Numerous average examples of mortgage fraud are false record of employment, income inflation, false appraisal, and identity theft. Conversely, it also quite illegal for a bank to make false claims or deny data pertaining the loan to a potential borrower this is also fraud, commonly called predatory mortgage lending. Under the Truth in Lending Act, a lender is accountable for submitting and explaining all terms of a mortgage to the home owner, Including interest rates and hidden fees. MersCorp was formed in the early 1990s by the former CEOs of Fannie Mae, Freddie Mac, Indy Mac, Countrywide, Stewart Title Insurance and the American Land Title Association. www.mymortgagenote.org
Video Rating: 5 / 5

Question by dubsnspokes: Is failure to report a marriage considered tax fraud?
If you are married and one spouse files taxes as saying married filing separately and the other person files as single is this tax fraud? What if one party lets his/her parents claim them while the other files married filing separately?

Best answer:

Answer by bud68
Yes.

What do you think? Answer below!