What would you like to do?
Answer Yes, the charge off designation indicates the mortgage agreement is in default. It is quite possible the lender will proceed with foreclosure action… unless the loan can be reaffirmed and the missed payments and penalties brought up to date.
Answer It is never wise to pay debt with debt. However, if the interest rate is lower on the line of credit you are not creating a problem you are just moving y…our debt from on instrument to another. A mortgage creates equity, so if you cannot pay the mortgage outright and need to borrow to do it, make sure the line of credit has lower rates.
Answer If you are intending to keep your old home and buy a new home as well, then whether you can get another mortgage would depend on whether you could afford …the payments on both mortgages. If you are intending to sell your old home, then the mortgage on that home would disappear when the home closed. Also, getting another mortgage would again depend on your income.
You own 10 acres in Texas and recently voluntarily surrendered your mobile home The mortgage company is making all kinds of threats what all can they do to recover what they claim you owe?
they can put a lean against your land until dept is paid.
Answer call the place where you got it financed at and they can tell you
Traditional Mortgages are no longer callable. A variety of protection acts by the Federal Government have change mortgage terms.
According to the US Census about 70 percent of homes have a mortgage and 30 percent do not.
Around 44.4 million This answer is derived from information provided at http://www.chron.com/disp/story.mpl/business/realestate/5985260.html The article claims that … a) there are 4,000,000 mortgages considered to be "at risk" b) this represents 9% of the mortages in the U.S. A quick calculations shows that there are 44,444,444 mortgages Obviously this is a very rough estimate
The total stock of mortgages outstanding in the US is about $10 trillion. However, the market value of these mortgages (whether still on banks' balance sheets or securit…ised and embedded in RMBS (Residential Mortgage Backed Securities)) is in reality lower by $1-1.2 trillion, due to the fact that U.S. homeowners can walk away from their mortgage leaving the lender with "no recourse". In other words, book mortgage value = about $10 trillion, while actual value is more likely $8.8 trillion to $9 trillion, due to losses on foreclosures. The total stock of mortgages outstanding in the US is about $10 trillion. However, the market value of these mortgages (whether still on banks' balance sheets or securitised and embedded in RMBS (Residential Mortgage Backed Securities)) is in reality lower by $1-1.2 trillion, due to the fact that U.S. homeowners can walk away from their mortgage leaving the lender with "no recourse". In other words, book mortgage value = about $10 trillion, while actual value is more likely $8.8 trillion to $9 trillion, due to losses on foreclosures.
In the United States the overall total outstanding balance on home mortgages is over a trillion dollars.
Yes, in very limited circumstances. If the land is completely paid for and has other permanent improvements, it may qualify. I've seen a 10 acre horse training facility in a r…esort area qualify. Though the mobile home was treated as if it did not exist for appraisal purposes, there was enough value in the guest cottage, barns and outbuildings to issue the reverse mortgage, it took an extremely capable mortgage broker to make it happen.
I'm not sure it's possible to pay additional interest on a mortgage, unless your mortgage company made a mistake and charged you too much. Your interest payment is calculated …by your loan servicer, and you technically can't pay EXTRA interest. Any excess money you pay on your loan will go towards the principal, which is always a good idea, if you can afford it.
It means when you finish paying off your house it will be worth less than what you bought it for.
With most home mortgages you can make additional payments without a penalty. In fact making one extra payment a year can reduce a 30 year mortgage to around 21 years.
The value of a HOME, that has no mortgage has the same Real Estate market value as one which does have a MTG. The value is assessed by the market conditions at any given time.… The most recent 30-90 day sold properties in the same subdivision with similar qualities would provide a current value to all the homes and not just those that are free and clear of a Mtg. An appraiser would give the same Real Estate value to a home with or without a Mortgage attached.
Yes. "People with a second mortgage who are facing foreclosure should go to bankruptcy to get rid of the unsecured second-mortgage note," she said. "They should do it as soo…n as they're foreclosed upon, because that's when they're at rock-bottom, not when they've started to rebuild (their finances)."
Some home buyers benefit from using a home mortgage broker because the broker is able to access many different sources of home loans. This is especially advantageous for the p…rospective buyer who is wise enough to shop for a broker who is able to fund the loan at closing and then sell the loan later.