What is the total principal owed on all home mortgages in the us?

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2007 US Census

$100,904 (avg. principal owed) X 48,742,000 (owner occupied homes)

Note: 24,885,000 owner occupied have no mortgages
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What are your rights to a home after a parent dies and still owes a mortgage?

Answer . The home belongs to the bank if there is money owed. The person who is to carry out all the wishes (executor) from the parent's will must either use other assets to pay the mortgage off or sell the house and pay the mortgage, keeping any profit. The bank will not clear the debt until it ( Full Answer )

Can a collection agency place a lien on a home if the mortgage and the deed aren't titled to the person owing the debt?

No. Collection agencies (or any other agency/organization that lends money) cannot place liens on property that is not owned by the debtor. If they could, then what would stop them from placing liens on just anyone's property? In order for them to place a lien on a property, the person must be on ti ( Full Answer )

Is it wise to use a line of credit to pay the principal of a mortgage?

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 your debt from on instrument to another. A mortgage creates equity, so if you cannot pay the mortgage outright and need to borrow to ( Full Answer )

Can you avoid capital gains taxes on the sale of investment real estate if you use the proceeds to refinance the first mortgage on your principal residence?

\n. \n Answer \n. \n. \nNo. \nYou pretty much would need to "square up" with the tax man for the gain on your investment, when that gain is realized. \nWhat you use the gain for really isn't relevant....and in fact any money you use to purchase (which I guess is what you mean by refinance) ( Full Answer )

Is it better to use a mortgage broker or a bank when purchasing a home?

Answer . It is better to use a mortgage broker when purchasing a home. Banks do not require that their loan officers become licenced, they can be tellers one day and loan officers the next. It is like going to a super store when using a mortgage broker, they have so many different options to giv ( Full Answer )

Can you buy a new home if you still own and owe a mortgage on your old home?

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.\n. \nIf you are intending to sell your old home, then the mortgage on that home would disappear when ( Full Answer )

What percentage of a mortgage payment is the principal?

Most mortgages are fully amortizing. Meaning the pay the principal down to 0 over the term. Many today have special payment schedules that allow lower payments originally, even less than the interest due so the principal even grows while your making payments. . On just about any mortgage, the amo ( Full Answer )

Can you claim your mortgage principal payment on your taxes?

Answer . No, of course not. Think about it - Principal is the money you borrowed - you didn't pay any income tax on it when you got it. If what your thinking could be - then You loan me a million....and I loan you a million, and when you give it back to me to pay off the loan (in one or 360 p ( Full Answer )

We are selling our home for 181000 we owe 245000 and are 6 months behind in the mortgage payment The mortgage company has agreeded to a short sale of 181 will we end up with a 1099?

Answer . You posted in the bankruptcy topic but didn't say you were. If you are in BK, and this is part of the process, even if you get a 1099C for Cancellation of Debt (COD), that income is able to be relieved for tax.. If you aren't in BK, the normal answer would be yes, you'll get a 1099C an ( Full Answer )

Are home mortgages in the US callable?

\nTraditional Mortgages are no longer callable. A variety of protection acts by the Federal Government have change mortgage terms.

Can you use any home appraisal for any mortgage or refinance?

The lender will have specific appraisers that they approve and usually the appraisal must be done within 30 days of the loan. That keeps the appraisal current and also avoids conflict of interest between the real estate company (larger loan equals larger commission) and the lender (they don't want t ( Full Answer )

Can a home with a reverse mortgage be used as collateral for a bail bond?

\nYes it can, however there may be stipulations to your reverse mortgage contract that would either allow or disallow the pledge of the home. Another factor is the current market value of the home and the banks willingness to sell or to reassign the note on the reverse mortgage. \n. \nJake's Bail B ( Full Answer )

Number of Home Mortgages in the US?

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 calcu ( Full Answer )

How much of mortgage payments goes to principal?

Amortized mortgages follow a sliding scale of interest versus principal. During the early years of a loan, a large percentage of your payment goes to paying down the interest amount, and a very small amount, sometimes only a few dollars, goes to lowering the principal. As the loan ages, the proporti ( Full Answer )

What is Total value of us mortgage market?

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. ( Full Answer )

If bankruptcy judges are authorized to modify principal owed on mortgages on primary residences who determines the current value of the property Does the debtor supply a recent appraisal?

I believe the 'if" you mention is very real...the law and rules on how to handle it have not been finalized. It will certain be applicable to only certain mortgages and situations.. Hence, it's all projection - but it seems reasonable that the court would order an appraisal, or ask both parties to ( Full Answer )

What is a home mortgage?

A home mortgage is a loan that is secured by property through theuse of a mortgage note that ultimately grants you a mortgage foryour home. You can obtain financing on the purchase of your newhome or any home.

I pay the mortgage on a home that is not in my name. A quit claim was signed to add me on. If the mortgage holder dies does it go to me being that I have made all the mortgage payments to date?

If the quitclaim deed that "added you on" was recorded in the land records then you are an owner. The tenancy on the deed must be recited as joint tenants with the right of survivorship if you want the full ownership to pass to you upon the death of the co-tenant. If the property is held as tenants ( Full Answer )

Can you qualify for a Reverse mortgage with balance owed on original mortgage?

Yes. The reverse mortgage must however pay off the existing mortgage balance, which means you need some equity to make the qualification work. If there is not enough equity in the home to qualify for a reverse mortgage you may choose to bring in the amount needed to finish paying off the existing mo ( Full Answer )

How to make extra mortgage payment to principal?

Include the extra payment to your monthly payment and designate onthe payment coupon the amount that is to be applied to principal.If it doesn't have a space for that, it's ok. Any additional amountyou pay will be applied to principal.

What is deferred principal balance on a mortgage?

A deferred balance is one possible method for a borrower to modify a loan. This normally would be done if the borrower is struggling with repayments, but there is a strong prospect that the borrower's financial situation will improve in the long term. Lenders typically will not insist that a borrowe ( Full Answer )

Is it legal for the agent to use the poa to put the principal into a nursing home?

Some Durable Powers of Attorney grant broad powers including the power to make medical decisions. You would need to review the POA document. If you think an elderly you know is being taken advantage of you should bring it to the attention of the Probate and Family Court. If the court appoints a lega ( Full Answer )

Can a mobile home be used in a reverse mortgage?

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 resort area qualify. Though the mobile home was treated as if it did not exist for appraisal purposes, there was enough value ( Full Answer )

Is it better to pay additional principal or additional interest on a home mortgage?

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 th ( Full Answer )

Can you prepay principal on a reverse mortgage?

A reverse mortgage has no prepayment penalty, so you can prepay a portion or all of it at any time. Since mortgage interest is deductible in the year you pay it, you can use the reverse mortgage for tax planning making payments in years you need a bigger tax deduction, and making no payments in year ( Full Answer )

Why does so much of your mortgage payment go to interest instead of it all just going to the principal and is there anyway around this aside from just paying more to the principal each month?

The reason? That's how the banks make money on mortgages. The only way to pay it sooner is to add something extra every month toward the principal. The reason? That's how the banks make money on mortgages. The only way to pay it sooner is to add something extra every month toward the principal. Th ( Full Answer )

If you sell your house for less than owed can that balance be applied to a new homes mortgage without credit damage?

No. Every home loan is secured by a Deed of Trust, which only the lender can release. So if you have a mortgage on the home you want to sell you have to satisfy the loan. This is primarily done by: 1)Paying the loan off on your own or with the sale proceeds 2)Negotitating with the lender for a ( Full Answer )

What are the interest rates for US Banks home mortgages?

U.S. Bank home mortgage interest rates vary on a case by case basis. The factors may be your individual credit score, current income, employment status, Federal home mortgage interest rates, etc.

How does the US government affect home mortgage rates?

mortgage rates are only affected by the government if they are a tracker mortgage. tracker mortgage can be a good option if you get lucky and the national banks flat lending rate falls

How can you lower the principal owed on your mortgage?

You can reduce the principal by making extra payments toward the principal each payment cycle. Ask your lender how best to do it and make certain the amount is deducted from the principal. You can reduce the principal by making extra payments toward the principal each payment cycle. Ask your lender ( Full Answer )

Is it advantageous to use a home mortgage calculator?

A home mortgage calculator would definitely be a very advantageous thing to use, as it would make things a lot easier. The calculations would be less difficult for you to figure out. Things would get done faster and more efficiently.

How can a person get a mortgage when they owe child support?

I don't think any bank would risk it. If you can't pay as it is how would you be able to pay even more when you add the cost for the mortgage? The bank would see it as they would end up with your house and they don't want houses, they want money. They would probably recommend you sell the house and ( Full Answer )

What is value of homes that have no mortgage in US?

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 al ( Full Answer )

Is it legal for a bank to take a portion of a check you sent them for the principal of your mortgage only payment and use it for future payments and interest for themselves?

It depends on your mortgage contract and other details. If you owe interest it can usually take that from a check you sent for principal only. You should review the documents you signed at the closing carefully for any section that deals with making payments toward the principal outside of regular p ( Full Answer )

Do you still owe for second mortgage?

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 soon as they're foreclosed upon, because that's when they're at rock-bottom, not when they've started to rebuild (their finance ( Full Answer )

Can you reduce the principal amount on a second mortgage?

Anything you pay over your monthly payment goes right to principal. So pay a little extra every month and you will reduce the principal amount. You could also refinance your first and second into one, and pay what you pay between the 2 now assuming your payment would be lower.

What does a person need to qualify for a US Bank home mortgage?

Some of the things a person would need to qualify for a US Bank home mortgage would be a good income and a good credit rating. Some of the other things that may be needed would be job stability as well as having lived in the same place for quite a while.

How much does an average US home mortgage cost?

The average United States home mortgage will depend on the location, age and size of the house. In February 2013, the average house in the United States cost $152,000. As for the actual mortgage rate, that will depend on the length and type of mortgage one gets. On average, a 30 year fixed rate woul ( Full Answer )

Why is it recommeded to use a home mortgage broker?

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 prospective 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 ( Full Answer )