Loans

Borrowed money is not income. You may actually get a dedcution for some of the expenses of the new loan, and those for the loan you retire.

Yes, you are responsible for your mortgage payment until the day of closing the sale to a new owner of the house. Any remaining balance will be paid through the proceeds at closing.

does what charge to download? Be more specific.

A mortgage is a mortgage is a mortgage, right? Wrong! There are many mortgage products on the market now, so it's important for you to do your homework to determine which type is best for you, and which bank, savings and loan, mortgage bank, finance company or credit union offers the best terms for that type of loan.

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The Maximum amount (called the principle limit) is based on 3 things.

1: age of the youngest applicant. The older you are the more you get from the proceeds.

2: Home Value- the more valuable the home (up to the lending limit of $625,500 the more proceeds are available)

3: Interest Rates - Anytime the expected rate is greater than 5.50% less proceeds will be made available

What is a Reverse Mortgage?

A Reverse Mortgage is a financial instrument available for seniors 62 years or older. A regular mortgage requires the borrower to make a monthly payment that generates equity; a reverse mortgage does the opposite by paying you either a monthly payments or one lump sum from your home's equity. The owner of the home retains title and full ownership of the home and repayments of the loan are deferred until after the senior permanently vacates the home.

A Reverse Mortgage is a loan, but in reverse. You retain title, and ownership, with full control of your home. When you do a Reverse Mortgage you will never be forced from your home since there is no time limit with the loan. The Federal government guarantees all Reverse Mortgages. There are no personal liabilities to you or your heirs. Repayment is due after all homeowners permanently vacate the home. The money you receive from the lender with be tax free, and never required to pay any of it back, even if the home value drops below the loan payment.

A Reverse Mortgage will not affect the appreciation of your home. Your home may or may not continue to increase in value. You receive the money from a Reverse Mortgage, by way monthly payments, lump sum or even a line of credit; or a combination of the three. The amount of money you receive from a Reverse Mortgage depends on few factors, your age, appraised home value, interest rates, and the location of the property. The older you the more money you get from a Reverse Mortgage. The funds you receive from a Reverse Mortgage can be used for anything you want, it's your money.

You can lower your loan payment by refinancing your car loan. You can also negotiate with your current lender and see if he can reduce your payment amount.

It means you want to cancel the policy. If there is cash value in the policy, surrender charges will be deducted from the cash value and you will get the remaining balance.

Of course. Until you pay off the mortgage loan, you have to pay payments on the home.

Yes you can. Many credit unions and small banks will offer a secured loan for a vehicle that does not have a lien. Expect to pay higher interest for this type of loan. ----

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FHA loans are intended for owner-occupied properties, not investment properties. However, there are exceptions to this.

If you live in a duplex, you can get an FHA loan for the whole property while living in one and renting out the second unit. The FHA gives loans for owner-occupied properties with up to four units. This means you can buy a four unit complex with an FHA loan and rent out the other three units, provided you live in at least one.

The other occasion FHA loans cover rental property is when you've moved out of the home. If you bought the property under an FHA loan and have to move, you can retain the FHA mortgage on the property while renting it out. The home you've previously lived in can also be refinanced under the FHA streamline refinance program. You can even get a second FHA mortgage for a new home if you have at least 25% equity in the old house, and you moved out as your family grew. The FHA's only limitation on this practice is that you've lived in the property for at least twelve months.

If you buy it, move in and then move out, the FHA can sue you for violation of the Real Estate Settlement Procedures Act. The FHA doesn't set rental rates when you rent out the property, but it is your responsibility - not the renter's responsibility - to pay the FHA mortgage payments on time and in full.

One small caveat to the FHA rental rules is when you first buy the home. The prior occupants may still live in it when you close. When you take out an FHA mortgage, you must move in within 60 days of closing. You can let the prior occupants rent for the 60 days until you move in. This is technical renting out the property.

If you signed the mortgage and note then you promised to pay for property you do not own. By signing, you agreed to be fully responsible for paying the loan if the primary borrower, the owner, doesn't pay. The only way for you to get an ownership interest would be for the owner to convey an interest to you by a deed.

WWW.AESSUCCESS.ORG that is the new lender, not Bank of America (anymore). So from now on you will be paying bills directly to them.

A step rate modification involves a low beginning rate for the first one to three years. After this the rate will increase by one percent every twelve month until it caps typically at a rate lower than the original rate on the loan. This rate will then remain for the duration of the loan.

There is not any; because of the economy they are afraid to trust anyone. If there are, I would surely like to know.

For my son, it took nearly 6 months from application to approval. There may be "cutoff" dates for certain semesters. I think we had to have it all submitted by middle May for use the following January. If you are needing the student loan for school starting in a few weeks, your changes are pretty slim.

Please let me know what you find out....we are wondering the same thing with a mortgage loan we have with them at 10%.... Please let me know what you find out....we are wondering the same thing with a mortgage loan we have with them at 10%....

Here is a site I know and it's trusted. I've applied for a CA and they granted $1000 the following day! It's purely online application so it's hassle-free. You might want to check this out:

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90 days This is not true. we were only 30 days late and our home was foreclosed on.

Since you are 17, most states still consider you a minor. Your cosigner will probably have to take the loan out in their name only and be responsible for its repayment.

Reverse Mortgage is a type of mortgage here in Canada where an institution can loan you the money on your paid off house upto a certain amount (usually 50%)of the price of your house and pay you a set amount per month or lump sum depending on what you choose. This type is usually available to people who are seniors. The main advantage of this is that you do not have to qualify for this mortgage as long as you have equity in the house. The disadvantage is that you pay high interest cost and it is eating up the equity in your home.

Not directly, and not always. In order to put a lien on a house a creditor must have a "judgment" against the person who owns the house. In order to take a judgment, the creditor usually must repossess the car, sell it at a commercially reasonable sale, credit the proceeds (less costs of taking and sale) to the account, and demand the remainder as a "deficiency" balance. If the debtor doesn't pay the "deficiency", the creditor can sue in the civil courts. The debtor usually has 30 days to answer the deficiency claim, and there are MANY, MANY defenses to deficiencies. For example...that the creditor did not give the debtor the option of a public or private sale; that the creditor, after repossession, did not give the debtor a fair opportunity to redeem the vehicle; that the creditor violated the consumer's rights in taking the vehicle without a court order over active and unequivocal protest; that the creditor overcharged the debtor on interest, finance charges, insurance premiums, documentation fees, etc. The debtor may even have a counterclaim against the creditor for violating repossession laws, which in any event would equal the finance charge plus 10% of the cash price. This is where an experienced consumer defense attorney is essential. Bear in mind, however, that the creditor can forget about the repossession of the collateral and sue directly on the obligation, which would make the debtor have to defend at an earlier stage.