Loans

Depending on what state you are located in you need to get updated information. Call you local real estate agent and have them do a CMA ,Comparative market Analysis for you...It should be free. You can even get a couplefroom different agents. This will show you what the home market is doing and what homes are selling for in your area. Do not try to over price, this will cause your house to sit on the market for awhile. Be sure he does an estimated net proceeds for a seller. This will tell you how much profit you will have after the sale.You need to be ahead of the marekt not following it. If you want more information on selling a home,,go to my website http://www.rogersellsseattle.com/ for free information. Presentation and marketing are very important in selling. Good luck...Roger

no

Generally, the mortgage must be paid or the lender will take possession of the property by foreclosure. You should consult with the attorney who is handling the estate.

Sales people that are selling loans have a duty to make sure the person can afford he loan and pay it back. The duty to the borrower is more of a moral duty, but the duty to the bank is legal.

PITI is often referred to when speaking of a mortgage payment it stands for: Principle Interest Taxes and Insurance all of the components of a mortgage payment if the bank is paying the property taxes and the homeowners Insurance.

Often because interest rates have gone down, and they can issue new bonds or borrow money cheaper than the interest rate that is on the bonds. The other likely situation is that they made enough money that they have the cash to pay off the bonds and don't need to borrow it any more.

Yes, as long as the cosigner is a legal gardian or a parent.

They sign the papers with you. Basically the lender understands that if you have bad credit, then they will depend on the co-signer to help you out. Otherwise the co-signer will soon have bad credit also.

It is illegal BUT I haven't had any luck getting aMagistrate to sign a warrant they either tell me that the legal owner has to do it personally or it is a civil matter. It is listed under The VA theft LAW.

The best of all worlds would be that you could either negotiate new payment terms or refinance so that you could keep the house. Or, that you sell the house before it forecloses for the amount that you owe. Both of these options require action on your part.

Otherwise, the foreclosure will go on your credit report, where it will remain for several years. New lenders will consider the time since the foreclosure and also the state of the other credit accounts in determining whether they will offer you a loan and at what rate.

That depends on your starting credit score. If you allow your home to be foreclosed or if you sign a Deed-in-Lieu of Foreclosure. Home owners will take a hit of about 250 points on their FICO score. This means if a their FICO score before foreclosure was 680, it could dip as low as 430. A home owner who wants to buy another home after foreclosure will end up waiting about 24 months before a lender will offer any kind of interest rate that makes sense. During that time you must have a near perfect credit.

The affect of a short sale on a home owner's credit report is much less damaging. The negative on credit may show up as a pre-foreclosure in redemption status, which will result in a loss of around 80 points from the FICO score. It can also simply show up as the loan was paid off and not affect your score at all. This means a short sale with a previous FICO of 680 could possibly see it fall to around 600 or it could remain the same.

There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure. I would advise looking into this first.

Yes. If you are making payments to a car lender, you are generally REQUIRED to insure the vehicle. If at any point they discover that you are NOT insuring the vehicle, they have every right to force coverage as they have a financial interest in that car.

Call your lender and get to the department that works with this. Often it is called Loss Prevention. Since the foreclosure is going to be on your credit report, you want the process to go smoothly. If you can afford a lesser payment or need a refinance, you can discuss that also. Save and plan for your move. You will not have much time to make arrangements once foreclosure is filed. If you seek advice, be certain to go to a qualified accountant or lawyer rather than the services that offer such help.

If you take out a loan against the cash value of a policy and never pay it back, the full loan value PLUS interest would be deducted from the benefit if it were to pay out.

I want to buy a 420,000 home I have 200,000 to put down my three scores are 480, 510, and 520. Will I be able to purchase this home and get g good rate mortgage. thanks johnny

It is usually required of home buyers whose down payment is 20 percent or less of the property's sale price or appraised value. This insurance was created by private mortgage insurers to provide protection for the lender in the event that the home buyer should default on the loan.

You cannot get PMI if your mid-score is below 575-580. Even if a lender program allows lower score, you will not be able to get PMI if you are below these scores.

Not sure how old the above answer is, but try more like a 680 mid-score required for private mortgage insurance coverage, though magic (MGIC) will sometimes go down to a 660. That's why just about everyone putting less than 20% down and with less than perfect credit is going FHA these days. FHA will insure a loan with a credit score in the 500's, but most lenders require at least a 620 to make the loan more marketable on the secondary market and to increase the likelihood FHA does end up insuring the loan.

YES.

I pity the fool with a 541. Response to I pity the fool!!!!!! Well don't Pitty me I bought a 4 bedroom 2 full bath house (built in 2007) with a 5.5% interest rate my payment is under 770.00 and it's a fixed loan. What God has for me it is for me. I also bought a BWM with that same score from the BMW Dealer with a 3.9% interest rate financed by BMW the year before I bought my house. I've never been late on either payment. Don't Pitty me! I'm a child of God!

When any loan is paid off it is usually reported within 30-45 days, showing up on your credit rating as a zero balance. It may take up to 60 days, depending on how often the debtor reports payments etc..

I worked for Countrywide for 4 years. The Loan Retention Division, also known as the Home Retention Department, is a special division of Countrywide created in early 2008 to find ways to keep people out of foreclosure. It's a way to refinance basically for people who are behind and have no other options. Translation: If you have bad credit, no problem. We'll clean up your mess so we won't get sued. If you have good credit? Pay high closing costs on a refinance.

a loan that is used only for opening or operating a business not for household or personal use. usually since they are for such a large loans they need to be secured with some sort of real state security, lets say taking a 1st mortgage if you have already paid it off or a 2nd if you have enough equity.

A jumbo mortgage is a mortgage loan which is larger than the limits set by Fannie Mae and Freddie Mac ($240,000 as of 1/1/99). Since these two agencies will not purchase these types of loans, they usually carry a higher interest rate (to enhance their value and marketability to investors).

The ARM is for Adjustable Rate Mortgage. With 2/28, 3/27, 4/26 ARMs, your interest rate is fixed for the first two, three, four years after the note date (the number before the slash refers to the number of years that the initial rate is fixed), after which the interest rate can change every year to the index value plus the margin (subject to the interest rate caps).

they take the lowest value.

They (collection agency) would first have to buy the mortgage rights from the original creditor (usually for just pennies on the dollar), before they could take action. Normally speaking though, once a charge off has occured, the chances are slim that a 2nd party would buy those rights due to high risk/low chance of recovery of assets and/or cash as the original creditor has probably already tried applying the max legal pressure (hiring a collection agency) to collect the debt.