Question by One Still Man: How much lowerr with the Hamp Program lower my credit rating?
My wife and I have excellent credit! My wife applied for the Obama Hamp program since I am out of work. We just found out it might lower our credit rating. I wish she knew about this sooner. How much will this Obama Hamp program hurt our credit rating? Is there an institution I can find this real number from?
Thanks
Best answer:
Answer by bdancer222
I’m not sure if or how much the program would impact your score. It could be a temporary ding, here online like a debt management program. It’s noted while in the program but on completion the notation is removed.
It may also depend on exactly whay kind of loan modification you are doing. Some of the programs may ding your credit while others won’t.
In any case, shop if you are currently out of work and are in need of loan modification for your mortgage, you really aren’t going to be looking for and new lines of credit. Losing a few points on your score won’t make a lot of difference. Certainly won’t ding your credit as bad as a foreclosure would.
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Question by happyhive7: What kind of government grants are out there to help with housing/home foreclosure?
I’m on the verg of foreclosure and need help fast! I know it may be a bit far fetched to receive a grant for home foreclosure but I’m just reasearching any possibility to help me not lose my house.Any info will help. Thanks.
well dawn666, store My husband has a full time job and we have 5 kids and we like many people in the united states has found ourselves in a hard situation, prescription so before anyone else thinks I’m a lazy bum try to not be an IDIOT first!
Best answer:
Answer by dawn666annapolis
i think the gov. has exhausted all funds available. you need a job.
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Question by belle: Is it stupid to buy a home now?
I am in college and have no money to put down. But I’m tired of throwing away money on rent. I’m thinking I can buy a small modest home, this site but I would need to rent a room to afford it. Is this as absurd as I think it is, or could this potentially be a good investment?
Best answer:
Answer by xxxyachiruxxx
You can buy a small apartment I suppose.
What do you think? Answer below!
Question by Jjj: Question about Real Estate Economics?
I have a question about the prices of real estate. 15 year ago, price in Ontario (A province in Canada) the average income was 42,000 a year and the average house price was 130,000 a year. Now in 2012, the average income is 48,000 a year, while the average house price is 400,000 a year (these numbers aren’t exact, but there roughly close). Incomes haven’t increased drastically, and most of the increase I imagine is justified by inflation. However, I do no comprehend a 300% increase in housing prices. Question 1, why are prices that high?
I understand the rudiments of the financial debacle in 2008, and the use of Credit Default Swaps and the eagerness of issuing risky mortgages created a lot of demand for houses, and the prices increased. However, after the financial crisis, house prices in Canada remain high! So are housing prices today remnants of the risky-mortgage credit default swap fest?
This leads to my second question. If prices have increased 300%, then shouldn’t there be a lot of money to be made by building houses and then selling them on the market? I mean, surely the materials and labor of building houses haven’t tripled as well, right!? I mean, a construction worker isn’t going to be making triple the amount he was 15 years ago! 15 years ago houses could be build for around $ 100,000, and shouldn’t the costs today be around that same amount?
So why am I not seeing everyone and there grandmother getting loans from banks to build houses (hire a few workers and an architect) and sell the house on the market for ridiculous profit margins? Why am I not seeing a growing host of real estate building investment funds, which use money to build houses and generate ridiculous returns. Build a house for 200,000-250,000 and sell it for 400,000-500,000, sounds great! But the thing is, I don’t see this happening, and there must be a reason for it. WHAT IS IT?
Is it because people are afraid of housing prices behaving like a bubble, and there concerned that it will burst right when they are building houses? Are they worried about taking such massive loans from banks on building houses? Are banks not willing to give them that much money (I doubt because they give mortgages).
I mean, why don’t I just go after university and build my a few houses and make $ 200,000 profit on each house? It seems to me that profit margins in real estate are so ridiculously high!. A mansion that 15 years ago was for 2 million now sells for 6 million.
As you can probably expect from the character of the question, I am hoping for thoughtful, intelligent replies on the nature of real estate economics.
Thank you
Best answer:
Answer by Tulip
I cannot say for Canada, but maybe it’s the same as in the US, where the Govt inflates the prices/value of housing in order to collect higher real estate/property tax. New school buildings, paved roads, police stations, transportation systems etc. Although 300% is rather high, it can be that the area has changed. If the houses had been newly build and there was nothing around in the town 15 years ago, then now a near city, it can go up higher than usual
Know better? Leave your own answer in the comments!
Friday Round-Up: FHA Becomes “High Risk, search ” Talks Critical Reverse Mortgage …
Housing Chief Galante said reverse mortgage change is critical. In answering to House Republicans during a Financial Services Committee hearing this week, FHA Commissioner Carol Galante reviewed changes that have taken place across the HECM …
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Congress Watchdog GAO Says FHA Has Reached “High Risk” Status
Congress “watchdog,” the independent Government Accountability Office (GAO), this week released a report stating the Federal Housing Administration is a “high risk” entity. GAO, which investigates how the federal government spends taxpayer dollars has …
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Check out these castle pictures:
Castle Rock
Image by Matija Grguric
Outpost fortress in the middle of the ocean. Best location for princess to hide when her kingdom is in danger. Or perhaps not? Although she is creating her hair and enjoying the Sun, remedy her guards are not as cautious as they need to be. Whilst they are enjoying their lunch and drinking, site a bunch of orcs are trying to climb up to the castle living qurters.
This was my castle entry for Classic Castle Colossal Contest VI 2008.
If you would like to see more properties click right here…
