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Question by I’ll_Beat_U_At_Pacman: What’s the best way to find the lowest mortgage rate possible after getting an accepted offer?
What do I need to do to know I am getting the best mortgage rate possible (just got an offer on a house accepted) – I live in Indianapolis, about it likely will get a 30 yr fixed. Any ideas on what kind of rate I should be looking for
Best answer:
Answer by Not I
The rate is dependant on How much of a mortgage, erectile how much down payment you have, sickness Your credit score, your debt to income ration. Start with the bank where you have your checking and savings.
Look online what the National companies are offering. Wells Fargo and such
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Question by Bman: For a Making Home Affordable loan modification, cure is amount of equity considered in the approval process?
A representative at my lender mentioned if you have over 30% equity in your house, ampoule the modification can be denied based on that. But a counselor at the Making Home Affordable Hope Hot line told me that the equity should not be considered for approval.
Best answer:
Answer by godged
Ask the counselor to provide you with a link to the information that states the amount of equity is not to enter into the equation. SHOULD NOT is very weak footing though, if the information really says should not, the lender can deny you based on your equity.
Best of luck to you.
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US Seeks to Stop Predatory Loans Reports Watchtower Mortgage
“This means that lenders can no longer offer no-doc, drugs low-doc loans, site where lenders made quick sales by not requiring documentation, then offloaded these risky mortgages by selling them to investors,” the CFPB said. About Watchtower Mortgage Watchtower …
For more informaiton please visit here…
Federal agency issuing more rules to improve mortgage and foreclosure …
The final rule also carries out Dodd-Frank provisions that, for mortgage and home equity loans, generally prohibit mandatory arbitration of disputes related to mortgage loans and the practice of increasing loan amounts to cover credit insurance …
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PBS Frontline's 'The Untouchables' Investigates Lack Of Wall Street …
Commenting on clips from the episode showing former home loan underwriters explaining how they would laugh as they pushed through mortgages that were too expensive for the borrowers, Smith said this type of behavior was "very frequent and common …
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Question by forever late: do you think that the mortgage company that holds my 80 year old moms house for her arm loan would consider n?
consider a reverse mortgage instead of a arm. instead of forclosure next week, pills the broker who arrnged the loan gained her trust helped her with finacial advice taught her online banking, a fidicuary relationship with intent to mislead her into using all 450,000.00 for his gain, said if she let him take the money and put it in to his company with a prommisary note w/balloon payment,in return he will pay her 5.000. interest, which he did for awhile then skipped payments then made payments that then said loan payment on receipts, ( iy is interest only note) and now cant pay anything he lost it all says so sorry your first in line when economy is better. her mortgage payment has gone from appox 1,670.00 to 3,775.00 a month, by the way he made the note with no collateral, she was financialy stressed due to my fathers stroke which lefft him with aphasia, hes paralized on one side and can no longer speak, she is an elderly women who was under diress from all the medical bills, she assumed her agreement with him was a type of investment of her money, i said where is the portfolio of your investment and she said ill ask him,to find out it was a loan1 she let go of the a.m. caregiver, tomakeup the extra money needed for new amont on her loan myself and my boyfriend are doing the caregiving duties now, but with out the 5,000.00 she cant pay them at all. by advice of a new person advising her, she is not responding to letters and calls from bank and is 4 months behind. i think they want to short sale(thenew advisor) telling her there trying to find a way to help , and maybe they will say after sorry we tried, but nothing can be done, this guy say i fell for her situation and need no money to help her just like the broker did. sept 2 is when the forclosure begins, any advice on what shecan do, should she explain all this to bank, cant she live here untill death then they have the house, and we could go after the broker for that other situation. i feel talking to bank asap might help, please someone advise us. she has been hospitalized twice this month and have lost time to figure what to do, is an extention on the forclosure a maybe? thank you for any suggestions sincerely susan
Best answer:
Answer by Just Me
You haven’t a clue if you think that the bank will give a reverse mortgage on a home with a loan on it. A reverse mortgage is generally given to those who have a ton of equity and a possible very small balance on the mortgage.
She needs to see an Atty that is the only person she needs to listen to right now. YOU and the new person advising her will certainly MAKE SURE she loses the home. I know you will say she can not afford it but what happens when they sell the house at auction and she has 3 or 4 DAYS to get out?
The bank could care less about the situation she finds herself in.
Give your answer to this question below!
You don’t know what a reverse mortgage is. If they give her one, they are paying themselves, and in the long run losing money.
I don’t see any equity to reverse out.
The outstanding loan wold have to be paid out of proceeds, then she loses the house when she dies.
Lawyer. makes more sense
two different issues here, and one comment.
1st – how much is the home worth? how much would be left after the $ 450,000 is paid off? if your mom does not have any equity left, even though she qualifies for a reverse mortgage because of her age, there is no equity left in the home to pay off the existing loan. A condition of the reverse mortgage is that all loans and liens against the home must be paid off (not credit card debt). In other words, if her home is worth $ 600,000 and she qualifies for only $ 440,000 because of her age, she would need to come up with $ 10,000 at the closing in order to get rid of the existing loan of $ 450,000 on the home. But once paid off, she would no longer have any monthly mortgage payment – but she has to come up with the shortfall of $ 10,000 in order to close. A reverse mortgage is a very conservative loan; how much money your mother is qualified for is based on her age, the interest rate and home value. You can google online for a reverse mortgage calculator and see if she has enough equity; if the numbers are close, then talk to a local broker who can run more exact numbers and work with her on minimizing closing costs. In a foreclosure situation, reverse mortgage lenders are very aggressive in closing the loan right away in under 3 weeks. The program works the same pretty much from lender to lender and from coast to coast, because it is FHA regulated; where the lenders differ is in their rates. Feel free to email me if you would like me to run some numbers. It is different from regular forward loans, including the sub-prime, where it is based on loan-to-value (LTV), and some banks lend up to 100%, leaving no equity remaining whatsoever. That is why so many are upside down today.
2nd issue – find an elder abuse attorney right away and also go to your local District Attorney’s office and see if there is a department for elder abuse. Have the authorities look into these two “advisors” to see what can be done. Once the money is spent, sending them to jail won’t help your mom, but it might stop them from defrauding another helpless senior. i have to wonder if her new advisor is trying to do a short sale so he can benefit from the sale himself – is he an investor wanting to buy the home himself or does he have friends who want to buy it? he sounds just as crooked as the first one giving bad advise.
comment – where were you when all this was happening? Not sure at what point of the foreclosure you are in; foreclosure takes about 6 months to occur. Roughly, after being late in your payments for 3 months, the lender will issue a Notice of Default and set an auction date about another 3 months out. If your mother doesn’t bring her mortgage current before the auction date, it gets sold to the highest bidder or goes back to the bank. Once sold, the new owners (or the bank) begin eviction proceedings which can take another 3 months. You said Sept. 2 is when the foreclosure begins. Is Sept 2 the actual eviction date or the date they sell the home in auction? Why would you expect her current lender to help her out with an extension now if she has not been responding to their calls and letters these past four months? unless you have something solid like a letter from the County District Attorney’s office or elder abuse lawyer to present to the bank, I believe you have waited too long. Good luck with this.