Mortgage Guide

Todd asked:

I understand that when a mortgage is foreclosed the bank or lender holding the mortgage takes a beating. But I figure there must be some types of business that profit in this environment. Does somebody here know any?

Question posted courtesy of: Ana

Kim R asked:

Me and my partner are not married but have a joint mortgage. My partner has not been in work for alot of the time we have spent together and I have been paying everything, along with hand outs from my family. He not his family have not contributed anything. If we were to split, and i can prove via bank statements, and my mother;s paying-in book that we have made all the payments for the bills, will i be better off. we have been together 2 years and in a mortgage for a year. There is also a deed of trust within the mortgage that I get paid a sum back to me which is my inheritence if we were to split/sell up. We also have a secured loan on the property. Please help

Question posted courtesy of: Kimberly

VanillaIce asked:

here is my situation. my parents own a house and the mortgage is under their names. they have VERY low income so every year at tax time i itemize the mortgage interest and get a huge tax refund as a result even tho the mortgage is in their names. Now my dilemma is this…i plan to buy my own house with the mortgage in my own name. can i itemize the mortgage interest from both properties and get an even HUGER refund?

Question posted courtesy of: Jackie

djmck098 asked:

Will we expect much of aninterest rate rise due to the collapse inthe housing market in the U.S? will property prices plummet here too?

Question posted courtesy of: Jerome

tomg asked:

[Please answer this question only if you are a mortgage professional, an MBA, a real estate professional, or someone in a similar profession who is very familar with mortgages]

I’m currently an assistant to a mortgage broker and I was very lucky to have worked with one of the ethical mortgage brokers though I will admit that sometimes he over stated some asset figures. I’m not too happy about that–but he would give his clients the best mortgage terms on the cheapest basis. i.e. he didn’t charge them points when he didn’t need to.

However, I’m hearing that the mortgage broker industry may end next year due to the alledged plans of several large banks like BofA (already did it), WAMU, Wachovia, Citi, Indy Mac, Wells, and so on. I’ve also noticed that these major banks are starting to expand their retail divisions thus making me believe that pretty soon we are aheaded towards a direction where mortgage brokers will become no more.

Does anyone else out there believe this to be so?

Question posted courtesy of: Howard

cctvca asked:

I received the following from the purchaser’s lawyor:
Quote: Please be advised that my client’s mortgage appraiser attended the premises and rejected the mortgage. Unquote:

Question:
1.Does a mortgage appraiser have the right to reject a mortgage?
2.Who has the right to reject a mortgage?
3.What might be the most common reasons to reject a mortgage in addition to the condition of house?
4.As the financing is waved and the sale is “as is, where is”, if there is no sufficient reason to proof deterioration, con we consider that the purchaser forfeited his deposit to the seller?

Please respond to cctvca@yahoo.ca as it is the most efficient way for me to receive e-mail.

Thanks,

Richard Wong

Question posted courtesy of: Marvin

anderson1 asked:

I have a disabled 6 yr old daughter and eventually we are going to be needing a 3 bedroom bungalow and they are very rare through our local council. This means we are eventually going to have to get a mortgage, I am only 23 and quite confused with the whole thing but I have been told you can get a mortgage although you are unemployed, if you are receiving long term disability benefit is this right?

Question posted courtesy of: Emma

bexy asked:

My partner currently has a mortgage in the UK and has done for a good few years. We are now looking to move in London and my parents think I should go on the mortgage with him which I can afford. The only issue is that I am a contractor in a professional role with a steady market of contract roles however I dont think any mortgage company would give me a joint mortgage because I dont have a ’steady’ permanent income (which is only true in theory as I have had no problems going from one contract to another and earn pretty well). My partners current mortgage company said that they would probably look at me if I was a self employed plumber or electrician as there is always work! A solution may be that my father has said that he would be a ‘guarentor’ for me and would accept liability to pay the mortgage if I defaulted. Does anyone know if any mortgage companies would do this and allow the 2nd person to have a guarentor but be named as the mortgage? Help appreciated! Thanks!

Question posted courtesy of: Scott

attagirl asked:

I am a complete dolt about such things. I know the economy is troubled world wide because of sub prime mortatges, and that they are loans given to high risk people. That is it. How does it all relate to each other and what does this do to the economy? What exactly is the Federal Reserve Rate and what does it mean when they intervene? What does this mean to me, someone without investments that works and rents?

Sorry to be such an idiot, but I really want to understand…let’s pretend I have been living in a cave for a long time and don’t understand the lingo! I hate feeling like such an idiot when I hear about this and read about it. Thanks!!!
that really does help…but I’d love to hear more answers…esp. why someone would thumbs down!

Question posted courtesy of: James

Plastic B asked:

If you get a mortgage for 20 years can you pay it only for 5 years, for example, sell the house after the 5th year and get back what you paid?
alterfemego - basically, say I buy a house on a 20 year mortgage for £200,000. I pay £900 a month for 5 years then decide to sell it. If the house goes for £201,000, would I have to pay off the entire amount to the mortgage company or do I have to pay the amount that I have not paid yet in the remaining 15 years?

Question posted courtesy of: Arnold