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Mortgage Insurance Questions and Answers

Open Question: Do these closing costs seem high?

My fiance works for a mortgage company and we're supposedly getting a discount on our closing costs but even with that it still seems really high. This is for a 140k fixed rate loan with a 5.5% rate and 30 year term. The house will be bought in Washington County, PA. Line 808 Mortgage Broker Fee $1000 Line 810 Processing Fee $300 Line 811 Underwriting Fee $650 Line 1105 Document Preperation Fee $100.00 Line 1108 Title Insurance Fee $1073.75 Line 1111 Endorsements $150 Line 1201 Recording Fee $138.50 Line 1202 Local Tax/Stamps $1050 Line 1203 State Tax/Stamps $700 Sub-Totaled Closing Costs 5197.25 Also Line 901 Prepaid Interest $186.72 Line 1001 Hazard Ins $74 Line 1002 Mortgage Ins $186.00 Line 1004 Property Tax $1080 Total Closing Costs 6723.97 I understand that I can get the seller to pay some of these but they seem really high. Do any of these fees stand out as outrageously high or am I just overwhelmed because I am a first time home buyer. more

Open Question: 100% equity in home... need loan advice?

hey all, i'm a 21 year old college student majoring in music (production/recording). i just purchased my 1st home cash/outright. i lost my mom in 2001 when i was 13 and used the modest life insurance policy she left for me to purchase the home. after losing my mom i moved in with my grandmother and lost her in 2004 after a year long battle with cancer. she left me a 1400/mo inheritance which i have been using for my education and related expenses. this $ is from her interest in a family business and will continue uninterrupted until her siblings sell the 2 commercial buildings they own and rent out. unfortunately i am a silent partner with no voting power and/or the ability to borrow and/or cash out of my interest in the co. i have 100% equity in this property and its TAX ACCESSED value is 200k. just before i purchased the property i bought (cash/outright) 50k of landscape equipment and will be self employed/full time in the spring of 09. my education is almost complete...1 more semester and will continue on a part time basis. at this moment i have 10 weekly customers (800/wk or 3200/mo) and am looking to increase that # to 20-25 by spring. my property will also generate income...it consists of a 4br house, 2 br cottage, 2 car garage and is zoned "village commercial". with this zoning, there is an option to rent part or all of the property to certain types of business... pottery shop, general store, real estate office, bar/restaurant, etc. i have a couple ready to sign a contract for the cottage (1200/mo) and 2 roommates to share the house with me (600ea/mo). i also have the option to rent out a small commercial suite on the 1st floor of the house (1000/mo). my long term plan is to use this (comm) space for my professional recording studios... not ready ($). although i do not "technically" have a declared income (yet), can i get a 100k loan using my property as collateral? moreover, can i use the rental, inheritance and landscape as income NOW, or how long do i have to wait to "technically" be considered a landlord and/or small business owner? i know i can handle this loan without any problem just with what i make right now. sad thing is... had i closed just a few months prior, it would have been "rubber stamped" by any bank and/or mortgage co. the way i found the property right up to the closing was done unconventionally... i am UNAFRAID to think and/or act out "outside of the box". any information and/or suggestions will be greatly appreciated. hope all is well. have a good one. more

Open Question: Which credit cards to pay off first?

I have 6 credit cards that I've been trying to pay off the last 3 years. I had a 50% pay cut in work 2 years ago& have to pay $120/wk for health ins. through my work and the year before the cut, I had to have a major operation and had to put some of the medical bills on the 2 credit cards of the major credit cards I had. At the time, they both had a zero balance and both had a $10,000 limit. since putting the medical expenses and surgery on them, I've never used them for anything else. I apid $20,000 to the hospital directly from my pocket on top of putting the rest of what was owed on the 2 cc's; the hospital wouldn't budge and at that time, I had no insurace. I have a car payment ($300 per month), car insurance ($90 per month), utilities ($290 per month) plus my mortgage ($700 per month). I made $37,000 in 2008. I've cut costs for me the last 3 years to the extreme. My only indulgence is paying for my commute to work ($50 per week, 50 weeks per year). Right now I have the following credit cards that need to be paid of: $7600 balance with $8000 limit (used to have 10k limit, used for surgery and after care) it's a major credit card. Have been paying $300-$220/month last 2 years $7900 with $8000 limit (used to have 10k limit, used for surgery and after care)major credit card. Have a hard time makign min. payments, $200-$200 per month $1600 with $2500 limit (haven't used it in 2 years)- dept. store $50/month $800 with $1200 limit (haven't used it in a year)gas card $30 per month min. payment due $90 with $400 limit (haven't used it in a year)dept. store $10 min payment per month. $600 with $1200 limit (haven't used it in a year) dept. store $30 per month payment. Based on this info, which ones should I concentrate on paying down, the large balances or the smaller balances first? Will credit card companies work with you if you have been showing the initiative to pay down and cut rates or balances down? more

Open Question: Can my mortgage company refuse to endorse my IKE insurance check?

I had flood damage to my house during Ike. Not much, but got a decent amount from the insurance company for it. I fixed nearly all the damage myself and have friends who did the rest for me for free. I sent my mortgage company my checks to endorse and the receipts fo the work done with all the necessary paperwork they requested for self-contracting (fix it yourself). They sent an inspector and he approved the repairs completely. But, since my receipts don't add up to at least half the amount the insurance is paying they're refusing to endorse my checks. Is this legal? This leaves me no options. I can't get my insurance money because I didn't spend enough??? Someone PLEASE help me. more

Open Question: Question regarding tax deductions on home?

This will be my first year since my divorce, that I will file single with my home. When I was married our deductions were never more then the standard couple deduction I know that I will get my 1098 statement from my mortgage company showing my interest, and taxes paid. My question was regarding my house insurance that my mortgage company pays state farm every year. Can I deduct that also? more

Open Question: Really confused about home buying process?

My husband and I were pre-approved for 125,000 . On Dec 24th we made an offer on a house for 113,000 and the sellers accepted it that day. We gave our earnest money, turned in income verification, had our credit report ran,had income verification, had the house appraisal, the title search,the inspection,got a good faith estimate,secured home owners insurance.We were told that all their loans are locally processed, underwritten, and closed by their own company. Heres my question a loan processor collected all of our information that the branch manger told us we needed (the branch manager is the lady we are working with) now does all this go to an underwriter? Is a loan processor the same as an underwriter and how much longer will it take to find out if our mortgage is approved. they also had my husbands employment verified, hes been with the Army 15 years so far, we are using the VA loan more

Open Question: How do I make a living while going to school when there are NO jobs out there!?

(I thank God I do not have rent or mortgage payment-It sucks to be 25 years old and still live in an emotionally abuse home-but I do have more important things to be dealt with right now.) I am unemployed, and here are my monthly expenses. Luckily, I had money in savings and unemployment supplement for 4 months, but it will run out very soon. Monthy expenses: 342 car payment 92 car insurance 75 (over estimate) cell phone 82 school loan 90 gas 60 approximate uninsured medical expenses 100 other That's $841/month. I was told there is an opening at a day care. I would make 8/hr=138/wk= 552/month. That is the problem I keep running into. I am taking one college class this semester 8:00 class 3 days a week. The interviews I've attempted only have full-time positions available (during the day) I am a medical assistant, so walk in clinics are the only hope of getting the hours I need. I have tried those. I have tried the newspaper, craigslist, careerbuilder. There is a severe shortage of jobs right now. I know of one I can get part time, but it offers me less than what I'm making from unemployment! I cannot find anything that will pay me decent and work around my school schedule. I'm beginning to lose hope. I don't know what I'm going to do. I have the bare necessities under my monthly expenses. That doesn't include things like car maintenance, unexpected medical costs, or one meal out a month. I cannot have a life because my life consists of watching my bank account dwindle and searching aimlessly for jobs. I am trying to get into the nursing program, and I am more fearful of getting a job that will work around a full time student schedule. I am willing to take any type of employment even on evenings and/or weekends, as long as it's something that can pay my bills and allow me to go to school. That is all I ask from God, and I have prayed about this for months now. I busted my ass just to get into this one class, and nursing is a sure win. I've just got to get there, and it's been hell... Any suggestions or words or wisdom? Thanks. more

Open Question: The best deal for Miracle loans?

I have searched all over the internet for the absolute best offer. So far the best I found was at http://moveto.ws/hd1m25mjm Anyone know of a better deal? I have searched: Miracle loans http://moveto.ws/hd1m25mjm borrow money borrowing money borrow money loan borrow money fast borrow money online borrow money from money to borrow need to borrow money borrow money today borrow money bad credit borrow money quick borrow money now banks borrow money borrow money tax family borrow money borrow some money business borrow money can borrow money borrow money against borrow money cheap where to borrow money how much money can i borrow borrow money as borrow money at borrow money at a borrow money com borrow money online com www borrow money www borrow money online borrow money directly from where can you borrow money borrow money interest microsoft borrow money borrow money do borrow money and don borrow money and i i borrow money www borrow money online com borrow money on line and borrow money companies borrow money bank borrow money borrow money from another borrow money from credit borrow money from a credit where can i borrow money lend and borrow money lend borrow money borrow money for free borrow money and pay back borrow any money borrow money by borrow money bad borrow money without a job borrow money without credit borrow money for a borrow money without collateral friend borrow money friends borrow money need to borrow money fast borrow all the money borrow its money borrow free money borrow money directly borrow the money borrowing money against life insurance borrow money from life insurance borrowing money against borrow money agreement borrow money even advisable to borrow money to take a cash borrow money for the borrow money from china to pay borrowing money from 401k borrow money contract advisable to borrow money to take a cash discount borrow money without credit check borrow money and not borrow loan shark money borrow money private loan money personal loans lending money borrow short term loan borrow loan loans short term loans bad credit loan personal loan bad credit loans unsecured loan unsecured loans secured loans unsecured personal loan online loans payday loans payday loan cash loans lending cash loan mortgage pay day loans debt fast cash loans money lenders borrow cash personal lending get a loan family loans secured loan quick loan bad credit borrow loans private personal loan loans for people with bad credit no credit check loans fast cash instant loans loans for bad credit bad credit unsecured loan unsecured bad credit loans small personal loans unsecured personal loans bad credit personal loan small personal loan unsecured personal loans bad credit personal bad credit loans unsecured personal loan bad credit personal loans for bad credit bad credit cash loans private loans personal military loans fast loans personal loans document secured personal loan money to lend how much can i borrow payday advance faxless payday loans personal business loans loan to family member payday loans online i need money pay day loan fast money cash advance debt consolidation personal financing money debt settlement poor credit personal loan quick cash loans cash money poor credit loans home improvement loan intra family loan private lending business loans loan family loan loan companies to lending bank loan borrowing circle lending p2p lending loan rates borrow debt bank loans borrow credit lenders lend money private loan agreement lender private lender loans to family mortgage loan home loans home loan bankruptcy loans mortgage companies personal loan bankruptcy debt free secured money bad debt loan loan to family online loan bankruptcy loan credit money unsecured money mortgages loans to family members lending money to family unsecured lending credit personal loan document quick cash homeowner loan credit loans quick bad credit loan bad credit loan companies bad credit payday loan bad credit loan secured bad credit home loan bad credit auto loan bad credit car loan bad credit loan lender loan for bad credit guaranteed bad credit loan instant bad credit loan fast bad credit loan short term bad credit loan personal loan with bad credit bad credit unsecured personal loan loan for people with bad credit personal loan for bad credit bad credit loan rates bad credit loan online bad credit loan approval bad credit loan lenders bad credit signature loan bad credit cash loan bad credit loan money easy bad credit loan bad credit loan mi more

Open Question: FHA home loans, is mortgage insurance mandatory?

10% down, good credit, its there Mortgage Insurance ? or 20% down more

Open Question: question about buying a house?

what exactly is a mortgage? I thought once you buy a house you have your loan that you pay off and that was it (along with insurance and others) but is your home loan a mortgage? what does it mean to take out a second mortgage? When you are shopping for a home, are you allowed to bargain a bit? more

Open Question: Should I refinance? FHA Streamline from 6% to 5%?

I bought a house about 7 months ago. I paid down 3% on an FHA loan at 6% for about $184K Now the same mortgage broker is offering me an FHA streamline down to 5%. He says there are no fees or appraisals, except for the Mortgage insurance fee which is about 2400 (they're rolling that into the loan) and I make one payment to the title company (about $1370). My mortgage payments will be about $95 lower. Seems pretty good to me, I just hate to change banks because I really liked the bank I was with so far (I suppose my loan could get sold anyway). The new loan would be somewhere around 187K. Does that mean that the 3% I put down the first time won't count for anything anymore? more

Open Question: Can someone explain the which insurances I should have please? Please read on.?

Watching people lose their jobs all over the country is making me very nervous. I am a teacher and my job is apparently safe but you never know. I am going through all of my documentation to check what I have and don't have. I have a large mortgage and have an 18 year daughter living with me. She is a student and is dependant on me. Should I have Mortgage Life Assurance AND Payment Protection AND Life Insurance? I find it all so confusing. I thought that Life Insurance would pay my mortgage off in the event of my death. Do I actually need ASSURANCE for that? I would appreciate simple, uncomplicated answers if possible. It has been a long day! Haha! To the second answerer: thank you. Can you have mortgage life assurance and life insurance at the same time so that in the event of my death she could pay the mortgage and have a lump sum or can you only have one of the two? Sorry if that sounds thick. Thank you David. You explained that very well. I'll have to read it a few times to decide what to do! Thank you Vino88: you were helpful. more

Open Question: How much allowances should I claim?

I want to claim 7 allowances, my payroll manager said that was an awful lot. She would not offer any "adivse" or help to determine the number. So am I crazy? Perhaps someone out here can help me out... I am filing jointly. I make $65000 with $7500 annual bonus My wife makes $65000 with no regular bonus No significant dividends, interest, etc. Itemized Deductions: $19000 Total Mortgage Interest for the year $4600 Property Tax $600 Ad Volerum Tax (My State's "Birthday" Tax) $6500 State Tax $600 Charity $600 Car Loan Interest (does this even qualify?) $1000 Business Mileage (this was reimbursed, do I still use it?) $1200 Health Insurance (this may be pre-taxed?) $1950 My 401K contribution (this may be pre-taxed?) $3250 My Wife's 401K contribution (again might be pre-taxed?) No Children I am guessing whatever the magic number is that I would do that only one W4, and would claim 0 on the other form... In response to the third reply: I was under the impression that deductions were most definitely revelant to Allowances you would claim. Is this not true? Isn't the point to claim enough allowances so that you are very close to what you actually owe at the end of the year after deductions and credits. Also, I was about 99% sure the Car Loan, Mileage, 401K, and Health Insurance did not qualify. I just wanted to check. more

Open Question: How does sole ownership vs co-ownership of home affect my credit rating?

My father and I co-own our home. However, my father passed away 5 years ago, and I have not notified nor sent in his death certificate to my mortgage company. If I notify and send my father's death certificate now, how would this new change of ownership reflect my credit rating since I would become the sole owner of the home? (My credit report has always reflected the loan balance due for my home since we purchased the home.) Would I increase my credit line and increase loan amounts if I decided to get a loan in the future? Also, how would this affect my home and auto insurances? BTW, I have good credit. My only debt is my home. more

Open Question: Chances of mortgage falling through?

I was wondering what are the chances of our financing falling through...Im so nervous I have heard about peoples loans falling through whne they go to the underwriter. We are working with a mortgage company that their loans are locally processed, underwritten, and closed by their company. We were told by the branch manager that we have nothing to worry about, but that doesnt help. We were pre-approved,found a house,made an offer had it accepted,locked in at 5.5%, gave the earnest money, had the inspection and appraisal done,had our funds verified, had our employment verified, the title company called and said we needed to get home owners insurance so we did that also, we havent had any changes to our credit, havent bought anything big, my husband has been in the Army Active duty for 15 years so he has steady employment, he had his identity stolen and we have been working to get it cleared up, his score is only 605... If it matters we are in Oklahoma state and are using my husbands VA loan...Im so nervous what are the chances of it falling through? more

Resolved Question: What is your opinion of the Obama stimulus plan?

I personally think it's pointless and pathetic. $1,000 per family-BIG DEAL! That is not helping us or the economy in any way. That barely pays my mortgage and homeowners insurance for one month. I'm not going on a vacation with it, or buying a big screen tv (my 32 inch tube tv is 12 years old), or buying new clothes. No, I'm just putting it in my checking account where it will get sucked right out because it's probably overdrawn anyway. I'm sick of the news media making a big deal about this stimulus thing. $1,000 is a pathetic amount of money. I'm not rich, I'm not even middle class, and I am not excited about or stupid enough to think that money is some kind of great thing. $1,000?! Obama and Bush might as well give me a roll of pennies! What's your opinion on the amount, and the news media acting like it's an awesome thing? Yes, of course I forgot to mention the fact that us tax payers are paying for our own stimulus money! We are not being given free money. All I have to say to the government is DUH! You're right. Talking about the bad economy on the news everyday isn't changing the fact that I don't have 2 pennies to rub together. My husband and I can help ourselves even if it takes a long time. I am more interested in helping people with more terrible problems like innocent people in war torn countries and missing and abused children. more

Open Question: First Time Home Buyer?

I was wondering what are the chances of our financing falling through...Im so nervous I have heard about peoples loans falling through whne they go to the underwriter. We are working with a mortgage company that their loans are locally processed, underwritten, and closed by their company. We were told by the branch manager that we have nothing to worry about, but that doesnt help. We were pre-approved,found a house,made an offer had it accepted,locked in at 5.5%, gave the earnest money, had the inspection and appraisal done,had our funds verified, had our employment verified, the title company called and said we needed to get home owners insurance so we did that also, we havent had any changes to our credit, havent bought anything big, my husband has been in the Army Active duty for 15 years so he has steady employment... If it matters we are in Oklahoma state and are using my husbands VA loan...Im so nervous what are the chances of it falling through? more

Open Question: Questions about Mortgage insurance?

I've researched a few answers on here already...I just have a few questions. I've recently been served for a default mortgage & foreclosures proceedings have already started. This was because of a divorce. (I know that doesn't matter) I had mortgage insurance. I always thought this was in the event the homeowner died and/or it protected the mortgage company from a financial loss in the event I defaulted. In my paperwork that I got served, it says that they are suing me for approx $40,000 which is what was owed. Questions: Will my mortgage insurance save me in any way here? And can I go to jail for being unable to pay. These are just my huge concerns. Oh, and I live in PA. Can they garnish my wages? I was told PA is a state where they cannot garnish wages unless it's for back taxes or child support. Any ideas? more

Open Question: How can I get financing to buy a larger home and keep my current as a rental?

I'm having a hard time ignoring the free fall in housing prices and mortgage rates. Ideally, I would like to purchase a new home and keep my current home as a rental. Am I crazy? Could I never get financing for this? Here's the situation: Current home, worth appx 275k, loan balance 220k. Financed with a 30 yr fixed at 5.25. Have successfully found tenants previously at $1550/mo, which cover P&I, Insurance and Property taxes with about $100 to spare. Household income, appx 120k. Little debt outstanding, other than car payment at 431/mo and mortgage on vacation property at 625/mo. Our target price for a new place is 300-250k. What we want is a larger home in the suburbs. I'm thinking we could reasonably put up to 10% down. Am I crazy to think we'd ever get financing for this? more

Open Question: Deduct the Taxes Paid on My Home?

Please be patient here, it's my first year of doing this. Thank you. My home owners insurance and city/county taxes are included in my monthly mortgage payment. When the taxes were due in 2008, the bank paid them and the same thing will happen with the insurance. I understanding that I can use the interest paid on my home as a deduction on my taxes. Can I also use the 2008 city/county residence taxes as a deduction on my taxes? How about the city/county taxes I paid on the car? Can I also claim the $35 I paid to the highway department each year for the car tag? Thanks! more

Resolved Question: can you renew your mortgage whilst on a pension and incapicty benefit?

my fixed rate mortgage is about the finish with northern rock and i am now 55 and have had to retire early due to serious illness. my wife works and i have a pension and incapicity benefit. do you think i will still get a mortgage, 5 years left and about 40k and insurance in place should the worst happen. many thanks my mortgage was fixed rate for 3 years and thats about to end, hence need a new mortgage. more

Open Question: How best to budget your money so you can save for a mortgage?

Ireland. Take home pay approx â‚¬2,500 a month, Health Insurance approx â‚¬900 yearly! run a car, drive for work so do get mileage as an extra depending on the amount of travel done. Car Insurance and tax approx â‚¬800 yearly, rent will be approx â‚¬400, bills on top of that, how best can I do trying to crash save for a mortgage? I am prepared to let the social life pretty much die out or at least be done very cheaply! How much could I realistically put away per month? any advice? more

Resolved Question: Do i need to have 20 % down when i refinance from FHA to Conforming and does the down amt from FHA counts?

Hello everyone. I am purchasing a house but the loan I could get was FHA because i did not have 20 % down and not enough credit for conforming loan. I could put 15 % down on the house but my question is whether i should do that or go with the minimum of 3 % because with FHA loan you pay premium mortgage insurance 1.5 % upfront and .5 higher interest rate. Lets say if i build a better credit in 6 months to qualify for a conforming rate and refinance the house from FHA to conforming do i need to have 20 % down for conforming loan or should i put the money to FHA loan and that 15 % is counted as home equity. All I need is 5 % after that right or do i need to have 20 % in cash? I asked this question once but mostly i got people trying to get me to contact them for loans. I dont need that. Only respond if you know the answer. Nop I cant get a conforming right now. I could come upwith the 20 % but not enought credit. Please answer about the amount i should put on FHA loan. Would the 15 % count when i refinance to confroming to make 20 % or do i need to hold the money so i can have them for the conforming loan in about 6 months when i build up my credit. I have no choice FHA is what i am getting right now. Please focus on the question I need to know about the % amount whether it is better for me to put down 15 % on the fha or should i put down 3 % and save the money for the conforming when i refinance. I would put 15 % if the money counts toward the refinance to conforming in the future to make 20 %. total after adding 5 %. more

Resolved Question: What is an ideal mortgage payment for a starter home in Sugar Land, TX?

Presuming the couple has no kids, earn a combined 80,000, and only has bills like school loans, car insurance, and daily living expenses of about $600/monthly. You don't have to factor in this information. You can state what you want based on what you believe is an ideal mortgage payment. Just need a clue. We would like a brand new home ideally between $170-250k. Please share any info. you may have. Thanks more

Open Question: what happens if your mortgage insurance is cancelled?

my parents have had there mortgage insurance cancelled due to missed payments (quite a while ago), the insurance was supposed to pay off the rest of the mortgage but now it wont, my mother isn't sleeping and my dad has had a nervous breakdown due to worry especially during the current economic climate, i have no idea where to look for the answers or what to do. is there a way to reactivate insurance, can i claim back what has already been paid??? i don't know what to do, im worried for their health they are both early sixties and don't need this at their time of life....... any thoughts would be greatly appreciated more

Resolved Question: PROBLEMS REPAYING C/C DEBTS- can we approach the companies and arrange a settlement figure?

We are massively struggling to pay off our debts as my partner lost his job...another victim of the credit crunch...we have been taking any work we can get but it's not enough and now we simply don't have the money to pay our monthly C/C payments, as well as our mortgage, insurance, council tax, food and all the other usual outgoings. Please could you advise me on whether the C/C companies would be willing to reduce the debts, I mean, is this somehting they would do in this sort of situation? And, would it affect our future credit rating? Many thanks. P.S. I should add that we are IN THE U.K.! I say this because I have just looked at the CCCS website but it looks like it's an American website...thanks anyway but something relating to Britain would be very helpful :o) more

Open Question: Who's entitled to my fatherâ€™s house? (No will\Intestacy)?

Last month my father passed away in a work accident and there was no will left behind. His assets included a house worth $250k, life insurance worth $30k and $50k in his bank account. All up he was worth around $330k After speaking with a lawyer today I was informed that his de facto partner (girlfriend) of 14 years was entitled to $125k of his assets, 1\3 of the remaining balance and all chattels (furniture, TVs, utensils, vehicles, etc). The remaining balance is to go to me, but my only concern is the house. He used to tell me (and other family members) that the house was going to be passed down to me, but now that thereâ€™s no will what can I do? Extra details: - His girlfriend didn't live in his house and they didn't share financial responsibilities - The house wasnâ€™t under a joint tenancy and he had paid off the mortgage - I am his only child - Scenario takes place in New Zealand - He had one life insurance under my name for $15k and one under his own name for $15k more

Resolved Question: Do you think me and my boyfriend have a fair deal?

My boyfriend has moved in with me and my 3 kids. The money situation as sort of worked itself out without us sitting down and working it out really. I have my own house so i am still paying my mortgage, utility bills and food shopping etc. I have thought about this and think its fair as there are 4 of us and only one of him. My boyfriend has a caravan and we spend most weekends there and he pays for all of this ie ground rent, bills etc. He pays for my car tax, insurance & mot, fills it with petrol whenever its empty (always!!)) and he pays for drinks and meals out everytime we go anywhere. I think this is fair but some friends have commented that he should be paying towards the house. What do you guys think? more

Open Question: Home mortgage approval question?

I have done all my steps to buy a house ..i got pre approved, had the offer accepted, had my VOD verified, work record verified, obtain home owners insurance,gave my earnest money, had the inspection and the appraisal...what are the chances of my approval falling though? I asked the lady that is taking care of me at the mortgage company, shes also the branch manager and she told me i have nothing to worry about that they pull the credit report once and that their loans are locally processed, underwritten, and closed by their company. So what are the chances it will faal through, nothing has changed on my credit report and i havent opened anything new or bought anything big the appraisal came in at 129900, i paid 113,000 for it more

Resolved Question: Life insurance/living will question...?

My husband has a accidental death benefit insurance mainly for our mortgage, in case he becomes incapacitated or dies, I am the beneficiary (we have no kids). I am 32 and he is 33 years old, we have been married for 7 1/2 years. I would like to know if we could make a living will together, in case he and I should die, so that the money that I would get for his death would go to my parents as beneficiaries ( he and I agree both agreed on that). We don't own a lot of things, only this house and one car, which are not paid off (we are making payments on both), and some money on savings. Is it possible to make this living will and put my parents on it, although we don't have our car and house paid off, but the life insurance would cover it should we die? If so, how can that be done? Oh, my parents live in another country. Thanks a lot! OK, the policy is for either incapacitation -- if my husband loses a leg or an arm, a hand, or becomes paralyzed -- or his death. So can you tell me about a good real life insurance company? I appreciate your answers! more

Resolved Question: Do I need to have 20 % down payment when I refinance from FHA loan to conforming ?

Voting Question: La. Succession Laws...Family feuding over money?

Resolved Question: Children trespassing... what to do?

There are some pre-teens that come around our property after we've warned them that they are not welcome here. We live in FL. Our frontyard is not fenced and we can't afford fencing right now. We've put a no trespassing sign right on the mailbox, visible to everyone who drives/walks by the road to see, so there is no excuse. These children like to ride their bikes on our grass on our frontyard, and we are not pleased with it. We don't want to be liable for any of them in case they fall or hurt themselves in our property. We own, not rent, the property. It's in a subdivions of mobile homes, but we own trailer and land. We are current on our property taxes and insurance as well as mortgage. We do not create an issue by calling the police on these kids, because we believe it's the parents' responsibility to teach them to respect the neighbors' properties. But what else can we legally do to keep them out of our property forever? Thanks. our home owners association is no longer in effect, they are being dissolved, so it would do no good to try to solve this problem with them. B.R. if you can't be nice and answer a simple direct question here, then you should mind your business. Everybody has given me a very good, direct and simple question without judging my motives of wanting to have my property privacy. So who is the old fart here? Yes B.R., I will look into a cheap fence. I never swore at them, never yelled, I asked them to please not ride on my yard. Simple. I never threatened anyone, I don't carry guns (don't believe in use of any kind of force), and I get along with all my neighbors around us. They too share of this same thought, they have seen these kids doing other things in their property, for example, entering their house without knocking, or picking up stuff and never returning, and ruining their flower beds. So I don't want it to escalate to this point, so I would rather them not ride on my lawn, by the way, I take pride in the way it looks, I don't like to park my own car on my grass because I'm trying to grow a better quality grass right now, so why would I allow kids to come and ruin my work? I don't know why you are making such a big deal about this: if you don't mind kids running around your yard, then that is your choice, and I respect you for that. I am different from you, I do not want them here The question here was "what can be done LEGALLY to prevent this from happening". That means I already do not want them around. I wasn't asking "should I allow them here or not, and why?". So I just wanted to know the legal way to keep this from happening. I didn't do anything to them, I didn't curse or yell, I haven't called cops or talked to their parents, that's the reason why I came here to ask what can be done before I decide on what to do. I wanted suggestions. That's it. more

Resolved Question: Anyone else have family problems right now?

My holidays were going alright until my dad got arrested. My dad has a long history of hating my mom's side of the family because he feels that they came to Canada because of him and that they have become so successful. I personally think is jealously because all my uncles and aunts decided to do something with there lives when they immigrated here and started small and worked there way up while my dad had no plan for he future. This is just a sum up of why my dad hates my mom's side of the family. He releases all the anger and jealousy on my mom. My sister (18) and me (16) are grown up and we can't handle this. We have to focus on school and our studies and make sure that we don't end up on the same path as our father. Ever since we were small, my dad has been abusing my mom. Verbally, physically and emotionally. Even then my mom never left my dad because she wanted a father for me and my sister. Through out our lives, our dad just got more abusive towards my mom and sometimes it would go so far that we would have to call he cops and get him arrested. Even then my mom still took him into our homes because of my sister and I. My father never does his share of the work around the house. He got fired from his original job because he was also verbally abusing a co-worker. Now he works at a bakery, barley making enough each month. He's always complaining that my mom got him fired. My sister and I are grown teenagers, he should think about our future like my mom has since we were born. So this holiday, after my dad came back from work, he started abusing my mom again and that's where my sister and I stepped in. From there is just got worse. He started hitting me and my sister, would you, at a age of 50+ start abusing you own children? From there, he started threaten us with a knife. I wanted to go against him so bad, but my mom didn't let me. Instead she took me and my sister to our neighbours house. He ran after us and damaged our neighbours front door. That's when our neighbour got scared and called the cops. The cops came and arrested my dad. Now I don't have my dad in the house again. My mom got laid off from work because of the economic recession. She worked for a car company in a factory for 8 years. We are in a real financial crisis because my dad is going to stop paying the insurance bills for the house and car and he is also going to stop paying the mortgage. We really don't know what we are going to do. My mom would usually find a way to support the family, but with her job gone, we don't know what we are going to do. Please help. I feel like committing suicide. more

Voting Question: Post bail-out mortgage question?

My husband and I are 24 years old and starting a family. My husband makes $58,000 a year in Oklahoma City as an engineer and has great job stability. Because we are starting a family we would like to start preparing to buy a house. We don't have a lot in the way of savings right now (about $2000) but have started to really buckle down. The few houses we are interested in cost around $70,000. I have read up on mortgage insurance and monthly payments. Our current rent is twice as much as we would pay for a mortgage with taxes and insurance included. It would help us out a lot financially to be able to move as soon as possible especially considering the housing market in this area right now. My question is if we have already resigned ourselves to paying mortgage insurance and we only want to borrow $70,000 what is the minimum down payment/ closing cost amount we could have to get a mortgage with fair/good credit? Is it still possible to get a mortgage with fair borderline good credit? more

Voting Question: Arizona - Insurance & Mortgage?

I am a licensed commercial real estate agent in phoenix, az, and am interested in providing insurance and mortgage services to my clients,essentially I want to be able to shop 5 lenders/insurance companies to provide my clients the best deals. How do I identify 5 banks/insurance companies that do commercial transactions? How much money can I make by providing these additional services assuming that all transactions are more than 300K ( for loans + insurance) Thanks more

Voting Question: My mortgage increased?

We have a fixed rate mortgage, we bought our house last Dec. I just got a notice from Wells Fargo that our mortgage is increasing (includes taxes, insurance, etc) by 268.84 a month, making the total 2668.33/month because of an escrow shortage. But when I add up the numbers, it looks like they overpaid our taxes last year by $2800. they are not there now, so I can't ask them, but is there anything I can do?? more

Open Question: what do you think of this Linda Monk article?

THE PARTY'S OVER About Linda Monk Linda R. Monk, J. D., is a constitutional scholar, journalist, and nationally award-winning author. A graduate of Harvard Law School , she twice received the American Bar Association's Silver Gavel Award, its highest honor for law-related media. Her books include The Words We Live By: Your Annotated Guide to the Constitution, Ordinary Americans: U. S. History Through the Eyes of Everyday People, and The Bill of Rights: A User's Guide. For more than 20 years, Ms. Monk has written commentary for newspapers nationwide, including the New York Times, Washington Post, Los Angeles Times, and Chicago Tribune THE PARTY'S OVER By Linda Monk The Crash of 2008, which is now wiping out trillions of dollars of our people's wealth, is, like the Crash of 1929, likely to mark the end of one era and the onset of another. The new era will see a more sober and much diminished America . The 'Omnipower' and 'Indispensable Nation' we heard about in all the hubris and braggadocio following our Cold War victory is history. Seizing on the crisis, the left says we are witnessing the failure of market economics, a failure of conservatism. This is nonsense. What we are witnessing is the collapse of Gordon Gecko ('Greed Is Good!') capitalism. What we are witnessing is what happens to a prodigal nation that ignores history, and forgets and abandons the philosophy and principles that made it great. A true conservative (Rep or Dem) cherishes prudence and believes in fiscal responsibility, balanced budgets and a self-reliant republic. He believes in saving for retirement and a rainy day, in deferred gratification, in not buying on credit what you cannot afford, in living within your means. Is that really what got Wall Street and us into this mess -- that we followed too religiously the gospel of Robert Taft and Russell Kirk? 'Government must save us!' cries the left, as ever. Yet, who got us into this mess if not the government -- the Fed with its easy money, Bush with his profligate spending, and Congress and the SEC by liberating Wall Street and failing to step in and stop the drunken orgy? For years, we Americans have spent more than we earned. We save nothing. Credit card debt, consumer debt, auto debt, mortgage debt, corporate debt -- all are at record levels. And with pensions and savings being wiped out, much of that debt will never be repaid. Our standard of living is inevitably going to fall. For foreigners will not forever buy our bonds or lend us more money if they rightly fear that they will be paid back, if at all, in cheaper dollars. We are going to have to learn to live again within our means. THE PARTY'S OVER! Up through World War II, we followed the Hamiltonian idea that America must remain economically independent of the world in order to remain politically independent. But this generation decided that was yesterday's bromide and we must march bravely forward into a Global Economy, where we all depend on one another. American companies morphed into 'Global Companies' and moved plants and factories to Mexico , Asia, China , and India , and we began buying more cheaply from abroad what we used to make at home: shoes, clothes, bikes, cars, radios, TVs, planes, computers. As the trade deficits began inexorably to rise to 6 percent of GDP, we began vast borrowing from abroad to continue buying from abroad. At home, propelled by tax cuts, war in Iraq and an explosion in social spending, surpluses vanished and deficits reappeared and began to rise. The dollar began to sink, and gold began to soar. Yet, still, the promises of the politicians come. Barack Obama will give us national health insurance and tax cuts for all but that 2 percent of the nation that already carries 50 percent of the federal income tax load. Who are we kidding? What we are witnessing today is how empires end. The Last Superpower is unable to defend its borders, protect its currency, win its wars, or balance its budget. Medicare and Social Security are headed for the cliff with unfunded liabilities in the tens of trillions of dollars. What we are witnessing today is nothing less than a Katrina-like failure of government, of our political class, and of democracy itself, casting a cloud over the viability and longevity of the system. Notice who is managing the crisis. Not our elected leaders. Nancy Pelosi says she had nothing to do with it. Congress is paralyzed and heading home. President Bush is nowhere to be seen. Hank Paulson of Goldman Sachs and Ben Bernanke of the Fed chose to bail out Bear Sterns but let Lehman go under. They decided to nationalize Fannie and Freddie at a cost to taxpayers of hundreds of billions, putting the U. S. government behind $5 trillion in mortgages. They decided to buy AIG with $85 billion rather than see the insurance giant sink beneath the waves. Unelected financial elite is now entrusted with the assi more

Voting Question: What are benefits of 'investment' life insurance vs. other tax reducing investment vehicles?

I'm very skeptical about a 'friend' trying to sell my significant other 'investment' life insurance as a tax reducing, long term investment. We do not have a mortgage or children, and he is 46 years old. He was looking for some investment that would reduce his tax liability. To me, this is one of the worst investments, especially in his situation, but maybe I'm missing something... more

Voting Question: Home Loan Process question?

i put an offer on a house signed the contrat and did everything else like get insurance, gave earnest money had inspection and apprasial and am waiting to for the closing date to come, my mortgage broker said im approved, that it is going through the loan processor now...does it still have to go an underwriter? if so what are the chances of it falling through? how long does it usually take for the loan processor and underwriter to get everything done? why would she say we were approved then? and you said we have all these other things to do..what other things? we were told they were just waiting to get the paper work back, the title company called today and said we needed to find insurance on the place, plus the real estate agent put a sold sign up more

Resolved Question: If you file bankruptcy do you have to give up your car even if you can still make the payment?

I'm contemplating bankruptcy because my husband became unemployed and can't pay our mortgage and either can I since I have been paying the car payments and other bills to keep us surviving (water, electric, food, car payments, car ins. gas). If we file bankruptcy, but I'm still able to make the car payment can I keep the car or do I automatically lose the vehicle in the bankruptcy (Florida law). Please no comments about forget the car and pay your mortgage; its way to high and I'm on a secretary salary not to mention they just raised the health insurance costs at my place of employment! I need transportation for work and can always rent. Also, no need to remind me how screwed my credit is...if you know just answer the question about keep a financed vehicle in bankruptcy...I have a low car payment so its feasible for me. Well its not over until the fat lady sings...she's a hummin but I'm going to continue paying all my creditors. We are trying to get the bank to recalculate the mortgage at a lower affordable rate since my husband is working now. If that doesn't work we get the boot and rent somewhere...hopefully someone will rent to us with screwed credit. Now I know why people blow their brains out in these situations...its so frustrating and sad. more

Resolved Question: loan processor and underwriter?

We are using a mortgage company to purchase our first house, we were pre approved, have signed the contract, had the offer accepted, had verification of employment, verification of funds, gave our earnest money, was told by the title company to get insurance so we did,did a ton of paper work with mortgage company, had the apprasial (it came back 16,900 over our purchase price) , had our inspection and have a closing date of on or before Jan 31. When I called our mortgage broker to find the status of our account she said everything was fine and its with the loan processor, my question is what is a loan processor , are they underwriters? What else is there to do before we close? i already stated that we did get insurance already.. we went to 4 different places and got the best deal the reason they gave us a closing date of on or before the 31st is because they thought we wanted to pay our earnest money in 2 payments, one on jan1st and one on jan 15th since we are military... but we paid it all up front more

Resolved Question: What % of net income to spend on mortgage payment?

Looking at purchasing a home. My net income is $3100 per month. That is after all taxes, health insurance, and 10% contribution to 401K. Currently have no revolving debt other than a $178/mos no interest student loan payment thanks to an ex employer. Credit cards are paid off every month. Otherwise typical monthly expenses such as gasoline, insurance, groceries, etc... Looking at purchasing a house. Mortgage payment would be around $850/mos. Adding taxes and insurance it would be around $1250/mos. Will have about $25K in a rainy day savings account after purchase. We are a single income household. No kids. Wife is in nursing school with 1.5years to go. She is accumalating student loan debt, but we don't have to start repaying until after she graduates. Payments at that time would be around $300/mos. She would have a fairly decent income at that point being a nurse. Currently own a condo that we would be renting out. Anticipate generating about $100/mos of income from the rent. Is that a fairly reasonable mortgage payment based on my income and debt situation? more

Resolved Question: Louisiana Succession Laws...Family feuding over money!?

My family is feuding over money from the sale of the family home. If anyone has any knowledge on who is legally right here then I would appreciate any input. Basically the home was lost due to Hurricane Katrina. Due to succession 3 people are listed as heirs to the house. Only 1 heir lived in the home in La. and was paying the mortgage and kept up the insurance payments etc.The other heirs lived out of state. All 3 have split the insurance money from the home and the 2 non contributing heirs want a portion of the money from the Road Home Assistance program which is helping the 1 heir to relocate and get another home. In order to get the Road Home money all 3 heirs had to sign the papers but the 1 heir who lived in La. does not think it is fair for them to collect on everything when they didn't put any money towards the household or insurance. If the 2 heirs decide to sue, can the heir who lived in the household countersue for monies not put forth toward the home from the other heirs? Hope this makes sense. Thanks so much for the feedback. The original owners were the Grandparents who are now deceased. Out of their 3 children only 1 is still alive. The other 2 are the grandchildren from his deceased siblings. The 1 grandchild is the only one who remained in the home and kept up everything. The other 2 left the home over 30 years ago and have had the attitude don't contact them for any money. But now of course they have their hand out. What kind of lawyer handles these cases? Is it a succession lawyer? Jslinder - The Road Home is kind of tricky. They either buy your home out, give u money to rebuild, or give money to relocate within La. They took the option to have the 1 grandchild relocate. They want like 20K of that money that is supposed to be used toward another home. more

Resolved Question: tips on first time home buyer?

i am looking to buy a home soon hopefully for the first time. It will be with my boyfriend which who has never purchased a home either. Are there things available to first time buyers who are married? Are there things available for first time buyers who are just dating? Just wanted any tips anyone could give me. The houses i like are around 130k but i want my mortgage (taxes and insurance included) to be no more than $800 per month so I will probably have to find a house around $105k. Any tips or any info on how i might be able to afford a $130k house for $800 a month ( and im not talking about putting a big down payment). I will prob be putting a 4k or 5k down payment. i dont have alot of money. Any positive advice would be greatly appreciated. Thanks. Sarah more

Voting Question: Purchasing a home.........?

My husband and I signed a contract ona house on Dec 24th, the offer was accepted the same day, we paid our earnest money,had the appraisal, have the home inspection next week, did all our paper work with the mortgage company, verfied employmeny, verification of funds etc, obtained insurance...yesterday our agent oput the sold sign on it, but today its listed on the real estate agents website...I forgot to mention the house went on the market Dec 23 and we signed the contract for it on the Dec 24th. Is there a reason he listed the house on his site with an mls lsiting number? Im just so nervous something is going to happen and our loan will fall through...ive read where this has happened to people before we havent touched our credit since we started looking for a home and dont own any credit cards, also my husband has been with the Army for the past 15 years so he has a steady work history Oh also we have a closing date of on or before Jan 31 he did use the va loan more

Open Question: Will or living trust?

Which one would be more appropriate for a divorced mom with joint custody of young children, owns a home with mortgage (about $250,000 in equity), less than $100,000 in retirement accounts, several life insurance policies with family members as beneficiaries totaling about $600,000, no other debts. more

Open Question: POLL: Stimulus package for all Americans?

...what do you think? Give each head of household $100,000.00 with the stipulation that a portion of that money must be used to purchase a new vehicle from "The Big Three". Any leftover cash could/may be used towards mortgage payments, health insurance, etc. If you do the math, the "bailout" money will be better spent in the hands of consumers, not corporations. After all, it IS our money in the first place-let US use it wisely. I've edited this 'letter to the editor' a little bit (to shorten it). Source: The Rocky Mountain News 12-30-08. Letter written by Tom Linn, Denver, Colorado. Makes perfect sense to me...What say you? more

Resolved Question: I feel a lump in my breast but I don't have health insurance and I'm struggling to get by. Can I get help?

I have had a lump on the top of my breast near my cleavage area, that is about the size of a mosquito bite, for approximately 6 months. It is hardly noticeable to others besides my boyfriend and I. I'm very worried about it and am not sure what it is. I have cancer in my ancestry so it scares me everyday to think about what it could be. I want to go get it checked however, I lost my job a little while ago and have only had a part-time job to try to stay afloat until I find a full-time. I am struggling severely with trying to pay my mortgage (which is falling far behind) and have no health insurance to speak of. Are there any options for me? Can I do anything without having to pay a lot of money which I absolutely do not have? Please, any help would be greatly appreciated. Thank you in advance! more

Voting Question: What is the meaning behind this quote in the film trainspotting?

Choose Life. Choose a job. Choose a career. Choose a family. Choose a fucking big television, choose washing machines, cars, compact disc players and electrical tin openers. Choose good health, low cholesterol, and dental insurance. Choose fixed interest mortgage repayments. Choose a starter home. Choose your friends. Choose leisurewear and matching luggage. Choose a three-piece suite on hire purchase in a range of fucking fabrics. Choose DIY and wondering who the fuck you are on Sunday morning. Choose sitting on that couch watching mind-numbing, spirit-crushing game shows, stuffing fucking junk food into your mouth. Choose rotting away at the end of it all, pissing your last in a miserable home, nothing more than an embarrassment to the selfish, fucked up brats you spawned to replace yourselves. Choose your future. Choose life... But why would I want to do a thing like that? I chose not to choose life. I chose somethin' else. And the reasons? There are no reasons. Who needs reasons when you've got heroin? thanks :) more

Mortgage Insurance News

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WASHINGTON -- A group of private investors including former executives of Countrywide Financial Corp. has purchased $558 million in home mortgages from the government in a deal involving assets of the failed First National Bank of Nevada, the ...

Investors snap up mortgages Assets of failed bank in Nevada included - Las Vegas Review Journal

Historically low interest rates recently have sparked a mortgage refinance boom in Hawai'i that is helping homeowners and lenders during difficult economic times. The national average interest on a 30-year fixed-rate mortgage last week dropped to 5 ...

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KANSAS CITY, Mo. (AP) - A Gladstone, Mo., insurance agent has pleaded guilty to his part in a $12.6 million mortgage fraud scam. Thirty-nine-year-old Ronald E. Brown Jr. pleaded guilty Thursday to a single count of conspiracy and faces up to five ...

Missouri man pleads guilty in $12.6M mortgage scam - MSN MoneyCentral

Although the Federal Legislature approved a $700 billion bailout of American lending companies, for at least one Greensburg resident, the mortgage crisis is far from over. Like tens of thousands of people in the nation, Rita Linville, who has lived ...

Like Many, Local Resident Waits For Her Mortgage Bailout - Greensburg Daily News

Find FREE brochures on a variety of financial topics using our brochure finder, including brochures on savings , property and insurance . Mortgage approvals fell to a nine-year low in November, according to new statistics from the Bank of England ...

Mortgage approvals slump to 9-year low - In the News

NEW YORK (CNNMoney.com) -- The real estate market is so awful that buyers are now scooping up homes for as little as $1,000. There are 18 listings in Flint, Mich., for under $3,000, according to Realtor.com. There are 22 in Indianapolis, 46 in ...

Radical cheap: $1,000 homes - CNN Money

I tried calling them last week to ask if I could "modify" my home loan as I have lost $200k on my house in the last 24 months. They told â€¦ read more me; since I have not missed any payments or been late on any payments I am fine to continue paying ...

Citigroup reaches agreement with key senators on mortgage bankruptcy ... - Minneapolis Star Tribune

A year after a tornado ripped through her neighborhood, the view across Tiffany Ramirez's front yard is of a home abandoned by former neighbors Wilma and Milo Duke. Across the street is what's left of the foundation of another home. The neighbors who ...

Year 'a long haul' for storm victims - News-Leader.com

Storms weren't the only thing that battered insurance companies in 2008, and the new year could be just as tough. Perhaps the biggest event to shake the industry in 2008 was the sudden collapse of American International Group Inc., once the largest ...

Insurers weathered financial storm in 2008 - Forbes

Michigan recovered a record $17.4 million in claims for consumers who filed insurance, securities and mortgage complaints, Insurance Commissioner Ken Ross announced today. Nearly $4 million of the amount was for health and life insurance complaints ...

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