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Open Question: Short refinance offer, too good to be true?

I bought my house for more than 600K at the peak of the boom, and now the house's worth less than that. I had two loans on it, both with GMAC. So this past summer, GMAC sold my mortgage (1st loan) to a company called NationStar, which seems normal. Then a company called Quicken Loans contacted me, claiming they are working with NationStar to rewrite those mortgages purchased from GMAC. They are willing to forgive me of roughly 15K of the mortgage. They proposed two options, one for keeping interest same but write down the amount owed, and second keep the principle roughly the same but with lower interest through buying points. On the face of it, I can't really tell how things could go wrong. They 1. didn't charge me anything to begin application. 2. being generally quite straightforward and responsive in communications. 3. there's no closing cost, would roll into the loan. 4. no prepay penalty 5. with same amortization schedule, I can save about $100 bucks a month. 6. they claim this won't affect my credit history in any negative way. 7. no tax would be due on the forgiven amount based on the new law. 8. same 30 yr fixed loan. The only thing I can think of after digging online for awhile is I'm not sure the 2nd loan holder (GMAC) would react to this proposal, and if there would be additional fees charged by GMAC. I asked around, both with one guy in mortgage industry and one real estate attorney, both claiming they haven't heard anything like this before and both called the deal fishy. Yet, my attorney can't really figure out where could go wrong. So, what do you guys think? Generally I think what's "too good to be true" is generally too good to be true. But I just can't figure out how they could screw me on this. BTW, the rationale provided is that GMAC's taking a hit when selling the loan to NationStar in the first place and NationStar doesn't really want to service those loans, but was in for quick profit. more

Open Question: What are my best options of dealing with a high car payment?

Here's the situation...I just recently moved out on my own. While i was living with my parents, my mom convinced me to trade in my car for a new one. She went with me and we got the loan under her name because she wanted me to get a new car so we could get around without any car trouble. The problem is that we did not realize that the interest rate was at 17% from her bank Wells Fargo. I looked up online and this is way higher than average or am i right? I pay about $450 per month on a car which is ridiculus considering with insurance the total amount i am paying i could use it for mortgage on a house! What are my options? Could i talk to the bank and reduce the payment amount without harming her credit???? Or was this wrong for the dealership to have done without advising us that it was a very high interest rate??? more

Open Question: Obama Is he more qualified than Palin? people have belittle obama about him not doing anything lets see?

-Obama passed legislation with Republican Senator Jim Talent to give gas stations a tax credit for installing E85 ethanol refueling pumps. The tax credit covers 30 percent of the costs of switching one or more traditional petroleum pumps to E85, which is an 85 percent ethanol/15 percent gasoline blend. -After a number of inmates on death row were found innocent, Senator Obama worked with law enforcement officials to require the videotaping of interrogations and confessions in all capital cases. -His first law was passed with Republican Tom Coburn, a measure to rebuild trust in government by allowing every American to go online and see how and where every dime of their tax dollars is spent. -Obama created the Illinois Earned Income Tax Credit for low-income working families in 2000 and successfully sponsored a measure to make the credit permanent in 2003. The law offered about $105 million in tax relief over three years. -Obama joined forces with former U.S. Sen. Paul Simon (D-IL) to pass the toughest campaign finance law in Illinois history. The legislation banned the personal use of campaign money by Illinois legislators and banned gifts from lobbyists. Before the law was passed, one organization ranked Illinois worst among 50 states for its campaign finance regulations. -As a member of the Veterans' Affairs Committee, Senator Obama has fought to help Illinois veterans get the disability pay they were promised, while working to prepare the VA for the return of the thousands of veterans who will need care after Iraq and Afghanistan. -He traveled to Russia with Republican Dick Lugar to begin a new generation of non-proliferation efforts designed to find and secure deadly weapons around the world. -Obama has been a leading advocate for protecting the right to vote, helping to reauthorize the Voting Rights Act and leading the opposition against discriminatory barriers to voting. - In the U.S. Senate, Obama introduced the STOP FRAUD Act to increase penalties for mortgage fraud and provide more protections for low-income homebuyers, well before the current subprime crisis began. -Obama sponsored legislation to combat predatory payday loans, and he also was credited with lobbied the state to more closely regulate some of the most egregious predatory lending practices. -Barack Obama introduced the Patriot Employer Act of 2007 to provide a tax credit to companies that maintain or increase the number of full-time workers in America relative to those outside the US; maintain their corporate headquarters in America; pay decent wages; prepare workers for retirement; provide health insurance; and support employees who serve in the military. -Obama worked to pass a number of laws in Illinois and Washington to improve the health of women. His accomplishments include creating a task force on cervical cancer, providing greater access to breast and cervical cancer screenings, and helping improve prenatal and premature birth services. -Obama has introduced and helped pass bipartisan legislation to limit the abuse of no-bid federal contracts. -Obama and Senator Feingold (D-WI) took on both parties and proposed ethics legislation that was described as the "gold standard" for reform. It was because of their leadership that ending subsidized corporate jet travel, mandating disclosure of lobbyists' bundling of contributions, and enacting strong new restrictions of lobbyist-sponsored trips became part of the final ethics bill that was signed into law to all dummies the question is before the question mark The reason I say this is because Palin has always been slated as having more experience than Obama so lets compare what palin has done which is nothing more than Obama concerning Government answers 2 Is your brain in right? is that a question dummie?? more

Open Question: Do you think it's possible that the "bailout" plan might possibly make a LOT of money for taxpayers?

http://online.wsj.com/article/SB122230704116773989.html "Taxpayers will get their money back on AIG. My models suggest that Fannie and Freddie, on the other hand, are a gold mine. For $2 billion in cash up front and some $200 billion in loan guarantees so far, the U.S. government now controls $5.4 trillion in mortgages and mortgage guarantees." Some folks would do themselves a service by expanding their horizons past reading dailykos and thinkprogress. LOL, ooooh nooooooooo! I've bean FLAGGED!!!!1 admin, how much does online "activist" pay? lol more

Resolved Question: Do mortgage lenders take local demand for your occupation into account when evaluating your application?

My husband and I would like to buy a house by June of 2009, when our current apartment lease expires. With the national economy tanking we're worried that we may not get approved simply because my husband will only have a year of full-time salary history. My husband is a first year software engineer for a small (but well established and carefully managed) defense contractor whose biggest customer is NATO. We live in Huntsville, Alabama; a hot bed of high tech jobs primarily in the aerospace, electronics and defense industries. The city actually has the 3rd highest concentration of software engineering jobs in the country, behind Boulder, Colorado and Silicon Valley. The city's economy is relatively strong yet has a very low cost of living. My husband graduated from college in May of this year and currently makes a starting salary of 50K a year. He's only been on the job for 3 months but has made himself virtually indispensable to his boss. The company is working on an addition to their product that only he has the skills to implement so his salary is expected to rise at least somewhat during the company's annual evaluations this winter. We don't want to borrow much in relation to our income. I was doing some research on the local real estate market and the type of properties we're interested in (3 bedroom ranchers under 1500 square feet on 1/2 to 1 acre lots outside the city) have an average asking price of $110,000 and aren't selling very well. Most of the houses I found in online listings were completely vacant, which means more negotiating room for me. I'm hoping to find someone ultra desperate to sell and get them down to $90,000 or even $80,000. Our credit score is around 720 and our debt primarily consists of low interest student loans and a small loan for the motorcycle my husband uses to commute to work, which we plan on paying off soon. We have a fair amount of money in savings and try to save 15 to 20% of our take home pay We're eligible for multiple first-time buyer programs in our state but I'm getting a little anxious about qualifying for the loan. We really want to get out of apartments because every time we rent we're cursed with a smelly and/or noisy neighbor. more

Resolved Question: Does McCain have the experience needed when it comes to the economy?

To run it into the ground, he sure does. Actually, John McCain has excellent experience--a ringside seat--in the vagaries of this experiment in greed and anarchy. He was a member of the Keating Five. This was the signature scandal of the Savings and Loan crisis, twenty years ago. It concerned the insider help that five Senators gave Charles Keating and his Lincoln Savings and Loan, in return for contributions and gifts. The deregulation of S&Ls--community banks dedicated to local mortgages (like George Bailey's bank in "It's A Wonderful Life")--enabled slick operators like Keating to make reckless loans in new areas where they had no expertise. The final tab to the taxpayers was $165 billion. Time online article more

Resolved Question: IA and domestic infant adoptive parents - Did you ever expect anyone to help with the adoption expenses?

I'm not judging anyone that went the online fundraising route, however, I admit that I was surprised to see the number of PAPs who ask for money to fund their adoptions. It never occured to me that anyone but my husband or I would come up with the money to pay the adoption expenses. For us, we simply saved for it and dipped into our line of credit. I know of others that got a 2nd mortgage or a loan or maxed out their credit cards or got a 2nd job or even sold stuff on ebay or had a garage sale (without indicating that it was for an adoption). How did you fund your adoption? As a PAP or AP, does it bother you to see other PAPs ask for money? more

Resolved Question: Want to buy a house but feeling so lost....?

My dh and I would like to take advantage of the housing market and try to buy a house soon. My credit is excellent but my dh had a bankruptcy about 3.5 years ago so we're unsure what his score is even though he's been getting some great credit card offers in the mail for a while now (some better than what I get!). Anyways, we don't have any money saved up but are being told about 80/20 loans. How much money will we have to have saved up for closing costs, inspections and any other fees/costs that we have to pay for? I want to be fully prepared for this before I even submit my information for a pre-approval. Also, what is the very first step for all of this? I know we need the pre-approval but where is the best place to go for this? Should we go to a bank, do it online (ex. lendingtree.com), find a mortgage broker? What about first time home buyer programs? Should I find those before getting pre-approved? Any and all advice will be appreciated as we don't want to make any bad decisions. (We live in south FL just in case that affects anything.) more

Resolved Question: Knowledgeable answers please!!! Buying house & current owner breaking agreement!! Long due to details!?

I will try and sum this up as best as I can. I've rented the house I live in for 3 years now. No lease or contract of any kind was established (I moved in with the landlords' daughter who is my friend and within a couple of months backed out and moved back home to her parents' house). One day an investor knocked on my door inquiring about buying the house. He informed me that he'd seen it for the 2nd time in a row on the foreclosure listing and wanted to know if it was up for sale prior to it foreclosing. What!?! That weekend (on Saturday) I look it up online and sure enough...2nd time in a row and it was scheduled to go to auction on that following TUESDAY! I call my dad and since it was pretty much going up for auction for 5-10K of what was owed on the note still (less than half of the worth of the house), he was interested in buying. I told him I'd speak to landlord and see what was going on. Well, sure enough landlord calls me to collect rent for that month and I tell her my findings. She made excuses, and I told her abuot my dad's interest in purchasing and she agreed immediately. She didn't want it to go bad on her credit and said we could just pay it off and that was fine with her. She was to LOSE the house in 2 DAYS! So, come Monday, chaos. We're trying to get it out of foreclosure and they asked for a chunk of change to reinstate it. The landlord didn't have the $ to pay so she calls me and then I talk to my dad and we agreed that if that was the only way to do it, then my dad would put up the amount they were asking with the agreement that she would turn around and sell the house to us once she was back in good standing and house was saved from being sold in auction. We succeeded at reinstatement and she signed a Promissory Note, which I notarized (I'm a notary). The promissory note states that they (her and hubby) were in agreement that the money we had just sent to her mortgage company was pretty much our "deposit" on the house. States that in the event that reinstatement did not occur or anything else prevented sale of the house to my dad, she'd be obligated to pay the entire amount back to my dad. The note talks about her agreement to sell the house for what was owed on the mortage w/out any further fees to be assessed or expected-besides closing costs, which my dad would be responsible for. My dad hires a title company to do all the paperwork and they established the first set where the owners give consent to proceed with the paperwork and contacting their mortgage company in an effort to pay off their loan and transfer title, etc. So far so good...until it was time to sign away the house-they stalled. This is as of last week. Turns out her husbands didn't know anything. By that I mean, he didn't know the house was in danger to be lost much less knew about the sale of the house or anything until the very end. She didn't tell him either! We found out after seeing the pay-off quote to her mortgage that she had failed to pay a single payment for 8 months. Then she lied saying her mortage was $300 more than what I was paying in rent so she couldn't afford it....turns out her mortgage is like $8 less than what I was giving her..sure she wasn't making any profit, but she had the mortgage payment every month. Anyway, title company called them to tell them to come in and sign and then she turns around calls me and tells me that they were going to need $5k at signing or her husband wasn't willing to sign. I asked her to tell HER HUSBAND to contact my dad so that THEY could discuss that. She said she would have him call...but she didn't...she ended up calling my dad herself telling him the same thing she told me. Greed! How dare she! Now, my question (yes, I'm getting to it)...isn't she breaking the agreement to my dad by asking for more $ when the whole purpose of that contract was for her to not pull this kind of crap? If her husband is the one who refused to sign, why didn't she who the day and time she told the title company she would? I mean, if he doesn't sign and the deal doesn't follow through, then she loses out on the $ she thinks she's getting, will lose the house b/c apparently they can't keep up with the payments and still owe my dad $7500! If my dad agrees to her demand just to get it over with (which is what he plans to do), when she accept that money, isn't she breaking her initial agreement legally binding her to do as she said? Wouldn't my dad then have the grounds to turn around and say, you owe ME back the money that I put up front since you didn't keep your agreement to me??? FEEDBACK PLEASE! Sorry so long! I knew I forgot something-I'm in Texas. Yes, I know that it was a very risky thing to do this and that we are NOT realtory, investors, lawyers, a mortgage company or any other profession that would have allowed us the knowledge to know exactly what we needed to do and what steps to do it with, but keep in mind that I state we had 8 hours in which to work with or they would've lost the house if we'd taken any longer. Actually, we didn't get the money wired until literally, the last minute (might've been a few minutes past the deadline the mortgage company gave us in which to wire the $ to them). more

Resolved Question: Need help getting a mortgage?

Hello All. I'n a bad situation where I have to move. I'm tired of wasting money and paying 1200/mo in rent. I'd like to buy a home. Currently i'm looking to buy a 10yr old 2-Family home for $400,000. Lower level has 2 bed 1 bath where I will live. Upper two level have 4bedroom 2 bath, back yard, front yard gated parking, swimming pool w/ deck. I plan on renting the upper two floors for nearly 2k/mo. I can easily afford this - but my vital stats dont look too good on paper. Location: NYC First time home owner. 27yrs old - single Salary 45-55k CC Debt: 4k Credit Score: 700 Student Loans: 23k Bank Account: 6.5k Cash Downpayment: 20k My last 3 year tax returns have been below 35k. I filled out the online Lending Tree application and received offers from Quickenloans and American Federal. However the second portion of this online application is the "Real" application. Am I wasting my time with these companies? Is there a better route to get a mortgage? Is there anything I can do to "pad" my stats to get the loan? (additional income? larger bank account?, pay down cc debt?) I do have additional income but it comes from side ventures and consulting (roughly 20k more). I do not want to waste time filling out applications to places where I know I'll end up denied. Any advise is appreciated. Thanks more

Resolved Question: My husband and I are separated I need advice?

Ok where to start, Im in a bad place emotionally right now and so in love with my husband I dont know how to stop myself. About 3 weeks ago I went away for a week with the kids due to where I was camping I could not charge my phone and was unable to talk to my husband for 4 days. I come home happy and content in life to find out my husband was unhappy in our marriage and the lack of contact did not help. He said that the past 6 months were not good due to me lashing out when I was mad and the lack of communication due to him playing computers 7 days a week 6pm to 12pm at night and spending 3 years on and off going to bed on my own. The day after my head was all over the place instinct was telling something more serious was going on, I started to grieve feeling my husband was cheating on me and he was going to leave. That day I did something very stupid and tried to take my life, it was only a cry for help. The problem was prior to all of this he decided he wanted to got to amsterdam to visit friends , this is totally out of character for my husband as he as no real life friends, he doesnt drink and is slightly depressive. He plays computer games more specific online games. This also was playing on my mind when I did what I did, this did not help our situation all week I was up and down emotionally tormenting myself with what I had done. My husband saying I needed mental help and saying I was paranoid. That week I also helped pack his suitcase of which I was suspicious as he had to take his designer clothes and boxers and his aftershave (of which he bought for us!) never the less feeling very insecure I drove him to the airport (ON MY BIRTHDAY!) and off he went. That evening I felt awful, lonely, one birthday card not from him. After talking to family member I came to the conclusion that he would never cheat on me and started to be positive by setting myself goals, so the next day I looked on his computer for is flight information to set a goal but found an email address that I had not seen before, I managed none the less to get into it to find about 2 months of emails to another woman who he we both met playing online games who concidently lived in amsterdam. They were horrible saying how much they loved each other and other stuff sexually. To cut along story short I rang him up and confronted, he said that he had'nt done anything he had made that decsion before getting off the plane. All that week we talked and text and came to the conclusion that we were going to work through our problems. Even though he was staying at her parents house. Eventually this led to lust and the best sex we ever had when he came home. The real problem is he has been home for two weeks and I have been an emotional wreck, I need reassurances and affection, he has been hot and cold with feelings, he now said he loves me but hes not in love with me, that its gonna take time, that I should'nt push him into making a decsion. That it may not work could be a week a month etc. Just be normal. How can I be normal, I feel rejected and insecure. He has just controlled the whole thing when ever I try to help or talk about the problems try and fix what I did and help him to mend he clams up any arguement ends in well I can always leave, knowing fine well that I will buckle and start to cry begging him not to because I love him to much. Then another night it will be like nothing has happened, great sex etc etc. I cant live like this as much as I want this to work and I love him hes my soulmate and Im so frightend of losing him. Anyways yesterday I had enough and asked to move out for a bit so we had time to think. He did I was calm and collective packed all his stuff up and did the ironing upstairs while he packed the stuff into his dads car. He kept coming up making idol chit chat and at the end said I suppose you want your ring back I said I didnt want anything just yet then he said you do know Im leaving once im gone im gone. He is being made redundant in 3 weeks and is expecting a payout, I feel he was just waiting for that. Part of me thinks he confused and may come back. Im scared with have a big mortgage which we have had for 3 years and a secured loan on top, I have a very good job just dont know if I could manage all on my own not to mention being a single parent again. I cant stop texting him and calling in desperation i love him dearly and want him back mentally. I feel horrible inside im not eating or sleeping, he was always the one when I felt bad that could take my pain away with a hug and a kiss, now I cant get that and it hurts. I really am messed up. more

Voting Question: Need personal financial advice pls?

We have a house for sale in another state. We bought the house for 155k and owe 143k, the house is 6 years old. 8 months ago we moved to another state so I could start a new job and have been living with relatives. The house has been on the market for 8 months and we've only had 4 showings. We switched realtors at the 6 month mark. I recently lost my new job where I was making 60k a year, my wife is working and making 30k. I'm still waiting to find out what unemployment will be, I think possibly 1800 a month net. We have good credit, no late payments, no bill colletors calling. Aside from the mortgage we have about 35k in unsecured debt that we pay about 900 a month for and a car loan that is 200 a month for the next 5 years. The mortgage is 1250 a month and then we have lawn care, gas, and electric expenses in addition to the 500 a month we pay to stay where we are at now, plus car gas. If I can find another job making what I was or close to it then we'll be okay. I need to have an idea of what to do until I find that next job. Obviously bankruptcy and foreclosure have come to mind. Neither seem real appealing, my wife is a personal banker and is concerned on how bankruptcy could effect her career. We've done some online research but are overall pretty ignorant on the subjects of bankruptcy and foreclosure. Our 35k in basically credit card debt is going to take decades to pay off unless we can get a loan, but without me working right now I don't even know if a loan is possible. 10 years of bad credit on the surface doesn't seem so bad when we are faced with 900 payments a month and currently facing a situation where it's likely we won't be able to cover all our expenses each month with what we have coming in. No house payment or debt payments right now is very appealing, but I don't even know if that is an option. I keep thinking that maybe we fall into the category of why bankruptcy exists and should do it. I don't know, I'm completly lost on what to do or who to ask, which is why I'm posting here. We really need some advice. Thanks in advance for your answers. My house is currently listed at $156,900. After realtor and selling fees that would give us a small profit of a few thousand dollars. We have some room to drop the price without bringing cash to close but not very much. more

Voting Question: are online mortgage calculators that tell you "how much can you afford" accurate?

My monthly income is 5500 before taxes. I have no debt (i even own my car) and I have 20k to put down and it is telling me that I can only get a loan on 200k house????? I know a friend of mind who makes less than I do who got a loan for 300k just last year. What is the deal. oh, and my credit score is 730 more

Voting Question: Is anyone familiar with the online company First Preferred Mortgage?

My daughter is shopping around for a mortgage company and has gotten a good rate from them. Naturally she is a little nervous getting a loan online. Does anyone have any experience with this company? more

Resolved Question: My husband is obsessed with his mother and puts her before his wife and child.Please help!!?

My husband cosigned for a 50,000 dollar loan for his mother and his mother is schiaphrenic.She was about to lose her house cause she didn't pay her taxes.They kept it from me because I would of freaked out and I found out when I looked up her house online and found my husband's name on her house.He said he had to do it because she would be homeless and be on the street.My husband gave her the money and let her spend it foolishly knowing she has a history with compulsive spending.Mother-n-law has to sell the house before September 1 because there is no more money for the mortgage.She promised to sell the house in June and keeps coming up with excuses that's she needs more time to get the house ready.My husband believes everything she says and lets her handle it.There' only one month left and the house will be foreclosed and she will lose her house and ruin his credit.I've been with my husband for 13 years and we have a 12 year old child together.Should I try to work it out or leave him? more

Resolved Question: Why do so many people support Hillary Clinton/dems just because Bill's term was so economically great?

Does anyone know that the so-called "economic prosperity" of the 90s was primarily due to a massive amount of FRAUD that was going on in the venture capitalist community? Does anyone even know that the majority of jobs created and businesses started were funded by shady venture capitalists who were propping up online enterprises they know would lose so they could cash out on discounted stock options when your family's retirement pension invested in shitty securities? Did anyone know that the housing crisis today was started TEN YEARS AGO when our banks got a great idea - lend money to customers who couldn't pay off the loan at a subprime - interest only mortgage and recognize 100% of incoming payments as revenue and passing the principle off to some other sucker through refinancing while greedy and undisciplined homeowners borrowed against their houses to finance irresponsible spending and always figured they could refinance later? I don't even know where to start with the accounting scandals that took place starting in the 90s, including Enron and MCI WorldCom who got BUSTED after Clinton left office. People love to blame Bush for that one, but these companies had been practicing crooked bookkeeping long before 2001. Explain to me why a president who presided over one of the biggest eras of financial FRAUD would consider this an accolade. Then again, if you are looking for a candidate who champions trechary, dishonesty, and downright moral crookedness, you can't go wrong with Hillary Clinton. ===== Harbinger, you should ask the Hill supporters about that one. Truth be told, NEITHER of the Clintons had to do with any of this crap, but this is the argument the Hillary backers seem to keep bringing out. You will have to ask them why it matters that she was first lady when Bill was in office. more

Resolved Question: Are those online mortgage calculators accurate?

I am so ready to move out of my rental, and according to most of the online mortgage calculators I would qualify for a loan. How much difference does your credit score make? I have been making all payments on time for over 6 months and there are a few black marks set to come off my credit report in August. Also, how are student loans viewed, as I have some student loan debt? I just checked out an online debt-to-income calculator and it says I have a 19%. This I know is correct as the figures are very straight-forward. This is a good sign, right? Also, I have made an appointment with my bank's mortgage originator for tomorrow afternoon. I'm just very nervous about what I'll learn there and I'm hoping for some reassurance. So thanks! more

Voting Question: What Mortgage Company Would Offer A Home Refinance Loan Payment Of $1200 Or Less A Month?

I want to refinance my two story house and am seeking a home refinance loan that will allow me to make a monthly payment of $1,200 or less. It can be 30 years or longer fixed, or interest only. Loan needs to be available to Florida resident and I don't care if it's online only. I have an excellent credit and have never been late on any type of payment. Please let me know of a low interest company and thank you! Currently, I am paying $1,900 with Countrywide. more

Resolved Question: what is your debt to credit ratio?

I just did my credit report online, and my debt to credit ratio is 83%. I know what debt to income ratio is but when i googled it it told me that debt to credit is how much of your credit you have used up. Now i went back to my credit report and saw that my mortgage is 94%, my installment is 88% but my revolving is only 7%. On further look i saw that installment is just my car paymetn, and revolving is all my credit cards. I was under the impression that only credit cards were calculated in your debt to credit ratio. So when a lender looks at that am i being punished for my mortgage and my car payment? I mean 7% of my credit cards is pretty damn good. At least i thought it was. My debt to income ratio is only 36% and last i checked that was good too. I'm so confused when it comes to this stuff. I'm wanting a private student loan and now i'm worried i won't get it. I have never missed a payment ever, everything paid on time and in good standing. more

Resolved Question: Multiple ?'s for Kiwis:?

What are comparative advantages & disadvantages in the schooling system there (compared to UK or US)? What is the curriculum like? Does the schooling vary much from province to province? Where is all this gang activity I read about online? And are methampetamines an overblown problem, or is that just in certain social circles? Can anyone recommend housing developers? Link please. I'm wondering about this because I've read it's awefully difficult to find a home that has insulation and concrete foundation and as a result mold is a big problem. Can anyone elaborate on the mortgage loans there? I've read that the longest loan you can get is 10 or 12 years. In the states it's 30 years. How can someone on say, 60k a year (NZD) make payments on a 10 year mortgage of a 250k home?? What is there to do north of Auckland? Activities for familes that you could do in one day? On a side note, Hollywood films typically screen on Fridays here in the states, how about in NZ? Picola: thanks for covering the majority of my questions :) As for the movies, yes I meant when do they first release. In the US they come out on Friday nites for premiere running. Chetak: Actually, the US does have a national standard in the form of a fairly comprehensive (if mundane) barrage of tests. No national standard for curriculum tho. And US has great films! Granted MOST of the stuff Hollywood puts out is garbage, but there's so much garbage that there's a lot of good stuff. Bucketlist is the best movie I've seen recently. 1408 is probably my favorite horror films of all time. Just so many gems if you know how to look for them! Can anyone elaborate on the schooling? That's a major concern for us, if we were to move there our baby would just be starting school by the time we got there. Any teachers out there? :) more

Resolved Question: Suggestions for a stay at home mom, and college student for work?

So, Im doing online schooling and we are also having a baby. Im looking to work at least part time, and ideally at home. I dont want to go into any scams or anything like that. I love the real estate business, but that could be hard to start doing. Ive also seen people hiring travel agents, but who knows how that is. I saw one job for a mortgage loan officer and work at home with given clients. Not sure about that one either...does anyone here have any tips? what about something like Pampered Chef? Is that a hard one...or the Premier Jewelery??? more

Resolved Question: loan or re-mortgage?

i own my home out right and am currently looking for a loan to renovate my house and i am reading online about re-mortgaging or secured loans and i was wondering if anyone knew what the difference is and which is better? thanks in advance! more

Voting Question: financial problems/divorcing ?

Hi I have been marriage since 2002 , but now we are facing problems in our marriage and we may divorce. We have debts or approximately 150,000 pounds , including loans,mortgage,payplans etc. Is there any free service or online free service that we can show our financial details and they then help us by telling us the best way of solving our financial problems when we get divorced or before that? who will pay what , how, how it gona be after the divorce , etc. I plan for example. thanks more

Voting Question: Divorce with financial probs?

Resolved Question: What does 'WAN' mean when related to mortgage lending regulatory compliance?

I'm reading some documents I ran accross online which references "prohibited WAN practices and practices" when covering anti-predatory lending and high-cost mortgage loans. I've searched every wehre i can think of to locate the definition of "WAN" but have yet to find anything. more

Resolved Question: Just a question or so on sub-prime lending.?

I was reading about sub-prime lenders mainly to just be aware of them online, and I was reading about an ARM 2/28. Which I understand this is a loan that's adjustable in interest after 2 years(right? haha). BUT what I don't understand is this section of the piece: This is an adjustable rate mortgage on which the rate is fixed for 2 years, and then reset to equal the value of a rate index at that time, plus a margin. Because the margins are high, the rate on most 2/28s will often rise sharply at the 2-year mark, even if market rates do not change during the period I understand after 2 years it changes, but what does this mean "resets to equal the value......(etc)." I just wasn't sure what a rate index, or a margin was. I looked it up but it's still not making sense. Well, any help is great, as I'm sure I'll have many more questions. Thank you kindly. more

Resolved Question: what to do if your identity is stolen and person purchase a home and car under your name?

About two weeks ago me and my fiance tried to get a loan for a car we wanted to purchase. I was talking to the loan company and he started asking me about my fiance's home in florida and about the foreclosure in febuary 2007 i told him that we don't have a home in florida that we been living together for 4 years now in nyc. He also told me about a car we financed in 2007 I told him we have a car but we bought it cash it's not financed. He told me he needed to talk to my fiance and told him the same thing. we started getting suspicious and my fiance went online and tried to get his credit report and two of the questions to make sure it was him trying to get his report was who was the lender for the mortgage and how much was the mortgage each month. That's when we realize that a person got a house under my husbands name what can we do about this. My mom was telling us we need to take care of this because if the person has a debt we will have to pay for it. thanks for any advice. more

Voting Question: I make my mortgage payments but am told I haven't for 6 months?

I remodified my loan. One check was lost in the online banking process, however while on a conference call with my bank adn lender it was found that the address supplied was wrong because the department moved, hence, new mailstop. Well the check was immediate replaced and now I'm faced with the idiot rep posting the check lost as insufficient funds. I was not charged by my back to replace the check adn the lender did not charge me late fees because It was not fault of my own. Now becuase of that insufficient funds check my payments aren't being applied, I make them threw my bank, have confirmation and all but get a letter I'm 7,268 in the arrears (6 months of no payments). Wheres the money gone? What can I do, I sent bank statements, payment history from my bank, letter from my bank regarding that one lost check, copies of canceled checks.........still no luck....at my wits end more

Voting Question: First time home buyer, where to go online for help?

So my girlfriend and I are looking to purchase our first house together later this year or early next year. We are starting to shop the market, figure out budgets, and see what is in our price range. I'm not completely dumb founded when it comes to real estate but I certainly need to know more. Where can I go to find good mortgage calculators, info about different types of loans, types of insurance needed ect.? Also, I have bad credit, she has good credit but not extremely established... what are our chances of getting a home if we both have decent paying stable full time jobs? I am 24, she is 21 at the moment. Thanks more

Resolved Question: What is the fastest/most economical way for me to pay of my mortgage?I can afford to prepay, but I donâ€™t know

Which one to pay of first or to prepay on all of them equally I have 3 loans against my house, when I bought my house for 145K 3 years ago I had a 80/15/5 loan (to avoid PMI). And 2 years ago I got a HELC for 15K Loans â€“ (current balances) [monthly payment] #1 â€“ 116K (112K) @ 6% fixed for 30 years [$836] #2 â€“ 21,750 (19,860) @ 6.75% fixed for 30 years [$165] #3 â€“ 15K (14500) 4.25% adjustable for 20 years My monthly payments for #1&2, including taxes are $1001. (I prepay my insurance) payment for # 3 varies but is $215 per month right now. I CANNOT refinance, I have tried for 3 months now, with different companies, the numbers donâ€™t make sense, and there is too much cost for it to help me. I dont live in the property; it is a rented for $1050 per month. I dont have any plans to sell it. maybe i will try to refi or sell in a year If you know of an online calculator where is can put in all of my figures and do it myself, i looked but coulnt find one. more

Resolved Question: Is it normal to be paying more in interest then to principal on a mortgage?

I purchased a house 2 months ago and was checking online at how much I had paid off and noticed that the amount I've paid in for interest is more then what i've paid down towards the principal. For example, the interest paid year to date on the loan is $550. My loan balance has only gone down by $375. Is this normal? It is a $55,000 loan at 5.998% fixed and amortized over 30 years. more

Resolved Question: I need an honest,financially strong mortgage refi co/bank-currently w/Countrywide-scoundrels! Who's the BEST?

I'm not near foreclosure or anything like that. I have a 7/1 ARM -due in 09/09. I think I should be looking for re-fi loan NOW as rates seem as they will be rising greatly due to inflation. I don't know who to trust. Is application by internet safe? Banks stable? I don't want to be bombarded w/ junk mail for the next 2 yrs due to 1 application online!!!! I have 5 accts w/Bof A. Should I go with them? more

Resolved Question: ARM adjusts in Dec 2008, pd $700k for house, now its worth $550k, no one will refi, can't afford rising ARM!

No one will refi because of loss of value in house. I foster children in my home, and will have to stop the loving care I give them if I can not find help. I am want to keep my home, and am able to currently pay my $4700/mo mortgage--but can not afford higher than that! What can I do, quickly?? I've searched online, but have found such conflicting info-I don't know what way to go. I've reached out to the lenders of my 1st and 2nd loans-but am not able to get "straight" answers. Any advice would be most appreciated. more

Resolved Question: how much do you pay for your home mortgage?

Online mortage calculators seem like they are fulll of lies. I exact same info used has be from 700 a month to over a 1000 (for a loan of about 122,000). I know taxes and interest rate will change, but about how much is your loan and what is your monthly payment? I've hear it is about 10% of your mortgage, but I have a really hard time trusting the people that make a living off of selling homes. more

Resolved Question: Confused about selling a home for less than our mortgage amount?

We owe $35M on a rental property that we purchased for $40M a few years ago. The area in which the property is located has gone down the toilet for the past few years and the home is now worth around $15-$17M. We received an offer of $15M for the home and we need to take it. We can't keep a tenant in the property any longer because of the crime rate. The property has been robbed/vandalized 3 times already. We contacted our mortgage company to see if we could pay them the $15M from the closing, but then get an unsecured loan from them to continue paying the balance. The immediately sent us to the loss mitigations dept and started talking short sale. I didn't even know what that meant until I googled it online. If we were not asking them to write off/forgive the balance, why are they talking short sale? If they can't lend us the balance, unsecured, why didn't they just say so and hope that we could get an unsecured loan elsewhere? I'm so confused... more

Resolved Question: Question about Best Buy financing?

Is Best Buy's in-store financing pre-approved? I ask because my sister and I both have the same credit history, but she was given financing when buying a laptop a couple of months ago. I, on the other hand, applied for the same card online and was told I couldn't be approved. We both only have Capital One cards with no previous loans or mortgages and no late payments or overcharging. I'm wanting to buy a TV this weekend, but I'm wondering if I can get approved for financing. more

Resolved Question: If a state official arrived at your office & ordered you out, how would you react?

How would you react if an official from the State Corporation Commission shut down your office and wouldn't let you access your files? In fact, he wouldn't even tell you what the investigation was about. Then, as the final stroke, he impounded your laptop. How would you respond? This happened to friends of mine who were in the mortgage business in the mid-80s. I wrote a novel about a professional mortgage loan officer who goes through this experience. (The novel will be published online shortly.) I used my friends' experiences as a starting point for the novel. If you're interested in looking at the opening, so that you can understand how the SCC can go in and shut down a business, without giving explanations to anyone until their investigation is complete, go to my 360 blog: (blog.360.yahoo.com/blog-GR1drkE8bKXaf0qRbs9cfmU-?cq=1) and take the poll at the end of the entry. After a week or so, I'll let you know the results of the poll. Your input could be most helpful to me as a writer. more

Resolved Question: Can somebody give me a clue on my mortgage payments?

I bought my first home about 8 months ago. I had no down payment and ended up getting two separate loans. The first was $114,000 @ 6.75% 30 year fixed. The second was for $38,000 @ 9.436% 15 year balloon. Monthly payment on the first is: $1014.12 Monthly payment on the second is: $316.05 I can pay this. Its far from ideal but I'm paying only slightly more per month than I would for an apartment. I thought I might be able to refinance before too long but then too many people making $35K bought $350K houses and I'm thinking the chances of my doing that right now are slim especially since I've paid down next to no principle at this point. Let's leave the atrocious 9+% one alone for a minute. I know there are insurance fees and real estate taxes built into mortgage payments but I'm plugging $114K and 6.5% over 30 years into the generic calculators online and not getting anywhere near what I'm paying. Any help? Was supposed to be 6.75% used for calculations...typo. more

Voting Question: In a bad situation need to sell home to relative or something refinancing is out of the question?

Hello. I am in a bad situation. I was forced to refinance my home about a year ago at a payment that was way too high for me but i would rather not get into details on that part . I need to come up with about 10k very fast as i really have some issues that need to be resolved QUICKLY and refinancing is out of the question by the way. my home is worth around 88-90k , the payoff on the loan i have out now is around 76k. Is there a way i could sell this home to my fiancee which has no legal tie to me yet and we could come out with a lower payment and at least that much cash out of the deal? I was forced into a 15 year mortgage by the way so my payments now are problably double what they should be. Fiancees credit rating is around 550-600 according to an online estimate at bankrate. I am desperate if you didnt notice, we would rather pay a high interest loan or even the monthly payment we have now than to face what would happen if i dont come up with the 6-10k . And if you tell me you may be able to help like marty the real estate guy down there im not going to email you- your not getting a dime from me. Sorry but internet scams are becoming worse than the real life scams. cheryl g, yes you can be forced or tricked into this. Its called fraud, where one party offers a certain amount of money for your deed of trust but then switches the paperwork around. My situation was along the same lines as a foreclosure rescue scam, but i was not in foreclosure actually my home was paid for in full but i wanted to purchase a business from someone, they ended up being a dirty real estate broker that switched the paperwork up after i signed it and before it was recorded so as the look like i borrowed money from them for "no reason". Situation is terrible. more

Resolved Question: How much maximum can loan broker collect as a broker fee for non real estate loan ?

I checked online that most unsecured loan broker charge between 5%-10%. but I read this quote from state attorney site : State law limits the total fee a loan broker can assess (after loan approval) to 0.5% of a non-mortgage loan. does it mean illegal to collect fee more than 0.5% after loan approved ? if so, why som many broker charge much more than that allow to operate in NY ? thanks in advance and I appreciate the respond :-) more

Resolved Question: How do you calculate a monthly mortgage payment by hand?

I know there are online payment calculators but I am trying to make an excel spreadsheet calculator and I need to know the equations used to get the results. For example, calculate the monthly payment on a $220,000 loan over 30 years at 5.5% interest. more

Resolved Question: Mortgage Loan W2's?

I was told my credit score was excellent and now I have a meeting set up Friday. He emailed me a list of things to bring, which included my last two years of W2's. Problem is I can't find my 2006 forms. I read online that it takes a long time to get copies through the IRS. What are my options? Is this even a big deal? more

Resolved Question: If I make double principal payments on my mortgage should it take more than one month off the end of the loan?

I just started my payments in Dec of '07, and have been making double and triple principal payments every month. I've been keeping track with the online amortization schedule which updates after each payment. The extra payments only seem to be taking one month of the end of the loan. I always heard that paying extra take "months" off your loan which makes since to me... less principal = less interest over the life of the loan = months of savings. Can someone explain it to me in more detail...Thanks. It's a 20 year loan, there is no early repayment penalty, and I'm 100% sure the extra payments are going to principal. more

Resolved Question: I it possible to purchase a califonia foreclosure home for less than 50,000?

My sister an I have been thinking about purchasing a foreclosure home, unfortunately we were only approved for a 45,000 mortgage loan( and we have 2,000 saved up). We have been searching online and we saw many homes with a remaining loan balance under 10,000. Under our understanding, a hopeful foreclosure buyer pays what the previous owner owed and other taxes and fees. Would this add up to more than 100,000? Or how does this process work? more

Resolved Question: Can anyone recommend online or "retail" mortgage brokers that will get the most offers w/least credit queries?

Brokers are the most preferable to get home loans, correct ?Especially if I'm challenged on credit scores, but not LTV% or DTI. Am a first time home buyer and perplexed by what the market offers. more

Resolved Question: Please advise on career switch, banking to teaching.?

I currently work as a personal banker (mortgages, loans, investments etc.). I don't mind my job, but I feel like I am an unnecessary middle-man. What I'm doing could be done more efficiently through an online channel. I have a bachelor of business admin degree from a good school which I completed last April. My current job does not require the degree and I'm being paid $35000. There is unlimited upside. However, I feel that teaching business and economics in high school would be more useful. When I was taught these subjects it was by a history teacher. I feel like my passion for, and knowledge of the subjects would make me a good teacher and benefit the students. It would be a salary boost from $35000 to $43000-68000 for teaching, plus great benefits, but there would be no upside. Another good thing is that teaching would accommodate my lack of organization better than my current job. Should I pursue a new career in teaching? Is there demand for biz/eco teachers? more

Resolved Question: Who are lenders that can give small mortgage loans, about $55K for a townhome?

I've gone online and all the places I visited, Lending Tree, Bankrate, E-loans, all said they don't offer loans under $100K. I want to shop around for a good rate but it seems my options are limited. Home price is $95K. Down will be $40K-$45K. So loan will be about $55K Also, I see rates have gone up. Might they go back down in a month or two? more

Resolved Question: Land Contract Going Into Foreclosure....?

Hello, My brother-in-law and his family are currently in a land contract with my mother-in-law. They have been into this contract for only 4 months, with a payment per month of $550. Today, he found out that the home is in foreclosure and set to be auctioned in the early part of May. None of us, at the very least him, knew that she (the owner and mother) was behind in payments! We also, through some searching online, found out that she is also at least 2 years behind in back taxes!!!! Is there anything that can be done? Can he call the mortgage company and assume the loan? If so, how lienent are they in their requirements? What about the taxes? Would he beable to pay the taxes once he was able to assume the mortgage? Or would he have to pay the taxes before hand and risk being out that money if he couldn't assume the mortgage? Also, does he continue to make payments to the mother/owner of the home or should he put said payments in a savings account/escrow account? more

Resolved Question: i need extra cash?

hey my b/f moved out after a split and im finding it hard to make ends meet i am working like 80 hours a week between 2 jobs but im still struggling to meet mortgage payments on my house i cant take out any more loans etc and finding another job to work the only hours i don't would be difficult is there any way to make money online or something? plz help i don't want to loose my house more

Resolved Question: need extra cash?

Online Mortgage Loan News

online mortgage loan

Lawmakers in Washington believe they can force through the biggest bail-out of Wall Street since the 1930s within hours, and in doing so halt the domino collapse of American banks. Speaking from Capitol Hill just after midnight in Washington ...

'We're there,' says Paulson as Wall Street prepares for $700bn bail ... - Times Online

Standing in front of a room full of City analysts on the last Friday in August, Chris Willford had some good news. Flashing up slide 10 on his presentation, the finance director of Bradford & Bingley boasted that a recent Â£400m fundraising ...

Bradford & Bingley's final moments - Times Online

The Treasury is poised today to nationalise Bradford & Bingley, the troubled mortgage bank. In an attempt to try to avoid a rerun of the Northern Rock debacle the Government plans to hold an immediate fire sale to sell off B&Bâ€™s assets to one or ...

Treasury to nationalise B&B bank - Times Online

We will look back on the failure of Congress to reform the government-sponsored enterprises at the heart of the mortgage meltdown as one of the most expensive derelictions of its duty ever. Fannie Mae and Freddie Mac used their lobbying clout ...

Partners at the Destruction - Wall Street Journal

When Mark Ryan finally scraped together more than enough to buy a home, he found that the mortgage a bank promised him earlier in the year was no longer available.

Credit crunch crushes dreams - Courier-Post

MIDDLETOWN -- Dave Wisniewski paid $415,000 for his four-bedroom home on East Kilts Lane in the Estates at St. Anne's last year. Around the corner, a house on Scottish Drive that sold for $474,900 the year before has been back on the market for five ...

Housing slide leaves sellers high and dry - Delaware Online

2 of 10 Top U.S. policy makers emerged from hours of tense negotiations with a clear message just after midnight Sunday morning: A deal to bailout U.S. financial markets has been agreed on and all that remains to be done is to commit the legislation ...

Lawmakers Reach Tentative Bailout Deal - Wall Street Journal

WASHINGTON - Congressional leaders and the Bush administration reached a tentative deal early Sunday on a landmark bailout of imperiled financial markets whose collapse could plunge the nation into a deep recession. House Speaker Nancy Pelosi ...

Congress, White House reach financial bailout deal - NWI.com

To understand the urgency of the biggest government bailout in US history, look no further than Don Castle, Roberta O'Connor, and Don Chiofaro. Castle is a Lynn probation officer awash in mortgage and credit card debt who cannot get a new loan to pay ...

A crash course in credit - Boston Globe

WASHINGTON â€” Congressional leaders and the Bush administration reached a tentative deal early Sunday on a landmark bailout of imperiled financial markets whose collapse could plunge the nation into a deep recession. House Speaker Nancy Pelosi ...

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