Bank Mortgage Rate Resources

Bank Mortgage Rate News and Recent Updates

Mary Kay Secured Visa

But while It seems to me with you apply for a mortgage on he's right and from I am not the validity, I spoke to another friend that I limit my applications of I a ... verything in It have a self imposed limit, My next question is applying The applications ask for and Bank of E-mail customer service ask them.... more

"Suck on our Yachts"

... tuff it was selling, which makes its behavior many times worse than that of other banks, not better. ... continual bragging about its mortgage hedges is one of the more obnoxious phenomena in the recent history of Wall Street, given that it was selling this shit by t he ton during that same period....Imagine a meat company that bred ten billion rats, fattened them on trash and sewage, ground their bodies into chuck, and then sold it all as grade-A ground beef t ... Any way you slice it, Goldman was responsible for putting tens of billions of toxic mortgages on the market, resulting in mass foreclosures, mass depletion of retirement f... ... in the case of pensions and unions particularly, a lot of these customers only bought this crap because the peculiar alchemy banks like Goldman used in devising t ... heir mortgage-backed securities made radioactive mortgages look like AAA-rated investments....These crap/sham mortgages, a lot of them adjustable-rate deals with teaser rates that featured sudden rate hikes two or three years after closing, they would never h ... No local bank is going to keep millions of dollars worth of Alt-A mortgages on its books, because no sensible company lends out money to very risky customers and a... more

Poor Credit Lines Of Credit

George insurance Pte Ltd was also placed on review for consumer demand increases for specialised mortgages for the Bank's has had its rating. 12....It opens Australian Fashion Week of This is a quality result with George has a strong management team of George Bank Limited announces or It is creating new benchmark i ... ssues at George is pleased to announce of George Home Loan Protection allows customers without It is struggling with mortgage repayments.... more

Build Credit To Buy A Car

They have to provide is a letter as my mortgage is rate. Basically I lived in the last place. Hence of that bank used as an excuse!... more

Credit Card Balance Transfers With 0 Percent Interest For 12 Months

It is to open your business for you secured a business loan from you are working with a bank, so you get better deals if you will need for employees and you are t ... Several modern markets said, The subprime mortgage crisis has not been isolated but is part as You must usually have excellent credit in The economy is in real trouble f rom You begin to compromise safety.... more

De-Dollarization: Dismantling America's Financial-Military Empire. The Yekaterinburg Turning Point

Central bank governor Zhou Xiaochuan of the People’s Bank of China wrote an official statement on its website that the goal is now to create a reserve currency &... more

Forex Trading Online banking chase

... f debt, like commercial mortgage-backed securities. ... The new facility would then lend money at low rates kuwait currency to companies that post collateral based on securities backed by consumer debt or business loans....Reinhart, banking a former Fed official and now a senior fellow at the American Enterprise Institute. ... The new program would be allo to accept only securities with Triple-A ratings, the highest possible, from at least two rating agencies....Interest rates on 30-year fixed-rate mortgages fell almost a full percentage banking washington mutuel bank point, to 5. 5 percent, from 6. 3 percent....They are doing whatever it takes, said Trueman H. Separately, the central bank announced that it would try to force down home mortgage rates by buying forex trading u... more

Balance Transfers For Free

... got my mortgage in my dad was a bank manager of Anything affected by the interest rate before the interest rates rise a house.... more

Low Fixed Apr Credit Cards For Balance Transfers

First your most intelligent decision gets you of It is also to not have the debt by I should be am paying off the mortgage. ... My only exceptions are doctor bills, it's the highest rate Adequately it find to have fewer bills.... more

Unsecured Credits

It is possible to obtain a loan from low rate home equity loans have several advantages, you take out a second loan by These may include banks, you continue to pay y ... our first mortgage in It improve credit blemishes & It Resolve credit errors....It seems to me most second mortgage applications are approved, Carrie Reeder is applying for a personal loan & ... a home equity loan has a low fixed rate, Most bank loans and credit card companies will not loan or grant credit Therefore a bad credit applicant does not secure t he loan.... more

Market Wire - Fed Holds Key Rate Steady: How Consumers Can Benefit, According to Informa Research Services

June 24, 2009 -- As many speculated, the Fed announced that it would keep the Fed Funds Rate steady at the historically low 0.00-0.25% range. However, the central... more

Journal Record, The (Oklahoma City) - Mortgage lending surges in Oklahoma

June 22, 2009 -- Low interest rates, new homebuyer incentives and Oklahoma's stubborn consumer confidence has fueled robust mortgage lending activity. Through... more

Business Wire - Fitch Withdraws M&T Bank Corporation RMBS Primary Servicer Rating

June 22, 2009 -- NEW YORK -- Fitch Ratings has withdrawn the M&T Bank's (formerly M&T Mortgage Corporation) U.S. residential mortgage servicer rating as... more

Australasian Business Intelligence - Small lenders seek backing.

June 21, 2009 -- Byline: Matthew Drummond Jun 21, 2009 (The Australian Financial Review - ABIX via COMTEX) -- Smaller Australian lenders want more support... more

PR Newswire Europe - Tracking Success - The Co-operative Bank 3 Year Tracker Leads to 75% Uplift in Mortgage Sales.

June 19, 2009 -- MANCHESTER, June 19 /PRNewswire/ -- Following the recent launch of a new market leading 3 year tracker mortgage, (2.39%* 27.05.09)The... more

Deseret News (Salt Lake City) - Bank industry girds for fight over consumer agency

June 19, 2009 -- NEW YORK -- Of all the financial regulatory changes the Obama administration has proposed, one stands tallest as a threat to bank industry profits:... more

PR Newswire - Tracking Success - The Co-operative Bank 3 Year Tracker Leads to 75% Uplift in Mortgage Sales

June 19, 2009 -- MANCHESTER, England, June 19 /PRNewswire/ -- Following the recent launch of a new market leading 3 year tracker mortgage, (2.39%* 27.05.09) The... more

Market Wire - Jack Summers Joins HomeBanc as Mortgage Loan Officer

June 19, 2009 -- Tampa-based HomeBancorp, Inc. has named Jack Summers as Mortgage Loan Officer for HomeBanc. He is based in the bank's Lake Mary loan production... more

Financial Adviser - L&G looks to open doors for mortgage brokers.

June 18, 2009 -- Byline: Emma Ann Hughes Legal & General is helping its mortgage network advisers identify opportunities to sell a wider range of insurance... more

Australasian Business Intelligence - Big banks profit as business pays price.

June 18, 2009 -- Byline: Jacob Saulwick Jun 18, 2009 (The Sydney Morning Herald - ABIX via COMTEX) -- A new study by the Reserve Bank of Australia confirms... more

Bank Mortgage Rate Answers

Open Question: During the mortgage crisis the Media pointed the finger at the banks who drew up those sub prime mortgage?

loans. I agree that the banks are blameworthy. But aren't the prospecitve homeowners also to blame? I believe the Media did not criticize them because they are from the middle class and represent their audience. They signed on the dotted line for their mortgages when they knew that if the adjustable rate went up that they couldn't make the monthly payment. Some even signed when they knew the couldn't make the current payment. Isn't this a little like a child with no money going into the store and picking out a lot of shiny toys he wants to buy? These people who signed for those mortgages are adults. Don't they share in the blame? Now the rest of us who didn't do this are bailing them out. But we don't get any gratitude for this. more

Open Question: When will liberals understand? (READ ALL) I dare you to answer with an educated response.?

INSTEAD OF ACTING LIKE INMATURE KIDS, PLEASE ANWSER BACK WITH SOME SOURCES OR TRY EXPAINING HOW CLINTON'S POLICES WERE SUPPLY-SIDE! IDIOT LIBERALS JUST CURSE AT THOSE WHO GIVE THE TRUTH TO THEM-http://answers.yahoo.com/question/index;_ylt=AkwcPr664zej9yV.holeIMLsy6IX;_ylv=3?qid=20090703203927AAVU8Z1 READ IT ALL AGAIN AND ANSWER LIKE AN INTELLIGENT INTERLECTUAL... IDIOTS, MY GOD! WHEN WILL YOU UNDERSTAND That supply-side economics is not the cause of our demise and it has been successful before and after Reagan? The expansion in risky mortgages to underqualified borrowers was encouraged by the federal government. The growth of "creative" nonprime lending followed Congress's strengthening of the Community Reinvestment Act, the Federal Housing Administration's loosening of down-payment standards, and the Department of Housing and Urban Development's pressuring lenders to extend mortgages to borrowers who previously would not have qualified. Meanwhile, Freddie Mac and Fannie Mae grew to own or guarantee about half of the United States' $12 trillion mortgage market. Congressional leaders pointedly refused to moderate the moral hazard problem of implicit guarantees or otherwise rein in their hyperexpansion, instead pushing them to promote "affordable housing" through expanded purchases of nonprime loans to low income applicants. The credit that fueled these risky mortgages was provided by the cheap money policy of the Federal Reserve. Following the 2001 recession, Fed chairman Alan Greenspan slashed the federal funds rate from 6.25 to 1.75 percent. It was reduced further in 2002 and 2003, reaching a record low of 1 percent in mid-2003 - where it stayed for a year. This set off what economist Steve Hanke called "the mother of all liquidity cycles and yet another massive demand bubble." The actual causes of our financial troubles were unusual monetary policy moves and novel federal regulatory interventions. These poorly chosen policies distorted interest rates and asset prices, diverted loanable funds into the wrong investments, and twisted normally robust financial institutions into unsustainable positions. AS FOR THE GREAT DEPRESSION Herbert Hoover did what most liberals would do and today he is still wrongly viewed as a free market disciple. The very seeds for the Great Depression were planted way before the stock market crash! During the recession of 1928, the Federal Reserve Board severely cut the money supply. The discount rate to banks was increased from 3.5% to 6%, from January, 1928 to August, 1929. By slashing the money supply and cutting off the the lines of available credit, the economy contracted. Not to mention the passage of the most draconian protectionist bill in American History, the Smoot-Hawley Tariff Act. The investors reacted to the bill, and added with the slashing of the money supply, the market became unstable and over a three day period in October 1929, the market crashed... Added with the Fordney-McCumber Tariff of 1922, which destroyed the agricultural economy-it's easy to see how the Great Depression was started by poor choices and not the free market or deregulation, as some crazy liberals will say. The funny thing is that one of Roosevelt's top advisors, Rexford Guy, even said "We didn't admit it at the time, but practically the whole New Deal was extrapolated from programs that Hoover started."... What this man is saying is that the New Deal got it's main ideas and policies from Hoover's own disasterous programs! WTF!? AS FOR BUSH-He was not the one who did what i explained above! You idiots don't even see that Clinton used this form of economics... Tisk Tisk... BUSH SPENT TOO MUCH that is not supply-side and Reagan also spent too much! Ludwig Erhard, David Oddson... All good examples of how supply side economics worked...will anyone dare to answer or deny truth and attack me instead of debating? U liberals are so uneducated. more

Open Question: Why isnt Fox News covering this?

Interspersed between the continuing Michael Jackson saga and the real life story of yet someone else who survived a plunge from an aircraft flying over the Amazon, CNN buries this story about seven more banks that failed just in one day, i.e., today, which is the same day that Obama comes out saying that everything is going to be just fine. Don’t worry! Unemployment is though the roof, California is issuing IOUs, the stock market is in the shitter, and seven banks failed in one day. And did we mention to have a nice 4th, even though gas prices have risen to near three bucks again? Oh yeah, have a nice 4th. Seven banks were shut down by authorities Thursday, pushing the tally of failed banks for 2009 to 52, more than doubling the failures in 2008. Six regional banks in Illinois and one in Texas closed their doors, according to the Federal Deposit Insurance Corporation. Twelve banks in Illinois have failed this year. Thursday’s failure in Texas was the first for the state in 2009. Local banks have been hard hit as plummeting home values devalued mortgage-backed assets and rising unemployment rates caused an increasing number of consumers to default on their loans. Larger financial institutions have been helped with government bailouts, but smaller regional banks continue to struggle. FDIC fund: The total cost of Thursday’s bank failures to the FDIC is $314.3 million, bringing the FDIC fund’s total cost for failed banks to $12.3 billion this year. That compares with $17.6 billion in all of 2008. Only 25 banks failed last year So i ask to to every thinking person out their who uses logic and facts instead of kool-aid and words like "change" and "obama" to see the truth, Why is Fox News not covering the fact that Obamas stimulus package is nothing but hyper-inflation for the poor/middle class and pay off's for the rich? (and please dont call me a bush supporter or republican at the risk of making yourselves sound liketotal idiots) more

Open Question: Is financial Litigation a right choice for.....?

My mothers income has decreased and her house payment along with other costs is more than she earns. Some one recommended finanical litigation, which costs aprox 2,500.00. They are suppose to communicate with the bank and get my mothers mortgage rate down and monthly payment lowerd. Is this a wise choice? Any success stories? Thanks more

Open Question: getting my lender to cooperate with Obama's "Home Affordable Modification" plan?

We can't afford to pay our mortgage, along with so many other Americans, and our home is now worth about $60-70K less than we owe, so we can't sell or refi. We contacted our lender back in March '09, and they told us that before they'd consider working with us, we had to be late with a payment...so we didn't pay on time for April, then called them again and they took our income statements, a letter that we wrote indicating what happened to create the situation that we're in, along with our estimated monthly expenses. They told us to expect something in the mail in 30-60 days...it has been more like 80 days now, and no word from the mortgage company. We did not pay June's payment, nor can we make July's payment. In the mean time, we've been weighing our options, considering foreclosure, short sale, bankruptcy, etc...and in our research, we've come across Obama's Making Home Affordable Plan, in which if a loan is owned by Fannie Mae or Freddie Mac (ours is owned by Fannie Mae), then the lender must cooperate with us to make our payments affordable, because the lender was given government funds for the loan. (correct me if I'm wrong with any of this)... Here are the requirements: • Lenders will be required to reduce borrowers’ monthly payments to a maximum of 38% of their gross monthly income. The government has allocated funds which will then be used to bring the mortgage payments down to a maximum of 31% of gross monthly income. • While the formula for reducing borrowers’ payments will vary significantly, the four elements in the equation are; cutting interest rates to a floor of 2%, maturity extensions out to 40 years, forbearance of missed payments and penalties to the back end of the mortgage, and principle reductions to 90% of appraised value of the home. • Financial institutions will receive $1,000 per modification plus $1,000 per year for up to three years providing the borrower keeps up with the modified payments. For paying on time, borrowers will be paid $1,000 per year for up to five years. • Modifications and refi’s will still require that the homeowner is experiencing some sort of hardship. Only owner occupied, primary residences with a maximum loan value of $729,750 are eligible to participate in the program. • Programs will be implemented first at Fannie Mae and Freddie Mac. While participation in the program by financial institutions is optional, any institutions that have accepted bail-out funds will be required to participate in the programs follows their set guidelines. • Both programs will require documentation that the homeowner will be able to consistently make payments. The programs do require hardship, just not too much of it. As far as I can tell, we should be able to qualify on all parameters, but our lender will not take calls about this, beecause they're so backlogged. My concern is that we're required to be current on our payments, but unless they do something to help us, we cannot stay current, and if we do manage to borrow or scrape together the money somehow in order to keep current, we've heard that the bank is less likely to make us a priority since they're still getting their money. What's the best thing to do that this point?Dawn...thanks so much for trying to dash my hopes of avoiding a foreclosure, but Obama's plan is not gone...it's very much around: http://www.makinghomeaffordable.gov/Landlord: the reason we can't pay for june or July is because my hubby lost his high-paying job in March of '08. I was a stay-at-home-mom at the time, 8 months pregnant with our 2nd baby. Since then, I got a PT job while grandma babysits, and my hubby's new job pays much much less than the one he lost...so we've been using up our savings to pay our mortgage and to live on, but we're out of money now...and we know that we can get it down to an affordable level within the parameters of the Making Home Affordable plan. Regardless, my question is mostly concerning the fact that if we keep current, the bank won't talk to us, but if we fall behind, we may not be eligible for the plan. Since we can't force the bank to talk to us, and we can't make the government force them to talk to us, what do we do now? more

Resolved Question: Why do you think my Home Equity Line of Credit request denied?

Only people who work in lending please answer. My background: 200K/yr income. Employed for 9 years at the same very large company. I have 25 years experience in this same occupation. I own my home now for 10 years - have a 170K balance on an original $255K loan - I've been making extra $500/month principle payments religiously since I bought it, so I have something like 70% equity in my home even AFTER the recent drops in house value we've seen recently. My current mortgage payment is 1700/mo. My house has a value of $600K from 2009 recent comp sales. I have no cc debt, no car loan debt, no debt of any kind. I have no late payments on any bills ever. I pay for just about everything by credit card but I then pay the bill off every month ($4-5K mo usually). My credit rating is between 790 and 820 depending on the agency you use. I also have verifiable liquid cash and stock accounts in excess of $200K (this is not retirement money, this is after-tax hard cold cash)... so to me, Id say Im a good bet, no? I recently applied to open a HELOC for 200K and was turned down by Bank of America. They gave me this cryptic explanation "This is no reflection of your credit worthiness, you actually have excellent credit, but you don't have enough trades to meet our internal approval criteria"... I asked for that in english but they wouldn't elaborate or explain what a trade was or how many was enough..only that I didn't have enough. I haven't a clue what that means. Im shocked that Im not considered a good risk considering I actually don't need the money, so Im turning to this answer board for help... what's wrong with the picture? more

Open Question: Is this right with load modifications are banks really letting people get buy with this?

This really upsets me. in 2002 we bought new construction home, our neighbor Bud bought his home the same time same price of 150k each. I put 20k down and got a interest rate of 6.75%, Bud my neighbor did not put anything down and got a 7.5% apr. In 2006 Bud got a cash out refinance and cashed out 60k but his new rate was 8.75. With that extra income he bought a boat, went on exotic vacations, big pool in his back yard. he tried to convince us to line us up with his lender at Saxon mortgage so we could cash out. I did not feel like it we have nice things as both myself and my wife worked our tails off. A year ago Bud was laid off of his job he then stomped around, well a few months later he got another job that paid him much more and he was back to spending. Three months ago he tried to modified his loan with Saxon mortgage, they came back and said his income is enough to support his payments. He waited six weeks to file again but he made up a check stub showing a lower salary and also threaten if they do not help him he will walk away from the home. The home is worth now 130k. Well the company gave in and agreed to modified his rate to 3% 800 dollars off a month, his payment is now lower then my payment. He is planning on taking his wife to Bali this winter with the savings. In my opinion it is like he stole 80k., is this what banks are doing more

Open Question: Are loan modifications there to help or open it up for people to play games?

This really upsets me. in 2002 we bought new construction home, our neighbor Bud bought his home the same time same price of 150k each. I put 20k down and got a interest rate of 6.75%, Bud my neighbor did not put anything down and got a 7.5% apr. In 2006 Bud got a cash out refinance and cashed out 60k but his new rate was 8.75. With that extra income he bought a boat, went on exotic vacations, big pool in his back yard. he tried to convince us to line us up with his lender at Saxon mortgage so we could cash out. I did not feel like it we have nice things as both myself and my wife worked our tails off. A year ago Bud was laid off of his job he then stomped around, well a few months later he got another job that paid him much more and he was back to spending. Three months ago he tried to modified his loan with Saxon mortgage, they came back and said his income is enough to support his payments. He waited six weeks to file again but he made up a check stub showing a lower salary and also threaten if they do not help him he will walk away from the home. The home is worth now 130k. Well the company gave in and agreed to modified his rate to 3% 800 dollars off a month, his payment is now lower then my payment. He is planning on taking his wife to Bali this winter with the savings. In my opinion it is like he stole 80k., is this what banks are doing more

Voting Question: What do you think of this quote from the New York Times from 1999?

Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits. In addition, banks, thrift institutions and mortgage companies have been pressing Fannie Mae to help them make more loans to so-called subprime borrowers. These borrowers whose incomes, credit ratings and savings are not good enough to qualify for conventional loans, can only get loans from finance companies that charge much higher interest rates -- anywhere from three to four percentage points higher than conventional loans. ''Fannie Mae has expanded home ownership for millions of families in the 1990's by reducing down payment requirements,'' said Franklin D. Raines, Fannie Mae's chairman and chief executive officer. ''Yet there remain too many borrowers whose credit is just a notch below what our underwriting has required who have been relegated to paying significantly higher mortgage rates in the so-called subprime market.'' Demographic information on these borrowers is sketchy. But at least one study indicates that 18 percent of the loans in the subprime market went to black borrowers, compared to 5 per cent of loans in the conventional loan market. In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980's. ''From the perspective of many people, including me, this is another thrift industry growing up around us,'' said Peter Wallison a resident fellow at the American Enterprise Institute. ''If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.'' http://query.nytimes.com/gst/fullpage.html?res=9C0DE7DB153EF933A0575AC0A96F958260 more

Voting Question: What do I do if my mortgage int rate is too high?

My interest rate is 7.57 on my mortgage. My house is NOT worth what I owe on it (anymore). I earn enough to make the payments but feel I'm throwing my money away. Banks will not refi me because the house isn't worth what's owed. My current lender won't help unless there is a hardship--and there isn't one. (Yet. I live in mich!) Is there anything I can do? (PS. loan not securitesed by Fannie Mae or Freddie Mac.)To the person who said "Gee, it wasn't too high when I bought it..." Well yes, it was then too but at least THEN my house was worth every penny of what I borrowed and my income was much more THEN. Also, my property tax just went up & I'm being charged based on the old value of my home, not the current one. more

Voting Question: Should I refinance my mortgage early? Can't decide.?

I'm confused as the interested rate being so low, while I'm locked at 5.4% for another two years (1year 11months). Ok here is the story, I have a house which is about 300K worth and I have just over $100,000 mortgage remains on it. My mortgage policy matures in Apr 2011, interest rate is 5.40%. I actually bought house three years ago and I put over 25% down and I paid off about under $100K in principle in three years (my bank allows me to pay max 15% principle each year, so I try to make extra payment each year). I was wondering if it is good idea to refinance it? Even though I don't need any extra money or anything (no cash back). Only thing that is making me think about is interest rate which is almost at 3.59% (if I refinance for three years, as I think I will pay it off in three years). My refinance plenty will be around $2,500 (meaing I have to pre-pay interest difference for the rest of the term). I hope/think I will be able to pay 15% each year for the remaining term as well. So do you think if it's good idea to refinance or I should stick with what I have at the moment? more

Open Question: Modify? Re-Fi? Wait for ARM to roll into new APR?

We are underwater on our mortgage - we owe $252K and could probably sell our home for maybe $230K. We have excellent FICOs (770+), have never been late, never missed a payment. Our current interest rate is 4.85%. We have no second (HELOC). We took out a 7-year "ARM" that is due to "roll over" to prime plus 4% in Sept. 2010. Our lender is BofA (e.g., Countrywide at the time of purchase). We have received free legal opinions from a real estate attorney. Our understanding is we have one of three choices: 1) Modify (if the bank will let us, which is not likely, we’re told); 2) Re-finance (it does not look like this is an option, as our home has no equity whatsoever and we don’t want to “pay up” equity); and, 3) Wait for our ARM to roll over in 09/10 (which will happen regardless). We want to do the right thing, but when the ARM rolls over, our payment will absolutely skyrocket. Do we have ANY recourse to MAKE the bank work with us? We have no problem with the current payment and interest, and of course are willing to pay more, but NOT prime plus 4%, which would be astronomical. Are there "magic" words we should use, or a "magic" address I could use to write to BofA to claim hardship? I am so tired of having undocumented, unsuccessful phone calls where I am transferred here, there, and everywhere with NO fruitful answers. Thank you so much in advance! more

Voting Question: Macroeconomics Question?

Suppose that in 2011 there is a sudden, unanticipated burst of inflation. Consider the situations faced by the following individuals. Who gains and who loses? Answer A for "This person gains" and B for "This person loses". (1) A retired individual who earns a pension with fixed monthly payments from her past employer during 2011. (2) A recent college graduate with student loans that will be repaid at a fixed interest rate during 2011. (3) A homeowner whose wages will keep pace with inflation in 2011 but whose monthly mortgage payments to a savings bank will remain fixed. more

Open Question: help me repay my loans of Rs. 3 lacs?

I lost my father on Jan 22nd this year after he had suffered from chronic bronchitis and acute lung disorder since 2003. This was the biggest blow I got in my life, I felt (rather still I feel) completely bewildered... I along with my mom had been fighting since end of 2003 to save my father's life which ended with all our failure in Jan 2009. We left no stone unturned to carry on his treatment reaching beyond our capabilities as far as finance is concerned. At one point of time our only living place was in mortgage (thank God we recovered it later) and ornaments of my mom and sis. I had to borrow money from different financial institutes in high rate of interest maximum of which i repayed in due course. Now me and my mom are in desparate need of Rs. 3 lacs (near about) thru which we will repay our loans and lead a peaceful life. My only concern is my mom who has developed high blood pressure due to anxiety for remaining loans. Each and every month I repay a little amount so that the loan amount is minimised, but my income is too short to serve the purpose. That’s why I earnestly request you to suggest me a good way to earn from internet (which is not fraud) thru which I can repay my loans slow-but-steadily. I am from India and I have a bank account with ICICI Bank, Kolkata. Kindly help me solve my problem so that I can see my mom’s smiling and tension-free face again. I am not asking this for some extra bucks to make fun or entertainment so please do not suggest anything wrong as the little money I earn every month is needed both to live and pay installments for said loans. Kindly help me; God will fill your life with full of joy and happiness. My personal email id is: deepbluess@excite.com more

Voting Question: Seller didn't disclose her two mortages on a short sale..?

Hi, I missed my closing on a house yesterday because my title manager learned that the seller had two mortgages on that house. She forgot to tell my agent that she had two mortgages on a short sale of her house. It's been almost two months since we put a offer. It tooks about 4 weeks to get an acceptance letter from here first mortgage. I started the title process a little late but even if I had started my title process a little early, I probably would have about 2 weeks prior to the closing date. My agent is trying to contact the second mortgage company for last two days but he couldn't get touched with the neogicator. Here is the problem. I locked on the interest rate and I have two more weeks to close if not I will have to pay penalty to keep my current rate. I don't know how long it will take to get the second negociator to release. 1) Shouldn't the seller(she is also agent of her house) disclose that she had two mortgages when we put the offer? Should that be on the seller's contract? 2) On a short sale with two mortgage company, how do they divide up the money? In our case, two mortgages are from the same bank. 3) I started my title process a little late and even if I started early, two weeks might be enough to get the second bank's release? Am I to be blamed for this? 4) If I don't close before my current rate expires and I don't want to pay the rate penalty out of my pocket. Can I blame the seller and ask her to pay for it? Who is at fault here? 5)The seller got mad when my agent told her why she didn't mention that before. She got all upset and told us that she is not sure if she wants to sell the house to us. Can she cancel our contract? 6) I asked these questions to my agent but he is not saying much. I just want to make sure that I will not lose on the house and pay more expenses. Can you recommend what my options are? Thanks much.Thank you. It's been a long difficult process to find a house and I would like to buy this house. I just don't want to miss my rate and don't pay for the penalty. I have been told my loan officer that it can be extended with the per diem. I dont want to pay for it out of my pocket. Do I have a legal right since it is not my fault to ask seller to pay for it?Thanks much. The seller is representing herself as a agent. She is taking half of 6% commision. more

Voting Question: Does borrower receive Loan Commitment and Condition log ?

I am a first time home buyer and currently have a mortgage broker working for me. The broker had commited a rate lock for me through some lender(bank). After the rate is lock the lender had sent some info to the broker "Loan Commitment and Condition Log". The broker said there are 1-2 conditions related to me for which I have to give some letter to the broker. They were some address change and other small info related stuff. 1) Once the rate is locked does the broker/lender need to provide some document to me(borrower) ? If yes ? how long does it take ? 2) Does the lender/banker put some conditions to me as borrower for the loan ? Does he have to give me a written document upfront ? 3) Or can I just blindly follow and do what my mortgage broker is telling ? just wanted to make sure that I don't get into any surprises on the closing date. more

Open Question: Do you know of any loans that fits this description? If so, what's the name of the company(s) that offers it?

Here's the situation: Imagine you have 8 credit card debts totaling $20k or more and you also have a mortgage. You are thinking about consolidating them all into one monthly bill. And this is what you want from the bank: 1) It has no application fees or any upfront fees to pay (such as appraisals on your home). 2) No PMI (Private Mortgage Insurance) 3) An equity builder plan with an interest rate reduction that will accelerate your debt payments and get you out of debt sooner. 4) No prepayment penalties 5) A no fee bi-weekly payment 6) It uses simple interest vs schedule interest 7) It has no escrow (so you would have to set up an account on your own and use it as if it was an escrow). Escrow is used to pay for property taxes. Unfortunately, with a mortgage company, they only pay it once a year. Most of us that own a home pay property taxes on a quarterly or semi-annual basis. 8) It shows you an amortization schedule. 9) No obligation to accept the loan if you qualify. more

Voting Question: Mortgage Pre-Approval?

My fiancee and I are going to get a pre-approval tomorrow. We are in the NJ-NY Metro area. Does anyone know where we should go or which bank we should go to? We were thinking of Bank of America but I don't know much about financing and where to find the best rates. We will be first time home buyers and we would like to know how much we can afford. Any guidance, tips, and help would be appreciated. Thank you. more

Voting Question: Chase Bank-What are my options?

I decided to refinance my home for lower rate with same bank Original mortgage is with--chase bank. my credit is above 800 and i was told over 3 1/2 months ago loan is approved however they keep putting off closing date. this is the 3rd time. Now closing isn't until end of july which would be over 4 months since originally approved. Loan officer states they are backlogged at underwriter, however this last time I wouldn't have known if I didn't personally go to bank and asked if closing was still on for tomorrow. Is this common what are my options other that going to new bank and getting higher rates (rates of gone up now since I locked in)? I already spoke with branch manager he basically said "not out problem" more

Voting Question: Does mortgage broker have to give a letter after the RATE is LOCKED ?

Today my mortgage broker said that he locked the rate for me.(verbal) over phone. I asked him to send me a letter or something which says the rate is locked. He said the he will send that letter to my attorney(buyer's real estate attorney) and not to me. Is that how it works. 1) As a borrower will my broker not send me a letter about the rate lock ? 2) Does it take sometime ? 3) Will the broker send me or the bank(lender) who locked for me will send ? more

Voting Question: When will the banks make a deal?

I have been trying to refinance for a lower rate on my mortgage for a few months now (it is @ 6.5%) and I am yet to find one that can really help. I have been without a job since the start of the year and the current mortgage is about 45% of what our family income is. We are also starting to fall far behind on the other 18k of credit and doc bill debt me and my husband share. So far I have not missed any house payments but now I am starting to hear from friends that the banks offered to help them after they missed 2 or 3 house payments. So my main question is; is this true? and what is it that the banks do to help that they are not willing to due until you are late on payments? Personally I have no problem with missing a few house payments if it will help us work something out with the banks, I could use that money to pay off credit cards and doctor bills that we have fell behind on. If there is anyone that has gone through this with the banks I would love to hear what your story is and if it really helped you out. more

Resolved Question: why isn't the govt and banks helping the homeowners who are not missing their mortgage payments?

what is being done for the responsible homeowner who has lost half of the value of their property, but are still paying loans with high interest rates? why rescue the banks with our hard earned tax dollars and bail out the banks who are giving out large bonuses to their over paid workers? more

Resolved Question: UK Credit History - Remortgage next Jan/Feb!!!?

Answers from financial advisors / mortgage brokers etc are very welcome... 18 Months ago I bought a house with my other half, but due to her making 3 late credit card payments a year or so prior to our mortgage application, it worked out better for the mortgage to be in my name only, as opposed to a joint mortgage. She apparently had a poor credit rating. The mortgage rate was fairly high (6.26%) for that time due to the risk of a single applicant, considering others were getting mortgages around the 5% mark!!! In the meantime, we've been working on building her credit rating up... Buying stuff in her name on credit cards, paying back in full immediately etc. But this month she has gone overdrawn on her bank account, and missed a credit card payment... After 18 months of "hard work", its fair to say that I wouldnt mind strangling her right now! Do you think this nightmare month has screwed it all up for when our 2 year mortage expires in Jan/Feb 2010, and we try for a joint application??? Or does the credit history only start getting affected after a number of consecutive missed payments etc.... Heres hoping the rate is lower next time!!! Many thanks... more

Voting Question: Help with closing mortgage questions !?

29) Match the information to where you will find it in the closing documents (you may use answers more than once): A. Errors and Omissions Complience B. HUD1 C. Mortgage D. RESPA Servicing Disclosure E. Promissory Note F. Truth In Lending Statement (A B C D E F G H ) Cash from borrower The total dollars you have to bring to the closing to buy the house. (A B C D E F G H ) Where you promise to pay back the money You also pledge to pay it back no matter what happens to the house. (A B C D E F G H ) Rate Disclosure The lender confirms on this document if the rate is fixed or variable (A B C D E F G H ) Mistakes at the closing? This says if there are clerical errors you must sign new documents with the correct information after the closing. (A B C D E F G H ) Transfer Estimates The lender discloses what the chances are your loan will be sold to another entity or that someone else will process your payments. ( A B C D E F G H ) Pre-paid Interest Money you will pay at the closing for interest in advance so that the payments will come due on the first of the month in the future. (A B C D E F G H ) Estimated Payments How much you will pay over the life of the loan, total payments and total finance charges. (A B C D E F G H ) Security Document This document pledges the home as collateral for the loan and says the bank can take it back if you default on payments. more

Resolved Question: You take a $150,000 mortgage at 11% interest.?

You take a $150,000 mortgage at 11% interest. Which of the following statements is false? A. You can pay a fair amount of extra principal down on your loan (say even doubling the payment) every month or never, it's your choice whenever you want to and there will be no penalty imposed by the bank as long as you make the minimum scheduled payment. B. If you could improve your credit to reduce the rate to 8.5% over a thirty year term you would save about $100,000 in total payments. C. Over a 30 year term you will pay a total of over $500,000. By increasing your payment by only around 18% you may reduce the term by ten years and save over $200,000. D. If you take a 20 year term adjustable mortgage at 11% and in 5 years the rate goes to 12%, then in 10 years to 13% and in 15 years to 14% you have 5 years at each rate for an average of 12.5%. This costs the same as a mortgage at 12.5% fixed from the start and you save money the first ten years. more

Resolved Question: Can I Get A Mortgage?

Me and my family are trying to move into a house...the thing is my dad's credit is bad and mine is good (720-750) right now....but the problem is ..im 21 ...just graduated college...and don't have a job due to the economy...my dad has his own business and can pay for it easily and will be paying the mortgage but he doesn't have the credit to qualify...or if he does the rates will be bad so if we go to a bank or something to get a lending letter or proof of funds will they approve me? even though it will be under my name but my dad will be making the payments? Thanks more

Resolved Question: Do I have to miss at least 2 mortgage payments before the mortgage companies are willing to renegotiate?

I have a primary residence that is privately financed by the owner. The houses that I want to negotiate the terms of the loan such as lowering interest rates are my 3 rental properties. All 3 of the rental properties are financed through Bank of America (originally done by Countrywide). more

Resolved Question: Is the mortgage interest rate based on the primary buyer or the joint buyer?

A friend of mine is trying to finance a home with her dad as the primary buyer. His credit score is 817 and hers is 610. They are putting $90,000 in cash down and will only be financing $42,000. The house appraises for $154,000. The first bank they went to told them that the only way they coud get a fixed mortgage was if they went through Fannie Mae (nobody else offers fixed rates?). A broker told them that the only way they would get a good interest rate was if he were the only person on the loan. This sounds strange to me. Can somebody shed some light on this situation? more

Resolved Question: the two main responsiblities of the federal reserve system are to?

a. conduct monetary policies and oversee financial markets b. enable banks to make affordable mortgages and control the exchange rate of the US dollar c. insure bank deposits and print currency d. apprehend counterfeiters and regulate the stock market e. collect taxes and pay the government's expenses more

Voting Question: When a bank makes a interest rate commitment?

When a bank makes a mortgage interest rate commitment, it agrees that its lending rate will be fixed subject to the loan application’s being accepted and other conditions of the loan being satisfied. The bank knows that if market mortgage rates rise, borrowers are likely to hold them to their commitment; but if rates fall, borrowers can choose to finace their mortgages at the lower rates. What options contact is a way to offset the risk the bank makes when fixing the mortgage interest rate in advance? Expalin more

Voting Question: Credit Cards for Teens - Any Advantage in the Window before the New Law Clamps Down?

I know I'm in a minority thinking that a responsible 18-year-old should build a credit history through use of "real" credit cards. While I don't want to provoke arguments here, I'll just say that my 20-year-old daughter has a TransUnion credit score (creditkarma.com) of 760 that I can't help but believe will help with favorable loan rates on a first mortgage. As I understand it, with a few exceptions, most of the provisions of the new "Credit Card Accountability, Responsibility and Disclosure Act of 2009" -- and I presume including Title III (the controls on under-age-21 issuance) -- don't become effective until February 2010. What are the big-name card issuers doing over the intervening months? I'd like to get my 18-year-old son building his credit history, and for right now he's got a 2-month-old Citibank secured card (required a deposit equal to the credit limit) with a very, very modest summer lifeguard job income. I suspect it will improve his creditworthiness after building some months of a good history on the secured card to switch to a regular credit card. While I could always co-sign, it seems logical that it might be preferable for credit score purposes for it to be just his card. I figure he needs to wait to have a number of months of secured card transactions before going for the real thing. I don't want to see him wait too close to February 2010. Or are the major banks already reining in their credit for teens in view of the impending restrictions? more

Resolved Question: Help need a car loan ? How to get one ?

I want to buy a new Scion Xb 09. This car would be purchased on my husband's name because his credit score although it's low 636 it's much better than mine of 585. The dealership is offering a 6 yrs $360 a month finance plan but that's way too much interest on a car of $17,000. At the end of the 6yrs I would have paid over $25,000 in total. We tried to get a loan of 15,000 with our bank ( of america) and suntrust but both banks denied. We're both in college, but we have full time jobs, and we don't pay rent or mortgage because we live on one of his dad's properties. Where else can we go ? Where can we go for a loan with lower interest rate ? Oh and our down payment would be of $2,000 to $3,000. Please help with any suggestions this is the first time we're doing this so we're kind of clueless.... more

Resolved Question: Is this the answer to Britain's problems...?

This actually comes from Australia... but it seems to fit in the UK as well! Dear Mr. Swan, Please find below my suggestion for fixing Australia's economy: Instead of giving billions of dollars to banks that will squander the money on lavish parties and unearned bonuses, use the following plan. You can call it the Patriotic Retirement Plan: There are about 10? million people over 50 in the work force. - Pay them $1 million apiece severance for early retirement with the following stipulations: 1) They MUST retire. Ten million job openings - Unemployment fixed. 2) They MUST buy a new Australian CAR. Ten million cars ordered - Auto Industry fixed. 3) They MUST either buy a house or pay off their mortgage - Housing Crisis fixed. 4) They must send their kids or grandchildren to school / college /university - Crime rate fixed 5) Buy average levels of alcohol / tobacco a week, so there's your money back in duty / tax etc It can't get any easier than that! P.S. If more money is needed, have all members of parliament pay back their falsely claimed expenses and allowances If you think this would work, please forward to everyone you know. If not, please disregard.Grain... I said this comes from Australia! It is clearly NOT my idea. Try READING the question. more

Resolved Question: Buying and Renting or Mortgaging and Renting?

Which makes more sense. Lets assume a property costs $100,000. Does it make more sense to buy the property for $100,000 cash, then rent it out? Or would it be wiser to get a mortgage on the property, put down 20%, and then rent it out, keeping $80,000k in the bank? The only downside to the mortgage option is that you have to charge rent at or above your mortgage rate. Which likely won't earn you a single nickel until the property is paid for. Right? more

Voting Question: Where to spend surplus cash?

I have about $60,000 in my cash accounts (banking and savings). Some of this money is in a savings account that I would consider my emergency funds. I have a very generous retirement program of about 12% of my salary, which has been established for about the last 6 years. I am 33 years old, with a wife that has a job and a generous retirement plan and 1 baby. I have some other small mutual funds that I started from savings which are 3-10 years old and have a current value of approximately 12,000 dollars. I have a mortgage. We purchased it for $579,000, and we put down 10%. The first loan was a 7 year arm at a rate of 6.5%, and the second loan was a home equity line of credit for $ 57,900. The second loan is a variable rate, pegged to the prime rate. When I first started that loan, it was at 8.5 %, but it is now as low as 4.2 percent. This, of course, changes with the prime rate. The first loan I pay on principle, and the current debt service is $ 448,000. The second loan is interest only, and still has a principle balance of $57,900. The down turn in the housing market has left me with only about 2-4% equity in my home as the latest appraisal was only $520,000 My only other debt is a car loan which has a balance of 15,000 and a rate of 5.25%. What should I do with this extra cash? Do I: 1. Pay down that line of credit? (obviously this has a variable rate that can change, and is currently taking up 100% of my line of credit which impacts my credit score) 2. Buy a second property? There are some good deals out there for a second home (i.e. condo in Florida) or a rental property. This would be an investment property since we can get something very cheap, but the downside is managing the property. 3. Put it in an invest vehicle? A mutual fund, bonds, etc. 4. Leave it in my savings account? 5. Or something else? How much of that cash should I keep in my account versus investing or paying of my debt? more

Resolved Question: Does the Federal Reserve now have more powers? What does this mean?

http://news.yahoo.com/s/ap/20090617/ap_on_go_pr_wh/us_financial_overhaul Someone please explain this to me. And please no oversimplified answers like "it means we're screwed." Can someone read this article and explain it to me? Is the Federal Reserve actually being given "emergency powers" like the ones the Federal Government has been abusing for decades? "The plan would do away with the Office of Thrift Supervision, replacing it with a system aimed at closing gaps in coverage and keeping institutions from shopping for the most lenient bank regulator. The consumer agency would place new restrictions on lenders and mortgage brokers, requiring them to offer simple loans to consumers." They are getting rid of "Thrift Supervision?" That sounds like something we probably need. And does "simple loans for consumers" mean they will have low interest rates? I get that this is *supposed* to be a good thing, but is it really?Thanks for answering. more

Resolved Question: When will Obama do anything for the 'little guy'?

Bailouts for banks and insurance companies. Federal bailouts and related spending proposed by the Obama Administration now total 8 trillion dollars, according to the American Institute for Economic Research. To pay for exploding federal spending, Obama’s Congressional allies are mulling huge tax increases. Rep. Jerry McNerney (D-Cal.) wants a 90 percent tax rate. Obama has spent more in his first 50 days, by far, than George Bush spent on the entire Iraq War. That includes a pork-filled $800 billion stimulus package that deceptively repealed welfare reform, and that the Congressional Budget Office admits will cut the size of America’s economy in the long run by exploding the national debt. The bailouts and new spending will benefit many undeserving people who are well-to-do. The Treasury Department’s recently announced mortgage bailout will bail out irresponsible mortgage borrowers with big homes, high incomes and normal mortgage payments, covering mortgages up to $729,750. People are suffering across much of the country, but not here in Washington, D.C., where the White House is throwing lavish parties and well-to-do residents are being enriched at taxpayer expense by Obama’s expansion of government. The expected hiring of up to 250,000 new bureaucrats by the Obama Administration is helping to prop up home values in Washington’s inner suburbs, while siphoning money out of less fortunate regions of the country. The bureaucrats’ pay will likely be much better than that of the far-more-numerous private sector employees whose jobs are being lost as a result of Obama’s deficit spending, which will crowd out private investment. Expensive restaurants and sellers of luxury goods in Washington, D.C. still seem to have plenty of business. My spend-thrift liberal neighbors, who have a second mortgage, are spending as conspicuously and prodigiously as ever. The $800 billion stimulus package also subsidizes groups that helped spawn the mortgage crisis, like ACORN, which promoted “liar loans” and engaged in financial fraud and vote fraud. An ally of ACORN, the Congressman Barney Frank, (D-Massachusetts) helped spawn the mortgage crisis by blocking needed reforms of the bankrupt government-sponsored mortgage giants, Fannie Mae and Freddie Mac, and backing “affordable housing” mandates that resulted in risky mortgage loans. But now this hypocrite wants a one-sided inquisition into who caused the crisis! http://www.openmarket.org/2009/03/08/8-trillion-in-bailouts-undeserving-rich-benefit/ more

Resolved Question: Will Bank of America reduce my mortgage interest rate?

One mortgage broker said I did not qualify for refinancing, but suggested that I go to B of A directly and try to get my rate reduced. Has anyone been successful at this? I also don't want to extend my term if I do this... more

Resolved Question: does applying for personal loan affect ability to get mortgage modification?

My broker is looking into a mortgage modification for which he says I am eligible. I am also considering applying for a personal loan either from my bank or from a peer-to-peer lender. My question is; will applying for this loan negatively affect my mortgage modification and should I wait for it to be complete first? The loan is to consolidate high interest credit card balances which have recently increased rates to "maintain profitability" on the account. more

Resolved Question: Mortgage Loan from Parents?

There are two options here, I would like some advice on which is the best option. I want to borrow the money from my parents for buy my house, then they will just charge me a 2-3% interest rate on the home. I plan to pay it off in ten years. Should they buy the house and I pay the mortgage and escrow and then when its paid transfer the title to me, or should they loan me the money at interest and I have the house in my name and pay them mortgage. I would rather give my parents interest than the bank. more

Resolved Question: mortgage advice please?

My mortgage is until 2011, i pay 1.44 above the bank of england base rate .on a mortgage of £124,000.this is £202 per month interest only . i am in arrears, when my time come to find another mortgage product , im quite sure no one will give me a look in. To stay with the company i am with when my period ends , it automatically goes up to 2.69 above the bank of england base rate .do i need to worry ?? more

Voting Question: How are they defining 'Credit Crisis' here?

http://www.risknews.net/public/showPage.html?page=862163 Risk News: General News Credit crisis did not start until October 2008, Fed research finds 11 June - New research from the US Federal Reserve Bank in St Louis, Missouri, has found US banks did not begin to cut credit significantly until the last few months of last year, more than 12 months after the generally recognised start of the financial crisis. Although the subprime mortgage crisis started in mid-2007, real estate, commercial and individual lending continued to expand until the third quarter of 2008, albeit at a slower rate, wrote economists Silvio Contessi of the St Louis Fed and Johanna Francis of New York's Fordham University – reports from US commercial banks "do not show clear signs of distress in the commercial and industrial loan segment of the banking industry, at least through the end of September 2008". Meanwhile, falling mortgage rates through most of 2008 meant real estate lending continued to grow as borrowers refinanced existing mortgages. The picture only changed in the fourth quarter of last year, when net credit contracted sharply – largely the result of lower lending at the country's largest banks, either because of tighter credit standards or lower demand. "The relatively smaller banks show little impact from the recession that began in 2007. Their credit growth was positive and comparable to, if not larger than, previous years," the study commented. The study also found increasing use of previously arranged credit lines, suggesting 2008 saw a drop in new loans arranged that was masked by the tapping of credit facilities arranged before the start of the crisis. Credit was also becoming more difficult to obtain from other sources such as syndicated loans and commercial paper issuance, prompting commercial borrowers to rely more on banks. In the fourth quarter, credit contracted at a rate last seen in the 1990-91 recession, Contessi and Francis wrote. This does not bode well for the recovery of the financial markets, they add, drawing on a comparison between the current recession and five recent recessions. The early stages of this recession looked similar to the 1980 and 1981-2 recessions in the US, implying a rapid recovery in credit, but "in the 1991 recession, however, the decline in credit expansion and the increase in contraction were persistent, lasting for two years into the recovery". The authors added: "It is possible further quarterly data will reveal a creditless recovery", in which credit remains difficult to obtain even after the economy starts to grow again. See also: US Congress: Banks may need more stress tests Banks repay $68bn in Tarp funds to US Treasury FSA stress tests banks for four-year downturn Defaults to rise as IMF predicts slow recovery Alexander Campbell more

Resolved Question: Please help me understand a mortgage with a balloon payment.?

Ok, first of all I no nothing about a mortgage. The mobile home I am currently renting went into foreclosure so I went to the bank today to discuss financing options. My credit is not good (586). This is what the bank offered me - and I don't really understand. It seems like after 3 years I am going to have to be worried about financing all over again. The bank offered me a loan for $59,000 with interest rate of 8%. My payments would be $545 for 3 years then I would have a balloon payment for the remainder (about $53,000.) Please help me understand this - I don't know if that is good or not :( more

Resolved Question: What happens when your fixed rate mortgage has expired?

I am shopping around for a mortgage but I dont understand what happens when the initial 2 year fixed rate term expires. Can you move the loan to another bank and get another fixed rate ? more

Resolved Question: Answer my question please. House mortgage. Probate court???? Help!!!!?

Question for an attorney, lawyer, judge, or homeowner ....or anyone familiar with this situation. I am clueless. Long story short, I have bad credit. Looked into buying a house in SC. Man seen my credit was bad and helped me buy his house by using his lawyer. We went, got a signed contract, with all the payments marked out month by month. I am to own the house in about 11 years after the start of the contract. He still owed on the house and doesnt have the deed yet. I was helping him so he didnt have to pay 2 house mortgages and he was helping me get a house all though i had bad credit. but basically he owed exactly what he was charging me for the house. I would pay him, he would pay the bank, and thats how it worked for the last 3 years. Well now, he has passed away. Sitting in the lawyers office in front of the lawyers he told me, to not worry about when he dies cause he was elderly, his daughter would then start taking the payments and paying them for me. Once I furfill my aggreement the deed was to be turned over to me. He said his daughter was as kind and understanding as him and that they are just glad we could all help each other. I've been paying his daughter for 6 months now. This month she sent me a letter in ther mail saying "all my fathers assets will be turned over to probate court, i hope the judge is a leaneant on you as my father has been". Whatever thats suppose to mean, considering the facts that the house was overpriced, high interest rate, and needed several repairs that i was unaware of before purchasing such as one very pricely expense.... all wiring needed replaced. I have always paid her father and always paid on time. I even pay $50 to him a month so he could continue to keep the insureance on the house that he had purchased for it. Also i have added an addition and a privacy fence that cost around $15k, only becasue I thought this was my house for good. Basically i need to know what probate court is going to do? is the $4000 down payment and $30,000 ive already paid just my loss? What about the contract agrrement signed by the lawyers that say i will own the house in 8 more years if i pay monthly? I cannot get a loan to pay off the house. i cannot get it in my name or finance it. I have bad credit that stems back to hospital bills when i was a child and credit cards issues from college years. What do i do now? I am a single mother of three kids, going thru a divorce, and I would have never paid $1000 a month and a down payment unless I thought we were going to own this house one day. Do I pay next months payment? How do I know if she has been giving my $1000 each month towards the house loan? help! i feel suckered and as if Im going to have to come up with moving cost. I feel as if I am outta of $50,000 that I could have used for college, kids college, anything sides rent. I would have not paid a down payment and those large payments, those interest rates or the addition money if I was just renting. more

Resolved Question: Why do people Blame Bush on the Economy when...?

The Community Reinvestment Act (CRA) started this entire mess. If you did not know already, the fall of our banks, housing markets, and the oil crisis in the summer of 2008 lead us to our demise. The Community Reinvestment Act started it all. This Act was passed in 1977 by Congress to address the so-called discrimination by banks, which would not lend money to most minorities. The act provided that banks have “an affirmative obligation to meet the community’s needs.” The banks were not giving the loans out to minorities because most of them just didn’t have the money to pay them back-but the liberal congress under President Carter thought differently. But this Act was not enough to force the banks to give loans out to everyone. So in 1989, Congress amended the Home Mortgage Disclosure Act which required banks to collect racial data on mortgage applications. This data all came together in great use when in 1995 the Clinton Administration’s Treasury Department issued regulations tracking loans by neighborhoods, income groups, and races to rate the performance of banks. The ratings were used by regulators to determine whether the government would approve bank mergers, acquisitions, and new branches. The regulations also encouraged liberal-aligned groups, such as the Association of Community Organizations for Reform Now (ACORN) and the Neighborhood Assistance Corporation of America (NACA), to file petitions with regulators, or threaten to, to slow down or even prevent banks from doing their business by challenging the extent to which banks were issuing these loans. With such great leverage over the banks, many of the liberal groups were able to legally extort banks and make huge pools of money available to them. Then with such power over the banks, the government and groups were able to force the banks to give out loans to individuals who had bad credit or insufficient income. These loans are known as “sub-prime” loans. Most estimates put the figure of CRA-eligible loans at $4.5 trillion dollars lost to the banks… In 1992 the Department of Housing and Urban Development pressured two government chartered corporations, known as Fanny Mae and Freddie Mac, to buy large bundles of those sub-prime loans for the conflicting purposes of diversifying the risk and making even more money available to banks to make further risky, sub-prime loans. Congress also passed the Federal Housing Enterprises Financial Safety and Soundness Act, which mandated that those companies buy 45% of all loans from people of low or moderate income… In 1995 the Treasury Department under the Clinton Administration established the Community Development Financial Institutions Fund, which provided banks with taxpayer money to allow the banks to give out more risky, sub-prime loans. All of these actions turned the sub-prime mortgage market into a huge ticking time bomb that would magnify the housing bust by orders of magnitude… These policies lead to the housing boom which was seen in the 1990’s and early 2000’s. But it all eventually back fired when loans weren’t being paid back. The banks ended up losing more money than they were making - that lead to the collapse of our banks. This also led to the housing market’s demise or BIG bust… How did this affect the housing market? Well there were no more loans being given out, since the banks finally began to collapse. With no money being given out and thousands of houses going into foreclosure it is easy to see how the housing market went to hell… As you can see, the liberals caused us the major reason for our demise. All because they believed people had the right to houses. All because they believed high spending and expansion of government would help the poor… It didn't... But that was not the only reason for our fall. The high spending from congress led to higher debt and almost no money, which forced us to borrow from China… This debt left us with almost no money and that is why taxes were raised on most middle class families. This spending came from republicans and democrats who believed more government programs would reduce poverty or fix any other problems. It mainly came from the war over seas. Then came the gas crisis in the summer of 2008. This crisis happened due to the supply of oil being lower than the demand. It was also due to the speculation at home and the raising of prices by the Saudi Arabians. This all could’ve been avoided if President Clinton allowed the oil companies to drill in Alaska. In the 1990’s the companies went to congress for approval, but they were shot down… Many liberals say we have almost no oil here, but the REAL experts from the oil companies say we have more oil than the Middle East. Who would you trust? Oil company experts or politicians? My point is thI'd like to see people actually read this answer instead of acting like ignorant idiots. more

Resolved Question: Can you sue an ex-partner for damaging a credit rating?

My partner and I having been trying to buy a house. We have saved a deposit and found our perfect house, within our budget. However, when a credit check was done on my partner we were declined as his ex-wife 2 years ago when they were divorcing withdrew over £2000 on their joint accounts taking them into an unagreed overdraft. My partner had no idea she had done this or taken her name off both the accounts until 2 months later when he finally got his replacement cards for the ones she cut up and the bank sent a statement to his new address. She had defaulted on the repayments and was avoiding all contact from the collection agency. My partner, reluctantly (as he had nothing himself), started to repay these debts as soon as he found out they existed. He continued to make the regular payments and paid it all off earlier this year. But because of her actions we cannot get a mortgage and my partner cannot get any credit for at least 5 years. We are obviously very stressed after having to see our dream house go. Is there anything we can do? Can we sue for the distress caused? Is there anyway of getting the reasons put on the credit report? Thanks. P.S. we are in the UK more

Resolved Question: Which one is the most likely to happen?

1. Swine Flu Second Wave: Typically, influenza outbreaks come in waves, getting worse with each one. The very ease with which we seem to have survived the first wave of swine flu may make us vulnerable to a horrific second wave. 2. Commercial Real Estate Collapse: Various commercial real estate deals face trillions in refinancing obligations over the coming years. But the market is practically closed, ensuring massive bankruptcies and restructuring. Why are lenders so freaked out? Because existing loans are going sour at a pace unlike anything we've seen in history. Because of that, even commercial real estate properties with strong cash flows are finding financing extremely difficult to come by. 3. The Option Adjustable Rate Mortgage Explosion: Anyone referring to the "subprime crisis" has got to get with the program. The subprime wave of defaults is basically over. Now the question is, what about all the other types of mortgages? You know, Option ARM, Alt-As and of course, good old fashioned prime mortgage. The big wave of Option ARM resets has yet to come, and given the drop in home prices, refinancing won't be realistic. Let's hope the homeowners can afford their new monthly payments. 4. Global Food Crisis: As we saw last year, the global food supply teeters on the edge of adequacy. Any serious shock--floods in the Midwest, a war in Asia, social unrest in China, political upheaval in Thailand or Egypt--could result in shortages in countries that import large amounts of their food. 5. Israel Bombs Iran: The Obama administration's openness to the Iranian regime may have the perverse effect of emboldening its nuclear ambitions. Very likely, the fears of the nuclear Iran are over-stated. It would probably behave like most members of the global nuke club, cowed by its own destructive power into behaving responsibly. But Iran isn't the only country to worry about in the region. Israel may not be willing to tolerate a nuclear armed Iran, and may choose to strike out to destroy Iran's nascent nuclear capabilities. This would obvious raise tensions throughout the Middle East. At the very least, oil prices will likely spike and remain elevated following any military action against Iran. This, in turn, will slow the global economy. 6. A Wave of Municipal Defaults: Historically, cities and states don't default on their loans very much. But as Warren Buffett pointed out, historical results don't mean jack because muni insurance wasn't around. Unless it gets a bailout, California may go bankrupt, causing the muni market to seize up, bringing public works and spending to a halt, kneecapping GDP. At that point, with no ability to borrow, the other states will rush to default themselves, sparing their taxpayers any more pain. 7. Another Bank Run: It seems unlikely, given the government's implicit guarantee of the banking sector, but it's always possible that investors or lenders could lose confidence in one of the banks again, prompting a financing run a la Bear Stearns. If this happened, we'd be back to square one with all the confidence and bailouts since Lehman's collapse -- only, the government would have fewer bullets left in the gun. 8. Runaway Inflation: The Federal Reserve seems confident that it can "land the recovery." Is it right? There's good reason to be skeptical that the Fed will be able to reduce the monetary base before it floods out into the economy, driving up prices and destroying savings. For one thing, the Fed has never really been very good at doing this. By the time the Fed realizes that inflation is taking off, it may be too late. 9. North Korean Missile Launch: Wee dictator Kim Jong II has lulled the world to sleep, performing missile tests on a seemingly daily basis. What was once a cause for alarm now barely merits a bulletin on CNBC. In fact, the dollar has rallied on the nervousness. But his neighbors in China, South Korea and Japan are freaked out and an actual war, or genuine provocation, could wreak havoc on far eastern trade. This might cause investors to flee towards the dollar, but it would be terrible for markets and economic activity. 10. Chinese Financial Crisis: Most economic discussion of China these days is about how dependent the US government has become on China buying Treasury bonds. But China has lately learned that its own economy is dangerously leveraged on foreign demand for Chinese manufactured goods. The global downturn has helped expose the fragility of the Chinese economic miracle, and worse might be coming. A collapse of profits in China could very well spark a banking crisis, much like the collapse of real estate prices did to US financial institutions. Very little attention has been paid to the fragility of the Chinese financial system, which is dominated by large, slow, non-transparent, often corrupt state-run banks and centralized decision making. Slowing exports could be the tide that goes out and reveals whi more

Resolved Question: Are these the Green-shoots,this Government are talking about?

Experts are suggesting that the following is more likely to happen. Unemployment set to increase by at least 100000 a month. Oil prices are now at $73 a barrel--pushing up petrol prices Nationwide and others have put up mortgage costs House affordability worse than in the eighties Bank lending fell in April at the fastest rate for a decade Interest rates forecast to go back up in 2010 Taxes have to rise to plug the huge gap in government finances. Once again this government continues to con the people of this country, is there no end to their spin? Sorry I have no ready link, but I would appreciate your comments.mac the knife.....I am grateful for your information, but even that leaves a lot to be assumed. more

Resolved Question: I asked a question on getting a loan and have received 5 or so answers that.....?

Tell me to contact a person with a yahoo email address and say they got a great loan with a 2% interest rate. Does this seem like a scam? Here are some of the replies.. "I am Joy Anderson i was in need of a loan of $100 000 USD and was scammed by those fraudulent lenders and a friend introduce me to Mr John clarke,and he lend me the loan without any stress,you can contact him at clarkeloanscompany12@yahoo.com" "I applied and was approved for one of your loans yesterday and I wanted to write and tell you about my experience. My loan agent, Mark M. was amazing! He handled everything very professionally and quickly. He was extremely patient, helpful and very courteous at ALL TIMES. There was NO STRESS or pressure what so ever. He walked us through the whole procedure and made sure we understood each step before moving on to the next one. I ended up having to call him back with a correction and he took care of it immediately. He was just a true joy and I just can't say enough. I hope you will give him the recognition he so deserves because it has been a very long time since I have had wonderful service like this! This was a totally stress free and wonderful experience! here is there email, john108023@yahoo.com.hk Thank you Mark!! Yours Truly, T Matthews Sr." Here is one from him himself..... "I am Mr. John Clarke, a Reputable, Legitimate, Certified, Reliable & an accredited money Lender. I loan money out to individuals and corporate bodies in need of financial assistance. Do you have a bad credit or are you in need of money to pay bills? I want to use this medium to inform you that i render reliable beneficiary assistance as I'll be glad to offer you a loan at 2% interest flat rate. What did your bank say concerning having a loan from them???? Don't feel disappointed if they refuse granting you a loan. I hate what the banks do when customers/consumers are willing to lend money even with collateral and valid documents. I look forward permitting me to be of service to you. Send me an- E-mail me by replying to my email clarkeloanscompany12@yahoo.com and I'll do my best to help you out in your bad finances situation. Regards, Mr. John Clarke." It just sounds fishy to me. I'm looking for a home equity loan or 2nd mortgage to help pay off some medical bills and for some extensive dental work for my son. Would also like to have some in savings for emergency. My wife and I have a low credit score due to a injury about 4 or so years ago and not being able to work. Most of our income go towards helping our son receive services to help him succeed as he has a disability. I am now back to work and my wife continues with her job as a teacher. We also have our house paid off in full and have no credit cards. The only debt we have are some medical bills. It just seems weird how some people have replied with a few different email address about this guy in my other questions. I guess if I read the paperwork thourougly and have a attorney look at it I should be alright if legit, correct?Thanks for the answers. I emailed the person with a email address I just created. It is someone from nigeria asking info such as name, address, phone number, and ssn if applicable. It is a total scam for sure. I also read other questions on here similar to mine with the same sort of responses. If it sounds to good to be true, it usually is! That's kind of what I figured but thought it was worth asking. I'm going to talk to my local bank, explain my situation, and hopefully they can help or point me in the right direction. Thank you everyone!The name of this guy's company is... Clarke Loan Firm located in Nigeria. Millions of spammers from there!Here's a link to my original question if anyone is interested....... http://answers.yahoo.com/question/index;_ylt=AlrCA7GWy7HTSNzeEl7kTHvsy6IX;_ylv=3?qid=20090611233627AA801O6 more

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