We can define a mortgage as the transfer of ownership or interest in property to a lender serving to as collateral or security for a loan which is usually for money. The mortgage in itself is not a debt, it is actually the security for the debt promised by the lender. It’s a transfer of an interest in land (or the equivalent) from the ownership of someone to the lender of the mortgage with the promise that this interest will revert back to the original owner when the terms of the mortgage has been fulfilled.
Folks with many people right now just struggling to make payments on their home mortgage, there has to be some ways to help them out right? But how did they get into this predicament in the first place? Maybe it was that adjustable rate mortgage (ARM) that looked so enticing because the first few payments were really affordable. However, with home mortgage rates up, many homeowners are finding it difficult to make the payment. Another possible reason is that they may have been fooled into taking on a home loan they can’t afford to pay or maybe they were forced into refinancing with higher rates and interest rates because of bad credit. The reasons are plenty. These people who can’t pay now can’t even take advantage of low refinancing rates or even of the TARP that might help them. They could lose their home, and with it their savings. Their home mortgage is in trouble and what can they do?
Continue reading Save your Home, Save your Home Mortgage
Media reports have been declaring record lows when it comes to mortgage rates. Newspapers, websites and television have been broadcasting how much the rates for home mortgages have gone down over the past twelve months. So it begs the question, are mortgage rates really much cheaper now?
If we dig deeper in to the facts, we will find that rates indeed have gone down. The details of these are in a report that Freddie Mac releases regularly called the Primary Mortgage Market Survey which details the average mortgage rate as well as fee structure. It is the data in this report that the news media dishes out to the public.
However, what we don’t see is that the fees for these home mortgages has actually increased. While mortgage rates according to the survey are now .38% cheaper at year end versus the previous all-time low in January 2008, average fees went up by .40% in that same period.
In this case, mortgage rates are cheaper but not entirely so.
Question/Situation:
We started a new construction, but contractor used all money without finishing. We don’t have funds to finish project. While we have been trying to sell the project, but as of now there are no takers. And on top of that we are deliquent over 1 year.
Continue reading Executing a deed in leu of foreclosure
NEW YORK (Reuters) — U.S. mortgage applications fell last week,
reflecting a plunge in demand for home refinancing loans as interest
rates surged to their highest levels since late January, data from an
industry group showed on Wednesday.
The Mortgage Bankers
Association said its seasonally adjusted index of mortgage
applications, which includes both purchase and refinance loans, for the
week ended May 29 decreased 16.2% to 658.7.
Tom Marano, chief
executive of mortgage operations at GMAC, said in an exclusive
interview with Reuters on Tuesday that home loan volume at GMAC is
about 75% lower now than when mortgage rates hit record lows several
months ago.
