We have a mortgage, loaned from the bank, and we’re considering just giving it back, because we can no longer make the payments. What’s the official term for that?
I guess I know it’s called foreclosure, but I thought that was only if it was initiated by the bank, and not the loanee.
May 022012
What questions should you ask your mortgage broker or bank when getiing a mortgage? Like in regards to fees, points, prepayment etc..
Just want to know what information mortgage companies can and can not verify. Do they just use the information you send to them.
If the company that holds my mortgage goes belly up, what happens next? Does someone else buy the mortgage? And how would this affect me as the homeowner?
My former realtor told me that it’s better to have a preapproval from a bank than a mortgage company. My preapproval is from Suntrust Mortgage. My new realtor is asking that I check out two different lender that are not with banks. Is either one better than the other?
Mar 292012
Lost job in the begining of May. Paid May mortgage payment, but only a fraction of June’s. It is now July 21. Can the bank foreclose already? I just sent $ 600 but still owe $ 1,000 of June’s mortgage.
Seems in Canada as soon as one bank raises it’s interest rate for a 5 year mortgage then all the other major banks follow suit soon after. Why? Can a bank not raise it’s rate and get more business from people looking to get the best rate to purchase a home?
Mar 012012
I got a letter today from a Countrywide loan representative saying that basically they are transitioning my mortgage (I don’t know if they are doing this for all their mortgages) to B of A. My mortgage began about 5 years ago and it wasn’t subprime. It’s also an 80/15 loan. What does this mean for [...]
Feb 192012
I am in the process of preparing to take advantage of the $ 400B home owner rescue package that will be signed by President soon. I need to apply to my mortgage company for restructure of my mortgage to lower my payments. What documents do I need to prepare? I hear of a budget that [...]
Feb 032012
What situation would an owner use a second mortgage. How does the bank and the owner benefit from it?
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