See what others are saying about The Mortgage Manager!| Has anyone stopped paying on their 2nd mortgage? | | I want to get some feed back on this...My husband and I own a condo that is not worth anything anymore! We're on an interest only loan until August next year. I got laid off and am collecting UI. I recently started workint PT so I can still collect UI until I get FT work. I'm trying to get a loan modification but I found out they still denied my claim! We still make too much money on my UI? They don't even know I started PT work yet! How can this be? I'm on the line now trying to find out but I used to do loan MODs at my old job and I just don't get this! My lender is Chase.
I do have a 2nd mortgage with Citi and they say they have to wait til I get a decision from Chase before they even try to help me. And it needs to be a MOD really not just a denial as an answer. My husband and I don't have much expenses but still we get denied! I'm thinking worst case I can stop paying on my 2nd but I don't know about all the consequences. I don't want to loose my home but I'm in the hole every month right now.
We budget our money the only thing we have on our credit is our 1st and 2nd mortgage with our car payment of 257! Not much! Plus we have Homeowners Dues for our condo as... | |
| | Would you just walk away from your home and default on the mortgage? | | I watched a segment on 60 Minutes TV show last night about people that are letting the banks foreclose on their houses. Even though they can afford their payments and are not in financial distress, their houses are worth about half what they bought them for and they say that it makes sense financially to default on their loans. They live free in the house until it is foreclosed upon, up to 6 months, saving money for a nice apartment or a rental house. They will work at building their credit back up for a few years then buy another house. Would you do this? I was raised to honor my obligations no matter what the circumstances. You make a promise and you keep it--the person you are obligated to is not responsible for your troubles or inability to pay or the quality of the merchandise, that was your responsibility. You borrowed the money, you pay it. My sister had to short sale her house and is repaying the bank the difference--they were surprised that she called to make arrangements for that, nobody does that anymore.The owner of the "walk away" service that helps people do this legally says there is no shame in walking away from your house and defaulting on the mortgage.... | |
| | Has your heating bill gotten so high that it almost or does match mortgage p... | | I just don't know about these heating bills anymore. They are just getting higher and higher. Thank goodness in about a month or so we'll at least get a break in our income from that. My poor brother is on a budget since he and his wife separated, and his electric bill is over $300. He doesn't have a mortgage payment anymore as he's paid for his house, but that's just outrageous, don't you think? | |
| | Mortgage | |
Have you ever looked at your mortgage papers when The Mortgage company sends you their semi-annual statement? OH MY GOSH!! the money that goes direct to interest verses what your actually paying in principle in the first years of owning your home is just awful. Do you agree, the interest payments are far higher than the principle amount paid on your mortgage? e and is repaying the bank the difference--they were surprised that she called to make arrangements for that, nobody does that anymore.The owner of the "walk away" service that helps people do this legally says there is no shame in walking away from your house and defaulting on the mortgage. What do you think about being able to afford your house but walking away because it's lost so much value? Would it bother you? Would you do it? | |
| | Yes, It's Okay To Walk Away From Your Mortgage | | As many Americans begin to realize that it will be years (if not decades) before their houses are worth what they owe on them, the idea of walking away from your mortgage is going mainstream.
Not surprisingly, the mortgage industry is doing everything it can to prevent this, including telling homeowners that they have a "moral obligation" to pay.
But do they?
Is it okay to walk away from your mortgage for no other reason than it doesn't make financial sense to keep throwing your hard-earned money away?
There's no universal answer here, but in most cases, the answer is "Yes."
Importantly, the reason is not that "Wall Street deserves it" or "We've got to teach the banks a lesson" or any of the other bogus "retribution" logic being thrown around. The reason is that you and your lender engaged in an arms-length transaction in which you balanced your competing interests and spelled out your agreement and obligations in a clear contract. And unless that contract states that you have a "moral obligation to pay," you don't.
Specifically, when you borrowed money to buy your house, the bank or mortgage-lender evaluated the risk of the transaction and concluded that the risk of your... | |
| | Cooperative Mortgage | | I'm trying to get a home mortgage for my co-op in Pennsylvania, and I am having trouble getting it. Many of the mortgage brokers tell me that it will be no problem however, when speaking to lenders about their best mortgage rates, and programs a month or two later when I think I'm going to get the mortgage, they tell me that they can't finance co-ops in Pennsylvania due to the language in the co-op documents.
They are different than condos. Has anyone ever financed, or got a co op mortgage?I'm told that the cooperative mortgage rates are really good now. I need some ideas, and any would be much appreciated. | |
| | Mortgage crisis | | In a recent discussion, I was told that the reason we had the bank/mortgage crisis was because Bill Clinton de-regulated the banks. So what we need (according to his argument) is tighter government regulation.Two questions: Is he right about the source of the problem?andHow do we recover, and prevent such a thing from happening again? | |
| | I'm having a hard time with my 2nd mortgage company again... | | I don't know if some of you remember last year, but my 2nd mortgage had gotten transferred to another company and the new company tried to pull a fast one on me. My loan is an "interest only" loan, which means I don't have to pay on the actual loan part yet. But, since I want to pay it down some, I do send in extra money to apply to the principal of the loan. My original loan stated that any excess in the payment would bring down the principal, therefore reducing the amount of interest due, thus reducing my next payment. The new company decided they were going to take my excess payments and apply it to the next months interest, leaving the principal amount of the loan the same. At that rate, over this last year I would have paid the next 2 months interest and my balance would be the same.Right now I'm in the process of paying as much of it off as I can - about half of it. When we contacted them about it, they told us that our payments would remain the same, even if we paid off almost all of it. Of course, they're going to hear from me again because if the loan is only half of what it was, the interest will only be half what it was. So, our "interest only" payments will be half... | |
| | Any suggestion about mortgage? | | I wanna make some business online. So i wanna mortgage goods and i get some more money to invest some projects. But i do not know it clearly,which company is good? I search several companys, but i didn't know it clearly. I can call and talk with the agent, but i think it is not enough. I should find some suggestion? | |
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