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what is mortgage refinancing

Sept. 25 (Bloomberg) -- Fannie Mae and Freddie Mac 's new chief executive officers, appointed in the government takeover of the mortgage-finance companies this month, said they are trying to accurately calculate the businesses' assets and it's too ...

Fannie, Freddie Say Too Early to Know If Federal Aid Is Needed - Bloomberg

Sept. 25 (Bloomberg) -- Fannie Mae and Freddie Mac 's efforts to protect themselves against mortgage losses may have gone so far as to hurt borrowers, and it was the government takeover of the companies that helped lower loan rates, their regulator ...

Fannie, Freddie Tightened Standards Too Much, Lockhart Says - Bloomberg

After the real estate industry -- and its related securities -- almost deep-sixed Wall Street, it's hard to imagine there would be a silver lining: A five-week decline in 30-year fixed-rate mortgages has spurred a surge in refinancing, according to ...

As Rates Fall, Is It Time to Refinance? - Street.Com

Once word spread about the federal government's proposed $700 billion Wall Street bailout, mortgage rates stopped dropping as they had been after the Sept. 7 takeover of Fannie Mae and Freddie Mac and jumped back up. Mortgage rates increased across ...

Lower Monthly Mortgage Payments: A Quick Guide - Nuwireinvestor.com

Two headlines from Washington, one recent, one 16 months old. Today: Congressional leaders (pictured) announced today that they have reached an agreement in principle on the framework of a plan to fix Wall Street's financial crisis that would provide ...

A bailout deal is reached; will it hold? - Los Angeles Times Blogs

As lawmakers continue fighting on Capitol Hill over a $700 billion taxpayer bailout for banks and lenders on Wall Street, the foreclosure machine grinds on and the mortgage crisis at the heart of the problem continues to worsen. Every day, people ...

Mortgage Solution Missing in Bailout Plan - The Washington Independent.com

As Congressional Democrats and the Bush Administration wrangle over the need for aid to homeowners in the Wall Street bailout plan, both sides appear to have forgotten that Congress approved a $300 billion mortgage rescue package in late July. “We ...

Hey Congress, You Already Passed Homeowner Bailout - CNBC

IT WAS free and easy mortgage money. Oversight was essentially nonexistent, even though taxpayers were on the hook. It sounds like the national financial meltdown. This crisis, however, took place much closer to home, much closer to the wallets and ...

Mortgage mess hits home, leaving taxpayers at risk - Marin Independent Journal

Insurers and banks have been boosted by hopes that the $700bn (£380bn) financial sector bail out would get the go-ahead, pushing London's leading shares sharply higher after an uncertain start. RSA Insurance was in particular demand, not only ...

RSA benefits from US bail out and French bid hopes - Guardian Unlimited

HOW did America wind up in its worst financial crisis in decades? Sen. Barack Obama explained it this way last week: "When sub-prime-mortgage lending took a reckless and unsustainable turn, a patchwork of regulators systematically and deliberately ...

Open Question: What are best ways to refinance my home even though the current market value of my house is far below purchase?

My house value is far below than the price I paid 3yrs back.After 2 yrs of the purchase it has now adjustable interest rate and mortgage payments increase every 6 months.Lenders decline to refi due to below market value of my house.Advise what can I do in this case? more

Open Question: Help me please, I thought we already passed something to help homeowners facing foreclosure?

Can someone explain this to me? I thought a few months ago, we passed a bill to help homeowners facing foreclosure. I think the exact wording was something to the effect that it would allow homeowners in bad mortgages refinance their house at current value, with lower interest rates, with the government picking up the lost value from the banks. Why does this NEW WALL STREET bailout need to have a provision in it to give even MORE money to homeowners with troubled mortgages...I thought the last billion + bill was supposed to help them. Now, no one even says anything about the last bill they passed that was supposed to help all of this foreclosure mess. Now they want even more money for the bad mortgages? Can someone explain to me what happened with the housing bailout bill to help rewrite all of those mortgages with the government assuming the loss on all of those? No one even mentions it anymore....so I thought someone else could give me some insight on why that's not discussed, if they have even began the program yet, how much money that is costing us in addition to this 700 Billion bailout that will also help homeowners, and do they think we are stupid? This in general is for the banks, but they also want to add provisions to help the people facing foreclosure, in addition to the banks and wall street. I thought we already did that back in "july?".....but no one ever talks about that bill they passed, and why it was a bomb and hasn't helped with the foreclosure process. more

Open Question: Lender bail out question.?

I am not going to pretend that I know much about economics, but what I cant understand is why the government is fixing the problems these lending companies created for themselves? I assume I am correct that these companies are in trouble because million's of homeowners were not able to make their mortgage payments due to the increased interest rates. So why cant these companies just refinance all of the homes that have not yet been foreclosed on, just cut their losses, but save themselves at the same time? Why should we as tax payers have to pay to save their greedy ways? more

Open Question: Is anyone else having significant issues with their parent(s) moving in with them in old age?

My grandma is 61 and in good mental and physical health, save two things: she has osteoarthritis in her hand, and on track to need surgery on it in the next few years, and she's on track to needing a hip replacement in 5 years or so. She is a beautician and these two physical impairments are going to prevent her from being able to work some day soon. Grandma bought a house about 5 years ago and has refinanced it over and over, adding things such as a Mustang and her credit card debt (which quickly maxes out again) into her house payment. Last year, Grandma broke her arm, couldn't work, and nearly lost her house then. My husband and I are in our early twenties and just starting out, and my parents are in the early years of a small business, so neither of us has the money to bail her out when she can't make her payments. We've been telling Grandma she ought to sell her house and get an apartment so she can live within her means (a small apartment in a nice neighborhood in this area would run her about $300 a month less than her house payment, plus she wouldn't have to pay for upkeep), but she doesn't want to do this, saying she'll stay in her house until she can't afford it anymore, and then she'll stay until the bank forecloses on her, and then she'll move in with my mom. We are just astounded at her selfishness. She is going to cause so much turmoil and stress in our family. She has two declawed cats and a little yapper dog that used to be my mom's, but my mom hated it, so she gave it to Grandma. Grandma says when she moves in with mom, she's bringing the cats and the dog, which my mom is firmly against. My mom has several indoor-outdoor cats, and luck has it that the declawed ones are going to get out, besides the fact that the reason my mom has all her cats as indoor/outdoor is because she doesn't have room for a litter box. Grandma coddles the little yapper dog like a baby, and my mom says the dog is NOT living in her house, that it'll either be an outdoor dog (its a beagle mix, plenty big enough to live outside with a dog house... it doesn't get real cold here) or find it somewhere else to live. On top of that, Grandma says she's either going to build onto my mom's house so she has her own 'suite' with a bathroom and minikitchen, or either buy a trailer to put in the backyard. Neither of these options work because our neighborhood isn't zoned for trailers, and my mom is vehemently against building onto her house, because she doesn't want the extra heating and cooling bills, as well as the extra taxes on the square footage. My mom has a four bedroom house with a decent sized bedroom waiting for Grandma, but she turns her nose at it, saying it's not enough, and she "won't be forced to live like a child in a bedroom." Well, Grandma, don't you think you should have thought of that when you were blowing your money your whole life (she always made excellent money until recently) on worthless material possessions? It's just so frustrating because at some point she's going to have to have those surgeries, and she's going to be out of work, and that's when it's going to start... she's going to be begging us for mortgage money, she's going to be stressing us with her financial issues, when she doesn't have to have them; she could get the apartment and she'd actually be able to live decently on her social security, and save money between now and when she has to get the surgeries so she wouldn't be flat broke. She's so annoying. She has a $25,000 life insurance policy and brags about the great 'inheritence' she is leaving us. Number one, we don't want or need any money from her, and two, the $25,000 will probably be ceized (sp?) by her creditors when she dies anyway, meaning we'll have to pay for her funeral out of pocket. Does anyone have experience dealing with something like this? It's just sickening to watch her act like a fool, and its' going to be awful having her live with my mom, for everyone involved, including my younger sister who is ten. I can see Mom and Grandma fighting all the time about how Mom and Dad are raising my sister... and they are great parents, it's just Grandma is SUCH a busybody and know-it-all! I love her but she's stressing our whole family out! She won't leave it alone and constantly talks about how's she's staying put in her house til they take it from her. Sheesh, it's not like it's the family home that everyone grew up in. She's only had it five years! And btw, we all live within two miles of each other... more

Open Question: Refinance home to get out of high credit card debt?

I owe $145,000 on my home which appraises for $182,000. I have $17,800. in credit card debt. My current rate is 7.75% and I still have 29 1/2 years left on my mortgage. Do you think it would be a good idea to refinance my home for $172,000 at a rate of 6.6% to relieve myself of this debt that never seems to go down. My mortgage would go up about $140 a month and my overall savings would be about $350.00 a month by paying off my credit cards. I'm not sure if it's a good idea and any advice would be greatly appreciated. If I go through with this I plan on closing all credit cards except for one. Thanks. more

Open Question: Can fees used to secure a mortgage refinance be added to the property cost basis?

Open Question: 700 bil. bailout !!!!!?

1. why should the public pay it? 2. why cant the refinance the loans for what is owed on the houses, an lower the payments? 3. do we really need to put the public 10,000 per person in debt, when we can barley afford the bills we already have? 4. why are the CEOs of these company's getting to keep there jobs? 5. is this real money or just projected loss's? 6. can the company's still foreclose an get twice the money on these houses? 7. why cant they give the mortgage companies a incentive to refinance the loans? all i can think of right now the news said the money is the values, of the morgages that are traided on wallstreet, an that they will loss money because the value of the house's are dropping an an the morgages are for more then the house's are worth, they dont bail out the stock market because they bought a stock for 10.00 an now its worth 7.00 billions are made an lost everyday on wallstreet!! thats the price of playing the market!! the news said the money is the values, of the morgages that are traded on wallstreet, an that they will loss money because the value of the house's are dropping an an the morgages are for more then the house's are worth, they dont bail out the stock market because they bought a stock for 10.00 an now its worth 7.00 billions are made an lost everyday on wallstreet!! thats the price of playing the market!! more

Open Question: Should I get a refinance cashout now during this financial bailout crisis?

I am looking to get a refinance cashout. I originally was searching for a home equity loan but after I called several mortgage banks, I began to learn more about a refinance cashout and an FHA refinance cashout - both look more appealing than a home equity loan. The banks I contacted told me that I would probably be better with getting a conventional refinance cashout than an FHA. So the following is the quotes I received from a conventional refinance cashout: I contacted Citi Mortgage (my current mortgage provider); I currently owe $66K at 6% on a property that is probably close to $150K in value. Citi Mortgage said they could get me a 30-year fixed refinance with $40 K at 6.125% with a monthly payment of $670 (but they kept talking about adding points to pay for some points - I was confused). I currently pay them $543 a month for my mortgage. I also contacted Wells Fargo who gave me an interest rate between 5.7 and 6% to pay $627 a month. They sounded more simple with a better rate. However, I am worried about two things: should I even refinance at this time, and which bank should I go with? more

Open Question: Is it a bad time to buy?

I live in Las Vegas (leading in foreclosures for 20 months now). We bought our starter home a few years ago l(with full intentions of only owning it for a few years) but with our recent addition to the family we need a new home. We owe 300K on this house, but it is only worth 199K now. We have found we can rent it out for MOST of the payment...400.00 difference between what we can get in rent and what we pay a month in mortgage. So what we want to do is buy a bigger house and rent this one out. Pay that difference and our new payment. And when the market allows THEN sell our current house. But I don't understand enough about economy to understand if I should hurry and get into another house now, or wait. Are houses going to go down a lot more? Should I wait and see if we can get that grant to refinance for current value before I do it? Is it true that if I do get that grant I won't be able to buy? If I get the new house and we can't find a renter and end up foreclosing on current house could they take our new one? I feel like if the economy is going into the toilet, I would rather be stuck in a house we can live in for a while than this one that is already bursting at the seams...and fear if we wait and our current house goes even more in value our debt to income ratio won't allow us to buy at all... more

Open Question: After refinacing, the record showed it is "warranty deed" document. Why?

We did refinance to our house in Feb, 2007. I go to city deed record website to check 2 days ago; the document is showed “warranty deed” instead of “mortgage”. Is it right? Or just some kind of mistake. Can we lose our house while we do refinance to the bank? more

Open Question: What will happen to my credit if I foreclose?

In July 2005 my girlfriend at the time and I bought a place in northern Virginia, near DC. The main reason that got us to start looking was that the place we were living in was a condo conversion, so we had to either buy it or move out. We moved out, but decided we'd try our hand at buying a 2br condo never expecting the market to crash the way it did. We weren't looking for a profit or anything...just a home rather than throwing money away at wasted rent...you know, build equity. Eventually we got engaged and in early 2007 were married. Not to break off into a tangent, the marriage lasted a whole 3 months as she basically went bezerk and then I found out some other things. Ok, now back to the main story...While we were together, we were able to afford the place somewhat reasonably, but now that i have kicked her out and kept the place, i am basically committing about 80% of my income to my 80/20 mortgage payments. I can't refinance because the value has dropped at least $70K. Plus in order to qualify in the first place i needed income of $100K...With her we had that, by myself, i don't. For the past year i've been empyting my bank account every month struggling to pay the mortgage, dues, and all other bills. Soon i won't be able to as I already started paying my monthly mortgage between the 1st and 15th of the month (within the grace period) so that i can accumulate that extra paycheck to afford it. Eventually im going to need another extra paycheck to pay for it, and by then it would be past the 15 day grace period to pay it off. What can i do? Do I foreclose? And if so, will that really ruin my credit for years? Like, i won't even be able to purchase a car down the road, or even apply for credit cards if needed? Thanks for any advice! Sincerely, HousePoor :( Thanks for the quick responses. I did forget to include that I have been renting out the extra room for $600/mo and it still puts me in a bind. more

Open Question: Am I obligated to my expired land contract?

I refinanced my house into a land contract a few years ago when I came into some financial troubles. My contract expired on 2/12/08 at which time I tried flipping it into a mortgage but was unable to because of the decreased housing market, I now owe more on my house that what it is worth. The "sellers" do not want to renew the contract. My question is - am I obligated to maintain the original terms of the contract or can I give notice and move out with no financial obligation since the contract is expired? I am in a position where I need to move right now. Any help would be appreciated!! The contract states that on or before the expiration date the buyer will purchase the home or the seller can extend the contract only with written notice. This is all the contract states - it does not mention penalities. more

Resolved Question: $700b bail out- I oppose it. How about this plan?

Economists please chime in. Review and provide comments. 1. We refinance all the mortgage loans -especially delinquent loans -perhaps leaving out 30 year loans or just including adjustable/5 year or 7 year loans-at today's house values. And fix the interest rate at lowest possible rate for 10 years. This will give people confidence, decrease or fix their mortgage commitment and decrease the foreclosure. All lender is doing is taking property back and selling to mostly an investor or opportunist buyer. Lender is taking a loss anyway. Why not give consumer a break and increase his or her confidence. Nobody wants to lose a house or have bad credit. 2. Take the credit card amount for a consumer, Calculate the original borrowing and then adding a low interest rate-let us say- 8-10% and then fixing a monthly amount for 5 year. So, let us I borrow $10,000 and later borrow another $5000. Original amount would be $1,5000. Add 10% interest (as opposed to 12-18%) and let us for 2 years it comes out to $3,000. Total amount would be $18,000. This will be opposed to current situation where there is revolving recurring charges of interest rate and payment keeps fluctuating. Again, this will give consumer confidence and fix their liability. This will put responsibility back to where it belongs- to opportunist lenders/banks as well as consumers-both meeting their responsibility but banker and lender writing off some of the debt to move things forward. I am not an economist and I have not done the math but somehow feel this should solve some of the problems. What do you think? Math wizards/economists please chime in. Most importantly write to your Senator. We need everyone to be heard. I do agree with stopping other expenses such as on war etc. Did not know about Ron Paul though...thanks for sharing. more

Open Question: How Many ARMs are there that have yet to reset ?

I heard that the number of adjustable rate mortgages in the U.S. that have yet to reset was around 6 million. Does anyone have any other figures on this? That sure is a LOT of people who may or may not be able to get refinanced, given the recent credit crisis. more

Open Question: Are mortgage rates going up or down?

I'm thinking about refinancing and am wondering how the $700 billion might impact this? When Lehman went bust the rates went down for a week and then rose sharply. Now they're slowly declining again. Thoughts? more

Resolved Question: i have an arm mortgage due up in Oct 2009?

am i screwed, or do think i will be able to refinance out of this. more

Open Question: When is a foreclosed property considered to be primary residence?

we bought a house in sacramento in early 2006. Now due to a job relocation, I bought a second house in arkansas then let the bank forclose on the california house. Both our 1st and 2nd mortgages are refinances for less than the amount owed (i.e. did not take cash out and was just looking for a better rate). I just reached a settlement with the 2nd mortgage for $5000 dollar instead of the $38000 I owe. The first mortgage is foreclosing using a trustee sale so he cannot get a deficiency judgment. The deficiency will be around $80-$100K I have a few questions: 1. Can I claim my sacramento house as a primary residence to qualify for the federal mortgage debt relief? I was living there in February when I stopped making payments then I bought the new house in Arkansas in February. My wife and kid continued to live in the sacramento house until now and next month she have to vacate. She will be moving to Arkansas with me in december when she finishes her school. 2. Did they pass a similar law in california for state taxes? 3. When the bank sends me the 1099c to my Arkansas address, does this mean the amount is treated as money in arkansas (this could be a problem because arkansas WILL tax you for the amount forgiven) Any answers will be appreciated. more

Resolved Question: What do you think of the $700 trillion being ask for by our gov't?

Why is our government not going after companies that two years ago helped people get into homes, promising that in two years they would refinance them to get them a lower interest rate and be more secure. Instead, they got them in the homes, then sold their mortgage to other companies and now people are losing their homes and these companies are no where to be found. I was one of these homeowners. On an fixed income, told that in two yrs. my credit worthyness would be better and would entitle me to refinancing at a lower interest rate and my mortgage was sold out 4 times in 2 yrs. Then the last company to have my mortgage said I did not have enough income to afford the house or refinance and I was forced and advised by an attorney to walk away. Now the company that had my home loan chose not to foreclose, took it off sheriffs sale, and sold it to a collection agency for pennies on the dollar. These companies knew good and well what they were doing and are not answering or paying any restitution for what they have created. Plain and simple many of us were scammed and have lost everything. We were all given stimulus checks and wasn't that convenient-yes it came at a time when gas and food went up. So how is this new debt the gov't wants us to approve going to fix any of our problems? Whats your opinion? more

Open Question: i currently hve 10yrs and 190,000 left on my mortgage and my home is worth 490,000 my rate is 5.22 but i need ?

to refinance for home improvements. whats the best options for me? more

Open Question: property sale in divorce?

A question for any attorneys out there. My ex of 2 years ago now wants her name removed from the mortgage from the family home where I live with our children (I am dad and have custody). She was paid her share of the value, but the problem is that because of the decline in value of homes here, the mortage is more than the value, and I am unable to refinance or qualify for an assumption of the loan. If a judge orders the home sold, she states that it will be sold regardless of loan value and I will be forced to find money to bring to closing (which I have no idea how) or be jailed for contept of court. Is she correct? more

Resolved Question: I need you reaction to the Dirty Secret of the Bailout, what do u think?

Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency. In short, the so-called "mother of all bailouts," which will transfer $700 billion taxpayer dollars to purchase the distressed assets of several failed financial institutions, will be conducted in a manner unchallengeable by courts and ungovernable by the People's duly sworn representatives. All decision-making power will be consolidated into the Executive Branch - who, we remind you, will have the incentive to act upon this privilege as quickly as possible, before they leave office. The measure will run up the budget deficit by a significant amount, with no guarantee of recouping the outlay, and no fundamental means of holding those who fail to do so accountable. Is this starting to sound familiar? Robert Kuttner cuts through much of the gloss in an article in today's American Prospect: The deal proposed by Paulson is nothing short of outrageous. It includes no oversight of his own closed-door operations. It merely gives congressional blessing and funding to what he has already been doing, ad hoc. He plans to retain Wall Street firms as advisors to decide just how to cut deals to value and mop up Wall Street's dubious paper. There are to be no limits on executive compensation for the firms that get relief, and no equity share for the government in exchange for this massive infusion of capital. Both Obama and McCain have opposed the provision denying any judicial review of decisions made by Paulson — a provision that evokes the Bush administration's suspension of normal constitutional safeguards in its conduct of foreign policy and national security. ... The differences between this proposed bailout and the three closest historical equivalents are immense. When the Reconstruction Finance Corporation of the 1930s pumped a total of $35 billion into U.S. corporations and financial institutions, there was close government supervision and quid pro quos at every step of the way. Much of the time, the RFC became a preferred shareholder, and often appointed board members. The Home Owners Loan Corporation, which eventually refinanced one in five mortgage loans, did not operate to bail out banks but to save homeowners. And the Resolution Trust Corporation of the 1980s, created to mop up the damage of the first speculative mortgage meltdown, the S&L collapse, did not pump in money to rescue bad investments; it sorted out good assets from bad after the fact, and made sure to purge bad executives as well as bad loans. And all three of these historic cases of public recapitalization were done without suspending judicial review. Kuttner's opposition here is perhaps the strongest language I've seen used, pushing back on this piece of legislation, in any publication of repute, and even here, Section 8 is not cited by name or by content. McClatchy Newspapers also alludes to Section 8 with concern, citing the "unfettered authority" that Paulson would be granted, and noting that the "law also would preclude court review of steps Paulson might take, something Joshua Rosner, managing director of economic researcher Graham Fisher & Co. in New York, said could be used to mask previous illegal activity." Jack Balkin also gives the matter the sort of attention it deserves on his blog, Balkinization. But elsewhere, the conversation is muted. The debate over whether Congress is going to pass the Paulson bailout package, or pass the Paulson bailout package really hard seems to have boiled down to a discussion of time and concessions. The White House has made it clear that they want this package passed yesterday. Congressional Democrats seem to be of different minds on the matter, with some pushing back hard, and others content to demand a small dollop of turd polish to make the package seem more aesthetically pleasing, at which point, they'll likely roll over and pass the bill. Neither candidate, John McCain or Barack Obama, seem all that amenable toward the bailout, but neither have either demonstrated that they are willing to risk their candidacies to do much more than exploit the issue for electoral purposes. Sunday morning came and went, with Paulson traipsing dutifully from studio to studio, facing nary a question on Section 8. Front page articles in the New York Times, Washington Post, and the Wall Street Journal detail the wranglings, but make no mention of this section of the legislation. On TV, cable news networks are stuck in the fog of the ongoing presidential campaign. Throughout the coverage, one catches a whiff of what seems like substantive pushback on this power grab, but it largely amounts to a facsimile of journalistic diligence. Most note, in general terms, that the bailout represents a set of "broad powers" that will be granted to the Department of the Treasury. Yet the coverage offsets these concern more

Open Question: How could this wallstreet $700 billion deal effect someone like me?

Household income is about $50,000 a year (just my husband and I, I'm in my mid-twenties, he in his late. I work in health care, he works for a local business). We live in Michigan and own our own home, financed through Wells Fargo. We owe about $95,000 on it with a supposed interest rate adjust in 2014 from 8.5% to 9.5% and then it would keep going up every six months. I'll for sure re-finance before 2014, but if I don't have to (like the government making all ARM mortgages into fixed or something) I won't. I've owned my house for 6 years already and have poured about $25,000 into it, unfortunately there are 7 foreclosures on my street, so my value is decreasing. Will this $700 billion government deal effect me in anyway? More than making my mortgage fixed (without the hassles of refinancing) I'd rather see my student loans go down in monthly payment or just go away completely :-) more

Open Question: My mortgage company wont help me?

I fell behind in my mortgage payments and am now facing forclosure. I was advised to contact my mortgage company, they are required to work with me under some new laws. They are continuing with forclosure. Is there anything I can do? I am currently paying 11 % interest as I got suckered into one of those idiot loans. My house was appraised at $225,000.00 last November, and I refinanced at that same time for $140,000.00. I am currently working. more

Open Question: Am I responsible for a loan my wife co-signed behind my back? ?

My lovely wife co-signed a student loan for her friend's son, and he hasn't paid anything on it. She is now receiving threatening letters from the loan company stating that they will garnish her wages, bank accounts and taxes to recoup the money. That being the case, should I not file my taxes with her jointly? Should I remove my name off of any accounts we have together? Can they go after accounts that do not have her name on them? Can they put a lien on my house even though her name is not on the deed? When I refinanced the house she did have to sign the mortgage papers because in NJ if you are married your spouse is required to sign. Please Help! more

Open Question: The foreclosure process, what do I need to do?

After several rate adjustments and no help from our mortgage company we have prepared ourselves mentally to let our home go. I'm still young(24), I'm aware my credit would be shot. I can't refinance since the loan(145k) is over the value (136k), so this isn't an option I have. My question is, in Oregon can the mortgage company sue me for whats left over of the loan after the sale? Or will this debt be forgiven. Thanks! more

Resolved Question: Refinancing advice needed (esp. mortgage professionals) what is the best course of action?

My husband and I bought our home a little over two years ago with 80/20 financing. 1st mortgage rate is 7%, 2nd is about 9 or 10%. We don't have much equity in our home because of the present market, 5% possibly. We really want to snowball our debt and eliminate 2nd mortgage entirely and get a 15year loan. What makes the most financial sense? 1) Refi now into one low-rate fixed loan (either 15,20, or 30yr) We would have to pay PMI on top of that because we don't have 20% equity. 2) Snowball debt including 2nd mortgage and don't rush to refi. more

Open Question: How much should your current interest rate ( existing Mortgage) change, before it makes sense to refinance?

My current rate is 6% for 15 years. I want to re-fi at 5 % for 10 Years (4,500 in closing fees), but I have been paying on this current mortgage for 9 years, so currently I am past paying all interest. So does it make sense to re-fi and start all over gain with several years of just paying interest.? more

Open Question: Should I refinance if I now have a fixed loan mortgage for 6.5%?

Is this going to cost a lot? more

Open Question: My home's worth 1/2 of my mortgage! Question resubmit with more details.?

I purchased my house in a suburb outside of Detroit in 2004 for $147k which was one of those awesome 105% loans where the concessions paid for my closing costs. The issues starts where my wife lost her job at the end of the first year of us owning it (causing us to go bankrupt on some credit card debt) but I could still make the house payments on just my income. Since then, gas is 4 to 5 times as much as it was then and of course inflation on food and everything else. So after being a stay at home mom for 4 years since she lost her job, we were behind one mortgage payment and she was forced to go back to work and our two children are now in child care and/or school. We've already gave up all of our "luxury" stuff with the exception of cell phones and broadband internet. The cell phones though have no data or extra features, just 700 shared family minutes. We don't leave the house except to go to work (an hour away each of us). We eat cheap foods that's caused me to go up 2 pant sizes... We only eat out at McDonald's and we order from the dollar value menu... Our cars are paid off but in order to afford the house while she was looking for a job we had to get a credit card to supplement the income so we have about $5,000 in debt to Discover at 22% APR. Now back to the house. We haven't made any improvements on it (since we can't afford the house in the first place let alone another loan) and the homes in my area/city are selling now for $70k on a short sale (some of them are bank owned but most of them are short sales). The homes in my area that are selling over $70 (but under $80) have garages and I unfortunately do not have one... The deal is we would like to stay in this house if we can get Countrywide to agree to a forgiveness of debt since my mortgage is for 6% and I know I wouldn't get approved for that again with my bad credit from the bankruptcy but last we tried to work with them they wanted us to be 2 months behind in our payments before they would talk with me about it (ruining my credit that I've recovered since bankruptcy). So I tried to refinance the house but they would only refinance what the house was worth leaving me with almost 40% negative equity to have to cover out of pocket... I lastly got approved for a mortgage (before my wife was back to work) and found a house I wanted but found that in order for me to move into the new house they wanted me to have my old one sell first to make sure I wasn't renting out the new one since it was so much cheaper than the one that I owned (not in value but in mortgage amount)... What do I do??? more

Open Question: Where to turn after foreclosure when the mortgage company farmed around for a high appraiser to make the loan?

The appraiser I got came in too low for me to qualify for a refinance so the mortgage broker got their own and, low and behold, my house WAS worth far more than the first appraiser and I qualified. Two years later, foreclosure more

Open Question: Have mortgage leads fallen in price?

I advertise great mortgage programs and get quality leads that are then matched with a lender that does the program that is specified. The lead that went for 25 dollars 4 moths ago are now going for 5 dollars. 80% LTV, Good credit, $232700, 90K, Refinance. It was sold for 3.75. Has the price gone that far down or is the middle man dipping more these days? more

Open Question: Balloon Payments Double?

My aunt came over today and said that payments were DOUBLING on people who had balloon payment mortgages. I haven't heard anything but I am really worried because my current mortgage has a balloon payment. I am planning on refinancing, but won't have the money for closing costs and appraisal until tax time. more

Voting Question: The mortgage market took a jump just as I got a mortgage. Can I refinance after 2 months? ?

What are the pitfalls? more

Resolved Question: mortgage refinancing to increase my investment portfolio?

I am in mid twenties and have a house that is fully paid up. The rental income is around 5%/annum. I read a few articles about stocks, and as we all know, this is the best time to invest in stocks. As the return is always higher for stock and they are cheap nowadays. Should I sell my house and go for it? Or refinance the house? Or stay the same?? And of course, I am still optimistic about the stocks in long term. Please advise. more

Voting Question: We have 1st mortgage fixed 7.75 and second mortgage ARM. Before my husband gets laid off, should I refinance?

I don't know what to do with the banks nad economy in such upheaval. My husband wants to refinance before he gets laid off. He's afraid of the ARM interest rate will go high and we won't get good intererest rate if he's laid off. It will cost thousands to refi. We don't know what the future holds. Our payments total are about $1,400 a month. I haven't found a job yet. What to do? Thanks for your opinions. We have excellent credit. All our money is in this house. Selling it now is not an option. I don't have anyone to move in with. more

Resolved Question: Divorce problem, legal advice please help! ?

My husbands ex-wife is still using his credit for a mortgage she pays it and has full ownership of the house they bought, she is married again now, still hasn't refinanced the home, my husband is NOT on the title she just never took care of refinancing the home and its causing trouble for us with 2 children to buy a home for ourselves now. We have asked for her to do this so we can buy a home,She will NOT refinance because she is using my husbands Veterans Loan to get a low rate so refusing to do it on her own even though he is not on the title so she can take advantage of my husbands time in the military, can we pursue legal action and have her refinance the home? Ownership was signed over by court and divorce agreement, he figured the loan would transfer to her but it didn't. They bought the house together while married, she got the house in the divorce, was supposed to refinance and husband is not on the title, this isn't after the divorce. Please only answer if you have true advice. She is using his Veterans Loan, thats wrong they weren't even married long enough for her to get spousal support. more

Resolved Question: Legal Advice: Home Loan ( New Info ) ?

I asked this before but I have new information now so here it goes: My husbands ex-wife is still using his credit for a mortgage she pays it and has full ownership of the house they bought, she is married again now, still hasn't refinanced the home, my husband is NOT on the title she just never took care of refinancing the home and its causing trouble for us with 2 children to buy a home for ourselves now. We have asked for her to do this so we can buy a home,She will NOT refinance because she is using my husbands Veterans Loan to get a low rate so refusing to do it on her own even though he is not on the title so she can take advantage of my husbands time in the military, can we pursue legal action and have her refinance the home? Ownership was signed over by court and divorce agreement, he figured the loan would transfer to her but it didn't. more

Voting Question: Wall street bail out. I have a solution!!! What do you think?

So Wall street is being bailed out AGAIN. What if we did this: Let EVERYONE in foreclosure or in default refinance into an AFFORDABLE loan. Most americans want to stay in their homes, why not let them stay by offering them a mortgage oayment thay can actually afford. That would STOP all foreclosures and people would start paying their mortgages again. Is that not the problem??? That all these bad loans are in default because people cannot afford them because the rate went up or the rate was too high in the first place. If the notes became performing notes again the banks would not have this problem and the housing market would become stable again, prices would go up and things would stabalize?? I mean, they are going to sell the notes at pennies on the dollar anyway, would it not be better to let the home owner get back on track by giving them an affordable mortgage, let's say reduce the principal balance or lower the interest rate or re-fi into 40 years instead of 30??? Comments please!! I know how it works, I'm not reallly that naive, BUT i want our presidential candidates to answer this question, WHY NOT help out the little guy, it would solve the problem at the same time. They are kissing our asses for our votes, so now is the time to bring it up. If you want my vote, give the little guy a break, perfect timing for this little dilemma. What I am seing on TV is that nobody wants to address this question. This housing crisis was not an emergency until the rich SOB's in government started to see that it could effect their investment dollars. They have no idea what people are dealing with in the real world. Do you really thing Mccain cares that I am going to lose my house???hahahaha, he and his wife's daily problems are: "Oh my God, my Gucci bag did not arrive on time" " , "should we have prime rib or filet mignon???? more

Resolved Question: Who thinks the bail out is a good idea?

Do you think it's a good idea to assume nearly $1,000,000,000,000 in additional liability to save some financial institutions, or should the government directly buy the defaulting mortgages and simply refinance them back at the original interest the home owners paid? (Oh yeah, and don't say they can't do that because they sure as hell can.) Tabitha: I read your question. Somebody gave you a bad answer. For all intents and purposes the two companies are government entities. They are run as private organizations but the Federal government guaranteed the loans. Make no mistake, the government had to bail them out. Not bad work if you can get it. Check this: http://votetog.com/92008.html more

Resolved Question: In view of our housing and credit collapse, should the rules governing appraisals be revised?

Over the past 7 years, I have seen most of my friends, acquaintances and coworkers buy condos or houses, even if they had no income for the value of the condo or house. I have heard that they refinanced houses too because they got more "equity" when houses down the street sold for more, because they got a new appraisal and were given higher value of a loan. In 2003 I looked for a house but did not like what I could afford on standard plans (I did not trust exotic mortgages), and did not feel comfortable with realtors telling me I have to give $20-50,000 more to secure that condo. I am still renting but one day would like to buy. I think to avoid the next collapse (since housing boom and bust is usually cyclical), the rules for appraisals should be revised so that house values do not skyrocket just because a house down the street sold for more, or we will have another bumpy ride in the next decade. Also, is it ethical of the real estate agents urging you to pay more for the house if their commission is based on the total sales price? It is like telling people they want to make more so to give them more money. Please let me know your opinions. more

Voting Question: what do you think of the Financial bailout?

Bush is asking for $700 billion to save the banks. I had An Idea and want to know why it wouldn't work. AS of June 2008 total US mortgage debt is approx $7 trillion., Of that approximately 10% are considered in distress or in bankruptcy. NOw if the government is going to "borrow" $700 billion and give it to the banks why not just have the banks forgive the $700 billion in distressed loans. Its the same amount of money and instead of helping the rich get richer the government could actually help the lower and middle class. there could be some very simple stipulations no refinancing on equity for 5 years, if you sell the house you keep 20% to put a down payment on your next property the rest goes back to the government, it has to be your primary residence. Imagine what that would do for the economy. I own a small Business and I don't NEED help, but if I had my $2000/month back from my mortgage first I could hire someone to work at my store, Create jobs, second I could invest more in my retirement, and of course more people would spend more. I could afford to buy a new hybrid fuel efficient car. think about it tell me what I missing. Kitty I agree with you completely as I myself am doing OK, but at the same time as a small biusiness owner I feel the tightening of the collective beelts of my customer base. I just get sick an tired of seeing this kind of movement of weath among the to % of the population. I can't help but think that if they are going to do it anyways do it in a way that helps everybody. more

Voting Question: Does this new Bailout plan rescue banks only?

I notice that the solutions passed earlier in response to subprime crisis was to make it harder for people to get mortgages to buy homes or to refinance. But I notice that this major rescue plan with all these billions of dollars of tax payer money is going to basically bailout banks who made bad loans. Am i right? the govt is bailing out the banks with tax payer money and making it harder for tax payers to keep a roof over their heads?? I am not advocating bailouts, but I just want to make sure I understand whats really really going on and who the government of the people is working for. more

Resolved Question: Can you negtiate the payoff ammount on a car loan?

I have been approved for a refinance loan on my car, but for the passed year and a half I have been paying an extremely high interest rate and my question is. How freezable is it to negotiate a payoff amount on my car loan? I've heard of people negotiating their credit card bills, tax bills, even mortgages (but mostly in cases of threat of foreclosure) I am interested if I can negotiate the payoff amount of my car loan and can it be done and how much am I likely to get it down to? I figured it out and i have payed $2200.00 in interest so is it possible to to get most of that knocked off the bill? more

Resolved Question: Why do i need a quit claim deed if?

I was told by my mortgage company that getting a quit claim deed doesnt actually get my wife of the title. That i actually had to refinance in order for her to be off. But if i refinance, not only do i have to pay for a home inspection, but my mortgage payment might go up. So! Since i really dont want to talk to her or interact with her more than i have to. What is the use of the quit claim. The divorce already says that she doesnt get any of the profits from the house. Confused? more

Resolved Question: Suggestions for our finanacial situation!!?

We currently have three major payments that are killing us. 1st mortgage, $1094, second mortgage $528, and Credit cards (in Debt management program $1142. Monthly income is $4824. By the time these are paid along with other regular bills, there is absolutely nothing left. Any ideas, is bankruptcy an option? We don't have enough equity in the home to refinance and bring any of the payments down. Any ideas are greatly appreciated!!!!! more

Resolved Question: What happens when you dont have the money to pay your mortgage loan? Need cash fast? ?

If You Cant Make It, Now You Can Fake It using http://www.FAKEPAYCHECKSTUBS.com Need to refinance or get a loan? Prove your income to get the Home, Car or Payday Advance you need to survive! http://www.FAKEPAYCHECKSTUBS.com HELPING YOU HELP YOURSELF! more

Resolved Question: Get answers from millions of real people.?

My friend was forced to sell her Longs Drugs ESOP stock due to Longs being sold. Can she roll over this money to her home mortgage with out paying any taxes? She would like to refinance now to a lower rate and use this windfall money as part of a down payment to further reduce her house payments. Can she do this? more

Resolved Question: i need help with refinancing my mortgage if not i will lose my house?

Resolved Question: what are the guide lines one needs to know be for refinancing a mortgage?

Resolved Question: Will my mortgage lender assist me if I am headed towards foreclosure?

I going through a rough time financially, can I request the bank to lower my interest rate - to reduce my payment - to avoid foreclosure? What other options can the bank offer to avoid foreclosure? I can't/don't want to refinance since I do not have the money and don't want to get into further debt? more