Mortgage Loans – student senior approval

Question by YoungGirl: I have two mortgage loans. Can I offer k to my second mortgage, to cancel the debt?
I have two loans- 441,000.00 and 77,000.00. House is lonesome worth about 520,000.00. I need to get out of it asap. Can I offer the lender of the second mortgage some money to get out of it before I do a short sale on the first? I was thinking about $ 1000 to $ 5000. Thanks! I need all the answers I tin get.I owe 520k, it may only sell for that amount if I’m lucky, definitely not more. Can I please have people with experience in this answer the question. I’ve read that in some short sales, the second mortgagee gets zero.

Best answer:

Answer by weezie
You can offer but there’s no way they will accept it. your house is worth more then the 2 loans together.

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Question by Ekaterina K: if you have 2 interest only mortgage loans, can you do tax deductions on the both?
I am talking about the case when you got 80/20% mortgage loans with % downpayment. I know that the 80% one is fully deductable, but not sure if I can deduct taxes for the second one

Best answer:

Answer by Becky F
Why couldn’t you?

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Question by curious1: are there mortgage loans that will use only your HiGHEST score?
I have had credit problems in the past and would like to get a 155k mortgage loan. My high score is 620 and would like to know if there are loans that will use the high score?

Best answer:

Answer by iceman
You should talk with a bond broker and let them look over all your stats. They may know a bank that will look at your highest score. Every bank is a little different. Some are rattling robotic and only live by regiment rules. Others take a more realistic look at your hit and income done a more informed decision.

Know better? Leave your own answer in the comments!

Question by jettamadness: is it advantageous to talk to different banks/mortgage companies for options on mortgage loans?
we are first time homebuyers and will be looking to get a FHA loan…is it okay to talk to, maybe like, 3 different places (2 banks and 1 mortgage company) to see what is available to us?…or will that hurt us?

Best answer:

Answer by Jake in Indiana
Don’t get just stuck on getting a FHA. It isn’t always the best.

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Questions to Ask Before You Agree to a Mortgage — Countrywide Shares Tips to Help Consumers Understand Mortgage and Home Loan Options

Calabasas, CA (Vocus) June 13, 2007

Taking out a home loan to buy or refinance their mortgage on their home is one of the largest transactions most people make in a lifetime. Understanding the transaction is vitally important. To help home buyers and homeowners better understand their home loan options, Countrywide is suggesting 10 Questions to Ask Before You Agree to a Mortgage. These helpful insights are just a few of the many valuable ways to boost knowledge offered through the company’s no-cost, no-obligation Home Ownership Mortgage Education program (H.O.M.E.).

“It is important for people who are about to take out a mortgage to enter the situation equipped with as much information as possible,” says John P. McMurray, chief risk officer for Countrywide Financial Corporation (NYSE:CFC), a diversified financial services provider and member of the S&P 500. “Never move forward and agree to a mortgage until you’re certain that you understand all of the terms and features of the home loan you’re being offered.”

Here are ten basic questions to ask when considering any mortgage loan:

1.    Can the interest rate on the mortgage loan change? If yes, what is the formula and what are the “caps?” A cap is a ceiling on how high the interest rate can go over the life of the loan or for each adjustment period. What is the maximum “P & I” (principal and interest) payment on the mortgage loan?

2.    Under what circumstances can the monthly payment change? One way payments can change is with a change in the interest rate on a mortgage loan.

3.    How does the amortization work on the mortgage loan? Amortization is the process of paying off the mortgage loan balance (the amount borrowed) over time. On interest-only mortgage loans, there is a period of time where the home loan balance is not paid down at all. With “option” type loans, the mortgage loan balance can increase (i.e. negative amortization) if the borrower “opts” for one of the lower payments.

4.    Does the mortgage loan have a balloon payment? A mortgage loan will have a balloon payment if the home loan balance is not fully paid off (fully amortized) by the end of the home loan term.    

5.    What other combination of rates and points are available for the mortgage loan?

6.    Does the monthly payment include taxes and insurance? It is important to understand that ongoing monthly payment obligations as a homeowner typically consist of more than just repaying the mortgage loan, but also include taxes and insurance.

7.    Does the mortgage loan have a prepayment penalty? If so, how does it work? What are the rate, points and fees on the same home loan without a prepayment penalty?

8.    Is a full documentation mortgage loan available at a lower rate and/or at a better price?

9.    What are the charges on the “GFE” (Good Faith Estimate)?

10.    Should I establish an escrow account for the payment of my taxes and insurance? How does that work?

Providing a no-cost, no-obligation experience, the H.O.M.E. Web site
(http://www.HomeByCountrywide.com) offers an interactive learning center which includes comprehensive coverage of five topics: Basic Finance, How Credit Affects You, Preparing for Home Ownership, Steps for Buying a Home, and Life as a Homeowner. Also featured are extensive tools and resources, including downloadable checklists, worksheets and quizzes that assist home buyers and new homeowners.

About Countrywide Financial Corporation
Founded in 1969, Countrywide Financial Corporation (NYSE: CFC) – America’s #1 home loan lender – (as ranked for 2006 by Inside Mortgage Finance, Feb. 2, 2007, Copyright 2007), is a member of the S&P 500 and Fortune 500. Countrywide is a diversified financial services tautened primarily focused on really estate finance and related activities. Through its family of companies, Countrywide provides mortgage banking, capital markets, global operations and insurance, in domestic and international markets. The company is headquartered in Calabasas, California and has a workforce of more than 50,000 with over 900 offices. For more information about the company, visit Countrywide’s Web site at http://www.countrywide.com.

Contact Information
For media inquiries:
800-796-8448

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, Vocus PRW Holdings, LLC. Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.

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BD Nationwide Mortgage Introduces a Second Mortgage and Home Equity Loan Compatible with the Controversial “Pick a Payment Loan” Featuring a Negative Amortization Option

Encinitas, CA (PRWEB) September 24, 2006

BD Nationwide Mortgage introduces a break-through second mortgage loan that is compatible with payment option first mortgages featuring options for fixed rate, interest only, and the controversial negative amortization. BD Nationwide is excited to release the “Neg-Am Compatible Second Mortgage Loan.” This unique home equity loan product allows homeowners to qualify for a cash-out second mortgage while keeping their existing payment option loan. This revolutionary equity loan can be subordinated to 100% combined loan to value behind a negative amortization existing first mortgage. This new home equity feature opens the doors for many homeowners who have found it very difficult to get a second mortgage or home equity loan behind any mortgage that has a negative amortization.

Payment option loans have been controversial in the mortgage industry because they are attached to volatile indexes in which the interest rates can adjust rapidly and the borrowers can find their mortgage payment increasing 100% to 200%. Mortgage product analyzers point out that default ratios may increase significantly with these risky loans that allow borrowers to choose their payment each month. Most traditional home equity lenders are weary of offering second mortgages behind this type of loan, because with negative amortization, the interest is deferred and added to the balance of the consumers principal balance at the end of the year. This concerns most mortgage lenders and banks because these consumers have rising mortgage balances rather than the decreasing mortgage balances that traditional principal and interest home mortgages have.

Unfortunately there are too many loan officers that are not properly placing the payment options loans with the right borrowers. Too often the option ARM is offered to borrowers who are trying to increase their home purchase power because initially these loans offer interest rates as low as 1.25 percent and the borrower qualify for a home that would normally be out of their price range. Unfortunately we find that these same homeowners do not have a plan for paying their mortgage when the rate adjusts back to a fully indexed payment. BD Nationwide Mortgage found that borrowers were rarely informed when they financed their home about the potential difficulties for qualifying for a second mortgage behind a negative amortization1st mortgage.

According to IHE executive, Sandy Sarconi, “Adding a home equity loan to a negative amortized 1st mortgages increases the risk factor and most lenders will not allow subordinate financing with payment option mortgages.” BD Nationwide Mortgage is one of the few lending brokers to offer second mortgages behind neg-am loans and payment option 1st mortgages. Even if a borrower is deferring the interest on their first mortgage now, BD Nationwide can help you find a great second mortgage. The mortgage broker offers 2nd mortgages for people with good and bad credit scores ranging from 500-800. BD Nationwide also provides prime rate home equity loans, as well as non-prime second mortgages for people with past late payments, collections or bankruptcies.

Brendon Daly, a Mortgage Consultant at BD Nationwide, said, “This second mortgage enables my clients to get additional cash out of their home without refinancing their current mortgage.” According to Daly, “The payment option loans were designed for the self-employed borrower with cash flow obstacles as well as savvy investors who are freeing up funds to buy more properties.” Daly continued, “These types of borrowers are more likely to use their home equity and take out a second mortgage to raise cash. Being able to offer this 2nd mortgage product to my borrowers may create new opportunities because their are less lending restrictions.”

BD Nationwide Mortgage suggests going online and getting additional advice from experienced mortgage brokers. Start with reading the relevant loan articles. The company also recommends to research loan program parameters and credit qualifications for sub-prime credit second mortgages. Consumers searching for current interest rates, should visit: Home Equity Loan Rates.

About BD Nationwide Mortgage Company

BD Nationwide Mortgage is a second mortgage broker from Southern California who specializes in home equity loans and debt consolidation. They offer cutting edge loan products for refinance, second mortgages, home credit lines, and jumbo purchase loans. The company continues to promote second mortgage loans with more options for people with all ranges of credit. Always striving to offer “out of the box” loans, BD Nationwide Mortgage is determined to help expand home financing solutions so more Americans can maximize the financial rewards of being a homeowner.

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, Vocus PRW Holdings, LLC. Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.

Advantage Credit Attacks Mortgage Fraud at Point of Sale

Pensacola, FL (PRWEB) February 17, 2006

Advantage Credit International introduces LoanShield™ and LoanShield™ Plus, its newest front-end risk decisioning tools, to their arsenal of fraud prevention products. These automated risk mitigation systems execute data screenings on borrowers, loan participants and the subject properties in a loan application, generating Alert Summary Scores based on a loan’s risk without slowing down the loan process. One key to LoanShield™ is the easy to read report that any loan originator can understand.

“For over three years we have been providing fraud prevention tools to some of the largest mortgage brokerage firms throughout the nation,” stated Ron Litt, president of Advantage Credit International. “ We are continuing the fight against mortgage fraud with LoanShield™ and LoanShield™ Plus.”

As the U.S. housing market hits record highs, mortgage fraud appears to be rising across the nation, according to mortgage industry researchers and federal law enforcement agencies. According to a FBI report in May on financial crimes, mortgage fraud is pervasive and growing. An automated adventured mitigation tool in this environment is not only an advantage but a necessity.

“In most mortgage fraud cases, the red flags simply go undetected,” said Litt. “A more serious problem is that a significant share of mortgage fraud today is committed by industry insiders. These people know the ropes and can navigate through them. We recognized the need for a risk mitigation system that would seek the exception trail a perpetrator, operating inside or outside the industry, will produce.”

LoanShield™ and LoanShield™ Plus are intelligent and efficient, using data analyses that produce pertinent alerts for potential risks due to equity skimming, identity theft, straw buying, property flips, broker fraud, appraiser fraud, employment misrepresentation and other schemes fraud perpetrators rely on. Users are notified immediately of every red flag and get an at-a-glance Alert Summary Rating of the loan’s risk.

LoanShield™ also goes a step further than other automated tools by searching its historical Global Fraud Database for previously generated alerts on the submitted borrowers and subject property.

LoanShield™ Plus includes all the data comparison of LoanShield™ but delivers a full AVM report with multi variant models for fast, highly accurate and consistently predictive results. It also offers detailed location maps, high and low estimates and all the supporting data needed. LoanShield™ Plus provides a Borrower Alert Summary, a Subject Property Alert Summary and an Aggregate Alert Summary to help the users make timely decisions on whether any of the components of the loan are high risk. Designed for the fast paced mortgage environment, the tools are seamless and easy to use. LoanShield™ and LoanShield™ Plus inspect loan files with the click of a mouse and only produce alerts based on findings. The system works with existing loan systems and is compatible with MISMO and XML based interfaces and can process in batch-files.

Advantage Credit plans to release several new products this year as part of a comprehensive suite of fraud prevention tools to raise more awareness and attack mortgage fraud from the front end. To help address not only detection, but prevention, Advantage Credit’s growing arsenal of fraud prevention tools, such as TrueScore and SureCheck, now also includes a strategic partnership with Mortgage Fraud Awareness LLC, a mortgage fraud consulting firm headed by nationally known expert and lecturer on mortgage fraud, Kevin Barnes. The partnership is part of a long term strategic initiative at Advantage Credit who sees this as a natural extension of providing credit reporting services.

“Brokers and lenders alike demand to know what tools there are to prevent mortgage fraud and how to use them,” said Barnes. “It’s a little tardy to observe fraud once the loan is closed and funded, and most criminals won’t infect you backward your money.”

To access LoanShield™ and LoanShield™ Plus, Advantage Credit’s new tool in the mortgage imparting industry, visit Advantagecredit.com. Or for more information, contact Amber Jackson, public relations manager, at 850.439.2471.

About Advantage Credit

Founded in 1991, Advantage Credit International is a wholly owned subsidiary of The Adaugeo Group. The company provides credit reports and related services to more than 8,000 mortgage brokers and other customers through Advantage Online, and is a 5-time Inc. 500 “Hall of Fame” winner. For more information, contact Amber Jackson at 800.600.2510 x2471, or visit advantagecredit.com.

About Mortgage Fraud Awareness

Mortgage Fraud Awareness, LLC is a bonding fraud consulted firm created by former convicted mortgage fraud felon, Kevin Barnes. Mortgage Fraud Awareness has developed a training program that is designed for the mortgage and real estate industry called “Making the Right Choice” and the “Red Flags of Mortgage Fraud”. This class has been approved in several states and is pending in others. For more information, visit mortgagefraudawareness.com.

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, Vocus PRW Holdings, LLC. Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.

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Question by celia s: How do I find clients for mortgage loans in GEORGIA OR Nationwide?
I’m a mortgage loan officer. I need to find my my own clients to refinance, purchase or invest. I can do loan near anywhere but first I need to find the clients (LOL). I’ve been cold calling but I haven’t had any luck yet. PLEASE HELP ME.

Best answer:

Answer by CALIFORNIA GOLD
Align yourself with realtors, collection agencies, join a network club, church, make yourself available to populated. I have seen mortgage folks set up at flea markets even.

What do you think? Answer below!

Question by itsasecret: Are there any mortgage loans that require less than 20% down?
I already own a house and now I want to buy my parents a house. Besides the programs for first-time homebuyers, are there mortgage loans out there that require less than 20% down?

Best answer:

Answer by bluenose1949
In the UK lenders are very slowly increasing % loans and it is now possible to borrow up to 90% with a few high st lenders.(eg RBS) However rates with low deposits are not particularly attractive. Not all lenders will lend if the property is to be tenanted by a dependent relative.You do not say if you have a mortgage yourself. If you have your earnings must cover both mortgages. If you do not have a mortgage, or even if you do, you could remortgage your have house to raise a larger deposit & qualify for reef rates. To get best advice speak to an independent mortgage adviser.

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Florida Home Mortgage Loan Company – CentralLoanCenter.Com Home Loan Company!

(PRWEB) May 8, 2004

Florida Home Mortgage Loan Company is a full service mortgage loan provider. With the best loan programs, tailored to suit personal requirements of customers, the Home Mortgage Loan Company Of Florida is your reliable credit provider which offers better terms and rates on mortgage loans, refinance, home equity or debt consolidation loans.

Florida Home Mortgage Loan Company with the many mortgage loan options and better rates is a sure guarantee for fulfilling your personalized mortgage loan needs and it gives you complete satisfaction. Own your dream home with the help of Home Mortgage Loan Company of Florida and benefit from the best rates on home mortgage loans. Completely systematic in its approach, no one can be more helpful than the Home Mortgage Loan Company of Florida. Surf through the various loan packages of Florida Home Mortgage Loan Company for details.

For details log on to http://www.centralloancenter.com

©Copyright 1997-

, Vocus PRW Holdings, LLC. Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.