Archive for March, 2010



How do i find a job as a mortgage loan officer without any mortgage experience?

Wednesday 31 March 2010 @ 8:11 pm
dre_gh asked:


I currently work in a distribution center, and i have a bachelors in economics and psychology. I am interested in becoming a mortgage loan officer so i took a 24 credit hour course in residential mortgage lending but unfortunately i haven’t been able to find a job because i do not have any mortgage or lending experience. What else should i do to achieve my carer goal?

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If mortgage bonds are secured corporate bonds then how did the subprime bubble happen?

Tuesday 30 March 2010 @ 8:35 pm
kmm asked:


I am trying to understand secure bonds and I know mortgage bonds are secured bonds,if that is the case,even if they default ,the investor should get the prinicipal back.Can someone give an explanation of this works.

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What happens to your mortgage if you sell your home for less than you owe?

Sunday 28 March 2010 @ 9:17 pm
Rikki Suzi asked:


We would like to move into a bigger home. We live in a small condo that we paid a lot for. We will never get as much for it as we owe for our loan, but we have out grown it. We are not in a foreclosure situation because we are making the payments on time without a problem. If we sell our home for less than it is worth, can we add the balance of our mortgage onto the mortgage of a new home, or will we owe the bank the balance right then and there?

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How do I calculate mortgage payments when buying a home from a family member?

Saturday 27 March 2010 @ 7:46 am
Y? asked:


We are thinking of purchasing a house from my father. Instead of using a mortgage broker or bank, he suggested using a lawyer to set up monthly mortgage payments directly to him. We would still buy the house, and it would be in our names, not renting. How are payments like this calculated? Also, it seems this gives us flexibility and saves us money, but isn’t as secure. What are the specific down-sides to this?

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What is the difference between mortgage tax and property tax?

Friday 26 March 2010 @ 2:31 pm
Tuan asked:


mortgage tax is the same as property tax but mortgage tax is pay to the bank because you borrow the mortgage loan?

Thank you.

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Do you still make mortgage payments while your home is on the market to sell?

Thursday 25 March 2010 @ 7:55 pm
okeydokey asked:


My friend was selling his house and couldn’t make the mortgage payments while the house was on the market. He said the real estate agent/company would pay his mortgage while it was up for sale. Then when the house sold, they deducted it from the price of the sale. How is this done?
Also, if you don’t make any mortgage payments while the house is on the market can it go into foreclosure?

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How to deal with a 2nd mortgage that has been sent to collections?

Wednesday 24 March 2010 @ 6:16 pm
Chochi asked:


I’m currently on a repayment plan on a rental property for the 1st mortgage. The 2nd has been charged off by EMC mortgage and sent to an outsourced collection company called LCS. Does anyone have any experience on how to deal with LCS and what rights I have to settle this 2nd mortgage. Can they freeze my assets? Will they seek a Judgment?

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What is the best mortgage advertisment you have seen?

Tuesday 23 March 2010 @ 5:25 am
Mike asked:


I am a Mortgage Broker looking for some good ideas for advertising. What is the funiest or best mortgage ad anyone has seen? Any loan officers out there with any creative new ideas?

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How much money do mortgage brokers make?

Monday 22 March 2010 @ 11:35 am
Carson asked:


I heard that mortgage brokers drive Porches and make tons of money. By and large, how much does the average mortgage broker make?

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How can unmarried people report home mortgage interest paid jointly?

Sunday 21 March 2010 @ 7:24 pm
Thesmo asked:


I own a home in common with another person. We’re not married. We’re both named on the mortgage and we pay the mortgage out of a joint checking account, to which we both contribute and use for other various purposes. Can we split the mortgage interest deduction between us however we wish as long as we total up on our two returns to the total amount we jointly paid to the bank? Or must we use some kind of formula? How will the bank report this interest paid to the IRS?

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My Mortgage Insurance was financed with the home and does not appear on 1098, can I still deduct it?

Saturday 20 March 2010 @ 4:49 am
eva asked:


My Mortgage Insurance was financed with the home and does not appear on 1098, can I still deduct it? and if I can how?
The amount is over 2K and it is listed on my Settelment Statement. Mortgage is though Bank of America. I was planning to call IRS and my bank but they are closed on the weekends.

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