Newlywed asked:


What caused the subprime mortgage crisis? In laymans terms please!

It seems like it just happened overnight – why were the homes not appreciating in value (equity), and what will happen to the owners of the homes once they have been foreclosed on and the banks go out of business?

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Dan asked:


What happens if you default on a mortgage and they sell your house for more than you owe?

Say the band sells your house for $300K, and you only have $50K left on the mortgage. Do you get your $250K?

Walk In Bathtubs

Paul B asked:


The buyer of our flat has requested a mortgage valuation rather than a buyers survey. I’m told the mortgage valuation is less detailed.
What exactly is carried out?

Orlando Fl Real Estate

Chris asked:


I’ve been having many issues with the lender I choose to do my mortgage. I am considering getting an lender to do the mortgage before the first lender gives me a final acceptance or denial. Am I obligated to complete the first mortgage if the first lender approves? The loan is currently in underwriting.

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MINI ROW. asked:


I’ve been hearing a lot about the “benefits” of interest only mortgages, but I’m not 100% convinced that this is the way to go. They say that people should get interest only loans and put the remainder of what you would normally pay (on the mortgage) in some type of investment. Should you use your mortgage like this, or should you pay the mortgage off quickly???

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Frank Rizzo asked:


How much does a mortgage broker make off a refinance loan? vs How much does a bank employee doing a refinance make off a refi loan? Besides ideal credit scores, what steps can be taken to ensure getting the best possible rate?

Los Angeles Real Estate

My2Boyz asked:


After filing Chapter 13 bankruptcy (mortgage included -fixed rate) my husband became unemployed, so we are now 6 months behind on our mortgage and our attorneys are submitting for a loan modification, what is the process? Is a loan modification always granted?
My husband is now currently working and has been for 3 months now, it has just taken us this long to finally get in touch with our attorneys and also the mortgage lenders attorneys.

Walk In Bathtub

Bryan Smith asked:


I built a house in 2008 but have not been able to close on the home and secure a mortgage. The mortgage companies I have spoken with tell me that until my previous home is sold I will have to continue with a construction loan and a very high payment. Does anyone have any advice?

Peru Illinois Real Estate

stephanie b asked:


I have decided against itemizing because I get a better deduction with the standard deduction So….If I have to file a schedule B rather than a schedule A for my mortgage interest how can I do that. Im using tax slayer will they just convert it to what it needs to be?

And the rebate checks, Do I have to do anything for that or just sit and wait?

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Jron asked:


What situation would an owner use a second mortgage. How does the bank and the owner benefit from it?

Vancouver Wa Real Estate

Yamster Berry’s Buddy asked:


Can I declare the interest I paid on the mortgage before I refinanced, as well as the interest on my first mortgage and my second mortgage?

Elk Grove Real Estate