Archive for December, 2010



What is the difference between a second mortgage and a refinance?

Friday 31 December 2010 @ 2:15 pm
gwizzle2002 asked:


I am financing a pool and was told by the lender that a refinance and a second mortgage are the same thing. Is that correct?

Redondo Beach Dentist



What day of the month is interest applied to a mortgage loan?

Thursday 30 December 2010 @ 1:51 am
**k** asked:


Is there a certain day that banks add interest to mortgage loans? I am currently have a mortgage loan with Chase Bank.

Absecon Homes for sale



How nessesary is it to get a mortgage pre-approval if it is not your first home buying?

Wednesday 29 December 2010 @ 5:51 pm
kissy73179 asked:


Our house is for sale and we want to start looking for a new one. I know 1st time buyers should get a mortgage pre-approval before looking at houses, But if this isn’t our 1st house, how necessary is it for us to get one?

Commercial Real Estate San Diego



What happens if I foreclose on my mortgage? Will they audit the file if I went stated income?

Tuesday 28 December 2010 @ 2:53 am
lifeagent asked:


Also I have a first mortgage and also an equity line. I still have money on the equity line. If i spend that before I foreclose will I become liable for that money?

Lomita Dentist



What happens to your house if your mortgage company files bankruptcy?

Monday 27 December 2010 @ 8:16 am
clytisciasha asked:


I’ve been reading about some mortgage companies filing for bankruptcy so what would happen to your house in that situation? Would you get to keep it? Do you automatically lose it? Who would get it in that instance?

Sacramento condos



What percentage of your income should you spend on a mortgage? I dont want to overextend my budget?

Sunday 26 December 2010 @ 9:52 am
egaudetteumd asked:


Im 25, I am in shock when i see my friends (same age, same entry level income) go out and buy 250k-300k houses like its nothing. They dont have 20 bucks to fill up the gas tank but they can afford 250k house??? I dont want to be in their position where 90% of their income goes to mortgage, without having any savings on hand. what is a proper mortgage payment/income ratio?

Brigantine Real Estate



How is Freddie Mac different as a mortgage lender than traditional lenders?

Saturday 25 December 2010 @ 6:13 am
binaryalgorithm asked:


I see that Freddie Mac is a government-sponsored mortgage lender and promotes safe and responsible borrowing. Has anyone had experiences with them? Would I be more likely to be able to qualify for a house with them? Are there certain reasons for choosing them vs. traditional lenders?

Sacramento Homes For Sale



How does the tax deduction work for mortgage interest payments?

Friday 24 December 2010 @ 7:29 pm
KL asked:


Is this the correct formula for the tax deduction:
Tax rate of 38.5% times all the mortgage interest I paid in the past year?

Also, If I owe $100 in taxes but my deduction is $125 (based on formula above) does that mean the govt. will send me a check for $25?

Distance Learning Online




The value of my home is considerably less than my mortgage. Is it possible to renegotiate a mortgage?

Thursday 23 December 2010 @ 9:40 pm
webpinger asked:


My lemder is Indymac who has faultered. The house (3200 SqFt) is nice, more the wife’s pick, but is now a financial titanic. Is it possible to renegotiate my mortgage to a lower amount?

Chandler Real Estate



How do I find out if my mortgage has a prepayment penalty?

Wednesday 22 December 2010 @ 5:50 pm
The Oregon Kid asked:


I want to refinance but don’t know where to find this data. My mortgage material is over 100 pages. What do I look for?

Atlantic City Real Estate



How do I deal with an investment mortgage that’s going into collections?

Tuesday 21 December 2010 @ 4:31 pm
lisamj asked:


Bought an investment property in Detroit and unable to find a stable renter. Lender won’t foreclose or do a deed in lieu of. $69000 owed on mortgage even though house is definitely not worth that now. Lender threatening to send it to collections. House is and has been on the market for months.

Stretch Marks Removal



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