scipiovshannibal asked:


I’d like to know what the initial drop is in a credit score when a person falls behind on mortgage payments by one month. After the initial drop, does your score continue to drop each month you are not current or is it a one time drop? If it drops more each month you are behind, by how much?

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April asked:


Our mortgage lender has filed for bankruptcy. Our payments to the mortgage company include principle, interest, taxes and insurance (PITI). What happens to the money we have paid towards taxes and insurance ?? Since we have paid this money in advance with our payment, is the bankrupt mortgage lender required by law to pay them? If they don’t, due to bankruptcy protection, are we responsible to pay the money that has already been received by the mortgage lender?? In other words, lets say we have made payments totaling $10,000 over the last 10 months, $2500 of which is taxes and insurance. If the mortgage lender does not pay the $2500 to the insurance company and to the IRS, do we have to come up with the $2500 to pay what the mortgage lender did not ??
Our mortgage lender has filed for bankruptcy. Our payments to the mortgage company include principle, interest, taxes and insurance (PITI). What happens to the money we have paid towards taxes and insurance ?? Since we have paid this money in advance with our payment, is the bankrupt mortgage lender required by law to pay them? If they don’t, due to bankruptcy protection, are we responsible to pay the money that has already been received by the mortgage lender?? In other words, lets say we have made payments totaling $10,000 over the last 10 months, $2500 of which is taxes and insurance. If the mortgage lender does not pay the $2500 to the insurance company and for property taxes, do we have to come up with the $2500 to pay what the mortgage lender did not ??

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PrimeConcern asked:


Given all the worries about credit in this country, and subprime mortgages, I was curious as to what the entire amount of home mortgage debt is. There are about 110 million households in the country, with 70% of them owned residences. Let’s say there are 75 million owned homes. Not all have mortgages, but if 70 million do, and the average mortgage amount on such homes is $200,000, that comes out to a scary $14 TRILLION of mortgage debt in the USA. If just 2% default, the amount of bad home loans is $280 billion. It could obviously be much higher.

Does anyone know what total mortgage debt is per household and in total? This is a real problem that could damage the economy.

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tara s asked:


Hello,
Im trying to plan for a mortgage. If we had about 50k saved up and we wanted a 300k mortgage what credit scores would we need to get approved.
Lets say these are the circumstances:
husband has had a steady job for 2 yrs
Wife has been consistently working but not at the same company
income range is 70-80k a year

Thanks!

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Kara asked:


How do I get a late mortgage payment off of my credit report? I mean I’m totally current on my mortgage now. I want this off of my report. Thanks

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Kristi asked:


I’m tryin to sell my house in Michigan. We have had it up for sales for 2 months, and had only one showing. We can’t lower our asking price any lower then it currently is without having to come to closing with money. (that I don’t have) Since our realtor already lowered his commission he suggested talking to our mortgage company about a short sale. What is your opinion?

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Keyosha W asked:


I’m in the market for a house, but my score is kinda low, does anyone know of a mortgage company that can work with a 585 score? I know interest will be high but I’m ready to be a home owner. DTI is good.

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rpost52 asked:


I have a friend who got into some trouble paying his mortgage when his wife went on unpaid maternity leave. They got behind on their mortgage and ended up going into foreclosure on their house.

They were able to scrape up the money they needed to pay it off, but they are still pretty strapped and 1 month behind on their mortgage.

The question is, they want to sell their house to downsize to a less expensive home that is more affordable, but their credit is basically shot. If they sell their house and try to buy a less expensive one will they be able to get a mortgage with their history?

Please be respectful, this is a genuine question that needs knowledgeable answers. So only reply if you have good advise. Thank you.
sorry, one more thing. they would be putting about 20% down on the next house, would this help the percentage rate?

Chula Vista Ca Real Estate

hruss7 asked:


We paid off a 2nd mortgageforeclosure before it went through. We continued to pay on our first mortgage with no problem. The attempted forclosure was not on our credit report until we refinanced with a new mortgage company. Is this fair? It looks suspicious that it only appeared on our credit after we refinanced with a new company. We understand that business is business but it seems that they were fine with everything until we pulled our mortgage from them and went with another company.

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Melissa T asked:


With the three credit scores being different, which do they use to determine you qualification for a mortgage? Or do they simply average all three scores. My husband has two scores at around 540 and his transunion is at 605. What are his chances?

Vancouver Wa Real Estate

honeybear asked:


I got a letter in the mail from the bank that says paying our mortgage payment bi-weekly instead of monthly could save us $40,000 to $100,000 in interest and reduce our mortgage term by 7 to 9 years without refinancing. How does this work?

Redding CA Real Estate