Home Mortgage Fraud Rises and Is Likely to Stay High, FBI Says Main Justice
From 2008, Allan Lengel writes on his Tickle the Wire blog, citing a new report .“Mortgage fraud schemes are particularly resilient, and they readily adapt to economic changes and modifications in lending practices,” the FBI document states. It says the worst states for known or suspected mortgage fraud included California, Florida, New York, Illinois, Nevada, Arizona, Michigan, Texas, Georgia, Maryland and New Jersey.
“The current and continuing depressed housing market will likely remain an attractive environment for mortgage fraud perpetrators who will continue to seek new methods to circumvent loopholes and gaps in the mortgage lending market,” the report says. “These methods will likely remain effective in the near term, as the housing market is anticipated to remain stagnant through 2011.”
The FBI says the fraud perpetrators include real estate agents, settlement attorneys, lenders and others who know the
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refinance, home equity loan or sell?
We have credit card debt of $72k. (cancer treatment costs) We have excellent credit and own two homes, but are cash poor and have the high credit card debt that we want to pay off
WE WANT TO PAY OFF THE $72K AND HAVE A CUSHION OF AT LEAST $25K. Here is the break-down:
HOME #1 PAYOFF - $279K, WORTH $425K (currently rented covering payments)
HOME #2 PAYOFF - $245K, WORTH $425K(currently live in but want sell and leave the area in the next year or two)
SELL A HOUSE AND PAY OFF DEBT, LEAVING CASH IN THE BANK OR KEEP GREAT REAL ESTATE INVESTMENTS AND GET A LOAN OF $100K, PAY OFF DEBT LEAVING $28 CASH IN BANK. We just can't wait another year or two to pay off the credit card debt because we are broke each month after paying bills, and need some relief now.
Both homes are in hot markets. Dallas/Ft Worth & White Mountains Arizona.
Any ideas or help are much appreciated!!
You are kidding, right? You have a big debt pressure and own two homes, either of which are in a supposedly good market and you are wondering what to do? SELL the vacation house, now! If you seriously are wanting to sell both and move, the opportunity to do so is not going to get any sweeter for quite a while.
Sorry to be dramatic, but there are things going on with credit, home values, and value of money. Get out now, while the getting is good, and take advantage of what is still an advantage.
Refinanceing will likely result in the lowest rate, but will come with more upfront costs. It also will likely be at a higher rate than what the current home loan is at.
If you do refinance watch out that there is not prepayment penalty (if you decide to sell and move soon).
If you are looking to leave area, ask yourself if you will want to have either property. Selling is the most drastic since it means you will be forced to rent until you move. If you decide to not move than you will either try to occupy the first house instead of renting, or buy a new one. Each of which comes with many transactional costs.
To sum up:
Heloc:
Low interest rate
Tax deductable
Flexible if you decide to move or not
Refinance:
Lowest interest rate
Less flexable, often higher costs in obtaining
Potentially will be at higher interest rate than current home loan.
Less flexible moving later, if prepayment there is condition
Selling:
High transaction costs
More costs if you change your mind if you decide to stay in area.
Will have to move (the pain of this depends on how much junk you have accumulated or if you have kids)
May reduce living expense
Gives you a better allocation of your equity (no longer home rich cash poor).
I would pick the Heloc, but you are the best one to balance the pros and cons of each option.
refinance car or get home loan?
Ok, so here is the scoop. I live in Phoenix Arizona, I'm 23 and I do fairly well for myself. I have a 2005 BMW 330i that I bought last year and my credit score was terrible back then. Somewhere around 590 or 600. I'm paying a 14.99% interest rate and my payment is 645$. I can easily pay this, but I realize that now, since my credit score(according to Equifax) is now over 700, I could probably get a much better interest rate if I refinanced. I'm not sure if this reduces my Debt to Income ratio. If its calculated on a monthly basis, then it probably would. Most of my accounts on my credit are only from the last couple years, and I have a few already in this last year so I don't really want to go and open a new one all that bad in fear it will hurt my score. In January, My lease will be up on my house(for the 3rd full year) and I plan on purchasing my own. Should I wait till I get my home loan? Or would it be wiser to wait refinance and try to get my DTI down? (I make ~8k/month)
Also, if anyone out there could give me a general Idea on how much I might qualify for(as far as dollar amount is concerned) that would be great as well. Thanks! If you need more info from me let me know.
To help give you a better idea, the car was purchased for $23,000. My previous car unfortunately was upside down 5k. + tax title etc it was a 31k car loan. Its down to $28000. but now since I drive double the normal milage, the car is now only worth about 18-20k. Does that hinder my ability to refinance? Isn't the most important thing wether i'm able to make the payment? I've been making a 645$ monthly payment with ease and always on time. Its an automatic deduction.
Why not do both.
Refinance your car loan do the math. It depends ho wmuch you owe.
Refinance the car loan so you have less out of pocket per month but keep paying the same amount you had in the past to pay off your depreciating asset (car) asap.
Then see if you can get a loan to buy a house.
The debt to income ratio has to do with the monthly payment account when compared to your gross income
arizona home loan refinance - News
White House closes in on housing plan
Boston Globe The homeowner then would be able to refinance the smaller mortgage with lower monthly payments. The government could then sell the loan back to investors, US Housing Plan to Fund Interest-Rate Reductions Obama to unveil plan for stemming foreclosures, but new problems Some banks to suspend mortgage foreclosures
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What Obama's Foreclosure Rescue Plan Could Mean for Banks, Homeowners - Poynter.org What Obama's Foreclosure Rescue Plan Could Mean for Banks, Homeowners Then, the government would refinance the loan at a lower figure, giving homeowners a break and allowing them to stay in their homes. |
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Americas Watchdog Endorses American Interbanc As The Best Mortgage ... - PR Web (press release) Americas Watchdog Endorses American Interbanc As The Best Mortgage American Interbanc currently lends, or provides home refinancing services in the following states; Alabama, Alaska, Arizona, California, Colorado, |
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Lenders Frustrate Homeowners' Efforts to Renegotiate Mortgages And the Hope for Homeowners initiative passed by Congress in July, which was expected to help 400000 homeowners refinance their home loans and avoid |
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The Distress in the West - Philadelphia Inquirer The Distress in the West By Alan J. Heavens If you are looking for a word that sums up today's housing market in Arizona, Nevada and California, Tolleson is it. |