Home lending lowest in 14 years Charlotte Observer
Despite near-record-low mortgage rates and the cheapest housing prices in eight years, U.S. home lending has slipped this year to the lowest level since 1997, the Mortgage Bankers Association says.
The laggard loan market can be explained in part by the slow economy, numerous foreclosures and the proliferation of "underwater" loans, those that exceed the value of the properties they secure.
But other factors are compounding the problem, including so-called refi burnout - how many times, after all, can one refinance a home? - and a wave of people who have decided that home ownership isn't what it was cracked up to be.
Even as mortgage rates reach historic lows, most of the homeowners who still have equity and solid finances have already refinanced at least once. And they've long since locked in annual rates of less than 5 percent.
In 2003, as the housing boom took hold and 30-year fixed mortgage rates fell below 6 percent, refinancings propelled home lending to four times the current volume. And as the rate tumbled toward 5 percent and then smashed that barrier in 2009 for the first time since 1956, there was twice as much mortgage lending as now.
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Can bankruptcy stop foreclosure?
www.lendinguniverse.com Can bankruptcy stop foreclosure? find top 10 home equity loans lenders on http contact Mortgage Lenders, private investors ...
Is there a mortgage company that will refinance......?
Is there a mortgage company that will refinance at 100% LTV with a low credit score? The mortgage history only shows (1) 30 day late in the life of the mortgage (just over 2 years).....also, I am trying to do a cash out option to consolidate a few other bills and do some home renovations. This still would not make the total loan exceed the value of the property...but with this cost and closing costs...we'd be real close to what we anticipate the appraisal to be. Therefore, we need 100% re-financing. I would really appreciate serious answers...We got stuck with a house that we had sold on land contract with a 5 year balloon,.....we were 3 years into the contract and they abandon the house leaving us with a REAL mess and property taxes unpaid......we don't have the immediate resources to fix it up...but have no choice but to move back into it to keep it from going into foreclosure...Thanks for all your help!!!
Without knowing your actual score, hard to say. Usually you need a 580 score to get 100% financing.
All I can suggest is to call some brokers, and ask them right away if they can do credit score modelling. If they can, see if they'll run you through it and find out what might be able to be done to get you higher. Doing a "rapid rescore" takes a week or two, costs about $100 per tradeline that is updated, but sometimes, something as simple as paying a credit card with a $300 limit and $300 balance down to $100 or paying it off entirely can get you 40 points overnight.
Worst case, is there anyone in your family you could sell the home to, and let them finance it? And put you on a CD like you had it with your old buyers?
www.totaldebtsolutionsllc.com
Beneficial Finance - Is refinancing available on a existing mortgage which is through a "Private Lender"?
The individual & his partner that sold us the property carried the full purchase price amount (less the down payment), as a "Contract of Sale". Over the last couple of years both parties (buyers & sellers) have been faced with some kind of financial, real estate, health &/or family "issue(s)", one of which, is being us, the buyers. Thus causing our Mortgage payments to fall behind, drasticly. So in order to refinance, (with Benificial or another Mortgage / Lending Company), they would be paying off two individuals (the partners), not a actual "Mortgage Company". Does this create a problem? What if the property is in foreclosure, how would that effect the odds of getting refinanced with a new Mortgage Company?
Although, there's at least one good thing in our favior...
Currently we have approx. 55k equity in the property.
Please advise. Thank You.
You need to hold title to the property before you can finance on it. If you have any secured loans on the property, they will be paid off, regardless if they are a private individual or a lending company.
Also, no covential lender will loan money to a property that is in foreclosure. You have to use a foreclosure bailout lender. They usually require a 70% loan to value before they consider loaning you money.
At this point, your equity means nothing if the banks foreclose on this property. If you're in Southern California, contact me and I'll see what I can do.
Regards
Sounds like you may have some challenges securing a loan, due to the fact that you have a bad payment history. However, if you have stable income, decent debt to income ratios and an otherwise clean credit report, you should be able to accomplish your goal.
Be persistent...
Regards,
Joe Ballarino
http://www.amerivestrealtyofnaples.com
What happens if I cannot pay my 2nd mortgage? Will I lose my house?
I have an 80/20 loan, however both the first and second mortgage are held by the same mortgage company. I am behind on payments on both loans due to being out of work. We are very close to foreclosure. We were hoping that if we could find a way to get our 1st mortgage (the principal loan/bigger payment) caught up and just let the second mortgage go that maybe it would save us from losing our home. We are unable to refinance due to credit and the only option our mortgage company is giving us is to start a repayment plan, although that would make our payments that we are already having a hard time paying alot higher for the next six months. We have 3 kids and my husband has recently started a construction business which is going a bit slower then he had hoped. However we have high hopes and want more then anything to fix this situation so we can keep our house. He has alot of work coming up so we will be able to keep our 1st mortgage payments up once we get them caught up. It's the catching up part that we just don't know what to do about at this point. Please, any advice would be greatly appreciated!
This is a serious situation, which you don't need me to tell you. Right now you need to become best friends with the bank and communicate exactly what's going on with your finances. Banks don't want to go through foreclosure; they loose money, get a house they don't want and incur all sorts of bills.
Be very clear with your bank and go to them with a specific plan as to how you can get yourself out of this jam. You're going to need to pay off both loans and since it's with the same lender they may be willing to work with you to save the deal.
Short answer to your question is yes, if you default on your /20 you can loose your home since they will foreclose to sell the property to cover that loan value.
Talk to the bank, alot.
Step two - tell dude to get a job. Running your own business is awesome, but if you aren't making any money - then you need to get a job to bring some in.
Step three - don't take out second mortgages on houses, and avoid getting yourself in debt whenever possible. Chop up credit cards, and consider getting a job yourself to help pay down some of the debt(although you will have to figure out something for the kids).
Good luck - the current economy is sluggish - and probably not the best time to be starting up a construction business. The situation you find yourself in trying to pay a mortgage and 2nd mortgage that you can't afford is where a lot of people are at right now.
It's probably not going to change at least until after the elections - and its hard to say what will happen after that.
Good luck!! You need it.
Can anyone help me find a lender to help stop foreclosure?
My husband is a self-employed lobster fisherman, and last year he injured his back and was unable to work for 3 months. During that time, we fell behind on all our payments, and have spent an extremely stressful year trying to get caught up. Our current mortgage lender has demanded all back payments in cash before they will accept anymore payments from us. We could not come up with that amount, so we are now facing foreclosure on our house. I go to these websites of mortgage lenders that say they specialize in stopping foreclosure, but every time I talk with them on the phone, they tell me that they can't help. Is there any company out there, or private lenders that will help on a refinance for a foreclosure bailout? I've even looked into hard money lenders, but they all seem to be for corporate loans. We had great credit until this happened last year.
My sympathies That's not a good situation to be in...
One thing to remember is that your existing lender will lose money if they foreclose - they have some motivation to negotiate with you. The trick is finding out who to talk to.
Another avenue to try is one of the credit help agencies, they can often help you negotiate with your lender to avoid foreclosure.
See if there anyone who will lend you the money to get current on your payments.
If you have to...find a buyer for the house who can negotiate with your lender (many real estate investors specialize in this sort of thing) - you'll lose the house, but better that than letting the bank foreclose.
Even if the bank repossesses the house and sells it, you could still be held liable for their legal costs and the difference between your loan amount and the sale price. This kind of debt will haunt you forever - especially in light of the recent changes to bankruptcy laws
I can't see how any lenders will give you money if your mortgage payments are that far in arrears
My home is in foreclosure, can I file for bankruptcy?
We are going through hell with attorneys from Wells Fargo Home Mortgage. In May we refinanced with another company and paid the payoff amount. Several weeks later Wells Fargo' attys refused the check stating it wasn't enough ($4,300). HUH?!!!!! Our closing atty went to court saying they can't do that. Judge disagreed. (What the hell was he thinking) He ordered wells fargo to accept the check, stop interest from accruing, and work with us to form a payment plan. Attorneys Wouldn't talk to us. Throughout this they are foreclosing on us. This check is still outstanding!!! I called Wells Fargo directly and they said well gee, you were only short $1,090.12. We offered to pay that to clear this up. He said that sounds reasonable to me and a supervisor. Check back on Monday to verify.
I've since been calling everyday (1.5 weeks) with no one returning our calls.
It will cost more to pay an atty than pay the debt. Meantime we are paying our new mortgage every month.
HELP???!!!
I'm sorry Love, but it sounds like your missing something!?! You refied. with another bank! They called for the pay off and wrote the bank of your previous loan the whole amount to give them the holding on your home? Now, the previous bank says that you did not pay the correct amount and are foreclosing on you?
If you only owed 4 thousand something, on the home and refied. with another bank, they should have called to get the correct amount, then pay off the loan from bank 1 to give holding to bank 2! Bank 1 refused the money because, Why? Bank 2 is, What?
If you refied, and only got a 2nd on the house you would still owe money to bank 1 and now owe money to bank 2! So I'm a bit confused about what really happened!
You really need to get an attorney, weather it be to file bankruptcy or just sue someone! This is a bit complicated even for someone who deals with this on a daily bases.
I know that you don't want to spend the money on an attorney but beleive me when I tell you that if you don't do this you could very well lose everything and still have to pay everyone back what they say you owe them! Don't wait and don't delay! Do it as soon as you can! They can help stop anything that may be in action right now and atleast give you enough time to figure out what you want to do! You may even have money coming to you because of what bank 1 did and what bank 2 didn't do!
Good Luck Little One!
Blessed Be
you pay more will sorry oh oh huh hu will
If you need an Attorney, even for Bankruptcy...please contact me. I can save you a ton of money. You will also get access to the No. 1 Law Firm in your state. This means you can pick up the phone and contact an Attorney 24hours a day. They cover every area of Law and will protect you and your entire family. If you want more information on this, please let me know.
Good luck.
1) You need to verify that Wells Fargo received the payoff amount from the company that refinanced the loan. Generally, it is the title company or the closing agent that is responsible for obtaining the payoff amount and ensuring that funds are transferred to the old lender.
2) If the property is in foreclosure, you need to consult your attorney about this immediately. IF indeed the refinance went through as you said, there are obviously more facts which are being left out, (probably because you don't know) that are relevant. The attorney will need to explore these to make sure that all was done correctly.
If you need an attorney and don't know one, please contact your local or state bar association for a referral. DO NOT go through a prepaid legal service.
Alternative to Bailout Pla, will you sent it to your Congressman?
Years of bad decisions and stupid mistakes have created an economic nightmare in this country, but $700 billion in new debt is not the answer. As a tax-paying American citizen, I will not support any congressperson who votes to implement such a policy. Instead, I submit the following three steps:
Common Sense Plan.
I. INSURANCE
A. Insure the subprime bonds/mortgages with an underlying FHA-type insurance. Government-insured and backed loans would have an instant market all over the world, creating immediate and needed liquidity.
B. In order for a company to accept the government-backed insurance, they must do two things:
1. Rewrite any mortgage that is more than three months delinquent to a 6% fixed-rate mortgage.
a. Roll all back payments with no late fees or legal costs into the balance. This brings homeowners current and allows them a chance to keep their homes.
b. Cancel all prepayment penalties to encourage refinancing or the sale of the property to pay off the bad loan. In the event of foreclosure or short sale, the borrower will not be held liable for any deficit balance. FHA does this now, and that encourages mortgage companies to go the extra mile while
working with the borrower—again limiting foreclosures and ruined lives.
2. Cancel ALL golden parachutes of EXISTING and FUTURE CEOs and executive team members as long as the company holds these government-insured bonds/mortgages. This keeps underperforming executives from being paid when they don’t do their jobs.
C. This backstop will cost less than $50 billion—a small fraction of the current proposal.
II. MARK TO MARKET
A. Remove mark to market accounting rules for two years on only subprime Tier III bonds/mortgages. This keeps companies from being forced to artificially mark down bonds/mortgages below the value of the underlying mortgages and real estate.
B. This move creates patience in the market and has an immediate stabilizing effect on failing and ailing banks—and it costs the taxpayer nothing.
III. CAPITAL GAINS TAX
A. Remove the capital gains tax completely. Investors will flood the real estate and stock market in search of tax-free profits, creating tremendous—and immediate—liquidity in the markets. Again, this costs the taxpayer nothing.
B. This move will be seen as a lightning rod politically because many will say it is helping the rich. The truth is the rich will benefit, but it will be their money that stimulates the economy. This will enable all Americans to have more stable jobs and retirement investments that go up instead of down. This is not a time for envy, and it’s not a time for politics. It’s time for all of us, as Americans, to
stand up, speak out, and fix this mess.
No one was victimized by bad sub prime loans. People always need someone to blame. Start with yourself. you should know what you can and cannot afford. I think this idea is a fine one. As for those whining about "my rate is high, why should someone else get a better deal" grow up. This isn't about you on an individual level, this is about what is best for America, not the individual person. If everyone would pay their bills on time, they wouldn't need sub-prime loans. The "people" wanted more equality, for the banks to be more fair. Personally, if the government continues to bail people out, then people will never learn to live within their means!
Has anyone here already gone through a foreclosure?
My hubby and I just aren't bringing in as much money as we once did and now can't afford our house. I called our mortgage company - GMAC Mortgage to let them know about our situation and all they said was try doing a quick sale then if it doesn't sell we'll have to sign a quit claim deed ---that's it?! The house is never going to sell, there's about twenty foreclosures just in our block and I explained this to them but they didn't seem to care, so I'm confused, isn't there other options they can offer us and help us keep our home instead of just basically forcing us out? You would think that they would want to offer other ways to help, like allowing us to refinance, instead of ending up with another empty home????
Hey, my mother went thru the same thing... they dont care... its easier for them to just take over the house and call it even... most morg companies are now renting them out
my moms property went over a year without a payment... it was on the market the whole time... then it was "foreclosed" and got sold on the steps of the court house for 25k it was bought for 100k and appraised for 175k...
so.. If i were you.... if your credit is decent... go to another morg company.. get a loan and money in hand... when your prop is sold at court house buy it back for a fraction of the cost....
not many options...
they get tax breaks and take "company" losses for foreclosures.. doesn't affect them very much
suggest looking for what you might be able to do on the internet.
Did you ask them if you can do a loan modification in which you got your interest reduced or possible had all delinquent payments added to the back of the loan. If you found a buyer, is your loan assumable?
Unfortunately, I work in a Special Assets department and I work on foreclosures/REOs. I do care about the people I work with. My advice is be up front and honest. If you have money to pay, try to pay in little increments instead of waiting forever to pay. It's a very sad economy right now and everyone is suffering; including us working at banks.
Good luck to you.
Oh and by the way don't get an attorney their just gonna take your money you can settle this on your own.
Facing Foreclosure- need help!?
We are at a loss. we are facing foreclosure, over 12 months behind on our mortgage payments because the bank will not take anymore payments from us. we have Citi and they are now asking our original lender to buy back our loan, that company wants us to refinance but we cant due to poor credit.
what else can we do?
help!
Thanks!
Sadly I don't see a way around it. It would be impossible for you to refinance now being that 12 months of non-payment on that has probably killed your credit. It's time to move on. You will need to rent for a while until you can get your credit back on its feet, that will take quite a few of years of good payment on your other credits.
Where can we find someone who will take a chance on refinancing a desperate homeowner who wants to save home?
Our new home is now in foreclosure. We want to move back into our previous home, but now the (ARM) mortgage is too high. We thought we would have our old home w/ the ARM sold before our other one was built, but the market collapsed on us. My husband is in the construction industry, so our income has been significantly reduced. If our mortgage rate was modified to its original rate (7.75) we could make the payments. Will anyone work with us? We are filing Chapter 13 bankruptcy, but we still have to be able to make the payments. Our mortgage company will not budge. Prior to this, we had excellent credit. Is there help anywhere???
You probably won't get a 7.75% rate no matter where you go, if you are in a Chapter 13. Those rates just aren't available anymore to homeowners with less than excellent credit or who are in the middle of bankruptcy.
You can try looking for a traditional lender or a hard money lender or contact a mortgage broker who's specialized in foreclosure loans before. But, the reality is more likely that you'll be forced to make the bankruptcy payments for at least a few months in order to get back on track and pay back some of the arrears.
A few years ago, there may have been a lot more help. Now, though, you might just have to tighten your belts and make the payments as best you can, or think about selling and finding more affordable housing.
Michigan Foreclosure...?
My mother-in-law informed my husband and I that she is losing her house. I'll give you the info she gaves us and maybe someone can tell us what can be done?
A little over a year ago the home was refinanced (the second time in a little over 5 years) for the full purchase price and equity (a total of a little over 120 grand). She claims that she made a payment plan with the mortgage company (cant say how true that is) and went yesterday to make the first payment according to the plan. The mortgage company told her that in essance it was too late and that the home was/will be auctioned Thursday. Apparently it has been in the paper for this auction for the last month (we knew nothing of this). The mortgage company also told her that she would have to pay $4,000 to stop the auction sale. So if she doesn't come up with this money and the home is sold at auction, how long does she have to stay in the home? Can she try and sell it herself?? Is there still a chance to save the house?
It depends on what you mean by 'save'.
MI foreclosures have the right of redemption. Even after the auction the borrower/owner can redeem the property by paying all the back payments, the full debt and all the costs.
It might not make sense financially to save the house. It might cost a lot more to do so than just finding a new home.
Clearly you are coming late to the discussion. I would speak with the lender ASAP. You likely will need to get a signed copy of a release form so that they will discuss your MIL's situation as you are not the borrower (privacy issues).
Check to see what the $4K covers. Is that a fee, the back payments and legal costs or something else? There should be a lawyer handling the foreclosure. You want to know that they are not adding in things that should not be included. Not all that likely but you need to check the facts to be sure.
Below is an outline of the generic foreclosure process. Written for investors but it will give you an overview.
Consider hiring a lawyer but with so little time you will need to get one that can move quickly.
Clearly your MIL does not understand so even when the dust settles she has to agree to advice on future matters. She made some mistakes and does not seem to know how she arrived in the present situation. She needs an education or someone else to manage her affairs.
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