Archive for May, 2011

Not repaying credit debt…or filing bankruptcy is stealing…I believe…?

and therefore that is breaking the 10 commandments…

However, many posted Friday that this is the fault of the credit card companies and mortgage lenders for loaning to people with questionable credit….

So, is sinning justified, if other’s entice us to commit it?

I still remain…that if you use a credit card…you are obligated to pay back the amount…if you take a loan etc…you should pay it back…you should not file bankruptcy…or it is stealing…if you have financial problems because of unforeseen circumstances…shouldn’t the church help you with your debt…in order to keep you from sinning?

Why should it be up to the middle class consumer to have to pay more for goods and services because other’s make such poor choices?

I ask this in religion…because I believe Christians should be held to a higher standard…yet the bankruptcy rate is equal among those that call themselves evangelicals and others according to Newsweek…
why do Christians try to justify this sin?

Yes, I posted this yesterday…wanted additional input.

• bankruptcy is stealing

Tax benefits for properties outside USA?

I recently bought a home outside the United States and I have a mortgage with a bank in the foreign country. Can I get tax benefits for the mortgage loan I have.

Thanks

• do you pay taxes on home outside us

I’m in the process of bidding on a home, and I just found out it’s a flood zone. Will that effect the payment?

My mortgage payment and loan I wanna know if they will be effected

Can costs for a fixer-upper be included in the monthly mortgage payments?

If we find a really cheap beat-up home, a fixer-upper, can the costs for fixing it up be included in a mortgage?

Say we get pre-approved for $ 150,000 but we find a house that’s only $ 50,000 but it’s missing major kitchen appliances like a fridge and a stove, possibly missing the washer/dryer, and even toilet/shower, could those major necessities of a home that have to be purchased be included in the mortgage?

What about costs for an addition on the home? or smaller fixes like flooring or cosmetic things?

We don’t have much money saved, but there are so many cheap HUD/REO homes available that would cost us less than what we’re paying in rent. Most of them are in pretty bad shape, usually stripped by the previous owners, with holes everywhere.

Can we take the entire $ 150,000 that we are pre-approved for and fix up the house with it and then pay the monthly mortgage? Or, do they only give you the loan amount for the exact purchase price of the home and nothing else?
Thanks, Mr. Fix It, what if the home is worth a lot more than it’s going for, being that the bank is only interested in receiving the amount of cash that was left over from the previous owners in these HUD/REO homes, then would a lender be willing to at least lend what the house is actually worth? Say the house is being sold by the bank for $ 50,000 but it is actually worth $ 80,000, would a lender let us take out an $ 80,000 mortgage in order to use $ 30,000 to fix it up?

• mortgaging a fixer upper

What is a creative way of getting a loan when you are not currently working?

I am a full time student who is sharing a home (currently renting but have contract to buy) with another significant other whom is in the Army. This other person has bad credit due to a bad marriage where spouse was a spender. I have perfect credit, however, cannot buy the home without proof of financial stability to own it myself. I have it worked out so that my significant other is paying half of the rent/to-be mortgage and also the utilities, etc… The only way I have been told I can purchase this home is to have a co-signer, or to have a high-paying job which is full-time that would pay the mortgage on my sole financial means.

I have planned to allow a church organization have access to the upstairs on a come and go basis as needed… as a alternative to a women’s shelter or to help someone out in need. As a last alternative, I was wondering if it would be a good proposition to co-own it with the church as a joint tenant (which in turn would provide proof of income)??? help

Would the investment banks have bought sub prime loans if they were not able to have them sold them rated AAA?

It appears to me that the AAA rating assigned to bonds, made up of sub prime mortgage securities, made the sub prime loans feasible. After all if the investment bankers could not sell the sub prime mortgage bonds why would they buy the sub prime loans in the first place? The investment bankers probably knew they could get the credit rating agencies into assigning the AAA rating. Then investors would be confident they were buying a safe conservative investment that was rated AAA from the investment bank.

It appears that the AAA bond rating is the linchpin in whole sub prime structure.

What do you think?

• Investment Banks Investment Banks

Consolidated loan..pros/cons – 2nd mortgage?

We just purchased our first home. Have a good income but have 30k in misc debt – including: timeshare, credit cards… We now make about $ 1200 in payments each month to various companies – thinking about consolidated loan or 2nd mortgage. ONLY IF IT WILL REALLY HELP OUT…if not, I’d like to stay where we are as we usually get some sort of bonus check annually plus other bonuses….we can easily use that to pay some of the debt off. Our mortgage company suggested 2nd mortgage and a friend told me about a consolidated debt loan…need some info please.

I need any feedback on Lending Tree. I am obtaining my loan through Lending Tree, it was brokered out to?

United Capital Mortgage and I have been talking to an Mortgage Consultant there. Please any feed back would be helpful. I’m a first time home buyer.

Must you file bankruptcy if filing foreclosure?

The house is worth $ 250,000 the loan is $ 300,000. $ 8000 behind on mortgage payments. (I have only $ 6000 debt). Will the mortgage company try to collect on the $ 58,000 difference if I file foreclosure? Because I’d rather go through bankruptcy in that case.

Why did America bail out the banks mortgage when they were making 2 to 3 x?

Why did America bail out the banks mortgage when they were making 2 to 3 x the total amount of the loan?

If it was a $ 250,000. dollar loan the insurance paid the bank $ 500,000 to $ 750,000.

Why did America go into debt to “save” this money making scheme?

Do you feel robbed? or ripped off?

Foreclosure info from LPS details banks getting paid 2-3x for the foreclosure

LPS, short for Fidelity’s Lender Process Services is the nations largest insurance & foreclosure tracking servicing and is used by many banks to handle the nitty gritty details involved in managing your home loan – specifically how to maximize profits for the bank at the homeowner’s expense AND to clean up any troublesome title issues related to cleanly foreclosing on your home by a lender who is TOTALLY DIFFERENT from the one whom you started AND different from the lender named in the recorded documents living in the property records.

My favorite rip-off is the banks’ plan to insure your home month by month when they intend to foreclose (and add it to your bill) but not naming you in the policy so you reap no reward.

Think of it this way. The bank takes out insurance to pay off your loan if they have to foreclose. They foreclose, collect the insurance money, SELL YOUR HOUSE keeping that money, and then SUE YOU FOR THE DEFICIENCY between what you “owed” and what they got at the foreclosure auction! Nothing like trying to collect three times!!

Sweet deal for the bank. Sour for the homeowner.

http://homesolutioncounselors.com/foreclosure-info-from-lps-details-banks-getting-paid-2-3x-for-your-foreclosure