 Is it possible to get a loan for a manu. home after bankruptcy with land and a down payment.? |
| i had to file bankrupcy about a year ago due to medical bills. is it still possible to get a loan for a manufactured home now if i have some land and a down payment to put towards the loan.... |
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 What rights has my landlord got in regards to entering my room without permission? |
Additional Details
Ok, he entered my room without me in the room and took money which he assumed was rent. He never gave me any notice at all. Is that legal?... |
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 Can a person with an income of about 25,000 afford to buy a 200,000 dollar house? |
| I am having an argument with an individual and I am arguing that a person with an income of 25,000 and has five children cannot afford to purchase a 200,000 dollar house. He says that that person can.... |
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 What do you do if you owe more than your house is worth? |
| We bought our house 3 years ago for 849,000. Yes we did the zero down with two loans. Now with all the foreclosures and the market our house is worth about 620,000 and the house across the street ... |
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 Landlord trying to get over on us.? |
| about a month or so back, my landlord decided she wanted to name her ex-husband (who apparently "owns" the property) to be landlord, so she took our lease & whited out her name & ... |
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 My roommate forged my name on the leasing agreement at our apt, w/o my permission. Can I get out of the lease? |
| I began by subletting, w/o the apt management's knowledge in Sept. 07. In Dec. 07, it was time for lease renewal. I filled out the application, and signed the work history documents that were ... |
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 Im the sole name on the mortgage, if I add someone to the title, can I remove them without his/her permission? |
| My boyfriend of 3 years and I are purchasing our first house together, but due to his bad credit, just my name is going to be on the mortgage to get a better interest rate. I was told that I can add ... |
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 I just pass my real estate exam. How much commission % should I get for helping a seller or buyer? |
| How do I know which broker to sign up with, in order for me to practice my real estate? I want a broker which will pay me my fair share when I help a client buy or sell a property. What is the ... |
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 What to do when you buy a house in San Francisco and the renter does not move?I have that problem.? |
| My daughter bought a house in San Francisco with a renter living in it at the time, now she is facing a horrible dilema in trying to evict her out of the house, in the mean time she has to pay the ... |
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 We want to buy a duplex, live in one side, but both units are presently occupied...? |
| My husband and I want to buy a duplex and live in one side, rent the other. The one we are interested in has both units rented out right now. I am not sure when the leases expire and what the terms ... |
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 I gave my landlord 30days notice and paid the rent for the 30 days but do I need occupy it or can i move out? |
she got her money for the last 30 days does the law say i have to be there or can I move to my new place.
Additional Details
she makes it sound like i can't move out till she rents ... |
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 Just set up home and need free/very cheap stuff? |
hi
ive always rented furnished accomadation .but now ive got a house and i need basically everything.im on a tight budget.ive tried freecycle,does anybody know of any similar websites or ... |
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 Need info on rental question? |
| recently i rented out a hyome i own to a gal who had no money to pay the security deposit. the house was dirty from last tennant so we agreed that she would clean the house in lieu of paying the ... |
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bill w GO FLAMES GO 【ツ】 | What exactly is this "mortgage crisis" in the US? |
When and how did it start? What does it mean for the average person in the US? |
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Landlord
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For the average person all it measn is that their home will sell for less today then it did 2 years ago. Other tehn that average people are not effected.
It started about 6 years ago when mortgage companies started giving loans to people who really did not qualify. They gave them adjustable loans, at a low interest rate for a time period (about 5 years) to the actual interest rate they qualify for now. The problem is now that they are at the interest rate their credit rating deserves they can't make the payments, because they bought a house valued at what they could afford at the teaser rate.
They knew this was coming, that their payments and credit would even out, but many did nothing (should have sold before it happened), so now they are in foreclosure. This is what they agreed to in the first place, they signed the contract, but for a reason I can not understand they are sitting there waiting for the average people (tax payers) to bail them out. Hopefully that will never happen, I pay for my house, they can pay for theirs.
For investors this is a boone, we are stocking up on inventory, because it will pass. Besides, all those sitting their waiting for someone else to help them are being foreclosed on and need a place to rent, they can pay the mortgage on our investments. |
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catoesdeedee
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Bill, everyone else said it best and all I can say
is it's a dang mess. I just hope we as taxpayers don't have to bail these people out of their problems. I have been to the bottom
and had to claw my way back and so should
they. |
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JerzyDevil
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Lenders made too many sub prime mortgages. That is, higher risk loans at a higher interest rate. Defaults on them have been high. |
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Stephen K
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People are defaulting on their mortgage payments as they did not plan ahead for them |
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Blue October
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the crisis is that many bad loans were approved...you will hear the terms sub-prime loans and ARMs (adjustable rate mortages)....the monthly payment on these loans has now escalated past what a normal homeowner makes in one month gross.....thus the homeowners cannot make their payments and are defaulting.
the real estate agents on the other hand, all received very nice commissions and walked away ---leaving people to hang.
not only are the homeowners defaulting, but mortgage companies are now closing and going bankrupt to avoid federal investigation (which is currently under way).
banks and financial institutions are not allowing the properties to go to auction undersold. if the high bidders are not even close to the defaulted amount, the bank will decline and will hold the property until such time that it is more profitable for the bank to sell.
you can drive down any street USA and count the number of For Sale Signs going up...people are panicing cause they cannot make their payments...
in addition, many people rented homes and condos that are now being foreclosed and these people are losing more than anyone else. the relied on the fact that they paid their rent---why could not the owner pay his mortgage....
this is trully a mess and has still many months of downturn to go....before it starts to turn right side up.
i hope this answered your question....good luck :) |
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michiganted
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In many ways the problem is one of a self-fulfilling prophecy. The mainstream media loves to refer to the "subprime meltdown." As a matter of fact it would be interesting to count the number of times the word "subprime" is used these days that it is NOT followed by the term "meltdown."
If you research, you'll find relatively flimsy evidence that subprime default rates are up dramatically. You'll find a dozen references to a NovaStar announcement on February 22 of this year - and predictions that the default rate will rise, but little in the way of empirical data.
But the FEAR of mortgage delinquencies has caused a flight from the CMOs (Collaterilized Mortgage Obligations) and MBSs (Mortgage Backed Securities) which has made the market for almost all mortgages other than Fannie Mae and Freddie Mac loans illiquid. I wasn't alive at the time, but it seems like it must be much like the old days when there were "runs" on the banks with all customers showing up demanding their deposits. The system is not designed to accomodate that - but this is what started happening when two Bear Stearns hedge funds marked down the value of their mortgage-backed bonds, and halted principal withdrawls in response to a "run" on those two funds.
As of today (and it is a fluid situation) the best options for mortgages are on the Fannie Mae (conforming, expanded approval, and My Community) programs along with Freddie Mac (conforming, A minus, and Home Possible) programs.
Do not let ANYONE tell you that it is impossible to do 100% financing anymore. As of today (and again the market is fluid) 100% financing can be done with any broker who has access to:
InterFirst 80/20 programs
Bank of America 80/20 programs
Fannie Mae My Community and Expanded Approval
Freddie Mac Home Possible
The best remedy would be to look at what has taken place, separate the facts from the hype, and move forward without fear or panic. But that's pretty much a good approach in general I think. |
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godged
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Some shady lenders hooked up with people with questionable credit ready to get into a house they couldn't afford.
What it means for the average person? Lending restrictions have been tightened. People with questionable credit are going to have trouble finding a mortgage, if they can find one at all. This means less buyers are out there, and housing demand is coming down, meaning prices are coming down.
It had to happen. The unscrupulous lenders are being wiped out, which also needed to happen, as they were making loans to people who didn't have the capacity to pay them.
The sad part is that many unsuspecting people that were not informed lendees are going to lose their house. |
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Dr. Deth
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it means no more mortgages with zero down payments |
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rachel
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everyone got in debt to their eyeballs when the interest rate was low, overborrowed, and now can't pay it back. the bank doesn't want to reposess the properties 'cause they'll lose a bunch (they sold the place at $520K and the guy signed his life away, now the smarter guy wants to buy it for only $250K- knowing the bank is desperate and might lose $270K just to unload the house) the problem is the bank fools lent out tons of extra money expecting to get it back, and now NO ONE is able to pay what they promised, and everyone who showed some restraint isn't willing to pay that much. the mortgage companies are going bankrupt 'cause they have no income and even if they sell the properties it won't cover their losses. Plus, people who are getting evicted are thinking they've already lost everything are waiting 'til they get kicked out and trashing the property in the meantime. I read an article where a guy left pigs, barnyard animals, in the house the day he left just to "get even" with the bank for foreclosing. nobody's buying that house now..... |
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Angie
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Many lenders made loans to people that were too risky (i.e. poor). Then they're surprised when the "poorer" people can't repay their loans. Why would this be a surprise to anyone? |
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Marisa
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right now the secondary market is imploding so to speak. which means for people with less then perfect credit their ability to obtain a mortgage loan is next to impossible. previously issued high risk loans with virtually no equity in them are coming to a re-cast and people who really didn't qualify for them financially can't pay so banks are taking back properties. hence that means tighter restrictions on mortgage lending practices and stricter underwriting practices.
in short. if you don't have absolutely excellent credit (700+) and a at least 10-15% down payment and at least 6 months of reserves, don't expect to purchase a home these days. |
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