 Where is a good place to put $150k that can earn money and I can have easy access to it? |
| I'll be using the money for realestate investments. I'll be using it as I find properties and I want a place to keep the balance until I need it, that can earn some interest. I need easy ... |
|
 I have very bad credit, will I get a mortgage? |
| A mortgage is secured on the house you buy so surely it's easier to get a morgage than a loan?... |
|
 Tenants vacated property and left damage which they wouldnt rectify before leaving. Have had work done and? |
| deducted from their deposit. After carpets cleaned found cigarette burns in lounge carpet and not enough cash left to replace. Have refused to return any deposit and he's threatened to take me ... |
|
 My landlord entered unannounced and found traces of cannabis. Who is in more trouble? |
| My landlord entered my flat yesterday, nine days after giving me 24 hours notice. He found the flat a mess (i'd been out) and there were traces of cannabis (which I use medicinally). He has now ... |
|
 My landlord is keeping me from sleeping with construction noise, what can I do? |
| I live in a downstairs duplex, my landlord lives upstairs. Earlier this summer they told me that they would be having a new roof and siding put on. I work a mixture of afternoons and midnights and ... |
|
 Where can I go on the internet to find houses that are for rent ? |
I need houses that are for rent.
NOT FOR SALE!
Preferably in Pembroke, NC... |
|
 Neighbour poured cement down drain to cause blockage? |
I'm not sure where to post this question but they can't just get away with this can they?
This action caused toilet waste, raw sewage, effluent; to pour out onto my garden.
<... |
|
 Should I sell or rent my existing home? |
| I'm planning on buying a new home in the next couple of months, would like to rent this one out but not sure if it's a good idea.... |
|
 Approximately how much would a $300,000 mortgage cost/month? |
For someone with an excellent credit score? Any ideas?
Additional Details
Sorry, let's say with 5% down.... |
|
 In your state, how much does a 3 bedroom 2 bath house go rent each month? |
| just wondering, the average one here is about 800 a month. it just seems like the prices have gone up in the past 5 years alot.... |
|
 Do any body think this is a good idea? |
| OK this is what i want to do , I want to buy 30 acers of land.I'll clear out the land and divided it in to sections. Each section will be two acers( thats 15 section).Next ill pave the road so i ... |
|
 Due to the current housing shortage, should pre-fab houses be thought of again? |
I got to thinking about this after reading another question. After WW2, the Government erected loads of these prefab houses as they were quick to put up and cheap.
My great Aunt lived in one ... |
|
 We have a couple interested in our house. They are looking at another house today before they place an offer. |
| Is there anything we can do to make them hurry up and place an offer on our house?Anything we can say to make them more interested in making an offer on our house instead of the other? Plz Help.... |
|
 Anybody out there? |
| What kind of house can you buy for $20 a ... |
|
 Is there a way I can officially/legally ban my boyfriend's son from the house? |
| I have been having problems with my bf son for years. Last few times he was at the house he was horrible and I told my bf I didnt want the kid at the house indefinitly.Last night my BF had him stop ... |
|
 New kitcken or clear mortgage? |
With saving should i pay of the last fours years of my mortgage or put in a badly needed new kitchen?
Additional Details
The majority option here say's pay the mortgage off. C... |
|
 Do you think house prices will go down? |
| I am thinking of buying a house i am a first time buyer. Do people think it is a good idea or will house prices go down. please help.... |
|
|  |
281 | When a home is foreclosed, is the homeowner reimbursed for the amount of money that was payed into the home? ? |
For example a homeowner has made a down payment of $20,000 and payed $50,000 towards a home loan of $200,000. The homeowner is no longer able to make the mortgage payments and the home goes into foreclosure. Is it usually the case where the homeowner loses the $70,000 and the house if its not sold.
If that's the case, then it seems like stealing $70,000 from the homeowner while the loan company gets $70,000 plus the house and they can hold onto the house till the market gets better and they can repeat the process over and over producing faster monetary returns on the house.
Additional Details
Most of you are missing the point. A foreclosed home goes back to the bank/lender with payments already made to them. There is no loss to the lender only a gain of a property plus some money paid to them.
While the "homeowner" pays money and looses everything. |
 |
 
Kari
|
I asked the same question about a month ago.
In fact the wording is very close.
Here were the answers I was given...
http://answers.yahoo.com/question/index;_ylt=Aq1OJ1dS6C9G5X2jekyWQafty6IX;_ylv=3?qid=20080709185511AAVUlT5 |
|
Wayne Z
|
You are assuming that the bank sells the home for at least what it was purchased for. This is usually not the case. Most foreclosed homes are sold for much less than they were purchased for. Plus, after you add in all of the costs associated with a foreclosure, the bank is usually lucky to recover what is owed on it.
|
|
Kaz
|
When you get foreclosed on, the house is no longer yours.
The risk of an inventsment that you don't hold up your end of the bargain
|
|
Bardic
|
The bank, mortgage company or whatever, sell the house for what they can get for it. Anything left over after they've cleared what you owe them is handed to you. Simple as that. |
|
imnoangel_81
 |
Once you have paid the money it is no longer yours. It goes towards the loan amount. The other 130,000 that you owe is in the house that they are taking and yes they probably will make a profit off of you. Thats how real estate works. |
|
MLE
|
NO the homeowner does not get their money back, and yes it is fair. If the bank takes the house and is only able to sell it for $100,000 they are still out $30,000 and that isn't fair to the bank. If the homeowner doesn't want to lose the money they invested in the home they should make their payments.
Edit: You are missing a key point. When you take out a mortgage to buy a home the mortgage company pays the owner of the home. In your example they paid the previous owner $200,000 you pay your $70,000 then the home forcloses they are out $130,000. |
|
Mark C
|
No, same as if you sell for a profit, the bank only gets what is owed to them. |
|
JM
|
no they don't get their money back and they shouldn't. they're not stealing the money from the homeowner because the homeowner lived there for the time they were paying. it would be unfair if anyone expected to live somewhere for free!
it's just like renting an apartment, you don't get your money back when you're done with the apartment, you're paying to keep the roof over your head. |
|
vincentv247
|
Until you have paid off the entire mortgage plus interest, the bank retains the right to your property. If they foreclose, they are asserting their right to it based on the fact that you are unable to meet your financial obligations to them. Failing to make the required mortgage payments is like saying "I can't afford this house." It's always better to sell before it gets to that stage. Otherwise the money you paid just covers the period you were living in the house, kind of like rent, and it's gone. |
|
Proud Navy Wife
 |
The bank takes a risk by loaning the money out - in some cases they take a HUGE loss. For example, if a home was purchased at $500,000 and the owner still owes $450,000 and has defaulted, the bank is responsible for the full amount. Right now, homes are selling for a lot less because of all the foreclosures. So if the house sells for $300,000 - the bank still takes a loss of $150,000 and the person who defaulted is only out what they paid while they lived there, which is basically what would've happened if they'd been renting. |
|
helen s
|
no
it's like paying you don't get it back. |
|
silverbullet
|
It would depend on how much the loan company was able to get when they sold the house.
If there were anything left over and above what you owed, plus all the costs, fees, and penalties incurred in the process of siezing and reselling the house, you might get something back. Most homeowners who go into foreclosure don't have enough equity for this to happen. Especially in a down market. |
|
gosam777
|
Generally on any mortgage, car loan, secured loan that is defaulted on, the title holder sells the property at auction. Say if $50,000 is owed against car or house, and it only brings $35,000. The title holder will then sue the borrower for the difference. They can garnish wages, take bank accounts, and have legal access to anything the defaulter owes. If they get can as much or more than borrower owes, borrowers forfeits any equity |
|
Landlord
 |
According to your example the bank gave 200k toward the purchase of the home. They were not repaid all of it, but 50k, and that would have about 10 years, so the homeowner is refusing to repay the remaining 150k that they already spent.
The bank is the one getting screwed, not the homeowner. The homeowner is the one refusing to repay money they were given.
You seem to have omitted from your brain the fact that the bank gave the homeowner a large chunk of change in the first place. |
|
Marysue
|
WHAT?
I give you $200,000. You give me back $70,000, still owe me $130,000 and somehow I’ve “stolen” from you? It doesn’t matter what you paid, you still owe me $130,000 that you promised to pay! The point of the story is that either the owner in your situation was too lazy to sell or couldn’t sell for as much as he owed – that’s not the lender’s fault in any way. You
Honestly, no one with that kind of equity ends up in foreclosure if they put up any effort at all. If this particular person were in trouble, the owner should have no problem selling the home for at least $130,000. Then they would pay off the mortgage and keep the proceeds from the sale.
What you get from selling a house has nothing to do with what you paid. What you get is (What you owe your lender) Less (The sales price). Sometimes the sales price is less than what you paid. It happens to people who buy and then sell a couple of years later.
People in foreclosure typically don’t have any equity. They either bought the home too recently to have built up any or they were stupid and pulled it out the the house with a home equity loan or a refinance.
|
|
Gardener for God(dmd)
|
Nope, you take a loss |
|
MonaLisa Overdrive AM VT wannabe
|
This is why you PAY BACK YOUR LOANS. For example, lets say you owe $100,000 on a house that is worth $500,000. When the bank forecloses, they get to keep the entire $500,000. You are better off sellling the house yourself and paying back to the loan, then letting it go to foreclosure.
Of course, if you owe $500,000 and the bank can only sell the house for $400,000, they eat the difference. When you sign a mortgage, you are agreeing to those terms.
The borrower and the lender both are assuming a certain amount of risk. That's life. |
|
dfire351
|
You may be able to collect any equity that has built up. Other than that, the mortgage company doesn't reimburse the money paid in. Just like if you skip out on your car payments, you won't get back what you paid in, you just get your car taken. |
|
RM
|
How is that stealing???
You signed a paper saying "I promise to pay back $XXX to you by 20xx year. If I don't pay, you can keep my house as collateral and for damages and costs associated with my failure to pay."
A mortgage is black and white. You don't pay- they get the house. If you weren't knowledgeable enough to refinance that's not the bank's problem. Most likely your 70K investment was lost because you bought a house that was far too expensive... if you lost that, why would the bank be responsible to reimburse you?
This is an extremely selfish question and selfish approach to finance. I suggest you get yourself educated with some home buyers classes before deciding to buy again. |
|
mary
 |
my house was foreclosed and bank just kept bidding higher so they would get bank back and sold back to my family for $50,000. more who gets the overage |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
21 | 32 minutes(s) ago
| | | |
20 | 3 hour(s) ago
| | | |
21 | 6 hour(s) ago
| | | |
21 | 9 hour(s) ago
| | | |
21 | 10 hour(s) ago
| | | |
21 | 1 day(s) ago
| | | |
21 | 5 day(s) ago
| | | |
21 | 2 week(s) ago
| | | |
21 | 1 month(s) ago
| | | |
22 | 4 month(s) ago
| |
|
Homepage 
Financial
Forum 
Renting & Real Estate 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
