My loan was with Bank of America. Answer: Bank of America decided they needed additional money to lend, therefore they bundled a lot of mortgages they had to include yours and sold them to Fannie Mae, an agency formed by the federal government to purchase such mortgages. Bank of American might still service the mortgage …
Tag Archive: money
If I foreclose on a rental property, can a mortgage company come after my other home?
if I currently own a home, and rent it out, then purchase another home to live in, and after a year the renters move out, and I can’t make the payments, and am forced to foreclose on my rental, can the mortgage company come after my new home? I live in MD. Answer: Yes, if …
How does two party check work made out to home owner and mortgage company for home repairs needed?
Any help on how it works and how homeowner gets money to pay repairs if both are on check. And what happens to additional money if not all money is needed on repairs Answer: call your mortgage company and ask them how they’d like to handle the situation. it may be that they’ll open a …
Can someone please tell me the difference between a 2nd mortgage, home equity loan and refinancing?
Answer: Yes. Home Equity Loans are more like credit cards and affect your credit that way. They are also almost exclusively adjustable rates. HELOC’s are generally available “for free” from most major banks. Know why it’s free? Because they are going to make a TON of money from you as long as you have the …
Should I use my extra money to invest or to pay off my home mortgage?
Answer: Most likely invest. Especially if you can do it in a tax-free vehicle like a 401-k or IRA. The key element is the tax effect. Interest on the home returns cash from the tax man. When you factor this in the effective interest on your home is probably a lot less than the expected …
How or where can I go to sell my flood damaged home to get out of a mortgage?
We lived in upstate Ny in June 06′ our town had a major flood, My house had 14 ft of water inside… We didnt get any help from FEMA to rebuild. In Aug we had to move to Pa due job change. We still owe the banks alot of money We bought the home in …
How much equity does someone have to have in their home in order to qualify for a reverse mortgage?
My elderly family member owns a home (paid it off years ago) but now has a line of credit against the house for 100K. I am concerned that this member of my family is running out of money and will need a reverse mortgage in the next year or two as they will require an …
Is it better to pay your home taxes & insurance yourself or let the mortgage pay it?
Right now our home taxes & insurance are spread out through each month. Would it save any money if we just pay it ourselves each year instead of spreading it through the mortgage? I know it would obviously lower our monthly payments but I mean is there any other way it would be better. I’m …
How to qualify for a Home mortgage?
Answer: so first of all, you need to have some money for the down payment. There are some zero down payment loan but you need to have excellent credit score. so you will need to have at least 5% for down payment You will need to have two years of steady employment, if you change …
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