My mother-in-laws two sons living in her home are heroin users, she has applied for a reverse mortgage, if her house is confiscated by the federal government, who pays off this loan to the finance company? Answer: Your mother-in-law will be sued by the mortgage company for the amount of the loan. She’ll be paying …
Tag Archive: paying
Should I take out a home-equity line of credit to pay down my mortgage to eliminate PMI?
My husband and I are currently paying PMI (Private Mortgage Insurance) on our mortgage. (We have no second mortgages.) I know we need twenty percent equity in order to eliminate PMI, but I don’t think we’re quite there. Is taking out a home-equity line of credit to pay down the mortage a good idea? I …
Should I take out from my home equity line of credit to pay off my mortgage?
Mortgage interest rate is 5.625%. My home equity line of credit is just 2.75%. I have enough credit to cover the balance of my mortgage, and will certainly pay it off either way within the 10 year requirement. What are the ramifications? Am I missing anything? Answer: 1. Is the equity line a fixed rate …
does anyone know how a accelerated home loan mortgage work?
I was told that I have everything put into my bank account and as my direct deposit is deposited it will reduce the principal thus making the interest lower Answer: Instead of making a payment monthly, some plans will set it up to pull 1/2 of your payment every other week. What does this do …
What percentage of your monthly take-home income do you pay for rent/mortgage?
I’ve heard that your rent/mortgage should be 25% of your take home income……I can only wish for that living in Southern California; my rent is 0 (but it includes utilities also) and I bring home about 00 a month….so I’m paying 37.5% of my income on rent. Answer: visit daveramsey.com to learn ur hard lessons …
Home mortgage, what’s better? paying down the principal, or putting money in escrow?
I’ve been paying a couple of hundred extra on the principal to get the balance down. Is there any advantage to putting money in escrow? Could I do both? I have a chance to throw extra cash at my mortgage, how should I do it? Answer: Hi, The only advantage with adding to escrow is …
Is it legal for a mortgage holding company to sell your home without your knowledge?
They sold my home after i have been paying on it for 5 years. 6 months ago did a home modification through the Obama home affordability program. One week prior to the home selling got a letter in the mail saying the home modification was denied after i had been paying the new amount detailed …
Boyfriend stop paying second mortgage, and now they are trying to take home what can I do, first mortgage paid
I pay first mortgage on time and taxes on time so how can I keep my home . Answer: Mrs Power, The basic right of the second trust deed holder is to acquire the property subject only to the superior rights of the first trust deed holder. You will have to refinance your 2nd. trust …
Are responsible home owners that pay the mortgage on time being punished?
I find it sad that people are losing their homes, but at the same time find it a little ridiculous. Home owners who pay their mortgages on time are stuck with that interest rate/payment. Where as irresponsible consumers who got in over their head get relief. Does this mean good people, that bought homes and …
is there any different between paying home mortgage weekly and biweekly?
Answer: If you are planning to pay off the mortgage quickly and save on interest I think it’s a good idea. If you’re on an adjustable rate mortgage then interest is calculated daily, so if you pay weekly more is going into the mortgage, which means, until the interest is calculated on the 1st of …
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