What do think the Mortgage Lenders and the Government will do about the rising defaults and foreclosures?

Question by ricknasty: What do think the Mortgage Lenders and the Government will do about the rising defaults and foreclosures?
They have to do something about this otherwise more defaults are going to happen. Do you think they are going to create some breaks on bonding financing, such as lowering rates and offering 50 year fixed loans, so many people are able to afford the payments. Or are they just going to let more borrowers go into foreclosure? If this continues to happen, we may see a depression coming in the near future.

Best answer:

Answer by bob
I dont think its as bad as the news makes it out to be.If everybody had to sell tommorrow, yes, but most people are not in that predicament…just beetle on and enjoy the house for a few years.I compared a 40 yr to my conventional 30 yr mortgage, and it only saved me 20 bucks a month, which was hardly worth the effort….i wouldnt consider any increased length mortgage unless the payment went down 100/150/200 buck.I did hear today that many of the reputable mortgage lenders are temporarily reducing their interest to %, if the buyer needs a little breathing room, rather than foreclosing.I don’t think the “goverment” needs to do anything, they will just mess things up…the market will correct itself….the period of 2001-2005 was not normal.

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How Lender’s Set Mortgage Rates Part II

www.myfirsthomenewsletter.com Ever wonder how lender’s come up with the rates they do? You can stop wondering, cause I’m going to tell you how. We all answer to a higher mortgage rate power, namely the secondary market. The secondary market is where Fannie Mae, Freddie Mac, and other mortgage lenders ply their trade. These government founded agencies purchase the loans that lenders make, then either hold them in their portfolios, or bundle them with other loans into mortgage-backed securities. How Lender’s Set Mortgage Rates Part II Video contains royalty-free music of Kevin MacLeod (incompetech.com), commissioned by Creative Common Attribution 3.. creativecommons.org
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What types of positive credit are mortgage lenders looking for?

Question by emilydianemiller: What types of positive credit are mortgage lenders looking for?
My hubby and I are working on improving our credit to become homeowners. Once I was told you needed to have a good mix of credit on your report to show you are responsible in all areas. We have two car loans, several student loans, and various other items.We don’t have any credit cards, don’t really have a need for them. But everything I hear says you should have some revolving credit to show responsibility. I don’t want to get a credit card just for the sake of having one unless absolutely necessary. Anyone with mortgage approval know anything about this?

Best answer:

Answer by Tiffany
I have been approved for several mortgages. No one has ever state that you need revolving credit, but I did read that it was needed. I got a credit card with a real high throttle, simply to show responsibility. I have never used the credit card, so maybe you should consider applying for an imputing card and restricting its use.

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How do you get out of a bad mortgage lenders grasp?

Question by lasm443: How do you get out of a bad mortgage lenders grasp?
Have lived in home, 15 years, some deferred payments when cheated lost occurred 4 years agone, unable to refinance{we really do not want to} but we are quietening paying mortgage, but receiving harassing calls daily after a payment is made. Mortgage holder is HSBC Beneficial. Please advise!We’ve also asked about modifying the loan, the we have been denied.

Best answer:

Answer by loanmasterone
There is no way you can just select and change lenders because of problems. Some mortgage lenders are more aggressive about monthly mortgage payments being late and will doing telephone calls inquiring as to why.Even if you was successful at getting a refinance through another lender, with the way the mortgage industry is and the way it is set up. You could wind up with the same lender once again because your bonded would be sold the very same day it closed.You may not select the company that purchase your mortgage note.I hope this has been of some benefit to you, good luck.”FIGHT ON”

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Q&A: what mortgage lenders are most flexible in cincinnati ohio?

Question by : what mortgage lenders are most flexible in cincinnati ohio?
My mother is on a fixed income of only 610 per month on top of that she has a credit score of only 560 she lives in a mobile home that is very dangerous , mold, electrical problems, holes, etc. She wants a home of here own but doesn’t think there is any mortgage company willing to work with her. Most of her credit problems are from hospitals. Is there any Mortgage companies that are willing to work with her on getting just a 30000 loan for a house that has been foreclosed?

Best answer:

Answer by Use Your Noodle
NoShe doesn’t have enough income to qualify for a 30k loan. Add to that her bad credit rating, and she behind the 8 ball before she even has a chance to fill out loan papers. Just because someone *wants* a home of their own doesn’t mean they are entitled to one or that some bank should be flexible. The chances that your mother would default would be high. Also, the way you are putting it, it sounds as if you think banks are eager or hard up enough that they would put people who could not qualify for a mortgage into a foreclosed home. Putting people into a home they couldn’t afford was the reason why they now have a foreclosed home on their hands to sell. Trust me, they don’t want to be burned again. If your mothers place is not safe to live in and she is renting, she needs to either get the landlord to fix the issues, or find another place to live.

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