Net Worth December 2008

Finally, I'm wrapping up my 2008 numbers! Today I'll tackle net worth, and I'll post expense and income numbers tomorrow ... to have no debt other than my mortgage-- I had a little more outstanding on my credit card at the end ... growing as I pay down the mortgage-- this assumes that the market value of my home has stayed the same [more...]

Date: 2009-01-12 14:26:33

Blog posts (617) | Videos (433)
 

Rain City Mortgage Rates

Just a reminder that next Thursday is Thanksgiving and banks will be closed.  Our office will be closed until Monday, December 1, 2008 ... a mortgage with loan amounts of $417,001-$567,500 by the end of the year, please check ... that segment in advance of new loan limits.  It’s an odd limbo time for lenders as they try to wrap [more...]

Date: 2008-11-21 22:37:18

Home Mortgage Calculators are Helpful In Planning Your Home Purchase

When you have finally decided to take that plunge into home ownership, ... and for your property taxes as these are bills that cannot be let go of and should never run behind. Generally, loan ... . By using home mortgage calculators different scenarios can be entered to determine the best financing [more...]

Date: 2009-01-12 20:51:04

Mortgage cram-downs - I find them hard to swallow

Here’s a real estate term that appears to be gaining popularity its called “mortgage cram-downs ... modifies a loan, often reducing principal so a borrower can afford it. Lenders hate it because they have to absorb the loss. Bankruptcy judges currently have the ability to modify certain personal loans [more...]

Date: 2009-01-08 16:24:50

Don’t Raid Your 401(k) to Make Mortgage Payments

What’s worse than not being able to make your mortgage payments? How about tapping into retirement savings to make ends meet? ... out a home equity loan. “People had wiggle room by borrowing on their houses, and it just isn’ ... that if you’re really desperate to use the money in your 401(k), you’re better off taking a loan [more...]

Date: 2008-06-04 20:00:54

FedMod.com: Loan Mod Scammers Advertising On Network TV? [Scams]

Matt at SteadFastFinances tipped me off to a possible loan-modification scam running ads on network TV ... , and inability to obtain refunds. Customers complain they paid this company to obtain mortgage loan ... just dodges your calls, never actually doing anything to modify their mortgage. When you try to escalate [more...]

Date: 2009-01-14 16:35:51

Is Now The Opportunity For You To Review Your Mortgage In Return For A Fixed Rate Mortgage?

As we are seeing base lending rates plummeting to an all time low, ... mortgage loan rates, what exactly are all of these different types of mortgages available [more...]

Date: 2009-01-15 22:01:05

HOW TO HELP PEOPLE WHOSE HOME VALUES ARE UNDERWATER

The more than 12 million homeowners with mortgage debt have an incentive to default because mortgages are generally "no-recourse" ... or income to make up the difference between the unpaid loan balance and the lower value of the house ... up about $27,000 of potentially uncollectible debt but would avoid the extra loss of value that comes with selling [more...]

Date: 2008-11-19 14:59:56

Learn More About Refinance Mortgage Loan

by John Bear Everyone knows that comparing lenders can help you find the best refinancing deal, but those numbers can get confusing, especially when you are comparing lenders. You should investigate rates, fees, and points. Remember too that just because a mortgage company has the lowest rates, it doesn’t mean [more...]

Date: 2009-01-15 00:14:51

FHA Mortgage Insurance Fund Down 40%

Mortgage Law Central reports today on FHA’s Oversight Capability.  The House Committee on Financial Services held a hearing to look into the recent Business Week story alleging that predatory lenders are alive and well originating FHA loans. The committee listened to testimony from HUD on the approval process for FHA lenders, [more...]

Date: 2009-01-14 22:30:06

One Million Use Credit Cards for Mortgage or Rent - UK

According to housing and homelessness charity Shelter, about 85% of the UK’s £1.4 trillion personal debt is secured against property. The good thing with secured debts, of course, is that they normally come with a lower APR (Annual Percentage Rate) than unsecured debts. Nonetheless, a mortgage is by far the biggest debt most [more...]

Date: 2009-01-15 18:34:40

Subprime Loans

Subprime loans are probably the one thing that we can put a finger on that has led us to this mortgage disaster ... to individuals who had credit scores well below 680.  It was almost as if these subprime lenders were willing to give anyone over the age of 18 with a beating heart a mortgage loan.  Sadly [more...]

Date: 2009-01-15 02:59:14

Refinance Mortgage Loan Guide

by John Bear Everyone knows that comparing lenders can help you find the best refinancing deal, but those numbers can get confusing, especially when you are comparing lenders. You should investigate rates, fees, and points. Remember too that just because a mortgage company has the lowest rates, it doesn’t mean [more...]

Date: 2009-01-15 00:23:29

A Fool's Errand: Stabilizing House Prices

Yesterday there was a news article on MSNBC that claimed 1 in 6 now owe more on their mortgage then their property is worth ... for borrowers in financial trouble to refinance or sell their homes and pay off their mortgage if their debt ... to Zillow the median household income in the area is about $46,000 while the median home price [more...]

Date: 2008-10-09 07:36:00

Why a Mortgage Professional Beats a Banker Every Time — The Story Tells It All

The best way to explain why a mortgage professional is always better than a banker is to use an anecdote ... to you) that included plenty of hassles over paperwork, they agreed on a loan for their new home ... - they decided to apply for a bridge loan (more on bridge loans later). This would take the equity [more...]

Date: 2009-01-15 18:28:01

Mr Mortgage Loan Mod Survey - I Would Appreciate Your Assistance

I need a favor from all of my mortgage broker and home owner friends out there ... done the right way.  I have swung completely over to this side of the fence as regulators, law makers ... is fully re-underwritten using present income and debt levels, prudent 28/36 debt-to-income ratios [more...]

Date: 2009-01-03 16:03:10

Federal Home Loan Bank of Seattle Suspends Dividend

The FHLBs are probably about to become a huge story. From Bloomberg: Seattle FHLB Likely Short of Capital on Mortgage Debt (hat tip Brian) ... and “excess” stock repurchases, after the declining value of mortgage bonds likely led ... with the U.S. Securities and Exchange Commission today. ... The FHLB system has $1.25 trillion of debt, making [more...]

Date: 2009-01-13 16:19:46

Two Questions for SAM

Andrew Caplin et al. propose a way to stop home foreclosures:The way to do so is through the shared appreciation mortgage, or SAM ... of their mortgage debt, but at the same time, they are required to share future appreciation gains with those ... get "just compensation" for losses that resulted because Congress crammed down an equity-for-debt swap? If [more...]

Date: 2008-10-29 07:44:00

How Did We Get Into This Mess?

A close examination of our current financial morass shows that bad policy (or a lack of policy) on energy efficiency accounts for a surprisingly large part of the problem, and remedying ... is mortgage defaults. This problem is linked to energy policy in two ways. First, the mortgages [more...]

Date: 2008-12-19 20:39:20

Stop Home Foreclosure Now By Applying These Steps

High foreclosure rates are a sad measure of the condition of our economy ... . Credit Card companies will often reduce your minimum monthly payment. Mortgage lenders can make a loan modification that can make your mortgage terms more affordable. Find a foreclosure specialist [more...]

Date: 2009-01-12 09:34:41

Some more thoughts on how to fix the housing crisis

Here is the smartest thing I've read yet about how to stabilize the housing market through loan modifications ... parts: 1) Loan servicers don't have the right economic incentives to modify loans, even ... percent of all mortgage payments made by borrowers, with a cap for each mortgage of $60 per month [more...]

Date: 2009-01-15 14:18:48

Lennar sues ex-con who questions O.C. exec’s mortgage

Jaffe (Register photo) Lennar Corp. said today it added an ex-con who became a fraud detective to an existing federal lawsuit, ... since it comes on top of about $5 million in existing debt on the property. He intimates that the loan could be a “disguised kick-back” by mortgage broker Robert Venneri, possibly because Lennar [more...]

Date: 2009-01-15 01:56:17

Which is the Right Way to Cash Out of Reverse Mortgage

by Mulroony Vanrock I had an senior reverse mortgage prospect contact me last Tuesday ... is a very popular choice. Another important point to note about the line of credit is money sitting in the line of credit is accruing interest for the borrower’s favor thus increasing borrowing power over [more...]

Date: 2009-01-16 02:51:06

Beware of fake mortgage ‘fixers’

Beware of fake mortgage ‘fixers’ In the housing market collapse, a new breed of rip-off artist has emerged, ... . Help! My post-divorce debt is killing me! Fuel Posted By : Steven G When it comes to business and finance there is a big problem with the ethics of the men and women behind big oil and the government [more...]

Date: 2009-01-15 23:19:09

Mortgage rates slide under 5%

Rates on 30-year fixed-rate loans fell across the country for the week ended Thursday to an average of 4 ... Altman, a partner with WestCal Mortgage Corp. in Orange, said homebuyers with good credit and a 20% down ... brokers; could lay off 100 Bad bank assets must be dealt with, Fed chief says O.C. distressed homes [more...]

Date: 2009-01-15 22:02:07

Should I Pay Down My Mortgage FASTER ???

Homeowners who find themselves with extra cash may be considering paying down their mortgage. While this can help some people in certain situations, like seniors close to retirement age ... interest rates, to use extra money to pay down high-interest debt and build up an emergency fund. [more...]

Date: 2009-01-16 02:36:39

Loan Modifications Reamortize, Don’t Affect Fixed Rates

I just got off the phone with Patty at BB&T Mortgage, who walked through all the options I had with them with regards to my mortgage. She was extremely courteous and explained everything in great detail, great loan officer. The one big bit of advice I learned was that a loan modification isn’t what I thought it was. Loan [more...]

Date: 2008-12-22 17:08:36

Sacramento Mortgage Delinquency Rate Approaches 7%

From the Sacramento Bee: 6.8 percent...of residential mortgages in El Dorado, Placer, ... one of the lucky ones who got out. While we had no debt on our home except the original mortgage [more...]

Date: 2008-12-04 22:21:40

30-Year Mortgage Rate Falls Below 5%

Just when you thought mortgage rates couldn’t get any lower, they did ... guides on how much you should spend on a home and the basics of home equity loans and lines ... their credit might not be up to par, but they might lack sufficient home equity. The “underwater” problem [more...]

Date: 2009-01-15 09:49:00

Mortgage Mania 26 - …And Henry Giveth Again

You would have to be living under a rock to have missed this today, so here is a newsflash for all you subterranian dwellers ... up mortgage assets, consumer credit card debt and car loans. In his article, “Fed bets $800 billion ... securities backed by auto loan and credit card debt. Hmmm, let me see if I get this straight [more...]

Date: 2008-11-26 04:30:52

Who is to Blame for the Mortgage and Foreclosure Mess?

Who is to Blame for the Mortgage and Foreclosure Mess? November 15th, 2008 By BRIDGET MAGNUS ... they had to take out second mortgages or equity lines of credit to pay the bills. This left them [more...]

Date: 2008-11-15 21:13:17

Good Time To Ask About Refinancing Your Mortgage: I Might Save $50,000!

With the rate drop yesterday, mortgage rates are at amazing lows. People in the office are bragging about locking in 4 ... that you’ll be holding the loan longer than that. Here are two breakeven calculators: one and two ... . (Especially if you have a good credit score and a loan-to-value ratio below 90%.) My favorite source [more...]

Date: 2008-12-18 11:53:02

Policy makes take aim at inflated appraisals

By Les Christie CNNMoney.com NEW YORK (CNNMoney.com) ... was that appraisers, pressured by loan officers and mortgage brokers, kept hyping home values. Not only did homebuyers wind up paying more, but the exotic mortgage products they needed to finance [more...]

Date: 2009-01-14 11:38:44

Refis

On the eve of the closing for my refinancing, I notice this from the W$J: ... ). Now I understand why: Only about a third of U.S. mortgage debt outstanding is likely to qualify ... Interest rates on fixed-rate mortgage loans for prime borrowers have fallen to below [more...]

Date: 2009-01-15 16:42:15

Anatomy of a Mall Empire

Talk about maturity mismatch, buried inside the Journal’s story about the fall of the Bucksbaum mall empire, General Growth, ... of new debt-trading markets. In the mid-1990s, lenders started slicing up commercial mortgages and selling them to multiple investors as bonds. The boom in trading made mortgage-backed debt much [more...]

Date: 2008-12-09 16:05:39

How Much House You Can Afford?

More than one reader has emailed me in the last month asking how much house I thought they could afford in our sinking ... with some numbers in DinkyTown.net’s Mortgage Loan Calculator (PITI). Playing with the numbers, I found a monthly payment of $1,286.08 given these assumptions: Mortgage loan amount of $150,000 30 year [more...]

Date: 2008-09-22 16:26:21

“Modern Debt Peonage”? Economic Democracy Is Turning Into a Financial Oligarchy

Dandelion Salad By Mike Whitney 09/08/08 “ICH“ An interview with Michael Hudson, ... the companies’ debt. To some extent it also will protect their preferred shares, which Morgan-Chase ... their $5.3 trillion in mortgage-backed debt that you mention, and the $11 trillion overall U.S. mortgage [more...]

Date: 2008-09-08 23:57:38

Mortgage Refinance Loans Tips

by John Bear If you are already in the process of refinancing your home mortgage loan, ... and tolerance for risk. Here are several tips to help you select the right type for mortgage [more...]

Date: 2009-01-15 20:04:46

Mortgage bankruptcy reform may speed losses

A change in bankruptcy laws to allow judges to reduce the mortgages of consumers would probably boost filings, accelerating lenders’ losses on home-equity, automobile and credit-card loans, according to Keefe ... harmed may benefit in some ways, the Keefe, Bruyette analysts wrote. Credit-card companies [more...]

Date: 2009-01-13 08:30:01

Senior Loan Officer sentenced in Mortgage Fraud scheme

US Attorney’s Office FOR FURTHER INFORMATION CONTACT AUSA VICKIE E. LEDUC or MARCIA MURPHY at 410-209-4885 September 21, 2009 FOR IMMEDIATE RELEASE http://www.usdoj.gov/usao/md SENIOR LOAN OFFICER SENTENCED IN MORTGAGE FRAUD SCHEME THAT TARGETED VICTIMS THROUGH LOCAL TV ADS Greenbelt, Maryland – U.S. District Judge Deborah K. [more...]

Date: 2009-09-22 15:30:35

10 big secrets of online retailers

10 big secrets of online retailers Listen to the insiders: Free shipping isn’t really free ... more flexibility on tax liens, home equity and other issues. Editorial Statistics Can your Mortgage ... reviews? Forget ‘em. Mortgage Loan Basics: Interest Only Loans, Pay Option ARM Posted By : rateempire [more...]

Date: 2009-01-15 17:19:14

Deadbeats = Deadbeats

We've been told that the reason we have all the defaults on these mortgages to poor people is because of predatory lenders who didn't explain to these bonerheads how their adjustable rate mortgages worked and that the interest rates would rise. So here's an easy fix [more...]

Date: 2008-12-11 20:30:07

EuroDollar Futures Selling Off

A: Taking a step back from Manhattan real estate for a moment, I want to point something out ... to accurately hedge LIBOR swaps and other market instruments such as mortgage market debt. The correlation with mortgage market debt is extremely high, higher [more...]

Date: 2009-01-14 16:02:25

links for 2008-12-26

In Hard Times, Houses of God Turn to Chapter 11 in Book of Bankruptcy - WSJ.com Church Mortgage & Loan Corp. of Maitland, Fla ... $18 million it owes, says company lawyer Elizabeth Green. Church Mortgage filed for Chapter 11 ... to Getting Out of Debt 9. Tools for a Frugal Life 10. Resources The *Official* Guitar [more...]

Date: 2008-12-27 07:01:05

The deregulation and free markets myth

Walter E. Williams destroys the liberal's claim that deregulation and free markets caused the financial meltdown: News media people, ... Times article, "Fannie Mae Eases Credit To Aid Mortgage Lending" (Sept. 30, 1999), reported, "Fannie ... from the Clinton administration to expand mortgage loans among low and moderate income people. … [more...]

Date: 2009-01-15 13:28:18

Mortgage Pariahs

Mortgage Pariahs Remember the controversial story a few months ago, ... more and more debt that they never pay off. A recent article in the NYT highlighted how this once ... to pay less than the interest due on their loan each month, resulting in their never actually paying [more...]

Date: 2009-01-09 01:04:12

bad credit 2nd mortgage

If you are in need of a second mortgage, don’t let bad credit stop you from applying for a loan. Bad credit is a very common problem and lenders have become much more lenient when it comes ... with a bad credit can help you to pay the huge amount of your debt and save extra money for expenditures [more...]

Date: 2009-01-14 04:43:23

Those struggling with mortgages "have to prepare a budget"

The Council of Mortgage Lenders (CML) has revealed a 21 per cent rise in the number of houses being repossessed, ... ) is keen to address. A spokesperson for the CCCS, Frances Walker, has said callers to their helpline ... people struggling with debt should prepare a budget and seek professional advice. The CML said 27,100 [more...]

Date: 2008-07-17 11:52:05

Refinance Breakeven & 4.5% Fixed Mortgages

The Treasury Department is working on a plan that would lower interest rates on 30-year fixed mortgages to 4.50% APY ... calculator (assuming only 1% for closing costs, which matches some quotes online) and the results were good. After eight months, the money saved on my lowered monthly payment would exceed the closing [more...]

Date: 2008-12-15 12:05:07

Wednesday.

Since mortgage rates are now more than 1% below my mortgage rate (of 6%), I’ve been looking to possibly refinance ... refinances. Transfer Rates/Recordation Taxes for DC, VA & MD First off, my condo closed at more than ... , cheaper condo fees, cheaper yearly real estate taxes, $280k loan versus a $342k loan, a big ass gym [more...]

Date: 2009-01-14 17:54:33

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