What is the total principal owed on all home mortgages in the us?
2007 US Census
$100,904 (avg. principal owed) X 48,742,000 (owner occupied homes)
Note: 24,885,000 owner occupied have no mortgages
2007 US Census
$100,904 (avg. principal owed) X 48,742,000 (owner occupied homes)
Note: 24,885,000 owner occupied have no mortgages
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Is a 400K-500K mortgage at all possible if you have a FICO of 800 and owe 30K in credit cards and have no cash for a downpayment and are between jobs?
Answer . \nIt would be very difficult to obtain financing of any kinds if you are "in between jobs". However, it may be possible. Contact an experienced broker in your area.
What should you do if you have a second mortgage on your home and you owe 100000 between the 2 mortgages and the house is worth 85000 but you would like to pay off some credit cards?
Answer . \nyou are in upside down then. I am surprised you could have mortgaged for more than the house is worth
Answer . The home belongs to the bank if there is money owed. The person who is to carry out all the wishes (executor) from the parent's will must either use other assets to pay the mortgage off or sell the house and pay the mortgage, keeping any profit. The bank will not clear the debt until it is paid, they will take the house by force if needed.
Can a collection agency place a lien on a home if the mortgage and the deed aren't titled to the person owing the debt?
No. Collection agencies (or any other agency/organization that lends money) cannot place liens on property that is not owned by the debtor. If they could, then what would stop them from placing liens on just anyone's property? In order for them to place a lien on a property, the person must be on title. Of course, there might always be some lawyer out there who might beg to differ and try to take it to court...but then again...if they're willing to take the debtor to court, they can just have a judgment placed against them by the courts.
Answer . \nYes, the charge off designation indicates the mortgage agreement is in default. It is quite possible the lender will proceed with foreclosure action unless the loan can be reaffirmed and the missed payments and penalties brought up to date.
Answer . It is never wise to pay debt with debt. However, if the interest rate is lower on the line of credit you are not creating a problem you are just moving your debt from on instrument to another. A mortgage creates equity, so if you cannot pay the mortgage outright and need to borrow to do it, make sure the line of credit has lower rates.
Can you avoid capital gains taxes on the sale of investment real estate if you use the proceeds to refinance the first mortgage on your principal residence?
\n. \n Answer \n. \n. \nNo. \nYou pretty much would need to "square up" with the tax man for the gain on your investment, when that gain is realized. \nWhat you use the gain for really isn't relevant....and in fact any money you use to purchase (which I guess is what you mean by refinance) your residence is after tax money anyway. The gain on the sale of your primary residence may be given some tax advantages, and that is a law very specifically sculptured for protecting the gains/equity of peoples resideces, (as differentiated to their other investments). \n. \nAlso, simply using gains made somewhere else to lower debt on your house, doesn't change the amount of eventual gain or loss on that property either anyway, just how much is needed to pay of the existing encumbrance. Consider, the amount it appreciated is still the same.\n. \nFinally - if the tax considerations of selling your investment property are of real concern, you should consult someone about doing a qualified Sect. 1031 "Like Kind Exchange". (Avoiding tax is almost always impossible and perhaps illegal, this section of the law allows you to DEFER the tax on the gain of an investment, basically by reinvesting in another item - it can be physically different - like an apartment for an airplane - until the final qualified investment is liquadated. There are many requirments of all types, including reporting, to how it is done and an expert in the field really should be used).
Answer . It is better to use a mortgage broker when purchasing a home. Banks do not require that their loan officers become licenced, they can be tellers one day and loan officers the next. It is like going to a super store when using a mortgage broker, they have so many different options to give you that you will be sure to find one that is the right fit for what you are looking for in a loan. But, when you use a bank you are limited to what that bank can offer as far as loan options, and they tend to give you a higher interest rate, because they don't have a lot of options.
Answer . If you are intending to keep your old home and buy a new home as well, then whether you can get another mortgage would depend on whether you could afford the payments on both mortgages.\n. \nIf you are intending to sell your old home, then the mortgage on that home would disappear when the home closed. Also, getting another mortgage would again depend on your income.
Most mortgages are fully amortizing. Meaning the pay the principal down to 0 over the term. Many today have special payment schedules that allow lower payments originally, even less than the interest due so the principal even grows while your making payments. . On just about any mortgage, the amount of the payment that is principal vs interest changes literally with every payment. You need to refer to an amortization schedule for your specific rate and terms. . Standardly at first virtually the entire payment is interest. The last few years virtually the entire payment is principal.
Answer . No, of course not. Think about it - Principal is the money you borrowed - you didn't pay any income tax on it when you got it. If what your thinking could be - then You loan me a million....and I loan you a million, and when you give it back to me to pay off the loan (in one or 360 payments), and (presumably) I give it back to you...we both get a million dollar deduction? Your no richer or poorer...and neither am I...neither of us had any expense or income.
We are selling our home for 181000 we owe 245000 and are 6 months behind in the mortgage payment The mortgage company has agreeded to a short sale of 181 will we end up with a 1099?
Answer . You posted in the bankruptcy topic but didn't say you were. If you are in BK, and this is part of the process, even if you get a 1099C for Cancellation of Debt (COD), that income is able to be relieved for tax.. If you aren't in BK, the normal answer would be yes, you'll get a 1099C and have taxable income on the COD. BUT, read the financial news, your very topical...right now Congress is passing laws that may allow many people to avoid that, if they meet certain criteria (generally being formulated) and probably had mortgages that were risky, that is, below prime or had escalations in rate or such.
Answer . call the place where you got it financed at and they can tell you
\nTraditional Mortgages are no longer callable. A variety of protection acts by the Federal Government have change mortgage terms.
According to the US Census about 70 percent of homes have a mortgage and 30 percent do not.
The lender will have specific appraisers that they approve and usually the appraisal must be done within 30 days of the loan. That keeps the appraisal current and also avoids conflict of interest between the real estate company (larger loan equals larger commission) and the lender (they don't want to lend more than the home is worth).
\nYes it can, however there may be stipulations to your reverse mortgage contract that would either allow or disallow the pledge of the home. Another factor is the current market value of the home and the banks willingness to sell or to reassign the note on the reverse mortgage. \n. \nJake's Bail Bonds has experience with reverse mortgaged homes and can assist (depending on your circumstances) with most reverse mortgaged homes used for a bail bond.\n. \nJake's Bail Bonds\n(408) 269-0009 office\nwww.BAILBYJAKE.com\n. \nJacob Peters - Jake Peters\nOwner / Agent\nCA Bail Agent 1843427\n. \n. \n . Loved one in jail? Call Jake Now!
Do you have a lien on your home? If a lien is placed on your home, you will not be able to refinance to pay back taxes.
Around 44.4 million This answer is derived from information provided at http://www.chron.com/disp/story.mpl/business/realestate/5985260.html The article claims that a) there are 4,000,000 mortgages considered to be "at risk" b) this represents 9% of the mortages in the U.S. A quick calculations shows that there are 44,444,444 mortgages Obviously this is a very rough estimate
Amortized mortgages follow a sliding scale of interest versus principal. During the early years of a loan, a large percentage of your payment goes to paying down the interest amount, and a very small amount, sometimes only a few dollars, goes to lowering the principal. As the loan ages, the proportion changes the other direction, so in the last few years, virtually every dollar you pay goes to pay off the principal balance. Of course, by then, you've paid many thousands of dollars more in interest. For example, if you get a $200,000 mortgage for thirty years, at five or six percent, by the end of thirty years, you'll have paid over $450,000 in interest alone, if you make every payment on a regular basis. This is one reason why it is sometimes a good idea to pay extra dollars against your principal, if you can, especially early on. For example, if you add a the next month's principal amount to your regular monthly payment, in 15 years you'll be able to pay off a 30 year mortgage. Most mortgage companies will send you an "amortization schedule", which details exactly how much of each monthly payment goes towards principal, and how much goes towards interest. The quicker you pay off the principal, the less interest you have to pay, and that can add up to a hundred thousand dollars or more. _______________________________________________________________ You need to keep track of your Amortization schedule the mortgage companies post and updates after each payment. Make sure your payments states "PRINCIPAL PAYMENT ONLY", then have an attorney ready to file suit of damages. I have been paying $500.00 on the 1st and $500.00 on the 15th of each month from military pay while my wife sends in the normal current payment every month. When the Income tax return came in, I added it to the $500.00 PRINCIPAL PAYMENT ONLY that was sent to the mortgage company. The Mortgage Company ignored PRINCIPAL PAYMENT ONLY, and posted it to current payment. After a total of 72 phone calls from Germany to the Mortgage Company in the United States which is not cheap, and all they say is "YEAH, YEAH, TOO BAD" and don't intend to fix it where now my next due payment is May 2010 and this is February, then it is time for attorney to take the records from the Mortgage Companies own website and take it to court. So since talking does not good, maybe a law suit to 1) Clear the mortgage debts completely and 2) Punitive Damages for several million dollars, the mortgage companies will then start treating people right.
The total stock of mortgages outstanding in the US is about $10 trillion. However, the market value of these mortgages (whether still on banks' balance sheets or securitised and embedded in RMBS (Residential Mortgage Backed Securities)) is in reality lower by $1-1.2 trillion, due to the fact that U.S. homeowners can walk away from their mortgage leaving the lender with "no recourse". In other words, book mortgage value = about $10 trillion, while actual value is more likely $8.8 trillion to $9 trillion, due to losses on foreclosures.. The total stock of mortgages outstanding in the US is about $10 trillion. However, the market value of these mortgages (whether still on banks' balance sheets or securitised and embedded in RMBS (Residential Mortgage Backed Securities)) is in reality lower by $1-1.2 trillion, due to the fact that U.S. homeowners can walk away from their mortgage leaving the lender with "no recourse". In other words, book mortgage value = about $10 trillion, while actual value is more likely $8.8 trillion to $9 trillion, due to losses on foreclosures.
In the United States the overall total outstanding balance on home mortgages is over a trillion dollars.
If bankruptcy judges are authorized to modify principal owed on mortgages on primary residences who determines the current value of the property Does the debtor supply a recent appraisal?
I believe the 'if" you mention is very real...the law and rules on how to handle it have not been finalized. It will certain be applicable to only certain mortgages and situations.. Hence, it's all projection - but it seems reasonable that the court would order an appraisal, or ask both parties to submit ones and see if there is any real dispute. The higher the perceived accuracy of any professional testimony will be considered more reliable. An MAI appraisal (Member of the Appraisal Institute), is always considered highly, especially compared to something like a real estate agent one. something prepared by any involved party will obviously be considered suspect.
A home mortgage is a loan that is secured by property through theuse of a mortgage note that ultimately grants you a mortgage foryour home. You can obtain financing on the purchase of your newhome or any home.
I pay the mortgage on a home that is not in my name. A quit claim was signed to add me on. If the mortgage holder dies does it go to me being that I have made all the mortgage payments to date?
If the quitclaim deed that "added you on" was recorded in the land records then you are an owner. The tenancy on the deed must be recited as joint tenants with the right of survivorship if you want the full ownership to pass to you upon the death of the co-tenant. If the property is held as tenants in common the decedent's interest will pass to their heirs and the estate must be probated.\n. \nIf you are not a record owner then you are paying the mortgage as a volunteer and that does not give you any special rights in the property. If you are not a record owner and the owner dies the estate must be probated for title to the real estate to pass to the heirs at law. If the owner dies testate the property will pass according to the will. If the owner dies intestate the property will pass according to the laws of intestacy in your state. You can check your state at the related question link below.
Yes. The reverse mortgage must however pay off the existing mortgage balance, which means you need some equity to make the qualification work. If there is not enough equity in the home to qualify for a reverse mortgage you may choose to bring in the amount needed to finish paying off the existing mortgage- thus eliminating the mortgage payments for good.
Include the extra payment to your monthly payment and designate onthe payment coupon the amount that is to be applied to principal.If it doesn't have a space for that, it's ok. Any additional amountyou pay will be applied to principal.
Unlikely. however, if I was your bnk manager and I had just read this question, I would be very reluctant to lend you money.
A deferred balance is one possible method for a borrower to modify a loan. This normally would be done if the borrower is struggling with repayments, but there is a strong prospect that the borrower's financial situation will improve in the long term. Lenders typically will not insist that a borrower already be behind on payments before agreeing to such a modification. The other part of the balance effectively becomes an interest-free loan to be paid off as a lump sum at the end of the mortgage term. The effect is that the person's monthly repayments will be lower because the amount of the principal subject to monthly payments has been reduced. Whether he winds up paying more or less overall depends on whether the loan repayment period is extended for so long that even with a reduced balance subject to interest, the total interest charged increases. A borrower who gets a deferred balance should make plans to have the cash on hand to pay off this balance when the loan period ends.
Yes and No. No you don't need a licensed contractor if you are only doing minor repairs like painting a room or putting in new carpet you don't need a licensed contractor to make the repairs.
Some Durable Powers of Attorney grant broad powers including the power to make medical decisions. You would need to review the POA document. If you think an elderly you know is being taken advantage of you should bring it to the attention of the Probate and Family Court. If the court appoints a legal guardian, the POA is extinguished. If your concerns are very serious you should consult with an attorney.
Yes, in very limited circumstances. If the land is completely paid for and has other permanent improvements, it may qualify. I've seen a 10 acre horse training facility in a resort area qualify. Though the mobile home was treated as if it did not exist for appraisal purposes, there was enough value in the guest cottage, barns and outbuildings to issue the reverse mortgage, it took an extremely capable mortgage broker to make it happen.
I'm not sure it's possible to pay additional interest on a mortgage, unless your mortgage company made a mistake and charged you too much. Your interest payment is calculated by your loan servicer, and you technically can't pay EXTRA interest. Any excess money you pay on your loan will go towards the principal, which is always a good idea, if you can afford it.
It means when you finish paying off your house it will be worth less than what you bought it for.
A reverse mortgage has no prepayment penalty, so you can prepay a portion or all of it at any time. Since mortgage interest is deductible in the year you pay it, you can use the reverse mortgage for tax planning making payments in years you need a bigger tax deduction, and making no payments in years you don't need one. You can move at any time, refinance it, or streamline it to a new reverse mortgage.
Why does so much of your mortgage payment go to interest instead of it all just going to the principal and is there anyway around this aside from just paying more to the principal each month?
The reason? That's how the banks make money on mortgages. The only way to pay it sooner is to add something extra every month toward the principal. The reason? That's how the banks make money on mortgages. The only way to pay it sooner is to add something extra every month toward the principal. The reason? That's how the banks make money on mortgages. The only way to pay it sooner is to add something extra every month toward the principal. The reason? That's how the banks make money on mortgages. The only way to pay it sooner is to add something extra every month toward the principal.
If you sell your house for less than owed can that balance be applied to a new homes mortgage without credit damage?
No. Every home loan is secured by a Deed of Trust, which only the lender can release. So if you have a mortgage on the home you want to sell you have to satisfy the loan. This is primarily done by: 1)Paying the loan off on your own or with the sale proceeds 2)Negotitating with the lender for a "short sale" where a less-than-owed amount is accepted as satisfaction for the debt. If option 2 is the way you need to go because of value loss in the home, the process is done with all lenders on the home (if there is more than one mortgage). The first mortgage company releases the Deed of Trust and forgives the deficiency balance upon settlement of the sale. NOTE: Second mortgages may have the right to pursue you for any deficiency in the payoff to them unless the debt is forgiven in writing as part of the short sale agreement. The forgiven debt will be reported to the IRS and you will have to account for it in your taxes . The loan may be reported several ways on your credit, which will determine the short sales impact on your score. Any settled or short-sale mortgages will negatively impact your score. If the loan is NOT reported as short sold or settled, it may not affect your score but you may still be unable to purchase another house for some time. Most mortgage companies require a copy of the HUD-1 settlement statement from any recent home sales to verify that the sale amount matches the mortgage balance, which in the case of a short sale, it won't. US- Mortgage Forgiveness Debt Relief Act of 2007 The amount of the forgiven debt for the deficiency on a primary residence is also forgiven for federal tax purposes. There may be state taxes owed. You can read more about it at the related link below.
With most home mortgages you can make additional payments without a penalty. In fact making one extra payment a year can reduce a 30 year mortgage to around 21 years.
U.S. Bank home mortgage interest rates vary on a case by case basis. The factors may be your individual credit score, current income, employment status, Federal home mortgage interest rates, etc.
mortgage rates are only affected by the government if they are a tracker mortgage. tracker mortgage can be a good option if you get lucky and the national banks flat lending rate falls
You can reduce the principal by making extra payments toward the principal each payment cycle. Ask your lender how best to do it and make certain the amount is deducted from the principal. You can reduce the principal by making extra payments toward the principal each payment cycle. Ask your lender how best to do it and make certain the amount is deducted from the principal. You can reduce the principal by making extra payments toward the principal each payment cycle. Ask your lender how best to do it and make certain the amount is deducted from the principal. You can reduce the principal by making extra payments toward the principal each payment cycle. Ask your lender how best to do it and make certain the amount is deducted from the principal.
A home mortgage calculator would definitely be a very advantageous thing to use, as it would make things a lot easier. The calculations would be less difficult for you to figure out. Things would get done faster and more efficiently.
I don't think any bank would risk it. If you can't pay as it is how would you be able to pay even more when you add the cost for the mortgage? The bank would see it as they would end up with your house and they don't want houses, they want money. They would probably recommend you sell the house and move to something smaller. As the economy is today and the house market, the last thing they want is someone's house and if you can't pay that is what they'll get. If I were you I would make an appointment with a financial advisor at your bank to sort everything out. When the arrearage exceeds the applicable threshold, States routinely notify the credit bureaus. This often results in a lowered credit rating, which might lead to denial of a mortgage.
The value of a HOME, that has no mortgage has the same Real Estate market value as one which does have a MTG. The value is assessed by the market conditions at any given time. The most recent 30-90 day sold properties in the same subdivision with similar qualities would provide a current value to all the homes and not just those that are free and clear of a Mtg. An appraiser would give the same Real Estate value to a home with or without a Mortgage attached.
Is it legal for a bank to take a portion of a check you sent them for the principal of your mortgage only payment and use it for future payments and interest for themselves?
It depends on your mortgage contract and other details. If you owe interest it can usually take that from a check you sent for principal only. You should review the documents you signed at the closing carefully for any section that deals with making payments toward the principal outside of regular payments. It depends on your mortgage contract and other details. If you owe interest it can usually take that from a check you sent for principal only. You should review the documents you signed at the closing carefully for any section that deals with making payments toward the principal outside of regular payments. It depends on your mortgage contract and other details. If you owe interest it can usually take that from a check you sent for principal only. You should review the documents you signed at the closing carefully for any section that deals with making payments toward the principal outside of regular payments. It depends on your mortgage contract and other details. If you owe interest it can usually take that from a check you sent for principal only. You should review the documents you signed at the closing carefully for any section that deals with making payments toward the principal outside of regular payments.
Yes. "People with a second mortgage who are facing foreclosure should go to bankruptcy to get rid of the unsecured second-mortgage note," she said. "They should do it as soon as they're foreclosed upon, because that's when they're at rock-bottom, not when they've started to rebuild (their finances)."
Anything you pay over your monthly payment goes right to principal. So pay a little extra every month and you will reduce the principal amount. You could also refinance your first and second into one, and pay what you pay between the 2 now assuming your payment would be lower.
Some of the things a person would need to qualify for a US Bank home mortgage would be a good income and a good credit rating. Some of the other things that may be needed would be job stability as well as having lived in the same place for quite a while.
The average United States home mortgage will depend on the location, age and size of the house. In February 2013, the average house in the United States cost $152,000. As for the actual mortgage rate, that will depend on the length and type of mortgage one gets. On average, a 30 year fixed rate would be about 4.2%.
Some home buyers benefit from using a home mortgage broker because the broker is able to access many different sources of home loans. This is especially advantageous for the prospective buyer who is wise enough to shop for a broker who is able to fund the loan at closing and then sell the loan later.