Brandon E asked:


I’m current on my note. This is just a general question. I know about foreclosure for non-payment. I’m asking a hypothetical question. Can a mortgage company arbitrarily call in their home loans anytime they want and for any reason? or under what circumstances can they call in a mortgage loan, other than default?

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j j asked:


When you check your credit score or report it shows that you have so much debt and then it shows available credit you have left if you were to get like a car loan or school loan. So how does a home loan fit into that. Do they go by that available credit or what they expect it to be within the regular 30 year mortgage period?

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Kae B asked:


I am interested in doing some updates to my home totaling about $50K (windows, bath, kitchen and small interior remodel). I haven’t really priced things out so this might be an inflated estimate, but I’m sure it’s in the range.

Given that I don’t have anything near that in the bank, I wondered about a home equity loan. I’ve owned my home for nearly five years and in that time the value has increased quite a bit. i love my neighborhood and the value is only on the rise.

Anyone know when the time is ripe to take a home equity loan ? How much equity should you have in your house? And will the new loan wrap up into your mortgage or be a completely separate payment?

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Sharla asked:


Whats the best place for getting a home loan aside from banks?

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happydawg asked:


I have a Chase credit card, and they have always kept their word and I applied for a fixed home equity line of credit for 4 yrs. The fixed rate is 7.8%. I am not sure if that is good or not
Should I apply at more than 1 bank? Will other banks, loan companies possibly give me a better fixed rate?
My home is paid for. My dad sold it to me for $1 before his death. I only want a fixed rate, not adjustable and asking for $11, 000. for the roof and tuck pointing the chimney and fixing some vents up there.
I desperately need a roof since the house is very, very old. The roof is running water all over the floor.

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bodyC asked:


Ok, this is unconventional - My mom is disabled. Her home was affected by Katrina. Her home is finally fixed. However, during the past two years, she’s accrued close to $100,000 in credit card bills to pay off some of the repairs since a lot the funds from the insurance and the government were not enough. Additionally, since she is disabled and receives little from the government, she has been unable to pay enough or on time. Her interest has gone up to 25-30% on 4 cards. I have good credit. I own a condo. I want to at least help her by getting a home equity loan (basically a second mortgage) even though I want to get a loan in a couple of years to buy a house. She’s considered bankruptcy with Chapter 13 in order to not jeopardize her home, which she paid off with some of the funds received from Katrina. It seems she has no way out; and I **** to be in this situation from my own financial balance. What can be done? She needs serious help; and I don’t want to jeopardize my credit.

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jane asked:


The amount requested for home loans followed the normal distribution with a mean of $70,000 and a standard deviation of $20,000
A. How much is requested on the largest 3 percent of the loans?
B. How much is requested on the smallest 10 percent of the loans?

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Felix D asked:


Hey there,

Lets say for example John Smith takes out a home loan of $500,000 for 30 years at 8.6% per annum.

What does it mean by “… at 8.6% per annum”? Like does he have to pay 8.6% of the 500K each year or somthin?

Cheers, totally clueless about loans

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Jaan S asked:


I got a $350k home equity loan 6 months ago, and the business I was hoping to start making profit turned out otherwise… To make things worse, as it turned out my house had no equity and the loan was issued to me erroneously. Now that I have no money and no equity, what are the consequences? What should I do to lose the least and come out of the situation as soon as possible and with least damages?
Jerrold:
As it turned out the house DIDN’T have equity to begin with, so really, the bank shouldn’t have given me the loan to begin with. It’s not that the house doesn’t have it BECAUSE i took the loan, it’s that it DIDN’T have it and now I also owe another 350 on top of my initial mortgage for SOMEBODY at the loan office THINKING IT DID and making me that offer.

When I was taking the loan, it was clear to me and clear to the bank that the money is to be used for developing a business. However, whoever’s fault it is some businesses fail - so now I’m not in the situation to find the person to blame (be it me or my partners) but in a situation where I have to deal with consequenses. I don’t want you to wave a wand, I want to get some insight as to what are my options to NOT end up in debt after I give the bank back the house.

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jenn asked:


We have Greentree Financial for the loan on our mobile home and we have nothing but trouble. They are very rude and disrespectful. I wanted to know if anyone else was having this trouble with this company.

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