Can someone please explain to me how Bank of America is allowed to operates with our money?

Dec 312011
 

About three years ago, I refinanced my parents’ home, partially for a better interest rate, but also to get away from the practices of Bank of America.
Approximately two months ago BOA, bought-up my mortgage company, and I am once again back to the forces of evil.
Then I read this article in the LA Times;

http://www.latimes.com/business/la-fi-bank-america17-2009oct17,0,4906039.story

The “convince” fees alone have made me start shopping again.

Can someone please tell me why we would allow a company to operate like this? The government, ok, maybe, but a taxpayer financed Privet Company?

How can I lower my new mortgage payment without refinancing? HELP!?

Dec 302011
 

I just got a statement in the mail that my property taxes were short approx. $ 3,000 for the year AND my taxes went up so the company which holds my mortgage has raised my mortgage payment up $ 500 starting in Feb. 08 to cover the back due taxes as well as the new escrow amount…one option they are giving me is to pay the past due taxes and my mortgage will only go up $ 250 to cover the new amount needed for escrow…either way wether my new mortgage payment is $ 1880 or $ 1630, I am budgeted and used to paying $ 1380…any increase is going to affect my finances big time and I am afraid of losing my home, what do I do? I am going to pay the past due taxes with a credit card but still I will have that debt to pay just on a credit card. Is it possible for the lender to lower my interest rate without refinancing so my payment will be more affordable? I’m sure lenders dont want another forclosure..please give me some advice on what to do
Oh and I forgot to mention that I do not have equity in my home..I bought my home last year in 06 for a great price at the time..since then the builder who sold me my home is selling the same model for $ 40,000 less..

Using land to finance a house?

Dec 302011
 

If I own a parcel of land, and wish to purchase a new mobile home to put on that land, can I use that land to finance the purchase of the mobile home? If this is possible, does the lender (mortgage company, or whatever) then hold the full value of the property until the loan is paid in full, or do they maintain a lein on the land for the borrowed value? Also (pending whether or not this is possible in the first place), would this scenario help to lower the interest rate on the mortgage?

Does APR affect my monthly payment on a mortgage loan?

Dec 262011
 

I know that APR is higher than simple interest rate, becuase they add cost of borrowing, etc. What I am not sure about is, how do they calculate APR. Secondly, does a higher APR means higher montly payment? Or is it just higher upfront cost. Is the PMI included in the APR math?

Please give an example, comparing 2 different loans with same simple rate, but differnet APR. Thanks

What is the difference between the interest rate and the annual percentage rate when dealing with mortgages?

Dec 242011
 

For example, the financing company that I am currently looking at have this set up as the current Rates:

Program-Rate-APR
30 Year Fixed-6.500%-6.563%
20 Year Fixed-6.375%-6.457%
15 Year Fixed-6.125%-6.227%

I don’t understand why there are 2 sets of percentages.
PLEASE HELP!

Can I offer owner financing on my house if I still have a large mortgage on it?

Dec 222011
 

I need to sell my house and owe $ 200K. I found a buyer who is willing to put down $ 10K and pay me $ 235K for the house with monthly payments of $ 1,650. I need help figuring out interest rate, amortization, etc. This will cover my current mortgage, taxes and insurance. What is the best way to write this contract up? Does a title company do it as well as an attorney? Will there be closing costs – which ones? I guess I have to carry the morgage for 30 years unless they can refinance earlier (they have poor credit due to medical bills now). At this point, I am just glad to not have to pay the monthly payments and have one less property to take care of. I am just not sure how to make this all legal and fair to me and the buyer.

HELP! Can I get my deposit back for a home I am buying? Can’t get financing anymore!!!!!?

Dec 202011
 

A few weeks ago I got “approved” by a mortgage company that would help me finance the home I am buying. They “approved” me at a good interest rate and at 5% down towards the home I am buying. In the sales contract of the house I am buying, my agent told me he wrote I would be coming down with 5% down payment but now all of a sudden the mortgage company says I need 10% down now and I don’t have that kind of money! I need help and my real estate agent says I cant get my deposit back! Is this true? How can I get my $ 2,500 deposit back???? This isn’t fair! I can’t come in with 10% down and I clearly stated in the purchase contract that I could only come in with 5% down payment, not the 10% down payment that the mortgage company is now demanding….. isn’t there anything I can do?

My credit had 4 hard hits by one company in 26 days, what”s the purpose of so many hits in that little time

Dec 192011
 

My mortgage broker was trying to find a finance company for me.
My credit had 4 hard hits from one company and 2 from another
in about 26 days. All of these hit dropped my credit score drasticly.
I know the lower your credit score, the higher the interest rate and
at the same time, the broker can raise there fees(points).I”m not
saying that something illegal happened, but I would like to know
if this is common practice or shady practice.

The balance in the mortgage payable account at December 31, 2006 after the fourth payment is made?

Dec 182011
 

On September 1, 2006, ABC Company borrowed $ 200,000 to finance the purchase of a building. The terms of the
mortgage require payments of $ 3,000 to be made at the end of every month with the first payment being due on
September 30, 2006. The length of the mortgage is ten years, and the mortgage carries an annual interest rate of
12%.

can i get mortgage financed after discharge?

Dec 142011
 

dismissed bankrptcy 1X but then pd in full & discharged 1/06; have paid car loan 2 yrs never late (only current credit); i am with a debt correction company for only 2 mo & some things have been deleted. now have 626, 610 & 650 credit score. I am currently saving $ 10,000 (hopefully for settlement). i make approx $ 4918 mo gross & have a p/t job ($ 450 mo-working 2 years). can i get a prime mortgage lender to finance a house ($ 150,000), what interest rate do you think i would get?

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