RPB answers:

If you can lock at that rate right now for 750.00, my advise would be to do it. No one has a crystal ball, but rates show no signs of falling any time soon. As you stated previously, rates have risen by over .5% in the last couple months. Take the bird in the hand. It’ll give you peace of mind.

RPB answers:

You’re on the edge now…..if you have a high FICA score….go for it now….

RPB answers:

It is too high. I suggest a company i used – they treated me great, i found them on this yahoo answers and i got a great rate after searching through tons of other places. They also were able to talk to me so i could understand them and explained everything that i needed to know. My daughter just got pre-qualified at a lower rate through them as well this past weekend and it was under 5.75. – look at the rate calculators posted

RPB answers:

Barney frank,chris dodd,ACORN,and all other democrats forcing banks to give loans to PEOPLE WHO COULD NEVER PAY THEM BACK..

RPB answers:

There are multiple indices that are used by mortgage holders to adjust a mortgage rate. Some are tied to t tresury bills, some are tied to the LIBOR rate.
You will need to check with the mortgage holder, (or just check your original mortgage contract) and find out what index your mortgage is tied to, and what the”spread” is. (The spread is the additional % added to the index).

RPB answers:

Yes! I would call 888-995 HOPE and ask for their advise. It’s an organization approved by HUD to help homeowners.

RPB answers:

You are going to need to pay cash. Banks are not lending to even good credit, it has to be excellent.

You can not take over most loans, they are not assumable. Even the assumable ones require lender approval, which you will not be getting any time soon.

RPB answers:

No , what ever you put on the internet that is not under legeall copy-right laws . Is fair game as it is under creative commercince .
This is part of the broadband contract everybody signed . The only way someone on youtube can saw i don’t want this to go on another site is if , they take away the emmbed code . But you can go around that and just download it straight off youtube . So in short yes you can do what you want chances are that it is under creative commercerns licence . Just to be polite message him on youtube anyway .

RPB answers:

It sounds like the Agent has transferred all the possible risk to your friend.

What does she really have to gain and lose?

Personally, I would run for the hills .

RPB answers:

Any local realtor will know all of those properties. They are also listed in the country courthouse since foreclosure proceedings go through the courts.

RPB answers:

Perhaps there was a first and a second (or HELOC)? The second would then be afforded their “one action” in a deficiency judgment, since they did not foreclose.

Http://www.sandiegopredatorylending.com/?p=37

RPB answers:

You are responsible for paying the dues you owed up until the time the bank took over. Once the foreclosure happened and the bank became the owner, they are responsible for paying the dues from that point on.

RPB answers:

If you have this kind of money i would contact the mortage company direcly and let them furnish the leads!!!

RPB answers:

It’s not so much laws as finding a lender who will take a risk on you. With a recent foreclosure in your history, your name is “Mud” as far as most lenders are concerned. If you had 50% down and the payments were 20% of your gross income you could probably get a mortgage at a passable rate but if you’re looking to put down 20% and jump back in to the housing market you’ll need to give it 2 or 3 years at least, and probably closer to 4 or 5 before any respectable lender is likely to consider you for a mortgage at anything close to an affordable rate.

RPB answers:

Short Sale will report on your credit report as “settled for less” or something similar to that. Foreclosure will report on your credit report as foreclosure. Letting the house go into foreclosure would be the last thing they would want to do. Each payment they miss affects their credit greatly.

I would attempt a short sale first. However, make sure that the short sale approval letter says the short sale bank is satisfying their lien(s). And also make sure they are waiving the deficiency(difference between owed and sold). If the bank is not willing to do those things then you can let it go into foreclosure and receive protection from the deficiency.

RPB answers:

Only if their credit allows it, if they are not capable of taking on your loan on top of what they’re already paying, then most banks wouldn’t allow it.

RPB answers:

Nope not really

RPB answers:

Depends on the length of the loan. Google “mortgage calculator” or
“loan calculator.”

RPB answers:

When your federal educational loans are in default, you have several options:

You can repay the loan in full.
You can negotiate a new payment plan with your lender.
You can “rehabilitate” your loan.
You can consolidate your loan.

Obviously option one is rarely attractive or possible for defaulted borrowers.

Option two (renegotiate) should be investigated fully – most borrowers skip this step, but it’s probably the best option for most people. Call your lender and ask to speak to someone in the “Workout” Department. Explain your situation to them (there’s nothing unusual about it) and ask what options are available to you for switching to a graduated, extended or income-sensitive repayment plan. If your lender will agree to change your repayment plan, a few regular payments will get your default status removed, and the new plan may be easier for you to keep up with.

Option three (rehabilitation) is really a specific form of a workout agreement. It probably won’t help you much in your situation, because it requires an agreement between you and the lender that will allow you to make 9 consecutive on-time payments of some agreed-upon amount.

Option four is everyone’s favorite, but you must absolutely understand what a consolidation loan will do. To keep this utterly simple – a consolidation loan is a brand new loan that will pay off your old, defaulted loan. A consolidation loan MAY lower your monthly payments, but understand how this works. A consolidation loan never lowers your payments by wiping away some of your debt – a consolidation loan lowers your payments by stretching out the length of your loan. If you pay less every month, you’ll make many additional monthly payments, and – in the end – you’ll pay far more back than you would have paid on the original loan.

As an example: Suppose I lent you $100 and you agreed to pay me back in 2 weeks by paying me $50 a week. You came back a few days later and explained that you weren’t going to be able to afford to pay me $50 – is there something else we could do? “Oh, absolutely,” I’d say, gallantly. “Instead of paying me $50 a week for 2 weeks, how about if you only pay me $10 a week for 17 weeks?”

See – in the end, you’ll pay me back $170 instead of $100 – that’s how a consolidation loan works. But remember – we’re not talking a $100 loan for a couple of weeks – by the time you pay that $5000 loan of yours back over many years, you’ll pay a few thousand more than you might have paid if you didn’t consolidate that loan.

I’ve attached some information about consolidating from the Department of Education – take a few minutes to read it over. If you do choose to go this route, be sure to consolidate with a reputable lender (or directly with the government) and not with some fly-by-night operation that you learn about from some pay-per-click site shilled on Yahoo! Answers.

Good luck to you!

RPB answers:

No one will “take over” your loans. You will still owe the money to your lender when you are in forbearance. They will simply add interest every month while you are making payments.

If you are asking about defaulting the lender will just contract out with a collection agency to start calling and hounding you to mail them payments. If you make 6 to 12 months worth of willing and reasonable payments you can ask your lender to “rehabilitate” your loan. This is when you are issued a new loan and pay off the one in default so you can get federal fin aid again. Again, rehabilitation can only be done after you have made 6 to 12 months of payments.