I am filing for bankruptcy in Canada due to a failed business in my name. My husband and I own our home together. The bankruptcy trustee is not interested in the home as there is no equity in it. How will the mortgage be affected since I am filing for bankruptcy and my husband is not and continuing to pay the monthly mortgage? Will there be a problem or should things just continue on in just my husband's name?How will Bankruptcy Affect My Mortgage?
If you are filing a Chapter 7 simply all them to sign a reaffirmation as soon as possible.
Good Luck!How will Bankruptcy Affect My Mortgage?
You can't just remove yourself from the mortgage. I have to be honest, I am interested in knowing what happens when you have open accounts and file bankruptcy. Which bankruptcy chapter are you choosing?
I'm not sure if it differs in Canada, but in the US it will not affect your mortgage. The same thing goes for car payments. Really the only thing affected by the bankruptcy are the things you list in the bankruptcy. We went through one several years ago and had no problems with our mortgage and car.
Friday, April 30, 2010
Are there any current subprime Mortgage lenders in NYS?
I have a credit score of 620 and my chapter 7 bankruptcy was discharged 5/08. Are there any subprime Mortgage Lenders is open in NY?Are there any current subprime Mortgage lenders in NYS?
Even with your chapter 7 bankruptcy you might still find a lender that can be of assistance to you. It has been over 12 months.
In order to find out the type of loan programs you are qualified for you will have to fill out a loan application, with a mortgage broker, which you can find one in your local telephone book.
Make sure this mortgage broker or mortgage banker is able to do government loans such as FHA and VA loans if you qualify for one.
He will fill out this application, which takes awhile so grab your favorite beverage and sit down. Once you have completed the application, he will run your credit report which will have your credit scores. These credit scores will determine your interest rate.
The amount of your monthly debt payments you are required to pay as per your credit report and the amount of mortgage you can take on based on your income will determine the amount of house you will be able to purchase.
When you speak with the mortgage broker you will need the following documents to complete the loan application, there will be others, but this will get you started.
#1 One month of pay stubs for each person that will be on the mortgage.
#2 Six months bank statements from each bank in which you bank as well as statements from any 401K from you place of employment.
#3 Two years of federal income tax along with the W-2 that match.
Once he has all that he need to do he can then issue you a pre-approval letter so you can purchase a home. In this pre-approval letter will be the amount of house you are qualified to purchased.
Once he gives you this pre-approval you may now find a real estate agent to find yourself a home or he might have a referral.
Now make sure before you get your pre-approval you and your mortgage broker go over all your options as to the mortgage programs you qualify for, the interest rate, monthly payments.
If you are getting a FHA, fixed rate, two loans to eliminate PMI like an 80/20 or one loan, if you are qualified for and approved for a 100% loan.
You should select the loan that best suit your financial condition at the time. That could be an adjustable rate loan. It could be a fixed rate loan for 5 or 10 years and then adjust. Some adjustable rate mortgages only adjust once.
Make sure your mortgage broker explain all your options so you may make an intelligent decision.
What might be good for one person might not be good for you, in other words just because your friends and all your real estate buddies are telling you about the great fixed rate they got, your financial situation might call for something else.
So select the best option for you and your financial situation.
You should also get a Good Faith Estimate (GFE) which will indicate the cost you will have to pay for getting this loan. It will also indicate the amount of your down payment.
Once you have found a home the real estate agent will then prepare a contract for you and the seller to sign.
Your mortgage broker will now order an appraisal to show proof of the property value.
The mortgage broker might ask for additional information or documentation, don't get all up tight this is normal, just supply the information or find the documents needed.
After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs so you can take possession of your new home.
Before signing any loan docs make sure they say exactly what you and your mortgage broker went over when you decided on what mortgage program was best for you.
I hope this has been of some benefit to you, good luck
';FIGHT ON';
FIRST TIME HOME BUYERS (SHORT VERSION)
There are many things you should do, but the first thing you should do is contact a mortgage broker that does FHA mortgage loans and get pre-approved. This is the first step. Once you have your pre-approval then contact a real estate agent to look at house based on what you are qualified to buy.
You will need proof of income so have available pay stubs, w-2, bank statements and other items your mortgage broker will require.
He will inform you of what is necessary once you contact him.
This pre-approval will tell you the amount of house you are qualified to purchase as well as the interest rate, monthly mortgage payments and other necessary things you need to know about your mortgage.
I hope this has been of some benefit to you, good luck.
';FIGHT ON';Are there any current subprime Mortgage lenders in NYS?
No. Mortgage money is extremely tight and you just do not qualify for a conventional or FHA loanthe bees eye liquid
Even with your chapter 7 bankruptcy you might still find a lender that can be of assistance to you. It has been over 12 months.
In order to find out the type of loan programs you are qualified for you will have to fill out a loan application, with a mortgage broker, which you can find one in your local telephone book.
Make sure this mortgage broker or mortgage banker is able to do government loans such as FHA and VA loans if you qualify for one.
He will fill out this application, which takes awhile so grab your favorite beverage and sit down. Once you have completed the application, he will run your credit report which will have your credit scores. These credit scores will determine your interest rate.
The amount of your monthly debt payments you are required to pay as per your credit report and the amount of mortgage you can take on based on your income will determine the amount of house you will be able to purchase.
When you speak with the mortgage broker you will need the following documents to complete the loan application, there will be others, but this will get you started.
#1 One month of pay stubs for each person that will be on the mortgage.
#2 Six months bank statements from each bank in which you bank as well as statements from any 401K from you place of employment.
#3 Two years of federal income tax along with the W-2 that match.
Once he has all that he need to do he can then issue you a pre-approval letter so you can purchase a home. In this pre-approval letter will be the amount of house you are qualified to purchased.
Once he gives you this pre-approval you may now find a real estate agent to find yourself a home or he might have a referral.
Now make sure before you get your pre-approval you and your mortgage broker go over all your options as to the mortgage programs you qualify for, the interest rate, monthly payments.
If you are getting a FHA, fixed rate, two loans to eliminate PMI like an 80/20 or one loan, if you are qualified for and approved for a 100% loan.
You should select the loan that best suit your financial condition at the time. That could be an adjustable rate loan. It could be a fixed rate loan for 5 or 10 years and then adjust. Some adjustable rate mortgages only adjust once.
Make sure your mortgage broker explain all your options so you may make an intelligent decision.
What might be good for one person might not be good for you, in other words just because your friends and all your real estate buddies are telling you about the great fixed rate they got, your financial situation might call for something else.
So select the best option for you and your financial situation.
You should also get a Good Faith Estimate (GFE) which will indicate the cost you will have to pay for getting this loan. It will also indicate the amount of your down payment.
Once you have found a home the real estate agent will then prepare a contract for you and the seller to sign.
Your mortgage broker will now order an appraisal to show proof of the property value.
The mortgage broker might ask for additional information or documentation, don't get all up tight this is normal, just supply the information or find the documents needed.
After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs so you can take possession of your new home.
Before signing any loan docs make sure they say exactly what you and your mortgage broker went over when you decided on what mortgage program was best for you.
I hope this has been of some benefit to you, good luck
';FIGHT ON';
FIRST TIME HOME BUYERS (SHORT VERSION)
There are many things you should do, but the first thing you should do is contact a mortgage broker that does FHA mortgage loans and get pre-approved. This is the first step. Once you have your pre-approval then contact a real estate agent to look at house based on what you are qualified to buy.
You will need proof of income so have available pay stubs, w-2, bank statements and other items your mortgage broker will require.
He will inform you of what is necessary once you contact him.
This pre-approval will tell you the amount of house you are qualified to purchase as well as the interest rate, monthly mortgage payments and other necessary things you need to know about your mortgage.
I hope this has been of some benefit to you, good luck.
';FIGHT ON';Are there any current subprime Mortgage lenders in NYS?
No. Mortgage money is extremely tight and you just do not qualify for a conventional or FHA loan
My loan is through Ownit mortgage, I am afraid to send a payment since the doors are closed. What to do?
Should I wait to be contacted? Do I have to refinance?My loan is through Ownit mortgage, I am afraid to send a payment since the doors are closed. What to do?
Send the payment certified mail. You will get a receipt when it is delivered. If you're payment is late, it will go on your credit. Your payment will get to where it needs to go when you send it. Believe that all the attorneys are accounting for every dime that comes anywhere near that place.My loan is through Ownit mortgage, I am afraid to send a payment since the doors are closed. What to do?
send it to me, my door is wide open! haha
I'm sure they owed money to someone who will assume their assets. The money you owed them being one of them I'm sure you will be contacted. If you're really concerned you can look into your options of refiancing. I'd wait and see. When did they close?
Who wrote your loan? Can you call them?
Even though OwnIt is no longer originating new loans, they are still servicing existing loans.
Send your payements as usual. If they sell it to another servicer, you will be notifiied.
Are u sure it closed.. do they have other branch offices ? I would assume another company would be taking over the loans.. You need to find out more information.. You dont want to be late on your mortgage payments... It will affect your credit and cost u fines... Find out as soon as you can!!
send it. they may be out of business, but your mortgage is still active but with another firm. it was either transferred or soled. if it's a govt loan, such as va or fha, they will just assign it to another company and you'll be notified of where to send further payments. just don't hold it, it will go against you as a late payment.
Ownit does not service any loans. They are a intermediary banker. You should get a letter in the mail from your servicer very soon. Hang tight. You must have just gone through a refinance recently. Correct me if i'm wrong. Send the payment if you need to send one. Your terms and more are federally insured.
SEND THE PAYMENT.
You still owe the money. Someone will be buying their entire portfolio of loans, and will be expecting payments. They are still collecting payments and servicing the loans, one way or another, while their bankruptcy/closure/sale is being completed.
You will not have to refinance. No way. Your loan and it's terms will not be affected in any way.
Just pay the payment the same way you have. It might be advisable to monitor your bank to make sure the check is clearing your bank in a reasonable amount of time. Sending it electronically might be a good idea, or sending it via certified mail, so you can have proof your payments are being made, in case some errors take place on their part during the transition.
Mortgage loans are bought and sold by banks all the time, and they usually handle it pretty well. This is a bit different, in that Ownit might be understaffed right now, which is why I recommend just a bit of caution and awareness on your part to protect your credit.
But simply not paying is not an option, not without damaging your credit. They'll sort it out, you'll get notices in the mail (open potential junk mail just in case it's your new mortgage servicer!!!).
Send the payment certified mail. You will get a receipt when it is delivered. If you're payment is late, it will go on your credit. Your payment will get to where it needs to go when you send it. Believe that all the attorneys are accounting for every dime that comes anywhere near that place.My loan is through Ownit mortgage, I am afraid to send a payment since the doors are closed. What to do?
send it to me, my door is wide open! haha
Report Abuse
I'm sure they owed money to someone who will assume their assets. The money you owed them being one of them I'm sure you will be contacted. If you're really concerned you can look into your options of refiancing. I'd wait and see. When did they close?
Who wrote your loan? Can you call them?
Even though OwnIt is no longer originating new loans, they are still servicing existing loans.
Send your payements as usual. If they sell it to another servicer, you will be notifiied.
Are u sure it closed.. do they have other branch offices ? I would assume another company would be taking over the loans.. You need to find out more information.. You dont want to be late on your mortgage payments... It will affect your credit and cost u fines... Find out as soon as you can!!
send it. they may be out of business, but your mortgage is still active but with another firm. it was either transferred or soled. if it's a govt loan, such as va or fha, they will just assign it to another company and you'll be notified of where to send further payments. just don't hold it, it will go against you as a late payment.
Ownit does not service any loans. They are a intermediary banker. You should get a letter in the mail from your servicer very soon. Hang tight. You must have just gone through a refinance recently. Correct me if i'm wrong. Send the payment if you need to send one. Your terms and more are federally insured.
SEND THE PAYMENT.
You still owe the money. Someone will be buying their entire portfolio of loans, and will be expecting payments. They are still collecting payments and servicing the loans, one way or another, while their bankruptcy/closure/sale is being completed.
You will not have to refinance. No way. Your loan and it's terms will not be affected in any way.
Just pay the payment the same way you have. It might be advisable to monitor your bank to make sure the check is clearing your bank in a reasonable amount of time. Sending it electronically might be a good idea, or sending it via certified mail, so you can have proof your payments are being made, in case some errors take place on their part during the transition.
Mortgage loans are bought and sold by banks all the time, and they usually handle it pretty well. This is a bit different, in that Ownit might be understaffed right now, which is why I recommend just a bit of caution and awareness on your part to protect your credit.
But simply not paying is not an option, not without damaging your credit. They'll sort it out, you'll get notices in the mail (open potential junk mail just in case it's your new mortgage servicer!!!).
How do i calculate a mortgage?
I i want to buy a how for 200k and have a downpaymnet of 10% and my credit is below national average.
How do i know an aproximate of my monthly mortgage?How do i calculate a mortgage?
Not a problem:
http://www.mortgage-calc.com/
Quick, easy calculatorHow do i calculate a mortgage?
Go on line and find a web site that will calculate it for you.
Most real estate web sites have a morgage calculation at their
site
i think you get 3 to 4 times your salary there are morgage calcs on the web go to yahoo.com and search for morgage calc
t
How do i know an aproximate of my monthly mortgage?How do i calculate a mortgage?
Not a problem:
http://www.mortgage-calc.com/
Quick, easy calculatorHow do i calculate a mortgage?
Go on line and find a web site that will calculate it for you.
Most real estate web sites have a morgage calculation at their
site
i think you get 3 to 4 times your salary there are morgage calcs on the web go to yahoo.com and search for morgage calc
t
I want to get a mortgage and buy property for my parents to live?
They want to pay a rent but it would be taxed at my highest rate. If they did not pay rent or a nominal amount and put the rest of the money they would have been paying for rent aside into one of their bank accounts and that money passed to me on thier deaths, is there any legal/tax problem with that? (we are talking less then 拢200,000)I want to get a mortgage and buy property for my parents to live?
doesn't sound like any legal implications. But for safetys sake get a written tenancy agreement and get a solicitor to put everything that you and your parents have agreed upon in writing.
Good luck x xI want to get a mortgage and buy property for my parents to live?
No.
doesn't sound like any legal implications. But for safetys sake get a written tenancy agreement and get a solicitor to put everything that you and your parents have agreed upon in writing.
Good luck x xI want to get a mortgage and buy property for my parents to live?
No.
Out of work, was in mortgage advice, where shall i go from here?
I feel as if this role is no longer for even though I was good when the market was good. Not sure if I should stay in Sales, any advice would be appreciated!Out of work, was in mortgage advice, where shall i go from here?
I am/was in exactly the same position so I really sympathize for u. It's a huge shame the markets so bad because it can be sick a rewarding role both financially and personally, helping ppl save money or a young family set up their 1st home is an extremely rewarding thing to be part of.
Anyway more to the point I was also a mortgage advisor and had to look for a new job closer to home. Of you really have lost the passion to sell then I suggest you go into either customer service, supervisory or managment work but stay in financial services. Why waste all that experience and knowlede of products, compliance, customer skills etc. Maybe get a job in a bank ( many are employing for non advisor roles as I was searching too) I'm sure the manager would kill to have someone with your experience to coach less experienced and non specialised staff, there might also be a chance to earn a bit of commission if u don't mind a bit of sales too. Or like myself maybe get into mortgage advisor supervisory work, this would mean you stay in the same field and your employers may continue your exams to advanced CeMAP, I have just been offered this role. It has meant taking a paycut but it's a job n pays the bills in a worsening financial climate.
Keep your head up n keep searching as it's not easy finding a job however, you will find 1 eventually.
Whatever you end up doing best of luckOut of work, was in mortgage advice, where shall i go from here?
Well....I guess it depends on your interests, time you have to spend on education, what your current education is-degree? etc., past employment experience...If I were to suggest something for the short term, I would say that y0ou should find a job in a large retail store such as Saks 5th Ave or Nordstrom where you will be commission based and be able to make money on your own terms. Its something that your selling experience will help you in and if you are the best of the bunch you will make the money. Thats how those stores work.
You may try going into customer services. It would be a fairly easy transition and there are more opportunities there right now.
I am/was in exactly the same position so I really sympathize for u. It's a huge shame the markets so bad because it can be sick a rewarding role both financially and personally, helping ppl save money or a young family set up their 1st home is an extremely rewarding thing to be part of.
Anyway more to the point I was also a mortgage advisor and had to look for a new job closer to home. Of you really have lost the passion to sell then I suggest you go into either customer service, supervisory or managment work but stay in financial services. Why waste all that experience and knowlede of products, compliance, customer skills etc. Maybe get a job in a bank ( many are employing for non advisor roles as I was searching too) I'm sure the manager would kill to have someone with your experience to coach less experienced and non specialised staff, there might also be a chance to earn a bit of commission if u don't mind a bit of sales too. Or like myself maybe get into mortgage advisor supervisory work, this would mean you stay in the same field and your employers may continue your exams to advanced CeMAP, I have just been offered this role. It has meant taking a paycut but it's a job n pays the bills in a worsening financial climate.
Keep your head up n keep searching as it's not easy finding a job however, you will find 1 eventually.
Whatever you end up doing best of luckOut of work, was in mortgage advice, where shall i go from here?
Well....I guess it depends on your interests, time you have to spend on education, what your current education is-degree? etc., past employment experience...If I were to suggest something for the short term, I would say that y0ou should find a job in a large retail store such as Saks 5th Ave or Nordstrom where you will be commission based and be able to make money on your own terms. Its something that your selling experience will help you in and if you are the best of the bunch you will make the money. Thats how those stores work.
You may try going into customer services. It would be a fairly easy transition and there are more opportunities there right now.
Is it a common practice for mortgage lenders to not call you back if they can not provide you service?
I was recently told that everything looks good and we can help you but I have not heard back since. It has been a week. No emails, phone calls etc.. Why can't they simply state if there was a problem sorry we can not help you but here is someone that may be able to.Is it a common practice for mortgage lenders to not call you back if they can not provide you service?
They do not want to waste their time with someone who does not meet the criteria. A friend of mine is waiting to hear back from a Mortgage lender who called almost 2 months ago.
Go with a mortgage broker who is likely to give you more personalized service and be brutally honest about your prospects.
I'll be frank - the mortgage business must be pretty slow right now because three other mortgage brokers have nothing else to do but answer questions in this forum. They know that too many Americans have bad credit and no longer qualify for any mortgage. So, they earn their paycheck by answering questions knowing that they will be reported for abuse if they advertise their services on this forum. Maybe they have already contacted you but are they even licensed to originate mortgages in your state?Is it a common practice for mortgage lenders to not call you back if they can not provide you service?
A broker should always call you back no matter what.
I have had clients with extremely bad credit and given them options. Pretty much anybody with a 500 FICO score and up can get a home loan.
Your broker should also provide you with a Good Faith Estimate, Truth and Lending, and your 1003 form 3 days after running your credit check. That's what I do for my clients.
Start shopping around for another Mortgage Company to work with. You do not need to have a property picked out when you see a broker. If they are good at what they do and want your business, they can figure out what you can qualify for.
For me, every client is important no matter how difficult or easy a loan may be.
That all depends on who you were working with. They obviously don't value your business. I beleive that in this business, we must let good news and bad news travel fast. Hopefully this experience hasn't disheartened your effort to find someone who does appreciate your business... Good luck.
Yes I am also trying to refi. and they look at my credit and say I'll call you back and I never hear anything. It is a real pain, especially after you give all your information to them..I am now working with a local person and they call back a lot quicker. Good luck.
Because they are on to the next prospect. These guys are paid by how much they sell. If you aren't approved then they are not interested.
They do not want to waste their time with someone who does not meet the criteria. A friend of mine is waiting to hear back from a Mortgage lender who called almost 2 months ago.
Go with a mortgage broker who is likely to give you more personalized service and be brutally honest about your prospects.
I'll be frank - the mortgage business must be pretty slow right now because three other mortgage brokers have nothing else to do but answer questions in this forum. They know that too many Americans have bad credit and no longer qualify for any mortgage. So, they earn their paycheck by answering questions knowing that they will be reported for abuse if they advertise their services on this forum. Maybe they have already contacted you but are they even licensed to originate mortgages in your state?Is it a common practice for mortgage lenders to not call you back if they can not provide you service?
A broker should always call you back no matter what.
I have had clients with extremely bad credit and given them options. Pretty much anybody with a 500 FICO score and up can get a home loan.
Your broker should also provide you with a Good Faith Estimate, Truth and Lending, and your 1003 form 3 days after running your credit check. That's what I do for my clients.
Start shopping around for another Mortgage Company to work with. You do not need to have a property picked out when you see a broker. If they are good at what they do and want your business, they can figure out what you can qualify for.
For me, every client is important no matter how difficult or easy a loan may be.
That all depends on who you were working with. They obviously don't value your business. I beleive that in this business, we must let good news and bad news travel fast. Hopefully this experience hasn't disheartened your effort to find someone who does appreciate your business... Good luck.
Yes I am also trying to refi. and they look at my credit and say I'll call you back and I never hear anything. It is a real pain, especially after you give all your information to them..I am now working with a local person and they call back a lot quicker. Good luck.
Because they are on to the next prospect. These guys are paid by how much they sell. If you aren't approved then they are not interested.
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