Question #1:
Can someone tell me what Bush policy caused the recession?
Since he didn't sign any bank deregulation (Clinton was the last one to do that), it can't be that.Since HUD, Fannie, and Freddie all had their policies in place before the Bush presidency, it couldn't be that. For that matter, the mortgage meltdown can't be linked to any Bush policy, so it couldn't have been that.
The Iraq war has cost $750 billion over seven years about the same as Obama spent for stimulus in one year. In fact, if $750 billion of spending is good for the economy when Obama did it, why would it be bad when Bush did it? So, it can't be that.
The Bush tax cuts on all but the upper 5% of wage earners (the employer class) is considered "good" by the Obama White house. That 5% of wage earners equates to about $80 billion not being collected in taxes. Obama is overspending by that amount every 21 days, so that can't be it.
What was it, then?
Question #2:
Is there really only one month you can declare homestaed?
I am purchasing a home in Alabama and my mortgage person told me that I have to close and declare homestead before the end of the month, or else my taxes will be higher and I will not be able to declare homestead until September - October of next year.The house is currently bank owned and un occupied, some friends told my he is feeding me BS to try to get e to close earlier.
Question #3:
Why do the rich always take advantage of the poor?
Through high interest loans, mortgages, everything!NO...The higher risk of default is why you should not charge people who are poor a high rate- the higher the rate the higher the risk of default!
NO responsibility has nothing to do with it. Its called usery..its a biblical and economic sin which requires gov bailouts
Question #4:
how much is an average pay in London?
Hi,i would like to know which is an average monthly pay in London, a pay that allows people to live decently and have a family, pay for the baby sitter and stuff like that. And maybe ask for a mortgage..The pay of the average people, not the managers!
Can you help me?
Question #5:
How do I handle this, am I required to report this to the police?
My friend recently got married to a man whom her family HATED. Her family basically cut ties with her. Last night she emailed me about the abuse that is happening to her and how she has no one to talk to and he cleared out her bank account took the car and has been cheating. She said she wont leave him but she just wanted to vent. I am so confused about what I am supposed to do in this situation. I know that sometimes people are called mandatory reporters but I dont think I am one since I am not in the health care field. ( I work at a pet store). and I know if I report it he will just abuse her more and she will stay. I have no money to help her, as I said I work at a pet store so I am not making big bucks. I make enough to pay my monthly town house association fees, mortgage and food. I dont even have a cell phone I have home phone because its cheaper. So there is no way I can pay for her to stay anywhere plus he has control of their bank account. SO what are my options. I have never been in this situation before.Question #6:
VA home loan in default and we are moving/need to sell.What are our options?
We bought our house for $180,000 a year and a half ago.Since then, our financial situation has taken a devistating plunge. (I lost my job, we had another baby, my ex stopped paying child support...etc) In order to avoid foreclosure, my husband (an EMS Pilot and former Army Pilot) began seeking a hire paying job, which he found, but it is 1,000 miles away. We have to move soon (he leaves next week to start the new job) and can't decide what to do about the house.The mortgage is in my husband's name only (he had perfect credit when we bought the house and I did NOT). His credit has been badly damaged over the past year due to our unforseen change of income so we know that when we move we will be renting for a while. After speaking to some realtors in the new location, we found that our credit isn't as critical in renting as it would be if we were buying a home and that we will just have to face a larger deposit.
The house we live in now was my husband's first home purchase and he received a VA Loan for it. We are currently behind a month on our mortgage, owe $177,000 to pay it off, but the comparable properties in the area indicate that we will not only NOT get what we owe but that we will most-likely get less--$175,000 would be our guess. So, that's $2000 our of our pocket, not to mention realtor fees, closing costs, and whatever other incidentals come up.
I have been looking into Short Sales. We can't afford catch up & resume a mortgage payment (while the house is showing) on top of rent at the new place. We will also have the deposit and moving expenses.
I was told by a friend that the VA has programs available to veterans who are in default of a VA home loan that may help our situation but I was unable to find any information on the VA website. My husband called the VA loan officer that helped us when we bought the house and he said that our best bet would be to do a short sale but that the lender may not approve it since they know that with the guaranteed loan the VA will pay it off, as opposed to allowing it to be "paid in full" at a lesser amount.
Is there ANYTHING we can do to get out from under this house without completely destroying what's left of our credit/bank account?
Thanks for taking the time to read this...Any advise would be appreciated!
Question #7:
Promissory Note Foreclosure?
I have a first and second mortgage on my property. We are about 100K under water. Bank has denied us (Chase) twice for a loan modification and they have paid the last 2 tax payments. We can not longer afford payments wife's job.My question is my wife did not sign either Promissory Note I am the only signor. She did not sign second mortgage. She signed first. If we go to foreclosure which looks possible will Chase come after her for the first mortgage? Since she is not on the PN will the foreclosure only impact my credit she is not on either loan and does not currently appear on her credit report.
Is Chapter 7 better than Foreclosure in my case and just walk away?
Question #8:
tax credits question, uk?
ok so this seems like utter madness to me, does this sound right to you?My partner was made redundant after the credit crunch, he struggled to find work in his trade (a scaffholder) as the building trade has been really effected by the credit crunch. He has decided to go back to college to train as an electrical engineer. It is a full time course. I work more than 16 hours a week and we have two kids under 3. I phoned the tax credits to see if we could get help with childcare costs for the days I work and they have told me I cant because my partner is not working. If I was a single mother I would get help but because my partner lives with me, even though he has no income I am told I cannot get any help. So basically I am expected to support all four of us on my wage which obviously I need to go to work to do, but I cannot afford to pay childcare costs which would be more than my wage. How do they expect me to pay the mortgage and bills and nursay and feed 4 people? I am at a loss, what can we do now?
no familly members are able to help out, my parents live abroad, my partners dad died 2 years ago and his mum has stage 2 cancer. Everyone else works full time
I tried to do the mock test there but there is no option for partner being in full time education, therefore it just says £0 for childcare help because my partner should be watching the kids, but how can he watch them when he is at college all day?!
Question #9:
Who has more legal right to ownership?
My wife and i have seperated for a little over 5 months. During 4 months of that time i have been solely looking after the house, paying the utility bills etc (she still helps with mortgage payments) and most importantly looking after our dog. Now she's getting her own place and wants to take the dog. My dog is my best buddy and don't want her to take her away. What legal avenues/precidents is there as to who has the right to keep the dog?Question #10:
Does anyone know if banks share information with each other?
If you bank with one bank, is there some kind of national data base, perhaps by SS# that people (like mortgage companies and other banks and yes, we suffered through a foreclosure and are worried about a judgment) can access to find out what you have? Our atty suggested we only bank with local city and/or state banks, not the big national chains. Even so, can "someone out there" find out where our accounts are and how much we have in them? I just want to specifically know if they're linked to one another if one of them does an "internal investigation" with their systems, to find info at other banks? Thank you!CHEX Systems is only a credit bureau type company for banks who share info about people who wrote bad checks, committed fraudulent transactions, etc. It has NOTHING to do with a foreclosure or possible pending judgment in any way! You won't be denied an account at any bank if you have zero "bad banking" history. Banks deny accounts to people who commit fraud and write bad checks, not to people who lost their homes!
Yes nearly everything is tracked using SS#'s but "who" exactly is using it to show your entire banking history? What data base? Any bank can find out about accounts in other states? Are you SURE?
Question #11:
Have you benefited directly from Obama and the Dems?
I have -- bought a house. Got an $8000 credit. Was unemployed, got 75% off COBRA. I only wish I had gotten my act together for Cash for Clunkers. Started a small business -- waiting to see how that affects next year's taxes, but it has been profitable.I'm a big naysayer and 3rd party guy and not a Dem, BTW. I voted for Nader. Just saying, this administration did help SOME people. Those who weren't stupid and bought during the housing boom with no-money-down balloon mortgages are suffering. I waited and was rewarded.
Question #12:
When can we refinance?
Our mortgage will be cured 11/15/2010. Currently a 6.25% FHA loan with 140,000 balance 25 years left on mortgage. We would like to refinance FHA if rates are still low a that time. We do no qualify for any Obama Home loan programs as our income is to high and the percentage of home loan is low compared to our income.Question #13:
Credit score to 620 timeline.?
I have no credit score on file because I've preferred to use my money to pay for stuff. Now I want a mortgage loan and hit a roadblock. I've been told that FHA loans require a credit score of 620 or higher. I've taken out a secured card and will keep it under 10% of it's limit, I will not falter on this. So if by using this one card and keeping it under 10% and paying it off on time every month how long, estimated obviously, will it take to get my credit to 620? Also, what is the default credit score when one earns credit? Does it start at 0?Didn't think about the obvious stuff, thanks. I'm 24 and live in Alamosa, CO. I've bought a car but paid in full and never paid rent, lived on campus.
I've checked my score and it says I have an old loan from a CU, but does not yield a score based off that, hence the secured card. Thanks!
Question #14:
Who's fault was the mortgage meltdown really?
This is exactly what happened: A broker went to a family and told them that home prices were going up. (They were). They were told if they could afford a $100,000 house, then what they should do is take out a mortgage for $120,000, take the $20,000 up front, upgrade the house, and in one or two years the house would be worth $200,000 which they could then sell at a profit. (It's called 'flipping', and was so popular there were even TV shows made about it). People saw these TV shows and their neighbors all making this work and said "why not me too?" Sounds like a good investment, yes? The reason the broker did that was because the higher the loan, the more of a commission he made.In my opinion, it was the bankers and brokers that caused the meltdown by knowingly "snake oil selling" to people who were unsophisticated buyers.
And if you think there are no unsophisticated buyers out there, ask any of Bernie Maddof's clients.
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@padu: the government did not "force banks to lend money" where is your source for this?
Question #15:
Which is worse, the home buyer who reads his/her mortgage contract, but because of all the 'legalese"?
has no clue as to what is in it, or the person who hires a mortgage attorney to read it for them and then explain what the terms are?I agree. I can understand what is in my mortgage even if I personally have not read it, because I hired a mortgage attorney.
Please give the same answer you gave here to all those people that yell at congress cause they "did not read the bill!"
Bills are written in legalese and there are many congress people that are NOT lawyers. So, they hire those that are skilled in working through the details of the bill who then give the congressman a synopsis before they vote.
OR: Do you think only lawyers should be in congress?
@justgetit: Thank you, you have proved my point.
Question #16:
Can we all read this Psalm?
Obama is the shepherd I did not want.He leadeth me beside the still factories.
He restoreth my faith in the Republican party.
He guideth me in the path of unemployment for his party's sake.
Yea, though I walk through the valley of the bread line,
I shall fear no hunger, for his bailouts are with me.
He has anointed my income with taxes,
My expenses runneth over.
Surely, poverty and hard living will follow me all the days of my life,
And I will live in a mortgaged home forever.
Question #17:
What to Expect From a Jumbo Mortgage Loan?
Jumbo mortgages are not so different from standard mortgages but there are a few key things that are worth looking in to.Question #18:
is it true that "Slots a Fun" in vegas has $1 blackjack tables?
I'm going for work, i enjoy playing but I dont want to have to show up with a mortgage pmt just to be able to play so I'm looking for casinos on the strip that have lo limit.Question #19:
Co-signing mortgage loan?
My parents want to buy a vacation home in my state.Dad is retired and mom is employed. They own two homes that are paid off that have a large amount equity in them.
Questions are: Would my parents be able to get a qualify for the mortgage themselves? Or would I need to be the primary borrower and they cosign with me since I make 3x the amount of income my mother makes? Not sure on their credit history since they do not have a single credit card or any outstanding loans. Also, I currently have a mortgage myself. How much would that effect for qualifying on the loan with my parents?
Question #20:
Let m = f(A) be the minimum annual gross income, in thousands of dollars...?
needed to obtain a 30-year home mortgage loan of A thousand dollars at an interest rate of 6%. What do the following quantities represent in terms of the income needed for a loan?(a) f(100) b f inverse (75)
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