Hawaii Mortgage

I have an "excellent" score. I am looking for the best mortgage rate and least closing fee, who is that?

do not worry what we tell you do it just like if you were buying a car shop around!!!

I want to know if the law provides for a way to erase credit card debt legally, and if there is a legal way to erase a home mortgage.

You can look into filing bankruptcy. It will be a huge negative mark on your credit report and can remain for up to 10 years. However you can still get credit after your bankruptcy. It will be harder, but not impossible.

Are there any subprime mortgage brokers left?

Yeah. Deadbeats still want loans, so there are still subprime lenders.

Demand always drives supply

With lenders closing their wholesale departments, what do you think the future holds for all the mortgage brokers out there? Do you think that wholesale will disappear, and there will only be retail or warehouse lending? Please let me know your thoughts, or if you have heard any rumblings!

The future is NOT GOOD for mortgage brokers! The National Association of Mortgage Brokers (NAMB) is having to do some fast talking to convince everyone that these are capable, honest and competent professionals. One of the actions that the NAMB is working on is to adopt a Code of Ethics that all licensed brokers would be expected to adhere to. I’m afraid this might be the classic example of "too little too late." I’m sure there are many excellent brokers out there. However, with the subprime boom, people were coming out of the woodwork to become mortgage brokers to make some fast money. Unfortunately (but not surprisingly), many of these new brokers had no idea what they were doing and just cared about making a lot of money. They didn’t care whether their clients could actually make the payments or not or whether the latest loan product was right for them.

Unfortunately, I think that most major mortgage companies will dump their Wholesale operation (as Washington Mutual announced yesterday) because Retail is less risky (since you’re not relying on the integrity of a third party). With all the scrutiny mortgage companies are under, they’re doing everything they can to reduce or eliminate risk. Taking loan origination completely "in-house" is one way to do it.

Maybe the NAMB will be able to save the day by rehabilitating (to some extent) the reputation of mortgage brokers. However, I am not very optimistic about this. If the major mortgage companies pull up the "welcome mat," then the brokers will have no choice but to go out of business. If a mortgage broker asked my advice, I would recommend that they try to get a job as a Retail Loan Officer with a major mortgage company.

I’m sure the Wholesale Market will come back eventually but I doubt it will be anytime soon. The good ones will survive but this situation will definitely separate the "wheat from the chaff" (which is a good thing).

Thanks!

I had 2 mortgages, one for 80% and one for 20%. The first mortgage company foreclosed. It was sold. The second mortgage company did not foreclose. Public records now show my name and the new owners name. Do I still own 20% of the house?

* The mortgage really has nothing to do with the house other than as collateral. The mortgage is a contract between you and the lending company. They lent you $$ – you pay it back with interest. The 1st morgagor took the collateral. The 2nd will hound you to the grave for its pound of flesh.

I am thinking about short selling my home. Can my mortgage lender come after me if I short sale my house? Can I have AZ state statues and laws as proof?

By definition the lender must agree to the short sale or it will not take place – you cannot just short sale yourself and hope the lender doesn’t mind. Usually the terms of the short sale include resolution of the issue of recourse – the ability of the bank to seek any loan losses from you personally. It depends upon state law. You need to consult a real estate attorney in your area. In addition you need to know if the bank will issue an 1099 which will leave you showing the loan loss as income and hence own income taxes on that income. (remember if you owe say 100K that you don’t have to pay back that is income to you)

A recent report indicated that black families who bought homes within the last 3-4 years were hit the hardest by this mortgage cash due to predactory lenders.

How do people live with themselves knowing they played an active role in mortgage crisis by putting raw meat in front of a hungry lion? These lender know that 95% the people being approved for loans wouldn’t be able stay in those and homes after a short-time, and yet they still pushed forward.

Shame on these corporation and those Fat Cat’s.

you may "friend" are a TOLL looking for a fight.

Lenders DID NOT do this. In fact, it was the black caucus of congress that actually push Freddie and Fannie into loosing credit requirements to increase home ownership for non-whites.

I want you to really think about it. If you had that much money overnight how would you spend it the next day and weeks/months to come? Knowing that it will eventually run out what would be the most important things to pay for right now? Im just wondering the point of views of other people. I was fantaszing it would happen to me earlier and its been on my mind for a while. I am in a bad situation in my life right now I dont even have a place to live. And I guess I was juts hoping something good will happen to me and bail me out of this mess. Oh that would be so great! LOLGod knows I sure do need all I can get. Anyway I am very interested in all your answers and curious to know what you would write. In case you are wondering what I would do with it you can read the following:

For me it would mean:
1.) Buy a place to call home for me and my daughters…..$10,000-$15,000. (I just want a nice mobile home that is decent and pretty. I know most of you think its lame but honestly i dont see anything wrong in that. Some of them are really nice!)
2.) Furniture and decor for my place……$7,000-$9,000 (I love to decorate and I think I would do a good job on this budget.)
3.) Pay off my car……$9,000 (Its about to get repossesed I wish I could just throw the money in thier face and tell them to leave me alone.)
4.) Pay off all other debt like student loan, credit card, and collection bills….$10,000
5.) Pay off my mother’s bills and debts as well as my sisters….$20,000
6.) Help my sister pay off her house……….$25,000
7.) Buy her a used car in great condition….$5,000 (She wont mind)
8.) Help out my family in Mexico……………$7,000( My poor people they are suffering over there.)
9.) Help my closest friends………………….$20,000
10.) Take a few vacations……………………$10,000 ( I can make 2 happen on this budget. I would go to Hawaii and Seattle with my mom and daughters)
11.) Help animals and children through donations……. $20,000

That would leave me with $50,000 and I would save this for as long as I can and probably live off of this for a while until I find a good enough job that would keep us stable. I wouldnt go spend it all crazy because I would regret it later although I would really want another car a NEW one but for what? I already have a decent one I just need to pay it off ya know?

If this would just happen to me I would be the happiest woman in the world knowing that I everything will be ok! I wouldnt exactly have finacial freedom but i would have peace of mind! Maybe it wont last a life time or a LONG time but I know we would be ok because I would spend it responsibly. Oh gosh, and one of the best parts of this expirience would be that my daughters’ father will have his jaw wide open for days! He kicked us out and spend the little bit money we (mostley mine that me and my daughters recieve from welfare) had on liqour and other women. He even traded our food stamps for cash. It would be so awsome if I was just blessed this way somehow and just throw it all in his face. Actually I wouldnt even talk to him about it. I would change my number and stay as far away from him as possible. Go to the courts and prove he doesnt care about the kids and he would just be trying to get in for the money. I wouldnt give him any because he is untrustworthy a womanizer and an alcholic. We need it more. He left us the way we are. Im sorry thats a whole other subject. Im sorry I write too much. LOL You didnt have to read it all just the top part. I just got a little carried away I guess. My bad! Ok thanks everyone in advance!

Pay off my bills, buy some property in other states, TRAVEL, and put some in savings for my kids.

I am fresh out of a college. Not just any college; a community college. And I need step by step how to become a mortgage broker or mortgage agent please. Thanks alot.

Get a job at the Mortgage Broker Office.
at first, you’ll just answer phone calls and all, but eventually, you’ll either be a processor or agent.

http://www.brokerpolice.com

We are your personal loan consultants.
We do not originate loans. We make sure you broker or lender doesn’t charge you high interest rates and outrageous fees.
We guide you so you can get the right mortgage fair terms and lowest closing costs

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