Archive for the ‘mortgage’ Category
How do I become a mortgage broker or mortgage agent in California?
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.
BILL MOYERS JOURNAL | Mortgage Mess | PBS
http://www.pbs.org/billmoyers BILL MOYERS JOURNAL travels to ground zero of the mortgage meltdown — Cleveland, Ohio. Correspondent Rick Karr takes viewers to Slavic Village, one of the hardest hit neighborhoods in the nation when it comes to the spate of foreclosures caused by the subprime mortgage crisis.. Aired Friday, July 18, at 9p.m. on PBS (check local listings). For more: http://www.pbs.org/billmoyers
Duration : 0:20:56
Walk away from your mortgage!
With banks refusing to help homeowners with their underwater mortgages, a New York Times story advocates simply walking away.
On Countdown. Copyright MSNBC 2010
Keith Olbermann housing market real estate mortgage default Countdown strategic default banks bankers
Duration : 0:6:40
What happens to a real mortgage when a debtor files for bankruptcy?
I’m a creditor whose debt is secured by a real mortgage. I’ve received recently a notice that the debtor has filed for bankruptcy under chapter 7 of the US Bankruptcy code. What will happen to both my loan and my mortgage? Will I be enjoined from foreclosing the mortgage? The insolvent debtor by the way is an individual, not a corporation. Please prvide legal basis.
Thank you. 
You have the best kind of security. You have about the strongest position you can get in bankruptcy as a creditor. The way I understand it there will be no need to foreclose. Just file your interest as a creditor as per the instructions on the paperwork.
Hopefully, they’ll order the sale of the asset and you will be first in line for the funds from it, provided you are the primary mortgage holder and not subordinate to anyone.
Regardless, be sure to speak with a bankructy attorney. You may get a free consultation or may have to pay a drop, but it will be well worth it for the guidance.
Walk away from your mortgage!
With banks refusing to help homeowners with their underwater mortgages, a New York Times story advocates simply walking away.
On Countdown. Copyright MSNBC 2010
Keith Olbermann housing market real estate mortgage default Countdown strategic default banks bankers
Duration : 0:6:40
How often do mortgage comapnies use the 4506 t form to very info. Always or hardly ever when buying a home?
If you provide the mortgage company with all the requested info do they typically follow up on that. Does it vary from company to company or is it a common practice for them to execute the 4506t form. Also, has anyone everheard of first choice mortgage in charlotte? Any thoughts on them?
Hi,
The primary reason behind using a 4506 form is to prevent mortgage fraud. Lenders use such a form to collect copies of the tax returns of self-employed borrowers for the past 2 years from the IRS. Most big lenders and mortgage companies ask borrowers to fill out such a form. To know more on why 4506 form is used, refer to http://www.mortgagefit.com/know-how/irs4506form.html .
Regards,
Jessica,
Mortgage mentor
MortgageFit Community
Mortgage Fraud Investigation
FOR IMMEDIATE RELEASE: CONTACT: K.B. Forbes (202)320-1212
Thursday, February 28, 2008 kbforbes@hotmail.com
AS HOME FORECLOSURES SKYROCKET,
MORTGAGE FRAUD HELP ARRIVES IN
SOUTHERN CALIFORNIA
EAST LOS ANGELES, CA—A leading consumer advocacy group announced free help to the thousands of homeowners in Southern California who have lost their homes, are in the process of losing their home, or believe they will lose their home in the near future due to mortgage fraud. The group is documenting cases of mortgage fraud for a report to be issued this summer in the nation’s capital and will have all cases reviewed by a legal aid team.
“Shady realtors, greedy mortgage brokers, worthless appraisers, and careless escrow companies are to blame for some of the crisis many homeowners face today,” said K.B. Forbes, Executive Director of the Consejo de Latinos Unidos, a national not-for-profit organization and public charity which investigates and educates the public about consumer fraud and abuses. “We suspect that at least one in five homeowners in Southern California has been hoodwinked by one of the key players involved in the transaction. The mortgage and real estate industry cannot claim innocence.”
Rueben Preciado, a homeowner from Moreno Valley, discovered that his supposed 30-year fixed loan was not fixed last September. “Our payment went much higher and we didn’t know why. Our loan, it turned out, was a three-year fixed and 27-year adjustable.” When he tried to refinance, he discovered that his loan included an unconscionable pre-payment penalty equal to six months of interest. He could not afford to refinance. “We are barely making it,” said Preciado, a tire mechanic who works at an auto tire store in Pomona. “I have had to borrow money from family to stay afloat and not lose my house.”
Consejo has reviewed Preciado’s case and found that he was never given final documents showing the loan change and it appears his escrow company and mortgage broker deceived him.
Consejo has set up a toll-free hotline at 1-800-474-7576. All services are free.
The Consejo, which has published ten investigative reports on hospital price gouging, religious fraud, police abuse, and pharmaceutical corporate deception, has helped spur at least three U.S. Congressional investigations and hearings. Consejo’s work against hospital fraud was profiled on CBS’ 60 Minutes in 2006. Over 500 news articles have been written about Consejo’s work since the organization was founded in 2001.
Duration : 0:3:32
The Mortgage Meltdown
Scott Pelley reports on the mortgage crisis that’s far from over, with a second wave of expected defaults on the way that could deepen the bottom of the U.S. recession.
Duration : 0:12:30
What happens to the second mortgage when the first mortgage forecloses?
I am going through a foreclosure on my first mortgage, what are my options with dealing with the second mortgage? Any legitimate websites with guides for dealing with the aftermath of foreclosure would also be appreciated.
If and when the bank sells your house, the amount of the sale will be applied as follows:
First, the costs of repossession, foreclosure and the sale will be paid.
Second, money will be applied to your outstanding balance
Third, any other lienholders (2nd mortgage) will get money.
In this market, the bank is going to be lucky to sell the house for enough money to pay the fees let alone the first mortgage.
So, what will happen is that the 2nd mortgage holder will want you to pay and they very well could sue you and garnish your wages to get paid.
Good luck.
Mr Mortgage Exposes Wells Fargo’s Toxic Waste 4/7/08
Visit my new blog…
http://mrmortgage.ml-implode.com
Wells Fargo Subprime toxic waste exposed. Do they have to raise capital? Mr Mortgage shows a 2006 Wells rate sheet. This is hard evidence of Wells doing nasty subprime loans for borrowers with scores as low as 500 and 120-day mortgage late payments, which is essentially foreclosure status. They did not sell this directly to consumers, rather used correspondents like New Century, Accredited, Countrywide etc to rebrand the programs and sell them as their own. This is a very common practice but this just proves Wells is dirtier than most. First, because not everyone did subprime. Second, because they lied of course.
Duration : 0:7:48