asked:


can i get a home loan financed without outrageous interest if i’ve had a foreclosure in the past few years if i get someone to cosign/coborrow with me that has really good credit? or maybe have the person with the really good credit take the loan out for me and just add my name to the title (would that do anything to help reestablish my credit..?).

thanks.

**and before anyone starts in on how i should have been responsible the first time, i was…i left my husband and he defaulted on the mortgage after he agreed to make the payments.

DWAYNE

Jennifer asked:


If I recall correctly, a bank will only issue a loan for as much as a home is worth.

There’s a foreclosure in our neighborhood that no one touched while the seller had it on the market… honestly, it’s ugly - aluminum siding, brick veneer, and the layout of the house is odd, but we’ve decided we can make it work.

Anyway, since it didn’t sell, that owner had it seized by the bank. My husband and I want to make a low offer on it, and maybe get financed for an extra $20k in home improvements (even this would still put our loan quite a bit lower than the home’s appraisal value). Do banks do this? We’re qualified for FHA financing, but we can also put 10% down alternatively.

MARCOS

Carol Bell asked:


While mortgages are the most common way of buying a home, it is remarkable how few people actually understand what a mortgage is. The worst thing to call one is a mortgage home loan and while this expression is in common usage, it is totally incorrect. In fact a mortgage is like a contract whereby the person buying the property (mortgagor) arranges finance to cover the cost from a lender (mortgagee) and the property is used as security against the debt until it is fully repaid. However, it is easier to explain it as a legally binding document where the lender is protected from loss by using the property as security for the debt.

If it wasn’t for the availability of mortgages, individuals and businesses would need to find the full amount for a property in order to purchase it. The way this process works is presented in brief detail during the rest of this article. The problem arises because so many people refer to the buyer as the Borrower and the financier as The Lender, which leads people to believe that the money has been loaned, which is not the case. The security is in fact a lien, which means the mortgagee has legal possession of your property until the debt is repaid.

This system works so successfully because the risk of loss on the part of the mortgagee is all but eliminated as they have legal possession of the property until the debt is completely repaid. This lien is recorded within public records likely to be found at a county courthouse or similar establishment. The lien stays in force while the debt remains but the property is actually owned by the mortgagor. While the mortgagee has legal possession of the property, he does not own it or have the title to it, the legal owner is the mortgagor.

However if the mortgagor or the owner defaults on his or her payments, the mortgagee has the right to dispose of the property to reclaim funds. When this happens, the procedure that follows is called foreclosure but even at this stage it is required to go through the courts first. This is a legally recognized process that must take place often referred to as ‘judicial foreclosure’. This is only a short introduction as the subject is much more complex but this information should make this important issue much clearer.



JIM

generic asked:


Are there any websites I can post my home for sale? I don’t want to go to a realtor. And I have no interest in making payments on a $60,000 loan with 17.5% interest rate. Can I let it go into foreclosure? I owe more then it’s worth and i don’t have any type of updates done to it. So it doesn’t really stand out from the rest of the homes for sale in the park. If I let it go into foreclosure, and it only sells for less then I owe, will I be sued for the rest? What if I don’t have any money to pay for the rest owed on the home? Or what if I don’t pay my lot rent, and get evicted. Will I still be responsible for my mortgage payment on the home and the lot rent even though I got kicked out? I have never been 30 days late on my mortgage, but can not do anything with this high interest rate because my husband and I have bad credit. Any suggestions would help. Thanks

AL