Home Loan Services lost one of our mortgage loans?

Question by unknown: Home Loan Services lost one of our mortgage loans?
We are in foreclosure and our bank has sold the second loan (balloon mortgage) to quite a few other banks. Needless to say when we call HL on the loan they have no idea who now owns our second loan. We are trying to do a short sale, can we say we no longer owe the money if they lost the loan? Can we say “Prove it” will that work?

Best answer:

Answer by Simpson G
Get an attorney. There have been a few casing of owners doing just this and having judgments in their favor.

Know better? Leave your own answer in the comments!

Is Bank of America Home Loans your mortgage company?

Question by When Will This Recession End: Is Bank of America Home Loans your mortgage company?
If so, are you happy with them as they are today. They were formerly known as Countrywide Home Loans.Unfortunately they are currently my mortgage company so I won’t be able to rid myself of them overly easily.

Best answer:

Answer by caddi814
I am a credit card, mortgage, and home equity line of credit collection agent for a study bank. I talk with a lot of people who have their HELOC loans with us and their first mortgage with Bank of America. They all b*tch about them, whether it be b/c if theyr’e having a hard clocked paying, they won’t work with them, to billing issues, to poor customer serivice, etc. So, I’d say, no… Why not try a local credit union? They usually have better rates anyway and generally outstanding customer serve. You can go talk to someone locally should a problem ever arise.

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Home Loans Available in Indian Banks

by The U.S. National Archives

Home Loans Available in Indian Banks

What is Home Loan

Home loan is important source of finance for buying a home. It is important to ensure that your home loan is affordable for you and you are comfortable to repay them. Home Loan is a Secured Loan offered against the security of a real estate property which is funded by the bank’s loan, the property could be a personal property or a commercial one.

Loans are provided based on the market value, mainly estimation given by banks or the registration value of the property.

Once a lender/banker is comfortable with your EMI payment capacity, the lender will figure out the total loan that can be given to you. Generally, bank expects that you will pay at least 15% to 20% of home purchase price amount as the down payment. The remaining 80% to 85% is the loan that bank will give you.

Please Note: if the borrower is failed to pay back the home loan, the banker can retrieve the lent money by selling the property.

For Home Loan EMI Calculation use EMI Calculator

Resource Link: http://www.stampdutyregistration.com/loanemi.php

Eligibility Criteria to take home:

Several factors besides your income will have an impact on the home loan amount you are eligible for

The amount of home loan you are eligible for depends on your occupation (whether you are salaried/ self-employed), your income, the interest rate charged by the bank and the tenure of the loan. As you will discover, the interest rate on the loan not only influences how much EMI you will pay each month but also influences the loan amount you are eligible for.
If your are earning 10,000/- per month then assume that a bank interest rate (9%) then as per government rules 40% will be calculated from your salary means as per this example your eligibility will be 4000/- from your current salary so now next step to divide interest rate
At an interest rate of 9%, the monthly installment of an Rs 1 lakh, 20-year loan is Rs 900.
So Eligibility Home Loan = (4000 / 900) * 100000 = 444444.44. (4.44 lakhs)
For income up to:
Rs 9, 999: [35% will be calculated]
Rs 10, 000 to Rs. 14,999: [40% will be calculated]
Rs 15, 000 to Rs 19,999: [45% will be calculated]
Rs 20,000 and above: [50% will be calculated]
Now to know your monthly EMI you can use Home Loan EMI Calculator
Resource Link: http://www.stampdutyregistration.com/loanemi.php
The maximum loan to value ratio is typically maintained by most banks at about 75% to 85% (where the value is the property value + stamp duty + registration).

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Documents Required to Apply Home Loan

Common documents (for salaried as well as self-employed borrowers)

PAN Card
Proof of Age
Proof of Residence
Passport size photograph of the applicant & co-applicant
Copies of pay slips for last few months and TDS certificate

For salaried employees
Latest salary slip or statement
Form 16

For self-employed borrowers

I-T returns for the last 3 years
Balance sheet for the last 3 years
P&L accounts for the last 3 years
Tax challan for the last 3 years
Flat and house
Sales affidavit/ letter of allotment in case of society or association of persons
Original vendor’s sale deed
Original sale agreement
I-T clearance as the case may be
Encumbrance certificate

Type of Home Loans Available in Indian Banks or Markets

Home Purchase Loans: This is the basic type of a home loan which has the purpose of purchasing a new house.

Home Improvement Loans: These loans are given for implementing repair or renovation works, healing and renovations in a home that has already been purchased.

Home Construction Loans: These loans are available for the construction of a new home

Home Extension Loans: These loans are available for the extending an existing home

Home Conversion Loans: These loans are available for those who have financed the present home with a home loan and wish to purchase and move to another home for which some extra funds are required. Through home conversion loan, so the new loan pays the previous loan and fulfills the money required for new home.

Bridge Loans: It Finance for people who wish to sell the existing home and purchase another new one. The bridge loans help finance the new home, until a buyer is found for the old home.

Land Purchase Loans: These loans are available for purchasing land for both construction and investment purposes. NRI Home Loans: Loans given to individuals who are NRI’s and want to buy or invest in residential properties.

You can also consult a home loan agents in your area that takes care of all your loan needs and provides a complete door to door service to you.

Find Home Loan Agents in Your Area via (Stamp Duty Registration) http://www.stampdutyregistration.com

To Calculate Stamp Duty Find Stamp Duty Calculator

if you are resident of Mumbai then Loanplanet.in takes care of all your Mumbai Loan needs and provides a complete door to door services

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