FL Mortgage

My 5-1 ARM adjusted last year and went to 6.25%. It will adjust again this November. Are mortgage rates based on the feds fund rate? Or something else? How can I estimate what my new rate will be?

There are multiple indices that are used by mortgage holders to adjust a mortgage rate. some are tied to t tresury bills, some are tied to the LIBOR rate.
You will need to check with the mortgage holder, (or just check your original mortgage contract) and find out what index your mortgage is tied to, and what the"spread" is. (The spread is the additional % added to the index).

I was just curious, when a mortgage loan officer sells a home what percentage of the selling price does the loan officer keep for his commission?

Mortgage Loan officers do not make anything from the SALE of a home. They make a certain percentage of the amount of the mortgage loan on the PURCHASE of a house.

The percentage of commission varies from state to state and from lender to lender.

So I am reading about the subprime mortgage crisis and the huge number of foreclosures. I have read about how subprime mortgages are loans given to people with less than ideal credit. My question is more simple. Why did this defaulting and foreclosures happen now as opposed to, say, a few years back. Did something trigger this whole crisis now?

Most sub-prime loans are adjustable rate mortgages. Most ARMs have a rate adjustment after 2 years. The rate of home sales began to jump drastically in 2005. Two years later (2007) the rates begin to jump and now people can’t pay their higher payments. Most assumed that they could refinance since housing prices were going up so fast but by the end of 2006 home prices stalled and many people found themselves unable to refinance.

National Reverse Mortgage Lenders Association is you are on business side. http://www.reversemortgagepage.com if you are a consumer.

Who did Obama appoint to serve as head of his VP search committee? Who said they were they were advisers to Obama on housing and mortgage policy? Obama is in OVER HIS HEAD with the cohorts of this economic catastrophe:

http://www.unionleader.com/article.aspx?headline=Fannie+Mud%3A+Dirtying+a+clean+candidate&articleId=1b1fae72-8854-4eb6-923d-e0540227582a

How about Fannie Mae?? yep, that’ll do it Jimmy!

Will the second mortgage holders come after you or be able to put something (other than a foreclosure) on your credit like a judgement? Would they be ale to garnish wages or do anything crazy like that in the future? The reason for two loans was a first and second (100% loan) was used to purchase the home. The value dropped and the foreclosure auction will only be enough to cover the first mortgage and part of the second. If you could site any websites that show these types of laws it would be appreciated. Thanks.
Oh and real examples would be great. I’ve heard many people say yes they can come after you, but of those that have actually been foreclosed on I’ve yet to hear one of them tell me an actual horror story. This could be because many second lien holders use fear to get some people to pay them money and salvage some of their loss.
coragryph, keep in mind the 2nd was used as purchase money, so it was not a 2nd mortgage that was "taken out". Also, have you actually heard of this happen or only studied it? Thats what i’m finding out, that most lenders don’t go through with that, as they end up getting nothing after spending all the money to legally fight it and most individuals could file BK to avoid it.

What you are talking about is what was called an "upside down mortgage" where the mortgage debt is worth more than the house, which is decreasing in value.
Say you have a house worth $20k, and one mortgage for $25 and a second for $10K.
When the mortgages are foreclosed, the first mortgage gets all the $20K, and can sue the homeowner for a "deficiency judgment" for the last $5k that remains on the mortgage. The second mortgage holder can sue the homeowner for their $10k claim, and get a civil judgment, but it will not be attached to anything (meaning there is nothing they can take or foreclose to get their money) but they can garnish income.

That’s how it would be in your example. The first mortgage holder gets their money and goes away. the 2nd gets part, and sues you for a deficiency judgment for the remaining money.
what it sounds like is you need a bankrupcty lawyer, if you want to keep the house. good luck

If you want to know if they will actually bother, yes, because civil judgments last for 10 years (at least in NYS) and you can renew those babies. Meaning, they can wait until you have the money, no skin off their nose. Also, since they changed the bankruptcy laws, its not as easy as it was to get rid of debt as it was last year. There’s much less protection for debtors, now.

My mortgage will go to adjustable soon and what can you tell your lender so the interest stays the same? I have a 3/1 arm.

You really have no control over your interest rate. You can try to plead that you don’t have the money if it increases, but… tough shit. You can try to compare interest rates in your area, but it won’t do any good because the terms of the loan you signed are unique.

That’s the entire point of an ARM, the interest rate stays low for the first few years, then is subject to increase after that. Sorry if you don’t understand this, but that is not your lender’s fault.

You’re not alone (millions of borrows don’t understand the terms of the legal documents they sign regarding mortgages), but that might not give you much comfort.

I am trying to find out what is the best newspapers or websites used to find jobs in Texas, especially the houston area and what is the most common sources used for mortgage lenders. Do people usually use the banks or mortgage companies? I want know a good mortgage lender with good principles and low interest. Please, only people who are really familiar with these subjects and with serious answers. I would really appreciate your help. Thanks to all those who are willing to assist. Bless you.

the houston chronicle, yahoo hotjobs, alot of jobs are posted online.
you just gotta search for them.

I’m planning to relocate, but current owe a mortgage for $50k. I also have a bankruptcy on my record thats a couple of years old. I’d like to find new home in the state I choose to live in. Would I be able to get a second mortgage or refinance my current home in order to pay for a new one?

That depends on a few things.

How much equity do you have in your current home?

What is your credit score?
What is your debt load?

Yes you can get a 2nd mortgage on your current home to buy another, people do it all the time.

Your income must support maintaining your current home (you should be able to get a renter in there to offset the mortgage payment or some portion there of) and support your new mortgage.

You can get a loan with a BK. Many lenders require it to be discharged for 2 years, however, there are still a few lenders that will lend on a BK only being discharged 1 day.

In a nutshell, yes you can, if all your other ducks are in a row.

Good luck

Our home is in foreclosure. The bank refused a short sale but did offer us a deed in lieu if we sign a $30,000 promissory note. I am so confused….I have contacted a lawyer, but they have not returned my phone calls after receiving my paperwork and the mortg co wants an answer today. Everyone told me not to sign it and just let the bank finish foreclosure, but I am afraid they will come after me for a deficiency. The lawyer said the chances were slim to none, but who do I believe?

Your lawyer is mostly correct. Your chances at being the target of a deficiency judgment are slim, but they are also NOT zero. Given that they already want you to sign a $30K promissory note, I’d venture that your chances of escaping a deficiency judgment situation went up somewhat.