Home Foreclosure Leads To Suicide

jiro123 said:
I just went :dizzy: after reading your post, DM but yea that's how it is with mortgage. This requires a fundamental understanding of this stuff and a serious planning before you do it. Even though mortgage is considered as a safe and stable loan (not subjected to volatile interest rates) compared to other types of loans.... it's very easy to get screwed by it. If you miss one payment or late to pay... you're in trouble and your credit history will get a punch in the gut. Another missed/late payment... you're screwed and your interest rate will skyrocket and your credit history is shit.
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Clarification about missed payment. If you have fixed interest rate, it will not skyrocket if you missed payment. Even on ARM. What will happen is, you will become one month behind. You must stay on schedule because Mortgage loan is an agreement when to pay it off. Follow schedule or be ahead of schedule.

Just don't miss more than 1. Lenders will go after you when miss more than 4 in a row. I say do not miss at all because you cannot refinance if you have missed once within 12 months. Except we do know a program to clean up the mess.
 
Deaf Mortgage said:
Anything over 30 years is a bad idea. It will hurt your credit score. Do not get a loan 40 or 50. That is for refinance to get out of trouble and lower monthly payment. I havent used this option.

We do know programs for refinance out of ARM and if loan is greater than house value. Depend on the situation of ARM after reset the interest.
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Yup, I had seen your post about 30 years term is most preferred over 40-50 years term, I prefer 30 years term with fixed rate if I want own house but it wouldn't happen until later in years, maybe in next decade if I'm get good job and get married or start romantic life, also mortgage/real estate crisis has recovery before happen like that as well.

My uncle use 30 years term for his house and interest rate is lower, he's doing very good with mortgage.
 
Deaf Mortgage said:
Clarification about missed payment. If you have fixed interest rate, it will not skyrocket if you missed payment. Even on ARM. What will happen is, you will become one month behind. You must stay on schedule because Mortgage loan is an agreement when to pay it off. Follow schedule or be ahead of schedule.

Just don't miss more than 1. Lenders will go after you when miss more than 4 in a row. I say do not miss at all because you cannot refinance if you have missed once within 12 months. Except we do know a program to clean up the mess.
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ah... good to know! I guess it doesn't exactly work like credit card :laugh2:
 
jiro123 said:
ah... good to know! I guess it doesn't exactly work like credit card :laugh2:
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Different rules and guideline. Housing Mortgage is where bank makes most of their profits. Credit card is small % of their profits. They designed guideline and rules to make profits and want to keep profiting.
 
Pacman said:
Yup, I had seen your post about 30 years term is most preferred over 40-50 years term, I prefer 30 years term with fixed rate if I want own house but it wouldn't happen until later in years, maybe in next decade if I'm get good job and get married or start romantic life, also mortgage/real estate crisis has recovery before happen like that as well.

My uncle use 30 years term for his house and interest rate is lower, he's doing very good with mortgage.
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In any form of market issue is based on confidence of buyer and seller. In recent market, people are putting down 0% on house are the one get beaten up. Those who put more than 5% are survivor and paying the price of others mistakes. That what cause the market to slummber. Too many buyers with 0% down and not keeping up with payments. Both Lenders and borrower fault on various aspect.
 
Pacman said:
Yup, I had seen your post about 30 years term is most preferred over 40-50 years term, I prefer 30 years term with fixed rate if I want own house but it wouldn't happen until later in years, maybe in next decade if I'm get good job and get married or start romantic life, also mortgage/real estate crisis has recovery before happen like that as well.

My uncle use 30 years term for his house and interest rate is lower, he's doing very good with mortgage.
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One more thing to add - Real Estate crisis is for the sellers. They are suffering. If you have not owned a home yet, this is your golden opportunity to buy cheap houses that you can really afford compared to prices in 2003 where the prices were ridiculous over priced. Right now is what we call BUYER MARKET. Buyers are in control now. Not sellers.
 
Deaf Mortgage said:
One more thing to add - Real Estate crisis is for the sellers. They are suffering. If you have not owned a home yet, this is your golden opportunity to buy cheap houses that you can really afford compared to prices in 2003 where the prices were ridiculous over priced. Right now is what we call BUYER MARKET. Buyers are in control now. Not sellers.
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Ok, thanks for explaining that.

I know that some states has very expensive real estate, it had been went skyrocketed in last several years ago like California, New England, Chicagoland, Seattle, Miami, NYC metro and few others, real estate in Phoenix and Las Vegas has been went up so quickly in several years ago as well, after real estate burst in 2 years ago then house price are falling and start level off (into equal to inflation).

Property tax for house could be very higher in some area, lowest property tax is usually in rural area, small to medium of population cities, many area in southeast states and Texas (depends on counties).
 
I mentioned in post # 13 that I think many, if not most, life insurance companies do pay off if the policy has been in force for at least two years.

What also leads me to believe this is true is that I have heard some corporations who provide life insurance policies for their employees would change life insurance policies/companies every two years......so what does this tell you?
 
Pacman said:
Ok, thanks for explaining that.

I know that some states has very expensive real estate, it had been went skyrocketed in last several years ago like California, New England, Chicagoland, Seattle, Miami, NYC metro and few others, real estate in Phoenix and Las Vegas has been went up so quickly in several years ago as well, after real estate burst in 2 years ago then house price are falling and start level off (into equal to inflation).

Property tax for house could be very higher in some area, lowest property tax is usually in rural area, small to medium of population cities, many area in southeast states and Texas (depends on counties).
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You show good understanding of what the situation is happening. Excellent.

Right now a lot area are dropping 20% or even 30%+ of price in 2003 until now 2008. That is a huge fall. Smiles.
 
Deaf Mortgage said:
You show good understanding of what the situation is happening. Excellent.

Right now a lot area are dropping 20% or even 30%+ of price in 2003 until now 2008. That is a huge fall. Smiles.
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Wow, that's great news for buyers, thanks.

Could you explain about where states or counties in US that has lower property tax for house? I had trouble to find more source, property tax for house in Chicago area is pretty higher.
 
Pacman said:
Wow, that's great news for buyers, thanks.

Could you explain about where states or counties in US that has lower property tax for house? I had trouble to find more source, property tax for house in Chicago area is pretty higher.
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Every state have high tax and low tax. New development means high tax. Rural low taxes. So I cant really say where the lowest tax and highest tax.

Chicago need high tax to keep city budget stable for paying polices, fireman, library etc...

Use www.mlsonline.com to search for homes. You can see associate fee and property annual taxes. If you find both, you will see the difference of where higher taxes and lower is.

Remember - every house on market has special number calls MLS #. This will give us information for specific house. Street and address is inefficient information for us. We want to see MLS # so we can identify the property without a problem.

Realtor.com have MLS # on all properties. Most Realtor website have MLS on their properties. I recommend www.MLSONLINE.com because it covers Tax, Associate fee, house value. Three point check I use to determine how much monthly payment. It does vary block to block of a town. So I cannot really help on where best place. USA is too big for me and I just point to that website to determine the area you are interested.
 
Deaf Mortgage said:
Every state have high tax and low tax. New development means high tax. Rural low taxes. So I cant really say where the lowest tax and highest tax.

Chicago need high tax to keep city budget stable for paying polices, fireman, library etc...

Use http://www.mlsonline.com to search for homes. You can see associate fee and property annual taxes. If you find both, you will see the difference of where higher taxes and lower is.

Remember - every house on market has special number calls MLS #. This will give us information for specific house. Street and address is inefficient information for us. We want to see MLS # so we can identify the property without a problem.

Realtor.com have MLS # on all properties. Most Realtor website have MLS on their properties. I recommend http://www.MLSONLINE.com because it covers Tax, Associate fee, house value. Three point check I use to determine how much monthly payment. It does vary block to block of a town. So I cannot really help on where best place. USA is too big for me and I just point to that website to determine the area you are interested.
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Forgot to mention -

Condo and Town homes have associate fee. Depend where you live. It covers lawn, landscaping, snow removal, and hazard insurance.

Single family homes have no associate fee. You are responsible for lawn, landscaping, snow removal and hazard insurance.

That what I mean by associate fee. AKA Home Ownership Associate or HOA.
 
Deaf Mortgage said:
Forgot to mention -

Condo and Town homes have associate fee. Depend where you live. It covers lawn, landscaping, snow removal, and hazard insurance.

Single family homes have no associate fee. You are responsible for lawn, landscaping, snow removal and hazard insurance.

That what I mean by associate fee. AKA Home Ownership Associate or HOA.
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Some single houses in subdivision has HOA fees, that what I noticed that.

Thanks for explain about everything.
 
Pacman said:
Some single houses in subdivision has HOA fees, that what I noticed that.

Thanks for explain about everything.
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Indeed some single home do have HOA. That means its more like a gated community. Function similar to Town homes communities. Nice to have.

Welcome! I do encourage to discuss more to educate yourself on housing. The more educated, the better you can identify a good deal.
 
Deaf Mortgage said:
One more thing to add - Real Estate crisis is for the sellers. They are suffering. If you have not owned a home yet, this is your golden opportunity to buy cheap houses that you can really afford compared to prices in 2003 where the prices were ridiculous over priced. Right now is what we call BUYER MARKET. Buyers are in control now. Not sellers.
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So true!

And it's feasible for one to be able to buy 2 houses! Live in one and rent out the other!

:lol: *KA-CHING!* :lol:
 
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