The infamous QEIII has stunned the financial world and brought us, even the Europeans, back from the brink of disaster and into an unfettered world of prosperity. Or not.I did some math and if the Fed printed $40 billion per month for two months, that's $80 billion. That's not the math I figured though, there's more. Mortgage rates dropped about .25% since the Fed's … [Read more...] about Sorry, I Don’t Get It.
Archives for September 2012
Recent ads on TV, radio and online promote a particular mortgage lender that offers to create a special mortgage with a payoff period designed specifically for you. That's actually a good thing. Most consumers think there are two mortgage terms, a 30 year mortgage and a 15 year mortgage. Yet in reality most any term can be created in a mortgage loan. The difference might be … [Read more...] about Your Mortgage. Um, YOURmortgage
If you begin to fall behind on your mortgage payments, there's a process that lenders follow to make sure you're aware that you've missed a payment or two and to put in place the legal requirements needed in case the home is sold at a foreclosure auction. When you approach being 30 days late on your mortgage payment, your phone will begin to ring. This is your lender, sending … [Read more...] about How Do They Know? Really, How Do They Know?
I recently had a conversation with a colleague of mine from years ago. He lives in Southern California, in one of the tonier parts. There's no sob story here, but he has been trying to modify/fix/repay his second lien mortgage with his bank since last Spring. The problem, er, one of the problems, has been that each time he has called the lender and asked for the status of his … [Read more...] about I’m Sorry, You Were Saying??
Okay, I get this. You missed a mortgage payment. Then you missed another. Then you got a certified letter from your lender reminding you (as if you didn't know) that you missed two payments. Officially, that's called a Notice of Default, or an NOD, the precursor of the ForeclosureBot. When you miss your next payment then it begins to get really serious. Both on your part and … [Read more...] about Hold the Foreclosure Fone