Mobile Home Loans

A lady that works for me brought in a Drs. excuess that had a different last name than the one I have on file for her.
When I asked her why her name was different, she said. Well, I go by my current husbands name for stuff like my Drivers lic, home loan , etc. but I use my X-husbands name for Medical Insurance, cause I need to have hospitalazation and dental. As far as I know she has been divorced from the X for at least five years.
Is there any reason the X would have to or could still have her on his policy?Also, when I asked her if that was legal, she said yes, we looked into it……………….WEIRD!!!!!!!!!!!!!!!!!!!!!!
HER KIDS ARE BOTH OVER18

I have a client who used 100% financing to buy a home. The terms were 80% for 1st mortgage TD and a 20% for 2nd mortgage TD. Now the clients are in foreclosure and will loose the home at trustee sale in a few weeks,. Because the 2nd TD is a line of equity loan it “could” be eligible for a deficiency judgment. However, because it was used as purchase money at the time the home was purchased, would it be considered a non recourse loan as the funds were used to purchase the home? ( California)

We would like to move into a bigger home. We live in a small condo that we paid a lot for. We will never get as much for it as we owe for our loan, but we have out grown it. We are not in a foreclosure situation because we are making the payments on time without a problem. If we sell our home for less than it is worth, can we add the balance of our mortgage onto the mortgage of a new home, or will we owe the bank the balance right then and there?

About 2 months ago I signed a purchase agreement (offer accepted) for a property. The property is a foreclosure I might add. On the original purchase agreement it stated I would be going in-house for my loan. I later found ou that I could go FHA and save on my down payment and rate. It took some time for the seller to locate a POA but they eventually did (we had to write an extension 2 times while they did this). After their delays were out of the way I was able to move forward on my end of the deal. I was approved FHA and an appraisal was the next step. NOW the sellers say they will not accept FHA funds for the home for whatever reason. The home is only 7-8 years old and in excellent condition, but I bought it far under its value…about 80K less than it is worth. I said fine if you won’t take the FHA I will just put the 20% down and go in-house…they refuse to extend the purchase agreement to give me time to do that!!! Anyone ever hear of such a thing???

From homeowners to investors, many would just as soon forget the past 10 years when the subject turns to housing. The decade that began with a stupefying run-up in home prices has ended with the government sorting through the wreckage of the worst housing collapse since the Great Depression.

For those who want to relive it, we offer here our list of 10 stories from The Wall Street Journal that chronicled the real-estate adventures and misadventures that characterized the 2000s.

Loan Stars: Why Calls Are Rising To Clip Fannie Mae’s, Freddie Mac’s Wings (07/14/2000)

First, Fannie Mae and Freddie Mac have loosened loan standards to capture more subprime and other higher-risk loans. Second, they’ve begun buying up staggering amounts of their own mortgage securities. While both practices juice their profits, they’re also potentially dangerous, and no one knows whether the methods used to manage those risks would hold up in a severe recession. And because the two companies have become such integral players in the nation’s financial system, there is concern that even a small setback could quickly cascade through the economy, setting off financial fires at other companies, or even lead to a taxpayer-financed bailout.

Shaky Foundation: Rising Home Prices Cast Appraisers In a Harsh Light (12/13/2002)

To many in the real-estate business, unreliable appraisals expose the shaky foundations of today’s hot housing market. Spurred by low interest rates, mortgages and refinancings are expected to rise 19% to a record $2.4 trillion this year. But with the economy stuck in low gear and sales slowing, many experts fear home prices could soon drop. If so, substantial blame may fall on the nation’s 40,000 residential appraisers — much as Wall Street securities analysts are being criticized for hyping overpriced stocks before the Internet bubble burst.

Acres and Pains: Growing Scarcity of Land Alters Home Economics (04/15/2003)

One of the fastest-growing cities in America, Las Vegas embodies a problem cropping up across the country. The nation has seen a rapid increase in demand for new housing in recent years, fed by fast population growth, new immigration and easier credit. But the land available for home building has grown increasingly scarce. Builders eager to capitalize on a historic building boom have already gobbled up many of the most desirable parcels and bid up the prices of remaining land close to urban areas, adding to recent fears of a painful housing-market correction. A backlash against builders by city councils and neighborhood groups, fed by worries about the effects of rapid development, has further restricted builders’ options.

As Prices Rise, Homeowners Go Deep in Debt to Buy Real Estate (05/23/2005)

Five years into a housing boom that has boosted U.S. home values an average of 50% and added an estimated $5.5 trillion to the total market value of residential real estate, many Americans no longer think of their home as just a place to live. Instead, it’s a cash machine that can be used to rapidly build wealth. To that end, a growing number of people are tapping into their home equity to invest in more real estate.

After the Boom: Housing Slump Proves Painful For Some Owners and Builders (08/23/2006)

For years, real-estate brokers and home builders promised that the soaring property market eventually would glide to a soft landing. These optimists predicted that home prices, which had more than doubled in parts of the country between 2000 and 2005, would continue to rise, but at a more normal pace of 5% or 6% a year. It isn’t working out that way.

Risk Management: As Home Owners Face Strains, Market Bets on Loan Defaults (10/30/2006)

Subprime lending has put as many as two million families into homes over the past decade, helping push the U.S. homeownership rate up to 69% from 65% — a major shift toward an “ownership society” that politicians of all stripes have touted as one of the nation’s economic successes. As the bets play out, they will show how much of that success is permanent, and how much a temporary phenomenon fueled by overly aggressive lending.

‘Subprime’ Aftermath: Losing the Family Home (05/30/2007)

Over the past several years, seven of the 26 households on the 5100 block of Detroit’s Outer West Drive have taken out subprime loans, typically aimed at folks with poor or patchy credit. Some used the money to buy their houses. But most already owned their homes and used the proceeds to pay off credit cards, do renovations and maintain an appearance of middle-class fortitude amid a declining local economy. Three now face eviction because they couldn’t meet rising monthly payments. Two more are showing signs of distress.

The United States of Subprime — Data Show Bad Loans Permeate the Nation (10/11/2007)

As America’s mortgage markets began unraveling this year, economists seeking explanations pointed to “subprime” mortgages issued to low-income, minority and urban borrowers. But an analysis of more than 130 million home loans made over the past decade reveals that risky mortgages were made in nearly every corner of the nation, from small towns in the middle of nowhere to inner cities to affluent suburbs.

Housing Bust Fuels Blame Game (03/19/2008)

As the falling housing market shakes financial institutions and pummels Americans in an election year, the nation’s economic woes have surged to the top of voters’ minds. The timely question: To what extent are politicians and regulators at fault?

American Dream 2: Default, Then Rent (12/16/2009)

Thanks to a rare confluence of factors — mortgages that far exceed home values and bargain-basement rents — a growing number of families are concluding that the new American dream home is a rental. Some are leaving behind their homes and mortgages right away, while others are simply halting payments until the bank kicks them out. That’s freeing up cash to use in other ways.

Posted To: MND NewsWire

Six days of equity gains came to a halt yesterday but the losses were trivial as the Dow slipped 0.02% and the S&P 500 fell 0.14%. This morning, however, equity markets are seeing real losses as traders lock in profits and prepare for the New Year. One hour before the bell, the Dow looks to open 46 points lower at 10,4and futures on the S&P are 5 points off to 1,116. Commodities are also weaker with WTI Crude oil falling 17 cents to $78.70 per barrel and Gold trading $6.01 lower to $1,090.82. Reporters from Business Week point out that oil prices are 77% higher now compared to the start of the year, marking the fastest annual climb in ten years. In addition, oil prices have tripled over the past decade. Data coming out today is unlikely to have a major impact. Only one release is scheduled…(read more)

My wife and I are starting to think about buying our first home and the VA home loan is one of the options that we are considering. I know that they offer a no down payment loan, but what I don’t know is what would I have to pay for closing costs? For example, what would a run of the mill closing cost be if I were to buy a home for $100,000 in New York State using the VA no down payment home loan? I am just trying to get a feel for what I should expect to spend up front. Any help would be appreciated.

P.S. – If there is any other information that is needed to give me a better answer, let me know and I’ll update the question.

Dec. 30 (Bloomberg) — GMAC Inc., the home and auto lender that counts the U.S. government as the largest stakeholder, is discussing with the Obama administration a third bailout of $3 billion to $4 billion, said a person familiar with the matter.

The size of the assistance is under negotiation, the person said on condition of anonymity because the talks are private. A deal may be reached in days as Detroit-based GMAC incorporates losses from its home-loan businesses, the person said.

GMAC received two rounds of government aid totaling $13.5 billion as it struggled with losses at home-mortgage operations, which include Residential Capital LLC, known as ResCap. The primary lender to General Motors Co., its former parent, and Chrysler Group LLC is being helped by profits in auto-lending and is working to sell or restructure the ResCap unit.

“We question why GMAC needs this capital,” CreditSights Inc. analyst Adam Steer said in an interview. “If you look at where the losses are coming from, it’s not coming from the core automotive business, it’s coming from the legacy portfolio at ResCap.” Steer has called for GMAC to cut ties to the home lender or place it in bankruptcy.
http://www.bloomberg.com/apps/news?pid=20601103&sid=ap0H4JFsSyTs

Should the government still be backing companies with taxpayer dollars?