Question by mickeytchs: I brought my home 1yr ago, I want to refinance, my mortgage was setup with a 1st and 2nd mortgage? Total I brought the house for 87000 and I owe about 85000 total between the two mortgages. First mortgage has an interest rate of 9.5% and the 2nd is about 12%. Is [...]
Let’s face it; you may be one of the millions of Americans who may lose their home to foreclosure. Even though this is a harsh reality, the government has made provision and now this program, funded by stimulus money has been called the Obama mortgage relief plan.
Before you refinance any mortgage there are certain terms you should consider. The same can be said about the FHA refinance loan. Any mortgage that you currently have on your property can be refinanced into an FHA loan. Refinancing your loan into a Federal Housing Administration loan provides you with a lower monthly payment, the ability to avoid foreclosure or default, or it can help with home repairs. The refinance loan is different than the FHA HOPE. FHA HOPE is a homeowners program that protects individuals from default or foreclosure only.
Question by kendoloan: Whats the benefit in paying off credit cards and auto loans with your mortgage? Best answer: Answer by smartypants909 Its one way to consolidate your payments and reduce your monthly expenses. Know better? Leave your own answer in the comments!
Question by Ryan G: Question about selling my house with a mortgage.? I am trying to figure out what happens with the mortgage when selling a house. I asked a similar question in these boards and got this response. “When you sell, you pay off your mortgage and buyer gets their own, new mortgage.” Well [...]