The Top 10 Reasons Mortgage Companies Stopped Doing Second Mortgages
1. Mortgage companies starting around November 2007 stopped doing fixed second mortgages and home equity lines of credit (HELOC) due to changes going on in the mortgage industry. A lot of swift and sudden changes came to the type of companies that were farthest away from the actual money like the mortgage brokers, correspondent lenders, then [...]
The Top 10 Reasons Its Easy To Make Mortgage Rates Predictions
1. During the housing boom there was cheap amounts of money everywhere. The Federal Reserve lowered the prime rate to the lowest level ever. With interest rates this low every company and person in the world jumped into the mix to borrow money to buy anything from real estate to cars to new factories to [...]
The Top 10 Reasons That You Will Never Own Your Home
1. If you have a mortgage on your home you do not own your home. The bank does. Its kind of like you co-signed with the bank on the property.
2. If you miss 4 payments on a mortgage the bank has the right to kick you out of your home. They really do not want to, [...]
The Top 10 Reasons Mortgage Companies Do Not Want You To Foreclose
1. A mortgage company is in the business of making loans not being a property manager. All that they like to do is make money by selling mortgage notes to other institutions and making quick cash or by holding onto the note and collecting the interest.
2. If a borrower misses 4 payments in a row [...]