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Washington D.C. Mortgage Refinance Loans – Interest Only
Refinance Loans
American Mailboxes .. Hope Street .. Foreclosure limbo: Staying without paying (June 09, 2011) …..
Some 4.2 million mortgage borrowers are either seriously delinquent or have had their cases referred to lawyers to pursue foreclosure auctions, according to LPS Applied Analytics. Of those, two-thirds have made no payments at all for at least a year, and nearly one-third have gone more than two years.
…..item 1)…..Yahoo! Finance…..Foreclosure limbo: Staying without paying. ….. CNNmoney.com
Les Christie, On Thursday June 9, 2011, 9:45 am EDT
finance.yahoo.com/news/Foreclosure-limbo-Staying-cnnm-989…
Charles and Jill Segal have not made a mortgage payment in nearly five years — but they continue to live in their five-bedroom West Palm Beach, Fla. home.
Lynn, from St. Petersburg, Fla., has been living without paying for three years.
In Thousand Oaks, Calif., an actor has missed 30 payments, and still, he has not lost his home.
They’re not alone.
Some 4.2 million mortgage borrowers are either seriously delinquent or have had their cases referred to lawyers to pursue foreclosure auctions, according to LPS Applied Analytics. Of those, two-thirds have made no payments at all for at least a year, and nearly one-third have gone more than two years.
These cases can go on and on. Nationwide, it takes an average of 565 days to foreclose on borrowers in default from their first missed payments to the final auction. In New York, the average is 800 days and in Florida, where the "robo-signing" issue is particularly combative, it’s 807.
If they want to fight evictions hard, borrowers can remain in their homes even longer while their cases are being worked through.
The Segals have been doing that — in court. They bought their home in 2003 with an adjustable rate mortgage. After a few years, their monthly payments tripled to ,000, just as their home-inspection business was cratering.
The Segals want the bank to modify the mortgage so payments are affordable, and they think the court will agree that their lender put them into a toxic loan.
"The evidence will show that we were defrauded," said Jill Segal.
If they lose, of course, they’ll finally have to leave. And, unfortunately, more than 50 months of missed mortgage payments hasn’t translated into big savings.
"It’s very hard to save," said Jill Segal. "Our company’s billing is 90% off and my husband is only working about four days a week."
Lynn, who didn’t want her last name used, purchased a two-bedroom on Tampa Bay in 1998 for 5,000.
As the waterfront property’s value skyrocketed, eventually reaching 0,000, she refinanced twice (once to expand a business), and took out a second mortgage. She now owes more than 0,000 on the home, which is worth only 5,000.
Living in this foreclosure limbo is "Hell," Lynn said. "I feel like I’m locked in a box. I work for a financial organization and if this came out, it could cost me my job."
She’s still hoping to negotiate the loan. In the meantime, small things bother her. "A couple years ago, I lost my dog and I can’t decide on getting a new one," she said. If she has to move, she can’t be sure she’ll go somewhere that allows pets.
The actor from Thousand Oaks, Calif. began having problems during the screenwriters’ strike in late 2007, followed by a threat of a strike by the Screen Actors Guild.
He’s working with his lender toward a mortgage modification, submitting page after page of documents, which the bank has often misplaced or waited so long to examine them that they had grown too old to use.
His ideal outcome is get the loan modified and get all his late fees waived. He feels entitled to that because the bank advised him to stopped paying in the first place to qualify for one of the government’s foreclosure programs. Before that, he had missed only one payment.
Meanwhile, he has cobbled together some income streams — small acting parts, teaching acting classes and even handyman work.
"In a way, I feel like I’m lucky because I haven’t had to pay any ‘rent’ for 30 months," he said.
But he feels like he’s always under a cloud. "I haven’t slept in three years," he said. "It’s terrifying. I have to have the ultimate poker face in front of my kids."
Ruben Martinez, a Staten Island, N.Y., man trapped in a particularly bad adjustable rate mortgage, stopped paying more than three years ago. His attorney, Robert Brown, has managed to stave off one foreclosure.
Martinez, still struggling to find work, has little in savings despite the missed payments. He’s earning some income as a pastor and consulting for a non-profit family counseling organization.
"There’s pressure on me every day," he said. "I have a wife, three daughters and two grandchildren. Where are we going to live?"
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Washington D.C. Mortgage Refinance Loans – Interest Only
Article by Sharon Listner
What Is An Interest Only Refinance Loan?
An Interest Only refinance loan, allows homeowners to refinance their home mortgage into a new mortgage loan, where they do not pay any principal on their loan – just interest. For example, if you own a home worth 0,000 and you currently pay 00 per month, an interest only refinance loan may reduce your monthly mortgage payment from 00 to 00 – a savings of 0 per month. If you’ve had a life event such as a new baby, divorce, death in the family or simply need to cut costs – interest only loan can be extremely advantageous.
Interest only loans, like other exotic types of loans, have their purpose. They have their advantages and disadvantages. There is no doubt that you’ve heard of the disadvantages from media coverage in the past 2 years. However, as with all things, there are situations where interest only loans make sense.
If you live in the Washington D.C. Metro around (District of Columbia, Maryland or Northern Virginia), there is a good chance that you have equity in your home. If you are thinking about refinancing your mortgage loan as an interest only refinance loan – the most important factor to consider is how long you will stay in your home.
Interest only refinance loans make sense for people, who do not plan to stay in their homes for a long period of time. For example, if you are thinking about relocating to another state or country – you may find it beneficial to pay as little to your mortgage loan company as possible.
In essense, you get all the benefits of homeownership, without the high price tag. In addition, since homes appreciate fairly well in the Washington D.C. area, there is a good chance that your home will still appreicate by the time that you decide to move on.
Get more information about interest only refinance loans at loan resource website: http://www.kstreetloans.com.
Refinance Loans question by conrack: If I have already consolidated my student loans, is there still a way to “refinance” for a lower rate?
I currently have a 7.625 rate on my consolidated student loans. Is there a refinancing process for student loans the same way there is for, say, a mortgage?
Refinance Loans best answer:
Answer by thesunnshynne
yes there are lower rates out there, there are several places that u can refinance after refinancing.
Virginia Refinance Loans – Cash Out or Home Equity
Refinance Loans
Virginia Refinance Loans – Cash Out or Home Equity
Article by Lisa Jones
The real estate market in Virginia has gone through a significant shift in the past 10 years. Homeowners have seen a dramatic increase in their home values. Whether you live in the affluent neighborhoods of northern virginia or the Richmond, most Virginia homeowners have 10%, 20% or 30% equity in their homes.
Virginia Homeowners are refinancing their existing mortgage loans to take advantage of the equity in their homes to finance home improvement projects, consolidate debts, pay for their children’s education, invest in real estate or treat themselves to a much needed vacation.
The amount of money that homeowners can draw or cash out during the refinance process depends on the equity in their home. Some homeowners draw ,000, while others draw 0,000 or more. This is not surprising as some virginia homeowners have seen their home values jump from 0,000 to 0,000 in the span of 5 years or less.
Points to consider when refinancing your mortgage loan as a cash out refinance or second mortgage home equity loan:
1. As with all big decisions refinancing requires you to do some research. The most important aspect of getting the best loan terms, is to shop around for the lowest refinance loan rate. This kind of shopping should not cost you any money. A reputable lender can offer no cost refinance loan quotse.
2. Once you get your loan quotes, compare mortgage terms such as the interest rates, type of loan (fixed or adjustable), prepayment penalties, points, fees, etc.
3. Ensure that you can still afford your new mortgage loan with some money to spare at the end of the month.
Get more information about Free Virginia Refinance Loan Quotes at www.pioneerlenders.com. Pioneer Lenders also offers a diversified array of loans including refinance loans, home equity loans, home equity lines of credit, debt consolidation loans and student loans.
Allison warns homeowners about new scam: companies are preying on borrowers looking to refinance adjustable rate loans.(Focus): An article from: Mississippi Business Journal
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Title: Allison warns homeowners about new scam: companies are preying on borrowers looking to refinance adjustable rate loan
Allison warns homeowners about new scam: companies are preying on borrowers looking to refinance adjustable rate loans.(Focus): An article from: Mississippi Business Journal
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Refinance Loans question by Hannah D: Do refinance home loans have stable and lowered monthly payments?
Refinance Loans best answer:
Answer by takeme2thebnk
It depends. Usually stable, and lowered, do not go hand in hand. For a lower monthly payment you will usually have to go with an adjustable (ARM) mortgage, which is essentially stable, but only for so long. Ex. a 5 year fixed is fixed over 5 years, then it adjusts according to whatever index the bank uses, and it proceeds to amortize over a 30 year period. If you want a stable loan you go with a fixed. In my opinion 15 year is the best, because it allows you to save a little with the interest rate, but it is stable over 15 years. By the time the 15 years rolls around you should have a number of options to choose from because there should be a fairly large amount of equity in your property.
The idea of refinancing your loan is to lower the payment usually, but continually refinancing the loan is not always the best idea, unless you are an investor putting that money to good use. Hope I helped.