Jun232015
The Million Dollar Mortgage Mistake
I have heard many questions regarding mortgages and bankruptcy and credit reporting.I thoughtI'd give some legal background to provide more understanding to those who have questions, and help to clarify.
Mortgage defaults are the principal step in a house eventually going into foreclosure, so look for those to start heading up again. Foreclosures have been held down by trial modifications under the HEMP program, but very few of those have gotten to the stage of being final modifications. And even when mortgages are modified, there is a strong trend for those people to again find themselves in financial tribulation. Clearly people not paying on their mortgages is not good news for the big banks like Bank of America (BAC - Analyst Report) and Wells Fargo (WFC - Analyst Report) that lent them the money.
Both government and private financial institutions can provide mortgage insurance. The premiums payable on mortgage insurance is mainly dependent on the purpose for which the borrower is buying the mortgage. In general, mortgage premiums on housing are higher than for other purposes.
Private mortgage companies are not looking out for the consumer's interest. They will do anything to sell you on a mortgage loan, even if it isn't right for you, your lifestyle, or your budget. Because they have contracts with certain loan companies, they can only sell you one or two specific mortgages, and their commission depends on it.
With mortgage insurance protection you can enjoy complete relaxation that in the event that you are unable to work for a period of time due to redundancy or due to sickness or injury, you will have to cope up with the added worry of the repayments on your mortgage. This also enables you to enjoy the added peace of mind that in the event that you die during the term of the mortgage your mortgage will be paid off, which means that your loved ones will not have the added worry and burden of losing the family home at a time such that will already be stressful and Mortgage agent toronto traumatic for them.
Mortgage defaults are the principal step in a house eventually going into foreclosure, so look for those to start heading up again. Foreclosures have been held down by trial modifications under the HEMP program, but very few of those have gotten to the stage of being final modifications. And even when mortgages are modified, there is a strong trend for those people to again find themselves in financial tribulation. Clearly people not paying on their mortgages is not good news for the big banks like Bank of America (BAC - Analyst Report) and Wells Fargo (WFC - Analyst Report) that lent them the money.
Both government and private financial institutions can provide mortgage insurance. The premiums payable on mortgage insurance is mainly dependent on the purpose for which the borrower is buying the mortgage. In general, mortgage premiums on housing are higher than for other purposes.
Private mortgage companies are not looking out for the consumer's interest. They will do anything to sell you on a mortgage loan, even if it isn't right for you, your lifestyle, or your budget. Because they have contracts with certain loan companies, they can only sell you one or two specific mortgages, and their commission depends on it.
With mortgage insurance protection you can enjoy complete relaxation that in the event that you are unable to work for a period of time due to redundancy or due to sickness or injury, you will have to cope up with the added worry of the repayments on your mortgage. This also enables you to enjoy the added peace of mind that in the event that you die during the term of the mortgage your mortgage will be paid off, which means that your loved ones will not have the added worry and burden of losing the family home at a time such that will already be stressful and Mortgage agent toronto traumatic for them.