a whole lot

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For example just using simple numbers ..........lets say you take 10,000 dollar home equity loan out on your home......and your monthly mortgage payments are 1000 per month 30 year fixed....., does the 10k get added to your mortgage over the 30 years or does it become a separate payment from your mortgage for a shorter period of time like 5 or 10 years?

The home equity loan is an entirely separate loan -- the due dates can be different, the interest rate will be different, the length will be different...so it doesn't affect your mortgage one way or the other. So you're ending up with two loans, the original mortage and the home equity.

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Hi. my landlord has been trying to sell the home we live in and has not had any luck, he said he was going to auction the house. we currently pay about 275 per month and are a young couple with a new baby and one income. is there any way we could look into buying a home with low payments? if you know any good foreclosure lists please let me know. any advice would be appreciated, thank you for your time!

A payment of $300 per month is a mortgage of about $50,000. The issue has to do with debt ratios. A rule of thumb is that you can afford a mortgage that is 3 to 3-1/2 times your gross annual income (before taxes). In general, lenders will let you spend between 28 to 33% of your gross monthly income on your mortgage payment (including property taxes and insurance ). Your total debt load (mortgage plus car payments and minimum payments on revolving balances) must not exceed about 38 to 41% of your gross monthly income. These numbers are realistic general guidelines and your situation could be different.

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I have a 1500 square foot home in north las vegas. i have lived in it for two years. my monthly payment is 2100.00 a month, fixed for 30 years. now, things are pretty tight. my husbands work is slow and so is mine, and we are struggling to make the payment. we talked to the mortgage company and they said there was nothing they could do to drop the payment. we even threatened to give it back, and they didn't seem to care. i don't think we can refinance because the market is so horrible right now, and when we bought the house it was worth 260,000 dollars, and now homes double the size of mine is going for 200,000. does anyone have any advice?

The lenders here this sort of thing every day, so I'm not surprised to hear that they didn't care if you want to give it back. I'm sure they get that call 100 times a day. I'd call the lender back and if you get the same song and dance, ask to speak with a supervisor. Have you tried getting second jobs? BTW, love the Cannery.

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Phil sidoti is planning to buy a house for $200,000. his plan is to make a downpayment of $40,000 that he will save for the next five years; then he will seek out a 30-year mortgage with a 5.25% interest rate compounded monthly on the remainder of the purchase price. a. how much will phil need to contribute weekly into a money market account with a 2.6% interest rate compounded weekly in order to save up to his $40,000 downpayment in five years. b. to the nearest dollar, what will his monthly mortgage payment be? c. after six years of faithfully paying the mortgage (i.e. he never misses a payment, and he never pays more than the current payment) suppose phil wants to sell the house. he will need to be sure that the selling price exceeds the unpaid balance on the loan. what is the minimum price at which he can sell the house? please include formulas if you can help.. thanks!!

a. $144.10, rounding to 2 decimal places Hint: Use formula for future value of an annuity-immediate. b. $884, rounding to the nearest dollar. Hint: Use formula for present value of an annuity-immediate. c. $144,507.55, rounding to 2 decimal places Hint: Again use formula for present value of an annuity-immediate, this time with 24 years of monthly payments left and using the unrounded value of the monthly payment from part b. You should store the unrounded value calculated in part b into your calculator's memory. You are solving for the present value.

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Long story short.....i currently own a home and am paying 2300.00 a month on my mortgage. my loan is 296,000 at 30 years, with 6% interest. i have never been late on my payment in 2 years. our mortgage is not equivalent to more then 31% of our income. basically we can afford it, but would like to get a smaller mortgage. i had another home that was a foreclosure and the current house is clearly not at good value to refinance. i got denied for the obama stability plan. so.......the million dollar question::::: is there a way to lower my monthly mortgage payment, without missing a payment? are there any other plans out there?

You have to contact some mortgage lenders or you can search online mortgage lenders who provide the best services you in your city or state. Good Luck.....!

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I live in illinois and i make just a little over 20,000 dollars a year. how expensive of a house can i expect to afford comfortably? what kind of down payment is ideal? and what would be an average monthly mortgage payment?

No one here can answer. You have to go to a bank that does mortgages and get pre-qualified. Income counts, but so does down payment, credit score, and employment history. The loan officer will tell you IF you can purchase, and how much you can borrow. Then you can start looking.

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My goal is to lower my house payment without re-financing. example question if my house payment is $1000, 30 fixed and i pay $2000 dollars a month, for a year. will my house payment ever lower, or be adjusted ? to lets say $995 a month instead of 1000 ? or is the only way for my minimum monthly payment on my 30 year mortgage to go down is to re-finance, and put more money in equity ?

I don't think they will ever lower your payment without renegotiating your loan but making dbl payments will save you a ton of interest. Always note that the extra $1000 is to be applied to the principal or you will lose some of that advantage. There are plenty of mortgage calculators on the web that you can plug in your numbers and see your benefits.

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I am a 51 year old man who has been on a disability income from the government since the 1980s. i have had multiple spinal surgeries for an injury during my twenties, and have been left with metal pins permanently supporting my spinal column and severe spinal pain. i was also diagnosed in the 1980s with hcv (hepatitis c, a chronic disease of the liver). i live with this disease, and am much better of than many who suffer from it, but i am on a treatment plan that requires the constant monitor of my health and function by a liver specialist. i have a mortgage payment every month, along with electric, gas and water bills. i am not frivolous-- i have the cheapest cricket phone plan, no land line, and no cable. here is my problem: my monthly disability income does not even fully pay my monthly mortgage payment. i am in collection over old co-payments i was unable to pay to doctor's offices, and for credit cards from years ago. i have a car, which i need in order to get myself to and from my multiple doctor's appointments each month, and no money to put gas in its tank. i have applied for food stamps, and was warded $14 dollars a month. i do not in any way mean to have an ungrateful attitude-- but $14 dollars is simply not enough to live on. for my adult life, i have been a working artist, which is a career that has certainly earned its ups and downs, and isn't appreciably stable in nature. i have still managed to make ends (barely) meet, and to put that extra $100 dollars into my mortgage payment, pay the house insurance, the bills, and to live frugally. as i get older, i am finding this lifestyle more difficult to uphold. no one is buying art at this time, with the current economy. and i am unable to work as i used to. there are days when i am all but unable to get out of bed because of the weakness, fever, and pain that is a part of hcv and chronic cirrhosis. i have government medical insurance, but i still must pay a co-pay to my doctor every two weeks, and even this $25 dollar sum i am consistently unable to pay. for the past couple of months, my daughter and ex-wife have been helping me to supplement my bill payments. there's no way that can continue, however. my daughter is worried about job stability, and has begun to slide into "the red" with her financial situation. she can't help me at the expense of her own debts and bills. my ex wife simply cannot and will not persist in helping to alleviate these debts. all i want is to survive, at this point, and in any way possible, to keep my home. it is all i have. if my mortgage payment exceeds the totality of my actual income every month, is there any way to adjust this without losing my home? if i were even physically able to get work, all of my medical insurance would be cut off, and i can't survive without medical insurance. any help would be very, very greatly appreciated. thank you.

I also think that the best way would be for you to try to sell your art online, preferably at e-bay. It is easy for you to create an account there, so it might be orth a shot, since you can sell your art to other people in countries that aren't hit so bad by the economy. I am sorry since I can't help you much as I don't really understand the funds and how they work over there. But I would just like to warn you. There are lots of scam in the Internet. When we become desparate for money, those scams migh look interesting for us. So please, be very careful when you are going online to look for a way out. Good luck to you.

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My first loan is for 369k and my second loan is 91k. my first loan modified and i am now current with it. the second loan seems reluctant to modify and it has a 12.5 interest rate with a 900 dollar monthly mortgage. i missed 10 months payment but will be able to make a payment of 500 dollars per month from next month. what should i do? what do you think they will do? the house has no equity. they keep asking for a payment of 912 dollars which i cannot afford.

They may not be able to foreclose, but they will NOT just write it off. They will attempt to collect through wage garnishments.

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The answer that was given was either misleading, uninformed or confused. the mortgage industury, which supports flipping of houses, has changed the law on the federal level where they can take your home with one missed payment. i do not who this 'expert' is. i lived through it with national city bank. i missed one (singular payment. although their 'loss mitigation dept' try to work with me, the repayment to get back on track was $1,000, next month $4000 and the next $9,000. in the meantime they hired a foreclosure attorney which sent me threatening letters, but years end, the so-called amount to right the loan was $64 thousand dollars. you see, in west jordan utah, house prices skyrocketed from $130k to $350k. national city bought the home back from themselves for $108k. i had short sale offers as high as $122k. instead i filed bankruptcy to stop the foreclosure on automatic stay. the fed bankruptcy court let the house go in may 2004 to the ncm, profteering.

Foreclosure proceedings will begin normally when you miss the 4th payment. It depends on the state you live in. However, if you read the mortgage and/or the mortgage NOTE, it states that the lender has the right to take make you pay the full delinquent amount.