Hello Stanko. Not all lenders will allow you to double up your mortgage payment so make sure it is one of the mortgage options outlined in the pre-payment privileges portion of your original mortgage agreement or call the bank directly. The advantage of course is that you will pay your mortgage much quicker. You could reduce a 30 year amortization to 10 years by doubling up each and every payment. The interest savings would be huge in that case. Even making one extra payment each year would result in 4-6 years shorter mortgage repayment, this will also save you thousands. The biweekly accelerated payment schedule does exactly that. You pay 1/2 the monthly payment every 2 weeks. 26 biweekly payments will mean the equivalent to 13 monthly payments per year! The best part about the accelerated payment program is that you don`t really notice that extra money you have put on your mortgage because it doesn`t come out all at once. I hope this helps! If you or any reader would like some more information please do no hesitate to contact me at any time. Abraham Niyazi - Mortgage Agent - Lic#M08010640 - Centum One FInancial Corp - Lic 10758. Cell: 416-993-4082 Toll Free: 1-866-728-3708 x 115 http://www.centum.ca/abraham_niyazi/ I deal with 25 lenders and can do mortgages across Canada except Quebec.

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So every one knows you make double payments, it cuts the time down. what if i revert back to schedualled payments so i can have some fun with my money, say 10 years into the double payment, i go back to standard payment, will i loose what i gained

Are you saying that you are paying two times your mortgage? If so, then you will have it paid off in 10 years, and 3 months. So if you stop after 10 years, you only delay your payoff by 2 months or so.

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I'm a homeowner for almost 9 years now, and my monthly mortgage keeps on rising, hence i was compelled to keep on refinancing so i can payoff the current loans, then look for a lower interest, until i got trapped into the 1 percent loan scheme..now i could hardly pay on time as my monthly mortgage is rising..worst, i received notice from my lender that in 8 months, my new mortgage is double my current monthly payment. anyone can help me find the new government law recently signed by the president designed to assist borrowers like me?

It is not signed yet. It is still in the House. After they sign it the president does. My understanding is that it will force the mortgage companies to refinance at a fixed rate regardless of you being upside down. Sadly the president thinks people are moral and they will not defraud the government, but I think this "crisis" proves that there are lots of people willing to steal every dime they can. Hopefully someone has a link to the actual bill, I have not found it. I am going on what other people have said, not having read the thing myself.

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The title company was closed due to fraudulent transactions. what happened was the title company did not payoff the old mortgage. so, my friend now has 2 outstanding mortgages instead of one. the insurer of the title company said they have limited access to the title company's files thus delaying the process. meanwhile, my friend has submitted all the closing documents to the insurer of the title company but still they did not honor that and they did not pay yet the old mortgage company. my friend now is paying 2 mortgages. instead of expecting a lower monthly payments, he is now paying double the amount of his original mortgage monthly payments. any help please?

First, the short answer to your question is CALL THE POLICE. This is a crime. Second, this is not just your friend's problem. The mortgage company (who represents the investor or owner of the mortgage) also has an interest in resolving this fraud. The mortgage company (I assume) is the one who engaged the title company in the first place. If the title company screwed up, they should pay. If the title company doesn't exist anymore, then the mortgage company would be at least partially responsible for not doing a better due diligence on the title companies they use. I also assume that the previous owner of the property is the one whose name is on the previous mortgage. If your friend paid the money to the previous owner, then what happened to that money if it didn't go toward paying off the original mortgage? Finally, your friend has no legal obligation to pay the old mortgage since his name is not on the loan. If the previous owner does not pay the old mortgage, then this will reflect on his credit report. I understand that your friend wants to pay to avoid foreclosure. However, this is as much the investor/mortgage company's problem as it is your friend's. I'm sure that you received the loan based on a primary lien (first lien) position on the property. If your mortgage is in the second lien position, then that is a problem for the investor/mortgage company. THEY need to do something about that; they can't just leave it to your friend as the borrower. Another thing to check on is whether this is an error with the county recorder's office. When a property is sold, the old loan is paid off, the lien for that loan is "released" from the property in the county recorder's office and a new mortgage is put into place (and a new lien recorded in the county recorder's office). Your friend should have plenty of help from BOTH mortgage companies and BOTH investors involved. Good luck!

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I sold my home and hold a note on the home (the buyer needed help to qualify for the loan so i hold a 48 month $10,000 note.) payments have been missed, about 6, some have been doubled. overall about 5 payments are past due. i have the information in a microsoft works spread sheet. is there a calculator on ine that i can use, or formula to plug into the works spread sheet to give a mortgage company a payoff... i guess the debtor is consildating loans. thanks purely guessing.

You add the missed payments including late fees to the balance. Then you multiply total current balance you have by the interest rate & divide by 365 days. Now you have your per diem interest. Also remember that when a loan starts & you pay on the 1st of each month your actually paying last months interest. So for example if this person hasn't paid 6 payments, you've added all missed payments (including the 3/1 payment that covered February's interest) & late fees to balance for new grand total & you would add 31 days of interest ( which is your daily per diem amount x's 31) for March interest still due (for April 1st payment not yet made I'm assuming) + the per diem daily interest in April- add through to 30th on your payoff statement. When you get paid off it will be pro-rated to exact date. Hope that helps.

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Hello, i make $60k/year. have about $30k left in student loans. its currently fixed pmt of $400/month to pay off in 10 years. but im trying to save to buy a home and want to be able to qualify for a loan. i was wondering if restructuring my student loan (e.g. extending to a 20year term) in order to decrease my minimum payment would help me to qualify for a mortgage. is this a wise choice? otherwise, i think i could make more than double pmts for my student loans to pay off in like 3.5 years, but then i wouldnt be putting any money away for a down payment. so im kinda stuck: save for a downpayment, lower student loan payments, and qualify for a loan in the next year or payoff my student loans quicker, but have less downpayment, and not be able to qualify for several years ??? no credit card debt. excellent credit score (750+). no late payments, good credit history. any input is appreciated :) thanks!!!

Pay of the loans quickly then start saving. Extending student loans to 20 years in just flushing money down toilet.

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My dad died earlier this month and i have been handling everything. he did not leave a will. my dad was never married and i live at the residence that he had a mortgage since i was born. the mortgage is under in his name only. i have contacted the mortgage company but they said it would be some time until they get back to me. my question is: i am 22 years old, and i work a full time job. the mortgage only has like 70k left until payoff. the house is worth more then double that. i want to keep the house but i have horrible credit due to maxed out credit cards. can i just get it transferred over to me and keep making payments on it? also, i know my dad had a ton of medical bills and was curious if that will play a factor into the decision. thanks for your replies!

I agree with everyone who advised you to get a lawyer.

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Hello. i am in a bad situation. i was forced to refinance my home about a year ago at a payment that was way too high for me but i would rather not get into details on that part . i need to come up with about 10k very fast as i really have some issues that need to be resolved quickly and refinancing is out of the question by the way. my home is worth around 88-90k , the payoff on the loan i have out now is around 76k. is there a way i could sell this home to my fiancee which has no legal tie to me yet and we could come out with a lower payment and at least that much cash out of the deal? i was forced into a 15 year mortgage by the way so my payments now are problably double what they should be. fiancees credit rating is around 550-600 according to an online estimate at bankrate. i am desperate if you didnt notice, we would rather pay a high interest loan or even the monthly payment we have now than to face what would happen if i dont come up with the 6-10k . and if you tell me you may be able to help like marty the real estate guy down there im not going to email you- your not getting a dime from me. sorry but internet scams are becoming worse than the real life scams. cheryl g, yes you can be forced or tricked into this. its called fraud, where one party offers a certain amount of money for your deed of trust but then switches the paperwork around. my situation was along the same lines as a foreclosure rescue scam, but i was not in foreclosure actually my home was paid for in full but i wanted to purchase a business from someone, they ended up being a dirty real estate broker that switched the paperwork up after i signed it and before it was recorded so as the look like i borrowed money from them for "no reason". situation is terrible.

First thing would be a nice sincere prayer to GOD. I'm not sure if you know him but he's GREAT with working out situations like these. Secondly what youre proposing sounds do-able but she would have to be able to qualify for a loan before she can purchase your home from you. If she qualifies for 90K then she should be able to get a lower payment then what you have . Hope I helped. "Email me at jdawson@gracefunding.org maybe I can help!"