In Canada, If you have bad credit but a big down payment, we may be able to arrange a mortgage for you through one of our finance companies or Private Lenders. James Shinners. Mortgage Managers. www.mortgagemanagers.ca 1-877-996-6677.

we have a lot of cc bills and a credit line that is full, the bank has offered us a refinance since we have 75000 in equity in our home and about 25 000 in debts..but my husband refuses to refinance even though we are having a hard time making min payments on cc`s and interest only payment on credit line..did i mention we have 4 kids to feed..any advice on how to convince him..or is he right?

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His main job has been being a mortgage loan officer for countrywide mortgage. have pelosi and her son gone to the bankrupt families and apologized or expressed sorrow? did pelosi's son make sure that people who would be in a risky situation if the loan reset at a high rate were fully aware of how dangerous these loans that he gave them were? did he try to stop them? how much money did he make by convincing people to enter risky mortgages?

He probably made a fortune. Not to worry though. Nancy and company have plans to force the tax payers into bailing out those who made bad decisions. Nancy's son will remain fat, happy and safe.

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So many bad news now, record foreclosure, possible major mortgage company bankrupt, record high oil price, high unemployment rate, tell me is more likely price of home keep going down? i am buyer, is true best is after summer, when less demand?

Now isn't the time to buy in most parts of this country. There's just so many negatives: Banking, Economic Slowdown, Energy Prices going much Higher, Political Chaos in the MIddle East, the currency manipulation by China, etc.... I'd be buying precious metals right now, honestly. Home prices in good markets are still excessively high, 2-4x more than 2000, which was a much stronger economic time than today.

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We want to refinance on our house with a low fixed rate.the problem is we have been about 2 weeks behind on our mortgage for about the past year.will this go against us when go to refinance?we have been on time with are other bills.

If you mean that you have paid virtually every mortgage payment late since you got the mortgage, then you have certainly damaged your credit. You need to cut your spending to the bare minimum and save up enough to always be one payment ahead, so late is never an issue. Once you have paid all your bills on time for a year, you will be in a better position to refinance. You could at least see what your credit rating is by contacting your mortgage company and inquiring about refinacing. I did that and they gave me all three of my FICO score. Or, go to myfico.com and pay to get your scores. Credit is very tight now ... not a lot of lenders are willing to lend to anyone with poor credit. Use this opportunity to get on a written budget and work on saving up some funds so you will be able to pay on time . Good luck!!

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I am one of the unfortunate ppl who invested in wash. mutual and thornburg mortgage (they are both bankrupt now). good thing i invested it when i was still a kid.... anyways... what do i do with these? selling it will put me to a higher lost (due to commission). how do i report these as a lost, and what do i do with them? any helpful answers are greatly appreciated! when i said i was a kid, i meant i was 20

Document the cost basis when you bought the stocks and document when they went bankrupt and write them off as a capital loss on your income taxes

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A couple just about spliting up who have a mortgage .wich is a high mortgage as it paying interest only for the first 3 years,the male can come off the mortgage in october 2009 as the female wants to carry on with the mortgage,she is on a debt recovery plan near enough bankrupt,the male has given 950 to a thousand every month for bills excetra.we have just found out the female hasnt payed any house hold bills since august 2008 a debt owing well over two thousand pounds .electric gas poll tax water.what is the best way to get out of this mess .walk away or carry on with the mortgage,if the female defaults on the mortgage it will be another year before the male can get off the mortgage,,,,what a mess any advice please emma xx

Unsure if you are asking for advice on behalf of female or male.... The female needs to draw up an action plan. Firstly work out her disposable income (in-comings minus outgoings) & then call the companies she is in debt with. Assuming gas, electric etc are still with the same provider she cannot add this to her recovery plan as they will disconnect her service. This means she needs to start paying the bill, plus extra to cover the debt. If she cannot realistically cover all expenses alone, it is time to sell up. Burying her head in the sand will get her house re-possessed, sold at auction for less than it is worth & then she will have a mortgage shortfall to add to the list of the debt. If the house is sold, the utility bills can be added to the recovery plan, providing she uses another supplier in the new house & also depending who's name the bill is in. The male needs to keep paying the mortgage until his name can be taken off. If female defaults whilst still in his name, he is still legally responsible & the debt will be in his name, regardless of if he is living there.

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For whatever reason, gas prices are double what they were 4 years ago, mortgage foreclosure is at the highest in over 20 years, companies in debt and going bankrupt is at an all time high. families are working more and earning less. what is wrong with giving the democrats a shot at it? maybe they can do it better than the republicans? maybe not? what do you think?

Uh, the mortgage crisis can be traced back to Bill Clinton (a democrat) who deregulated the banking business. But on the other hand, George Bush (a republican) inherited a budget surplus from Bill Clinton (a democrat) and turned it into a budget deficit long before we had this mortgage crisis (which will make the deficit bigger.). But then again, Obama's socialized health care proposal won't exactly balance the budget, either. It will make the deficit worse. And I remember that George Bush, when he was first running for office, made fun of Bill Clinton for getting involved in the Croatian/Serbian conflict and the mess in Somalia. Didn't George Bush say at the time that he has no desire to get the United States involved in "nation building" (I.E.: like invading & then occupying foreign countries) like Bill Clinton did? So, the mess in Iraq is not "nation building"? Like Somalia was worse? The jury is still out on who is worse.

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I have an adjustable mortgage (payments have gotten pretty high and the house has lost value) and i have some credit card debt (pretty high - not helping) and bills are getting harder to pay. are their any options out there to help me get back with making regular, sane, payments. i heard about modifying a loan or just going bankrupt. i appreciate the help.

There are many options that the lenders do not want you to know about. There are short pay refinances loan modifications debt settlement, credit repair, and debt counseling. I will be happy to spend time with you and answer all your questions. Please call me at 619-894-9339 or go to http://usadebtexpert.com Email: info@usadebtexpert.com Thanks Jenny Talasazan

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I have to admit i didn't see this coming. one of the side effects of the foreclosure crisis is that mortgage companies lost an absurd amount of money. if you give somebody a $400k mortgage, they default, you resell the foreclosure for $350k, the mortgage investor loses $50k. there is no way around that. i thought one of the side effects of the real estate bust would be that investors would learn that mortgage backed securities weren't quite the risk free investments that they were made out to be. i thought a side effect would be that less people would be willing to buy mbss and that they would demand more return to make up for the extra risk. it seems to me that anybody that gives a mortgage right now is tying up their money for 30 years with a 5% maximum rate of return and a high risk of more foreclosures. it doesn't seem worth the bother. it especially doesn't make sense with the stock market as depressed as it is. if the us enters an economic recovery, some stocks will provide extremely high rates of return from their current levels. mbs will provide 5%. if the us goes into an extended depression, some of these stocks will go bankrupt, but many more mortgages will default as well. in other words, mbs provide all of the risk with none of the upside. obviously, people are buying them because mortgages are being offered with really low rates. why?

The MBS market will shrink - As you mentioned demand will shrink since the rate of return will be very low. The market was artificially inflated for so long that many banks will suffer as a result of it. Mortgages are created by lenders to create a source of revenue.. and right now they are desperate for people to buy mortgages to make any sort of revenue. Since the over night lending rate is so low now (between 0 and 0.25%, and long term rates as well)... lenders can still potentially make money by offering mortgages that are very competitive and they can make the difference between what they offer and what they themselves can borrow at. Mortgage rates are not tied to MBS markets, its based on the lenders borrowing power and the government has stepped in to make it as easy as possible to keep them afloat.

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I would hope that people paid attention to how high their payments were likely to be after the first reset. and, more importantly, i hope people looked at how high their payments might end up being if the first reset went to the highest level allowed. to me, it seems like signing an adjustable mortgage is a way of trying to "hope for a free lunch." if a person can't afford the payments of a fixed mortgage, he/she is largely praying that the resets work in his/her favor. this is particularly important for a person who can't afford to make a decent downpayment. when we bought our first house, i definitely ran the numbers of what could happen (worse case) if we signed an adjustable-mortgabe. i saw that we would be "bankrupt." i didn't want to put my family through that risk.

There are several borrower mentalities that loan officers must deal with. A - The bottom line person that doesn't focus on a start rate as much as the highest possible payment. An LO will usually just tell them dont let the loan live that long, refinance again just after the prepay ends and before the adjustment kicks in. B - The lowest cost today person that wants it all and for free. These people are often the most easily duped by savvy LO's. C - The I have bad credit but really need a loan type, most of these type and many of the ones above are now somewhere in default and foreclosure. People like you often have no reason to go sub prime as your inherent credit concerns cause you to think and act differently. As a result your a high credit score conforming borrower. Many fall from your situation down to the sub prime credit abyss by a spouse, job loss, or illness. The major problem that occurred in Sub Prime lending was not its rates, programs, or underwriting guidelines. It was a specialty market made to serve a niche. Just as a FHA type loan requires a special LO qualification to originate, sub-prime loans should have never been able to be issued by less experienced or non qualified loan officers. The borrowers are more easily taken advantage of and greed by industry can, and did, run rampant. Very few loan officers take the time necessary to explain properly the programs and potential pitfalls they contain. Some loans should never have been submitted to begin with and many of them slipped through a inexperienced underwriters hands. Upon closing the borrowers were on top of the world. Now their ship is sinking and there are no life rafts left. To most its a shame and to some it's their own fault and they need to just learn about personal accountability rather than blame shifting.