If you miss just one or two mortgage payments the bank will not take your property . Its a lengthy process which takes about 6 to 8 month. If you missed a mortgage I would suggest to be in contact with the bank and to let them know when you will make the missed payment.

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Iv been approved for more that i want. the house is appraised for over $600k. the seller only wants $150k where when i went to the bank they want me to put 20% down. my last house i bought using a va loan from when i was in the service during the gulf war and i didnt have to put cash down. i have sold that house and the money is tied up where i dont want to use it for a down payment. where is the risk here that requires the down payment if i default? daised and confused in ct.. i do have good credit it is an uncle who is selling to me where i am just tring to purchase without putting the 20% down payment required. i dont want to put any money down, and i did qualify for a loan already and its over the amount im asking to borrow. i do not want to apply for pmi insurance. the ammount i want to borrow is not the full value of the house where pmi or a second morgage is required. remember it has been appraised over $600k. pls days and confused in ct

If you have decent credit, 100% financing is pretty common. If you have good credit, 100% financing is pretty easy. You probably want to split it into an 80% and a 20% to save on PMI and on your interest rate, but it's very doable Here's an article with guidelines for the credit score/down payment tradeoff: http://www.searchlightcrusade.net/posts/1137530220.shtml Now, if you're talking about closing costs and not wanting to be out of pocket for them, get your seller to pay them. It's not something you want to do without a good reason (Learn why here: http://www.searchlightcrusade.net/posts/1137950681.shtml) but there's nothing wrong with it. You'll have to make a higher offer, of course, but that's okay if it's something you need to do.

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Do you pay the balance off and make it your own or what. let say the orginal owner has 100k debt on the house and unble to make morgage payments and the bank took the house back. so if i want to buy the house i just pay the 100k or they auction the house to the highest bidder. i am not sure how the process goes.

They would sell it for as close to market value as possible.

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I dont understand how these work i ran into quite a few rent to own listings while looking at houses to rent. i didnt find much about them on the internet. do you pay your monthly rent and something like a morgage payment as well? do you eventually buy the house from the owner or do you still take the loan from the bank?

This arrangement depends on the contract. This can also be called a seller financed mortgage. You pay "rent" or "mortgage" payment, property taxes (in many cases), utilities, and upkeep. Many of them are set up for a set amount of time - like 10 years. When the contract is up, you either have to come up with financing or with the balance due (called a balloon payment). It can be a way to own a house if you don't have the traditional resources to do so. But the details are in the contract - be sure you read and understand everything before you sign!

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Can't save money for r property taxes . there's no equity in our house. we bought it for 500 and now it's worth 340. we're current on r payments and the bank qualified us for the fast-track sub prime arm solution program. an adjustable relief that our rate won't change for 5 years. but having 7.5% on my 1st morgage w/c is interest only and 11.5 on 2nd r r'lly too much. we never thought that houses will go down. we were a 1st time home buyer and people were saying that after a year you can refinance to lower the rate. it's been 2 years and 1 month of trying to save our house. i talked to our bank and thankful that we are qualified but i also explained to them my situation about our property taxes so i asked for deferred payment and just place it to our principal but they said that since we are still current to our payment, they can't give us other option. do we need to be in bad shape in order for them to give us help? foreclosure? we r willing to pay but not that much for now only.

I have a tear in my eye or is that an eye lash. It is not in your mortage agreement for you to miss any payments. No matter how ooutragous the interest rate . Remember you read and understood what the payments were going to be and here it is 5 years later and now your complaining about your $500,000 home...and the loan you agreed. Your taxes are in the escrow of the monthly payment along with insurance... You don't need help from a mortage company -- you need another full time job...Your living in a 1/2 million dollar home -- you say your in Bad Shape. What is every one else in --Good Shape--I don't have the power to get a 1/2 million dollar home. If the home goes in foreclosure -- you will ruin your credit and a home mortage might be available in 10 years to purchase another home... Any way you cut the cake you created you own problem and your own hole to dig out of...--- Good Luck

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Ok i just bought my house last year and got a loan from bank of america for 30yrs fixed rate and now they monthly payment is increasing up to 150 a month for a year is it normal? when i called hem they keep on sayng its because of tax purposes but its too much!! its like payng extra 1800 a month is this normal?

Oh, a classic thing. They say your property taxes will be more next year, so we are going to take out more. That way they can make interest in the money they are taking from you. All 100% legal. Today, call them you can not possibly afford this. Tell them you would like to have your property taxes removed from ESCROW. Your home insurance may also be escrowed - take this out too. If you speak to someone nice - they will do this for free If you get a jerk - they will charge you about $250 flat fee for removing these things from escrow. I never allowed a bank to take out money for property taxes or home insurance. Seemed insane to me to trust a bank in this fashion. If you choose to do this - make sure you save a few grand a year on your own to pay these bills when they are due. Hopefully you didn't get scammed into signing any variable rate loan - goodness I hope not. First review all your home loan papers. But it really sounds like property taxes and home insurance. /

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Since oct i got a letter saying i need to pay 1600 a month now on taxes i contancted la county tax collector they say i get a refund of 1400, i did not get it my morgage company got it, ok my house has valued at 150,000 at tax rate of 1.056028 percent what the morgage company is trying to collect is 4000 a year for tax and i know its wrong it should be 1600 a year. i sent letters to the bank they say i am wrong just pay it i also sent them a copy for the tax bill help what should i do next.

You have an escrow (impound) account that covers both taxes and insurance. Frequently on a new sale, a supplemental tax bill arrives due to the reassessment on sale of the house. Go to your lender's loan servicing dept. and review the numbers with them.

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It's assumable morgage.. so no down payment... and my rent would just be bank payments. can i do that on a student loan? it would actually be cheaper for me to live, because the basement can be rented out...

I believe you can buy a house without a job however are you sure that you want to buy a house while you are still in college full time? You will want to find a good loan company such as a bank that you can get your pre-qualification before you start looking for houses. That way, you know how much you can buy and if you can buy. Talk to a loan officer. I would suggest the book below: it is really cheap and cheaper online and goes through the steps of "if you should or shouldn't" buy a house. Plus I added a site that has lots of information about if you should or shouldn't and if you can or can't buy a house. I know this doesn't answer your question however I hope it will give you a good start. There are many things to think about while buying a large purchase such as a house. Good Luck!

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If i give my keys back to the bank because the morgage on the rental is $380,000 and similar houses are selling for $330,000 can the bank come after me for equity that i have in my primary residence ($85,000)? i can't make the 2 morgage payments any more and i keep getting screwed by tenants who have rented it.

If you "own" them you signed contracts with the bank to buy them. The bank gave you money, not keys so you cannot give the keys "back" to the bank. The bank doesn't want the house. Yes, they can ruin you. If you default on the payments, they can sell the house at auction. If the sale is less than the note, they can take you to court to get the remainder of the balance. You could lose your other house as well. You better start talking with the bank about this. They would rather try to help you keep the house than deal with the nasty business of foreclosure and a lawsuit.

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Ting fang and su hua zheng's gross montly income is $4100. they have 18 remaining payments of $505. the zhengs are applying for a 20 year $275,000 morgage at 9% interest to buy a new house. the taxes and insurance on the house are $425 per month. their bank will approve a loan that has a total monthly morgage payment of prinicipal, interest, property taxes, and homeowners insurance that is less than or equal to 28% of their adjusted monthly income. determine 28% of the zheng's adjusted monthly income

Mortgage loan is a term used for the loans secured by a property. Mortgage loans refer to a loan secured by residential property, often for the purpose of securing real estate. Mortgage loans are priced lower than other loan structures because the value of the property risk for the lender. http://www.worldbestloans.com/Mortgage%20Loan.htm A fixed rate mortgage loan has its own benefit. If the borrower is budget conscious, he will remain at peace because the monthly mortgage amount will not change.Fixed rate mortgage loan is a loan where the interest rate remains the same through the term of the loan. Fixed rate mortgage loans are the most traditional form of loan.