Can you explain why they will not renew? If they closed, another company would take over administering the mortgages and you will just renew it.

ON Canada, this is possible especially when your credit was higher than when you first bought the house to what you have now. You may want to get the help of a mortgage broker/agent to see other alternative lenders suited for your condition. Email me at victor_catalan@centum.ca and we can review your options.

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My husband left me and our son on november 2007 so he can be with his girlfriend and told me that we were getting divorce. on february 2008 we had to renew our mortgage. he filled out mortgage application with no co-sign. the lady from quicken loan came to my house and told me that i had to sign some papers. both me and my ex said that i should not signed anything because i have no income and we were getting divorce, but she insisted for me to do it because i was still legally married at that times, so i signed the papers. my ex stop making mortgage payments since december last year. we got divorce on few months ago with an agreement that my ex husband will take full responsibility for the house and expenses related to the house. few days ago, i received summon from the court with my ex name and mine as defendants and it said that i am responsible for the house being foreclosure. i called the lawyer who represent the mortgage company and she simply said that i signed the document so i am responsible for it and suggested to find a lawyer. i look at the mortgage documents. the application has no co-sign and only has my ex name. but then i found out that quicken loan put my name on the deed (the original deed has only my ex name), and my name on the mortgage sheet (but not mortgage application). whenever i called the mortgage company they won't talk to me because they said my name is not on the mortgage list. is there anyway i can get away with it. my ex told me not to worry because the divorce decree mentioned that he will take full responsible for the house. i just spent 8000 for a divorce lawyer fees and i don't make a lots of money from my jobs since i just starting getting back to work. i am taking care our son by myself, working full time and going to school. please help me. thank you. on the mortgage section (b) "borrower" is my ex name and my name, husband and wife is that mean i also a borrower? or is it because my name is on the deed. i really appreciated anybody help who answering my question. thank you.

I'll be honest...I didn't read your post because 99% of it has nothing to do with the foreclosure. Your name is not on the loan...that means you are NOT legally responsible for the MORTGAGE with the bank. If your name is on the TITLE..that makes you an OWNER of the home and whenever a house is foreclosed on, ALL OWNERS must be notified. Your credit is not going to be affected because there is no mortgage account to tie the foreclosure to on your report and the fact you signed no legal contract with the bank. What you signed with Quicken Loans is called "marital interest documents"...they are required by your state anytime you are legally mmarried, the day of the closing of the loan, whenever the financial situation on the mortage changes. It is common and is NOT a mortgage note. The documents ONLY state that you are legally aware of the changes...not one thing more....that prevents one spouse from stripping the equity of the house and gambling it away without the other spouse knowing about it. It is that simple..you are making this WAY more complicated than it is. If you no longer live in the home, you do not have to get an attorney....b/c you don't have a right to the house, per your divorce decree. Nothing an attorney can do for you.

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I am a commissioned mortgage loan officer in michigan. i got in when the market was starting it's current decline and have not been very successful with it. i have been with the company for almost 2 years. i was considering another job offer with a company that "coincidentally" happened to be forming a relationship with my mortgage company, but it didn't pan out. my company was aware that i was looking for part time work due to the unstable income...in fact a lot of loan officers have part time jobs as well.....when they thought that i was taking the other job, they cut my insurance and notified me that they would be sending out cobra papers. they show the reason as "termination of employment" and are backdated to april 1st. is this legal? don't they have to notify me, in writing, of my termination? can they backdate it? the wording in my employment package says that our contract is for 12 mths and renews on a mth to mth basis. please help! i ended this question with what is stated in my contract. there is nothing more about it. i have searched the state of michgans site for info but have not found anything that addresses this. i ended this question with what is stated in my contract. there is nothing more about it. i have searched the state of michgans site for info but have not found anything that addresses this. i ended this question with what is stated in my contract. there is nothing more about it. i have searched the state of michgans site for info but have not found anything that addresses this. i ended this question with what is stated in my contract. there is nothing more about it. i have searched the state of michgans site for info but have not found anything that addresses this.

ask an attorney if you have a legal dispute. we can't know the specifics well enough to advise here. I would say your contract would specify the ways either side can terminate it - look there for the answer first.

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Does the managing vp in a mtg brokerage have to a dre license in california? i work in a mortgage brokerage and mortgage bank in california and have found out that the managing vp (who is in charge of the loan officers) has an expired license and has not renewed it in more then 10 years! what stricks me as odd is the fact that the company requires all assistants to the loan officers to have a license yet he doesn’t!!!!! we have a mortgage bank---and when an underwriter refuses to clear a condition he has the authority to override anything. second, i hear him talking about rates to clients on behalf of the loan rep. there is something going on. anyone in the real estate industry or watch dogs care to give me some words of advise. yes, i do not like him so i guess i have something on him, huh.

Actually it is your business that is at risk. If he is acting as a loan officer he should be licensed, but if he is merely acting as manager, it's likely not required. I am willing to bet that the bank is unaware of his status which could put them at risk for fines and lawsuits for any representative he speaks for. If you are looking to tattle on him or simply to protect your company and yourself, I suggest you speak to a higher up supervisor.

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I started out with a terrible credit score, but in the past month i have paid all my debts off with the exceptions of my school loans which are deferred because i am pursuing another degree. i have put out nearly $3000 to pay off all the medical bills and an old credit card that was listed on my report. there are quite a few "charge off's" listed on the report and a couple of entries for companies that no longer exist to determine what the balance was for......grrr (i don't know what they are) i am currently in good standings with my car payment. i really want to apply for a pre-approval for a mortgage, but i am unsure if paying all of this debt off will have affected my scores any. i would like to apply for that mortgage in february or march, so i am applying for a secured credit card that is willing to report to a credit agency that i stay in good standings. i really do not wish to renew my lease at my current apartment come may and i am hoping to find a mortgage for a house in the low 90's, but i really fear not being pre-approved and getting stuck having to sign again for another year in an unsafe neighborhood. can anyone help me with this dilemma. this is trying and stressful to say the least. thanks for not sending rude answers or things that make no sense. i appreciate all of you out there that answer with the intentions of really helping someone in need. thank you all!

Forget about asking a Realtor for help with this - they are in the job of helping your find the right home and negotiating an offer. (I've been one for 14+ years.) Call several mortgage brokers and explain your situation. You may have to write a few letters explaining your credit bumps, but it will be well worth it if they earn you lower rates. Good luck.

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According to the national realtor association home sales are up 17.4% in the last two months. --quote-- november home sales leap - new york (cnnmoney.com) -- after surging 10% in october, sales of existing homes jumped again in november, growing 7.4% compared with october to an annualized rate of 6.54 million units, according to the national association of realtors. "this clearly is a rush of first-time buyers not wanting to miss out on the tax credit," said nar's chief economist, lawrence yun. november was originally going to be the last month in which sales to first-time homebuyers would qualify for a federal tax credit of up to $8,000. however, that deadline was extended through june. in addition, the tax credit was expanded to cover people who already own a home. they can qualify for a $6,500 tax credit if purchase a new house before the end of june. that should encourage "trade-up" buyers. the strength of sales in november surprised the industry. a panel of experts compiled by briefing.com had forecast month-over-month sales growth of just 2.5% to 6.25 million from 6.1 million a month earlier. the sales total was also a huge improvement over a year ago. sales rose 45.7% over the paltry annualized rate of 4.49 million units during november 2008. the contribution made by first-time buyers is evident in a separate survey nar conducted of its members. they estimate that 51% of sales in november were by newcomers to the market, up a point from 50% in october. normally, first timers account for about 40% of sales. also propelling sales higher were rock-bottom interest rates. the average for a 30-year, fixed-rate loan during the month was just 4.88%, down from 4.95% in october and 6.09% a year ago. with rates that much lower, homebuyers can save more than $150 a month on a $200,000 mortgage. the industry expects home sales to slacken december, partially because of the tax credit's originally scheduled demise. that caused some buyers to push up their closing, stealing sales from december. however, sales will not fall off a cliff, though, according to walter molony, a nar spokesman. "the psychology seems to be turning around," he said. "potential buyers, who had been staying on the fence, now believe we're at or near the market bottom." one x-factor, however, is the vast numbers of homes that may come to market over the next few months. there is a large "shadow inventory" -- homes owned by banks and mortgage companies -- that have not yet been put up for sale. it could be as many as 1.7 million units, according to first american corelogic. in addition, another spate of foreclosures could be hitting the market as a number of option-arm mortgages are set to default. all that may drive prices down, according to shari olefson, author of "foreclosure nation: mortgaging the american dream." and the impact of these renewed price declines could again alter the market psychology. "people think that prices have bottomed," she said. "i don't think they have. people will see price declines and that will discourage them from buying." mike larson, a real estate analyst with weiss research has preached all through the bust that price declines are what will "fix" the housing crisis. "we needed to see prices fall to make ownership competitive with renting again, and to restore the normal relationship of house prices to income," he said. "that has now happened and you're seeing buyers come out of the woodwork as a result." still, they will have to come out in large numbers to offset the inventory overhang in some of the worst markets, according to olefson. in the florida condo market, for example, there is a 35-to-40 month supply of units at the current rates of sale, she said. prices still almost certainly have further to fall --quote-- source: http://money.cnn.com/2009/12/22/rea l_estate/november_existing_home_sal es/index.htm

home sales were down again in November - and there are millions more homes that will probably be foreclosed in the next yr or two, which will keep house prices down - the real estate market has years to go before most homeowners (including me) have positive equity again

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My husband and i and our 5 children (and one born a month later) moved into our house august '10 we told the owner we would purchase the home in 6 months to a year while we cleaned up our credit and prepared to get a mortgage. we signed a regular 6 month lease with a 6 month extension that was to automatically renew unless terminated by either party. in january the owner told us circumstances had changed, because the bank he had a gotten a loan modification with found out he was not the one living in the house, and have revoked his loan, stating he has to either pay the 20,000 back payments or put the house up for sale. we agreed to this as we all knew the market was hard and the likelihood of a sale in the near future was pretty dim, allowing us the time we still needed to get a mortgage. in order to prevent foreclosure we said the bank representatives could come and examine the house, and the real estate agents could show the house. of course the owner is in a hurry to get things moving, understandably, but we told him it could take up to a year. the real estate agent had come into the home for an examination of her own, 6 weeks after the bank had come. the bank said the home was in good shape and thought they would have no problems selling the house. the agent went to the home owner and told him that the house should be condemned, torn down it was worthless and cps should be called on me. he went crazy thinking what in the world did we do to the house?? i told him she was lying he was more than welcome to come and see, she was mad at me because she asked me if i could clean up my house and i told her i had 6 kids had only moved in 6 months prior and was still unpacking, (and now packing) i was doing the best i could. a family of 8 has alot of stuff. so there is alot of clutter, i have boxes and tupperware containers everywhere. now they are against the walls so people can move in the house, there aren't holes in the walls or floors, nothing at all to make what she said even remotely reasonable. nor what she told the owner (i am in the process of filing an official complaint with her company). those things aside, the owner decided that if we cant buy right this moment he wanted us out and he would relinquish the house to the bank. his prerogative, but we have a lease, and he has to go to court to get possession of the house. he sent an email stating that he guesses we have to go to a month to month lease. that is what he said no straight answer, no straight terms, just that. my lawyer's assistant says he doesn't think that counts. doesn't think?? this guy supposedly went to law school, either it does or it doesn't...needless to say we are in search of a new lawyer, with no time to spare, as the owner now says we have to leave by april 30, as he is having a construction crew come and take down the back porch, pool, and entire playroom(a 2 car garage he transformed without permits) while we are still here, so really i'd like to know, can he do that if we are still living in the house?? and do these emails count since they are not very clear. or even if they were clear could they count? to clarify, email is the only way we communicate, he doesn't call, he doesn't come by the house, only through email since we signed the lease in july.

The critical things here are what your lease said about reasons for termination and when you got notice to leave. If your lease was automatically extended, then unless the lease calls for termination at the will of either party, you don't have to leave. How sure are you that your landlord's bank really found out that he wasn't living in the house and triggered the provision requiring him to either sell the house or live in it? At this time, the economy isn't so wonderful that banks want to own houses due to foreclosure, let alone because a customer renegotiated the mortgage and then rented out the property. Most banks will waive that if asked by their mortgagee. I don't care about what the realtor said because it isn't an issue. If lease has a termination at will provision, your state probably still requires proper notice. I don't know anywhere that permits an email to take the place of actual service of a 30 day notice done properly.

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Interest rates have nowhere to go but up buzz up! 191 print on sunday april 11, 2010, 1:00 pm edt even as prospects for the american economy brighten, consumers are about to face a new financial burden: a sustained period of rising interest rates. that, economists say, is the inevitable outcome of the nation’s ballooning debt and the renewed prospect of inflation as the economy recovers from the depths of the recent recession. the shift is sure to come as a shock to consumers whose spending habits were shaped by a historic 30-year decline in the cost of borrowing. “americans have assumed the roller coaster goes one way,” said bill gross, whose investment firm, pimco, has taken part in a broad sell-off of government debt, which has pushed up interest rates. “it’s been a great thrill as rates descended, but now we face an extended climb.” the impact of higher rates is likely to be felt first in the housing market, which has only recently begun to rebound from a deep slump. the rate for a 30-year fixed rate mortgage has risen half a point since december, hitting 5.31 last week, the highest level since last summer. along with the sell-off in bonds, the federal reserve has halted its emergency $1.25 trillion program to buy mortgage debt, placing even more upward pressure on rates. “mortgage rates are unlikely to go lower than they are now, and if they go higher, we’re likely to see a reversal of the gains in the housing market,” said christopher j. mayer, a professor of finance and economics at columbia business school. “it’s a really big risk.” each increase of 1 percentage point in rates adds as much as 19 percent to the total cost of a home, according to mr. mayer. the mortgage bankers association expects the rise to continue, with the 30-year mortgage rate going to 5.5 percent by late summer and as high as 6 percent by the end of the year. another area in which higher rates are likely to affect consumers is credit card use. and last week, the federal reserve reported that the average interest rate on credit cards reached 14.26 percent in february, the highest since 2001. that is up from 12.03 percent when rates bottomed in the fourth quarter of 2008 — a jump that amounts to about $200 a year in additional interest payments for the typical american household. with losses from credit card defaults rising and with capital to back credit cards harder to come by, issuers are likely to increase rates to 16 or 17 percent by the fall, according to dennis moroney, a research director at the towergroup, a financial research company. “the banks don’t have a lot of pricing options,” mr. moroney said. “they’re targeting people who carry a balance from month to month.” similarly, many car loans have already become significantly more expensive, with rates at auto finance companies rising to 4.72 percent in february from 3.26 percent in december, according to the federal reserve. washington, too, is expecting to have to pay more to borrow the money it needs for programs. the office of management and budget expects the rate on the benchmark 10-year united states treasury note to remain close to 3.9 percent for the rest of the year, but then rise to 4.5 percent in 2011 and 5 percent in 2012. the run-up in rates is quickening as investors steer more of their money away from bonds and as washington unplugs the economic life support programs that kept rates low through the financial crisis. mortgage rates and car loans are linked to the yield on long-term bonds. besides the inflation fears set off by the strengthening economy, mr. gross said he was also wary of treasury bonds because he feared the burgeoning supply of new debt issued to finance the government’s huge budget deficits would overwhelm demand, driving interest rates higher. nine months ago, united states government debt accounted for half of the assets in mr. gross’s flagship fund, pimco total return. that has shrunk to 30 percent now — the lowest ever in the fund’s 23-year history — as mr. gross has sold american bonds in favor of debt from europe, particularly germany, as well as from developing countries like brazil. last week, the yield on the benchmark 10-year treasury note briefly crossed the psychologically important threshold of 4 percent, as the treasury auctioned off $82 billion in new debt. that is nearly twice as much as the government paid in the fall of 2008, when investors sought out ultrasafe assets like treasury securities after the collapse of lehman brothers and the beginning of the credit crisis. though still very low by historical standards, the rise of bond yields since then is reversing a decline that began in 1981, when 10-year note yields reached nearly 16 percent. from that peak, steadily dropping interest rates have fed a three-decade lending boom, during which american consumers borrowed more and more but managed to hold down the portion of their income devoted to payin

We're seeing an exact carbon-copy repeat of the Carter years thanks to people who were either not alive yet then or are denying that it ever happened so that they can feel GOOD about electing Obama.

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I was laid off a year ago, and still can not find a job. my unemployment renewed and its not worth a whole lot. my wife works, but its not near enough to pay all our bills. i have 5 credit cards with each of them having a balance of $2000. i have a loan for $7500, and a car payment $11000. my car is 6000 upside down and pay 350 amonth, each card is about 50-60 a month. and i have a mortgage. im typing this from a library, i got rid of internet, cable, my dog, sold my gas push mower for a reel mower. i have sold anything i could and dont use. we no longer have life ins., and we keep our house set on 80 degrees, its warm i know. we eat leftovers as much as we can, and try not to eat out at all.( were talkin burger king, mcdonalds, we gave up sit downs along time ago.) we doont even have a house phone. my wifes company allows us to use it until we get goin. i dont want to take on ore dept ever. cards are shredded and have not been used in 6 months. should i give up paying the credit cards. and loan. i dont want to lose our house. we have not got behind on anything yet.

The most important bills are your mtg, car pmt, utilities, and food. I would suggest you keep your life insurance. You want to make sure your family is protected in the event something happens to you or your spouse. Having a good credit history is important but not as important as making sure your family is taken care of. Check with your creditors to see if you could be put on a hardship plan. Some credit companies offer an optional unemployment ins. See if you signed up on any of your accts. Most companies are willing to work with you if you let them know your situation. If they don't want to work with you, they go on the BOTTOM of the priority list!