Mortgage | House Repossession Assistance

I am behind on monthly mortgage payments. Can my mortgage company credit my escrow refund without my approval?

by: admin - September 3rd, 2011 Filed under: Questions & Answers 1 Comment

Question by Florida Homeowner: I am behind on monthly mortgage payments. Can my mortgage company credit my escrow refund without my approval?
I really need to get my car repaired. I’d rather use the money for that and catch up on my mortgage later. They said I had to apply the check to my arrears.

Best answer:

Answer by src50
They are correct.

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Tags: approval, behind, company, Credit, escrow, Monthly, mortgage, payments, refund, Without

Q&A: If you’re behind on mortgage payments, but now have enough to pay almost all of the arrears, will citi accept

by: admin - August 26th, 2011 Filed under: Questions & Answers 8 Comments

Question by geckosgirl: If you’re behind on mortgage payments, but now have enough to pay almost all of the arrears, will citi accept
what you have now and let you pay the remainder in two weeks. Last time I talked to them, they wanted 9000 (incl. legal fees), now another payment is due. I can pay 8800 now and in two weeks I can pay 1000.

Best answer:

Answer by lorijotx
Just make the payment like you stated above. Call them, let them know you want to make a payment, when they ask how much, tell them 00. If they were to refuse it they would be totally nuts.

Congrats on catching up!

What do you think? Answer below!

Tags: accept, almost, Arrears, behind, citi, enough, mortgage, payments, you're

can my mortgage company refuse a payment if i am in arrears?

by: admin - August 2nd, 2011 Filed under: Questions & Answers 3 Comments

Question by Linda G: can my mortgage company refuse a payment if i am in arrears?

Best answer:

Answer by Lucy Lu
Yes, they want all the $ you are behind payments.

What do you think? Answer below!

Tags: Arrears, company, mortgage, payment, refuse

Mortgage Home Saver App explained.wmv

by: admin - June 19th, 2011 Filed under: Videos 2 Comments

You will see Gerard Malone’s home mortgage saver app created to save homes and prevent foreclosures. You start with an affordable payment and you increase this slowly each year. This the easiest way to modify your loan so that you save your home and the bank gets paid in full. . Gerard will show you why an increasing mortgage payment will help you save your home fom foreclosure. You can start with a small payment and pay your mortgage in full and in the normal term. You can make many changes to how you pay your mortgage. This is the world’s first calculator to save homes from foreclosures and repossessions. You can use this to shorten your term. Investors can use to build equity when they have only an interest only loan.

Tags: explained.wmv, Home, mortgage, Saver

Lastest Mortgage Arrears News

by: admin - June 1st, 2011 Filed under: News Add Comment

Mortgage arrears hit record high in March: Fitch
RMBS delinquencies rise on natural disasters. 26 May 2011 9:09 AM
Read more on Business Spectator

Baby well enough to go home stuck in Royal Manchester Children’s Hospital for six months as family face eviction
A premature baby has been stuck in hospital for the past six months – even though she is fit enough to go home. Holly Cleary, who is 17 months old, was born 14 weeks early and weighed 1lb 4oz.
Read more on Salford Advertiser

Ulster Bank signals July mortgage increase
FRESH MISERY was heaped upon the shoulders of some mortgage holders yesterday after Ulster Bank announced its intention to increase its Standard Variable Rate (SVR) mortgage by 0.6 per cent from July 1st.
Read more on The Irish Times

Tags: Arrears, Lastest, mortgage, News

i am paying whats in arrears in my mortgage thru my chapter 13 bankruptcy but i stopped making the payment…?

by: admin - May 14th, 2011 Filed under: Questions & Answers 2 Comments

Question by Songpryncess MusiQ: i am paying whats in arrears in my mortgage thru my chapter 13 bankruptcy but i stopped making the payment…?
I stopped making the payment because they cut the hours on my job but they still take out payments for my debtors every pay period.. can they still forclose??? i filed chapter 13 and included everything so everybody is getting paid but im scared since the mortgage company is not receivng the regular payment they will forclose? can they do that? if so how can i stop them??

Best answer:

Answer by Glenn S
Of course they can foreclose. You broke the order of the court. How can you stop them?…pay the court ordered amount.

Add your own answer in the comments!

Tags: Arrears, Bankruptcy, chapter, Making, mortgage, Paying, payment, stopped, thru, What's

FSA Reports a 31% Surge in Mortgage Arrears

by: admin - March 17th, 2011 Filed under: Articles Add Comment

FSA Reports a 31% Surge in Mortgage Arrears

FSA Reports a 31% Surge in Mortgage Arrears

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Home Page > Finance > FSA Reports a 31% Surge in Mortgage Arrears

FSA Reports a 31% Surge in Mortgage Arrears

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Posted: Apr 14, 2009 |Comments: 0
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According to a recently published article by the Financial Services Authority (FSA) on the latest mortgage lending statistic they reported a sharp surge in mortgage arrears. With borrowers continuing to struggle to clear their mortgage arrears, the numbers of arrears have been progressively increasing since the beginning of 2007. By the end of 2008 there were 377,000 mortgage accounts in arrears, which is an increase of 36,000 accounts. This is an increase of 31% on the previous year.

The FSA report comes in light of a recent survey of 1,407 new debt clients conducted by the Citizens Advice Bureaux (CAB). They found the average amount of debt owed by their clients’ was £16,971 in 2008 and one client in ten had ten or more credit card debts. More than 50% of these clients had four or more priority debts like their rent or mortgage, rent, electricity, gas, water or council tax arrears. The Citizens Advice Bureaux discovered that a third of these people spent more than half of their monthly income on housing costs and forty five percent of them had mortgage and secured loans that were in arrears.

So what can you do if you find yourself struggling to clear your debts? If you’re struggling with mortgage arrears, paying your mortgage, credit card bills and loan commitments. Then you will need to seriously speak to a professional debt advisor that is qualified to talk about debt and the various solutions available. You need to speak to someone who offers free and impartial help and advice. It is important that they assess your needs and they are able to explain the different types of debt solutions like Debt Consolidation, Debt Management plans, Individual Voluntary Arrangement (IVA) or Bankruptcy. Ask as many questions as you need to you need to feel satisfied and you need to really understand what you are doing and the consequences. Below is a quick explanation of the four types of debt help you can find:

Debt Consolidation

This is only possible if you are a homeowner and you have sufficient equity in your home. You can consolidate some or all of your debt into a secured homeowner loan. You must think carefully before securing other unsecured debts against your home. Your home may be repossessed if you do not keep up your repayments on your mortgage

Debt Management Plan

This is a great way of getting your debts under control and it helps to protect your home. Debt Consultants are able to negotiate with your creditors (those people you owe money to) and in most cases they are able to have the interest on your unsecured debts (credit cards, loans) frozen to help you pay off your debts faster.

Individual Voluntary Arrangement (IVA)

IVA help is available to most people with debts of more than £15,000 and no way of paying the debts off. This kind of arrangement is a legally binding arrangement and you can be debt free within 5 years and it helps to protect your home so you do not lose it.

Bankruptcy

This is a solution of last resort and should only be considered for serious debt problems when there is no other financial solution. Bankruptcy does protect you from your creditors and it allows you to start again.

Think carefully about the advice you are being offered and if you are not happy with the advice you are receiving find a second and even a third opinion. There is a growing number of debt advice websites that are providing questionable debt advice so you do need to carry out your own due diligence.

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Mark Aucamp -
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Contributing author Mark Aucamp has been providing Talk Money Blog with regular Money Saving Advice advice and comments. Mark has extensive experience in providing Debt Management, Quick Mortgage Advice and solutions. He is recognised as an authority in the field of debt management and mortgage advice. Find out how to clear your credit card debts legally!

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What are debt consolidation loans?
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I need a personal loan of about 3,000 dollars, but only make about 15,500 a year and have horrible credit and only 3 months on the job. Is there anywhere that will lend me that kind of money?

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i am in 1 1/2 months arrears with my mortgage and have just sold my house?

by: admin - March 15th, 2011 Filed under: Questions & Answers 5 Comments

Question by angelscandream: i am in 1 1/2 months arrears with my mortgage and have just sold my house?
how likly is it my home will be repossed while im waiting to the usuall avrage six weeks it takes to complete a sale of house ?? and do mortgage companys have to advise u first that they are about to seek reposetion?.. and can the arears affect my sale going threw
yes the money i get from sale of house should cover all costs and penalties

Best answer:

Answer by redwine
The mortgage company will not let you sell the house unless you can demonstrate that you can pay off the loan at closing. They can in theory make it a pain for you, but given this market, will likely try and work with you. Are you selling it at a gain and will you be able to pay off the loan and any penalties at closing?

Add your own answer in the comments!

Tags: Arrears, House, Just, months, mortgage, sold

How to Handle Mortgage Arrears

by: admin - March 15th, 2011 Filed under: Articles Add Comment

How to Handle Mortgage Arrears

How to Handle Mortgage Arrears

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Home Page > Finance > How to Handle Mortgage Arrears

How to Handle Mortgage Arrears

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Posted: Sep 03, 2010 |

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If you are having problems with mortgage arrears, you know that there is no
other debt that will cause so much headache, anxiety, and panic. After all, you can live without cable television, you can deal without having you nice new Toyota and just go back to driving your old Chevy, you can even live without the credit cards and the morning latte or the spa visits but you cannot live without having a roof over your head. While it is ideal to head off mortgage arrears before they happen, once you are facing them you will need to deal with them quickly and decisively.

Since the lending industry has been exploding, there are a wide variety of different kinds of lenders who are currently holding a mortgage. Arrears are treated differently by each lender. The reputable ones will gladly work with the individual borrower to see what can be done to help her or him get the mortgage arrears caught up and current, while some of the not so reputable ones will simply want to bide their time until they can sell off the paper to a foreclosing agent. Find out which category your lender falls into by giving them a call to see what they can do for you.

If your lender is willing to work with you, you may be able to go ahead and make interest only payments for a couple of months until you get back on your feet. Conversely, you may be able to extend your mortgage loan by the number of payments that you are behind. If your lender is not willing to work with you, then you will need to seek ways to supplement your income to make bring the mortgage arrears current. While in the short run this might mean not paying other bills so as to pay your mortgage first, in the long run you may need to look at finding another job or even a second job. However, most lenders are very willing to work with the borrower. Many banks have special departments to deal with this topic alone. After all, if they work to help you, they will get paid more in the long run.

One misconception that has proven detrimental to a great many borrowers is the notion that a bankruptcy will help you to get out of your debts and keep your home. This is not the case. While you may be able to not have the home foreclosed on if you are current, you may have to give the bankruptcy trustee your homes equity. Similarly, if you are behind in your loan or if you have liens against your property by those whom you have not paid, you will most likely have to face a foreclosure sale. Thus, a bankruptcy for the sake of bringing mortgage arrears current is not a good option.

Whenever possible, you will need to deal with mortgage arrears quickly to prevent them from building up. Stay in contact with your lender and be open to solutions even if they do not appear attractive at the time.

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Eliminate Your Mortgage Arrears at Ease!

by: admin - March 13th, 2011 Filed under: Articles Add Comment

Eliminate Your Mortgage Arrears at Ease!

Eliminate Your Mortgage Arrears at Ease!

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Home Page > Finance > Mortgage > Eliminate Your Mortgage Arrears at Ease!

Eliminate Your Mortgage Arrears at Ease!

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Posted: Jul 23, 2008 |Comments: 0
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The condition of owing some amount to your mortgage lender, which is due but unpaid is known as mortgage arrear. At the end of a term interest on mortgage loans is normally paid in arrears; that is, interest is paid at the end of a month or other period. Generally, rent and insurance premiums are paid in advance.

Are your mortgage arrears bothering you? Get your mortgage plan modified by your mortgage lender in order to avail lower rate of interest and smaller monthly payment. Your mortgage lender can fish you out of your mortgage arrear Northern Ireland trouble.

Mortgage lender can help you with your mortgage arrears by:

Lowering your monthly repayments for a stipulated time frame

Request for a payment holiday, in case you have other expenses for that month

Switch over to an interest only mortgage

Your monthly payments can be reduced if you can extend your mortgage term

Most people with credit problems found themselves getting into financial difficulty through no fault of their own. Very often it is due to the loss of earnings associated because of redundancy, long-term sickness or family problems which leads people to develop credit problems. This means credit problems are something which can affect people from all demographics.

Consumers that contact their lender in advance of falling into arrears have the ability to jointly plan how to avoid payment difficulties before they occur. Communicate about your financial predicament to your lender.

For those borrowers that are already in arrear, your mortgage lender should suggest a repayment plan to pay off the arrears alongside usual repayments. In some cases, if the borrower cannot manage this, the lender will allow a delay on these extra payments. This will depend on payment record too.

Keep up to your regular monthly repayments, failing which you will be risking your home pledged as against your mortgage loan.

Debt consolidation mortgage plan is formulated in accordance to your particular financial requirements and status. Interest rates have been low for quite some time. It has been more than publicized on every debt consolidation mortgage advertisement. This can undoubtedly tempt you to take on debt consolidation mortgage. But you need a few initial lessons on debt consolidation mortgage. The most important lesson in debt consolidation mortgage is that debt consolidation is not a credit cure but a credit relief. Under no circumstances can debt consolidation mortgage plan make your various debts evaporate without a trace. The debts are very much there. Debt consolidation mortgage fuses the ramified debts in such a manner that the interest rates on the various debts are diminished significantly. This way you get rid of your mortgage debt and repay your mortgage arrears on time.

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Free advice on eliminating mortgage arrears: Mortgage arrears Northern Ireland

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