What happens to the second mortgage when the first mortgage forecloses?

I am going through a foreclosure on my first mortgage, what are my options with dealing with the second mortgage? Any legitimate websites with guides for dealing with the aftermath of foreclosure would also be appreciated.

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What caused the home mortgage rates to sky rocket, causing people being unable to pay their monthly mortgages?

The recession was caused by people being unable to pay back their home mortgages because the mortgage rates were too high?

Banks were not getting their money back from home owners, causing a credit crunch, thus they were unable to lend money to big businesses.

Big businesses then had to cut back on expenses and began to lay people off the the thousands.

So what caused the mortgage rates to go up so high that started this financial mess in the first place?

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What happens to a second mortgage when a home is purchased at a foreclosure auction?

I am going to bid on a house at foreclosure and it has a 1st mortgage of $280K and a second of $70K. The lender on the first two mortgages is Decision One Mortgage. The lender at foreclosure is Countrywide. Does this mean that if I buy this house at foreclosure that I will own additional money to the second mortgage or just the first mortgage and back taxes?

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How are sub prime loans, the US mortgage situation, the credit crunch , and Northern Rock related?

How are sub prime loans, the US mortgage situation, the credit crunch , Northern Rock and the loss of city jobs related ?why is this all very important? and what does this say about the state of the economy?

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sub-prime mortgage blues

lyrics and slide show by gregg somerville music by chris conti

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The Mortgage Amortization Schedule Secret

Many people fail to make the correct moves in their mortgage amortization schedules because they don’t quite understand the repercussions of their actions, or inactions for that matter. It’s incredibly rare that home owners truly understand mortgage amortization structures and what they imply.

Here, I’m going to attempt to explain those things to you so that you can begin to make more educated decisions when it comes to analyzing how your mortgage amortization schedule should be dealt with.

There are a few mortgage amortization concepts that must be understood first before one can fully grasp the importance of making wise financial decisions when paying mortgage interest. I’ll start with the simpler ones…

Concept #1: The majority of your monthly payment goes to pure interest at the BEGINNING of the mortgage amortization schedule. It’s not until the end of the mortgage amortization that your payments even begin to pay down the principle (interesting how it’s set up that way… thanks bank!)

Now why is that?

Well, that brings me to my next point…

Concept #2: Interest during your mortgage amortization is calculated off the principle balance. The more you owe, the more of your payment goes to the mortgage interest.

The good news is that if you understand these to things, you can REALLY take advantage of the situation. This is what they mean. Your mortgage amortization is like a train. A gigantic… heavy… slow… train. You see it takes a LONG time to get rolling, but if you do, the amount of interest you will save and how much you can speed up your mortgage amortization will absolutely blow you away.

To effectively cut your mortgage amortization schedule in half you need to jump start this train with a BANG.

Now, a lot of people talk about extra payments and prepayments, but the bottom line is, all those things are meaningless if your mortgage amortization train is already chugging. However, if you’re not at that point, you need to realize something. It may seem stressful and hard to think long term. But if you could truly realize how much interest and how many mortgage amortization payments you put into your pocket when you give up your extra money to the principle, you would be scrounging the sofa for pennies this very moment! You wouldn’t order pizza for a year. I’ll guarantee it.

A solid understanding of just those two concepts will really change the way you think. Ponder them for a while as you look at your mortgage amortization schedule.

The problem is that not all of us can afford to jump start the mortgage amortization schedule. The solution, a nice little mortgage loop hole that’s been intentionally left in the banking industry and in every one of our mortgage amortization schedules. So… I’ve put together a report that shows how it works. BUT you must first understand these concepts before you can begin to apply the mortgage amortization loop hole.

There is a report on this very thing. It’s the first of its kind, and you can check it out and start saving here: The Mortgage Loophole Report

People are cutting their mortgage amortization schedules in half and have been saving over 84% interest by applying the loophole into their lives.

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How does the sub prime mortgage crisis in the USA effect BUYER’s desire for a rent to own type home purchase?

Due to the sub prime mortgage crisis and the general unknown of the USA market right now how does that affect someone who is wanting to buy a home on a rent to own or lease to purchase type purchase? Will people be more interested in getting into their own home on a rent to own or will they be more wary of it because they might end up with a home that has depreciated in value a fair bit? Or do people still see a no money down, no credit check home purchase as their best way to get into their own house regardless if the value drops a bit? Of course, there’s a lot more to house value than just the market. So, how does everyone see the popularity of a rent to own home purchase for a potential homebuyer? A good idea for them or not? Thanks

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30-year mortgage rates rise as new-home sales fall

30-year mortgage rates rise as new-home sales fall
Mortgage rates climbed for the first time in three weeks, increasing borrowing costs as new-home sales slumped to the lowest level on record.

Read more on Washington Post

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Factors to consider in paying down the mortgage

Factors to consider in paying down the mortgage
Q: We are still in our house almost 2 1/2 years after refinancing, and the rate on our interest-only mortgage is 6.5 percent. If I have $10,000 that I will not need in the foreseeable future, can I send that amount with our next payment to help pay down the principal on the loan? Or am I better off investing that money at current interest rates — which, of course, are much lower?

Read more on Washington Post

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Mortgage Ripoffs and Money Savers: An Industry Insider Explains How to Save Thousands on Your Mortgage or Re-Finance

Product Description
Carolyn Warren better get a bodyguard. Her new tell-all on the mortgage industry exposes so many of the lending industry’s favorite frauds, every loan officer from Seattle to Miami is going to be gunning for her! Mortgage Rip-Offs and Money Savers is like a map that guides you around the carefully camouflaged landmines laid by lenders. And it gives you simple, step-by-step directions for saving tens of thousands of dollars. If you’re looking for ways to save a kin… More >>

Mortgage Ripoffs and Money Savers: An Industry Insider Explains How to Save Thousands on Your Mortgage or Re-Finance

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