Even if you miss one mortgage payment, you are in danger of having the foreclosure process begin. Now, this does not necessarily mean you are inevitably going to be foreclosed upon, but the mortgage company is going to tell you that they have not received your payment and that you should send it immediately.
Typically, you will get these letters for two to three months if you do not make a payment, and nothing else will happen. If you make good on your mortgage payments, nothing else should occur and everything should be okay as far as your mortgage goes. However, it might go on your credit report that you have been past due on your mortgage payments.
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What you can afford depends on your income, credit rating, current monthly expenses, down payment and the interest rate.
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Agent–An individual who represents a seller, a buyer or both in the purchase or sale of real estate. Amortization–The schedule of loan payments that establishes the amount of payment to be applied to the principal…
The most important step in obtaining a first time home loan is to find a mortgage provider who will lend you the money you need for your dream home and match that with your credit.
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Recently, the Obama Administration unveiled a plan that would make the mortgage payments for current homeowners more affordable, allowing them to remain in their homes. The primary goal is to stem the rate of foreclosures, which have swept the nation in recent months.
Available to assist four to five million homeowners who currently have an existing mortgage that is owned by either Fannie Mae or Freddie Mac, the Home Affordable Refinance program allows mortgage refinancing to borrowers with a solid payment history so that they can take advantage of the current low mortgage rates.
Under normal circumstances, these homeowners would not be eligible for mortgage refinance because of the lost value to their homes. To be eligible for this type of mortgage loan modification, the homeowner must have a debt to income ratio (DTI) of not more that 31% on a fixed, thirty-year mortgage.
The federal government will increase this DTI ratio to 38%.
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