Comments on: Should you use a 401k to prevent foreclosure? http://all-foreclosure.com/blogs/blog/2008/03/15/should-you-use-a-401k-to-prevent-foreclosure/ Blogs about Real Estate, Foreclosure, Lending and Daily Life Thu, 28 Aug 2008 01:44:07 +0000 http://wordpress.org/?v=wordpress-mu-1.2.3-2.2.1 By: yanni raz http://all-foreclosure.com/blogs/blog/2008/03/15/should-you-use-a-401k-to-prevent-foreclosure/#comment-751 yanni raz Mon, 18 Aug 2008 20:19:27 +0000 http://all-foreclosure.com/blogs/blog/2008/03/15/should-you-use-a-401k-to-prevent-foreclosure/#comment-751 How Can You Save Your Property From Foreclosure Mortgage insurance companies as we all know are helping banks and homeowners to avoid foreclosures. Surprisingly as it sounds these mortgage insurance companies will even put some of their own money to help homeowners to make the payments for their homes. 1.Why do mortgage insurance companies willing to put their own money? 2.How can we know if we're insured by these insurance companies? 3.Why these big corporations help banks and homeowners? 4.Will the insurance companies help the homeowners also if they're not insured? Lots of homeowners don't have a lot of knowledge about their loans. Some people don't even know their own Interest rate. So I will assume that most of you out there will not understand the term pmi (private mortgage insurance). What is pmi? pmi is a policy which the bank act as the beneficiary and the borrower makes a monthly payment for the insurance of course. The pmi(private mortgage insurance) protects the banks in bad times like today, when a lot of homes are foreclosing or selling through a short sale and the banks are loosing a lot of money. When do you pay pmi? normally if you buy a house or refinance your existing house there will be a very important issue that can also prevent you from qualifying, and that is the ltv (loan to value). If you take a loan with more then 80% ltv (loan to value) then you will probably will pay pmi. Some of us will remember great times that we could loan more then 80% of the value of the home but then we also had to take a second mortgage loan or an equity Line of credit loan of 10% or even 20%, but those days are long over. Today banks will want you to put more down so you're not going to let go from the house and also so the banks will have a pmi(private mortgage insurance)to be protected. I know that it sounds that the insurance companies are just there to protect the banks. That's not true they're helping homeowners too, as I said before that they will help you with payments and they will also partner with credit counseling agencies to help homeowners with their payments. Insurance companies will try contacting you through phone or they will be mailing you letters to refer you to different websites so you can get an idea what to do next with your home and save your home from a foreclosure. Mainly what you really need to do if you have any problem with your house and you're negative with your payments first you should contact your lender. Your lender will guide you what to do next. How Can You Save Your Property From Foreclosure

Mortgage insurance companies as we all know are helping banks and homeowners to avoid foreclosures.
Surprisingly as it sounds these mortgage insurance companies will even put some of their own money to help homeowners to make the payments for their homes.

1.Why do mortgage insurance companies willing to put their own money?
2.How can we know if we’re insured by these insurance companies?
3.Why these big corporations help banks and homeowners?
4.Will the insurance companies help the homeowners also if they’re not insured?

Lots of homeowners don’t have a lot of knowledge about their loans. Some people don’t even know their own Interest rate.
So I will assume that most of you out there will not understand the term pmi (private mortgage insurance).

What is pmi?
pmi is a policy which the bank act as the beneficiary and the borrower makes a monthly payment for the insurance of course.
The pmi(private mortgage insurance) protects the banks in bad times like today, when a lot of homes are foreclosing or selling through a short sale and the banks are loosing a lot of money.

When do you pay pmi?
normally if you buy a house or refinance your existing house there will be a very important issue that can also prevent you from qualifying, and that is the ltv (loan to value).
If you take a loan with more then 80% ltv (loan to value) then you will probably will pay pmi.
Some of us will remember great times that we could loan more then 80% of the value of the home but then we also had to take a second mortgage loan or an equity Line of credit loan of 10% or even 20%, but those days are long over.
Today banks will want you to put more down so you’re not going to let go from the house and also so the banks will have a pmi(private mortgage insurance)to be protected.

I know that it sounds that the insurance companies are just there to protect the banks.
That’s not true they’re helping homeowners too, as I said before that they will help you with payments and they will also partner with credit counseling agencies to help homeowners with their payments.
Insurance companies will try contacting you through phone or they will be mailing you letters to refer you to different websites so you can get an idea what to do next with your home and save your home from a foreclosure.

Mainly what you really need to do if you have any problem with your house and you’re negative with your payments first you should contact your lender.
Your lender will guide you what to do next.

]]> By: Ruby http://all-foreclosure.com/blogs/blog/2008/03/15/should-you-use-a-401k-to-prevent-foreclosure/#comment-568 Ruby Thu, 26 Jun 2008 18:58:31 +0000 http://all-foreclosure.com/blogs/blog/2008/03/15/should-you-use-a-401k-to-prevent-foreclosure/#comment-568 I hate all of it too,, and yes there is personal choice. The bad thing is the ones that use retirement funds for bail out, will probably end up losing their home later on down the road. Anyone facing a foreclosure situation should really visit these guys, mortgagebuyerbasics.com instead of using up the retirement funds. THere is other choices out there, if you know where to look I hate all of it too,, and yes there is personal choice.

The bad thing is the ones that use retirement funds for bail out, will probably end up losing their home later on down the road. Anyone facing a foreclosure situation should really visit these guys, mortgagebuyerbasics.com instead of using up the retirement funds. THere is other choices out there, if you know where to look

]]> By: Carrie http://all-foreclosure.com/blogs/blog/2008/03/15/should-you-use-a-401k-to-prevent-foreclosure/#comment-411 Carrie Tue, 29 Apr 2008 20:43:06 +0000 http://all-foreclosure.com/blogs/blog/2008/03/15/should-you-use-a-401k-to-prevent-foreclosure/#comment-411 I hate the idea of people using retirement fund to bail themselves out of a housing mess. Lenders see about 70% of the loans they modify fall back into default.. what happens to the homeowners who use their retirement money and end up out anyway... even if they can keep the house long term... how can they retire? who is going to bail them out then? I hate the idea of people using retirement fund to bail themselves out of a housing mess. Lenders see about 70% of the loans they modify fall back into default.. what happens to the homeowners who use their retirement money and end up out anyway… even if they can keep the house long term… how can they retire? who is going to bail them out then?

]]> By: Tax Lien Information http://all-foreclosure.com/blogs/blog/2008/03/15/should-you-use-a-401k-to-prevent-foreclosure/#comment-398 Tax Lien Information Sat, 26 Apr 2008 07:54:04 +0000 http://all-foreclosure.com/blogs/blog/2008/03/15/should-you-use-a-401k-to-prevent-foreclosure/#comment-398 I have a real problem with the government taking money out of my check to give to someone that made a bad choice and bought more house than they can afford. I also have a problem with my tax dollars being used to bail out billion dollar corporations. There is a thing called personal choice and people should be responsible for it. I have a real problem with the government taking money out of my check to give to someone that made a bad choice and bought more house than they can afford. I also have a problem with my tax dollars being used to bail out billion dollar corporations.

There is a thing called personal choice and people should be responsible for it.

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