Can I file a lawsuit against bank?
My husband purchased a property in Florida (only his name on note and deed). Bank filed a lawsuit (foreclosure) after we missed 3 payments. Bank foreclosed house right a way. Couple months later I found that I was a victim of mortgage fraud - defraud by bank
Now I try to file a lawsuit against the bank (for fraud).
Q:
1. Could they (bank) say - .You waived your right because you did not file a counterclaim against us when we foreclosed your house….
*It was a foreclosure lawsuit. I did not have any defense because I missed monthly payment. So I let them take my property. Now I am talking about fraud lawsuit.
2There was only my husband’s name in all the loan documents including a note and deed. Now; I want to be a plaintiff not my husband. Can they still argue about “collateral estoppel”??
3 When bank filed a foreclosure lawsuit, was I in that lawsuit automatically even though I was not part of that mortgage transaction because I was his wife?
4 I am living in Virginia. FL and VA law might be different?
What do you think?
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Financial Maths Question?
1. Fiona pays a $30 000 deposit on a property for sale at $130 000 and takes out a mortgage for the balance oer 15 years at a rate of 8.75% pa.
a. What is the monthly instalment for this loan?
b. How much will she repay altogether over 15 years?
c. How much interest will Fiona pay during the 15 years?
2. Mrs Jones recieved her credit card statement for the month of June. The opening balance was paid 12 days after the due dtae. This attracted the following charges: 1.85% of the amount outstanding plus 0.06082% of the outstanding amount each day until the account is paid.
a. How Much interest was Mrs Jones charged immediately for not paying the account by the due date?
b.Calculate the total amount of interest she had to pay for the 12 days the payment was late.
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How can I hold J.P. Morgan and Chase liable for mistakes they have made on the mortgages I have with them?
In January of 2009 Chase bank placed insurance on my three properties that I have financed with them. They sent notices to the wrong address and I was not made aware of the situation until March of 2009 when the notices finally made it to me. For 2 months I tried to contact the person on the notices by email and telephone with no success. Finally in May of 2009 I was able to contact someone else in the insurance department. After providing proof that I already had insurance on the properties and that there was never a lapse in insurance they withdrew the hazard insurance they placed on the properties. I was then informed that because they had depleted my escrow I should not make any more payments on the loans until my escrow was reimbursed by Chase. I questioned this but followed their advice. In August of 2009 I received foreclosure notices on all three properties. I immediately inquired and was told that I was ill advised in May and that I should have continued to make the payments, however Chase also explained that they had no record of that advice being given to me because the representative from the insurance department did not place any such notes on my account in the computer. I made up the mortgage payments but was till being reported as being delinquent for the depleted escrow accounts. In October of 2009 I had paid Chase enough money to make up the depleted escrow. In the early part of 2010 I received checks from Chase on two of the accounts fully refunding all of my escrow. I researched this on my own and found out that Chase had violated a federal law by collecting escrow because I paid my taxes and insurance directly and they did not come out of my mortgage payments. Now in March of 2010 I have just learned that Chase has place a foreclosure lock box on one of my houses which is current on all payments and they will not tell me why it was placed on the property or who ordered it to be placed there. I have tried to get Chase to repair my credit report based of the wrong advice I was given by the insurance representative and also on the fact that I was deliquent on escrow payments which were unlawfully collected in the first place. How do I proceed from here?
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How did ACORN and self proclaimed left wing terrorist groups cause the US housing collapse?
Article from Investor's Business Daily http://www.investors.com April 2,2008
Award-Winning Shakedown Artist Is Still Peddling Subprime Politics
By MICHELLE MALKIN | Posted Wednesday, April 02, 2008 4:30 PM PT
Last week, a mob of screeching protesters invaded the Bear Stearns headquarters in Manhattan demanding more aid for homeowners. I oppose federal bailouts of every make and model — and that includes both the Bear Stearns deal and the bipartisan stimulus-palooza in Washington. But the bank-bashers who held their demonstration in New York City against Bear Stearns and JPMorgan are totally unhinged. And out of control.
Here is the face of the entitlement culture gone mad: "We will go to their neighborhood, we will educate their children on what their parents do. They should be ashamed," said Neighborhood Assistance Corp. of America founder Bruce Marks, in a nasty warning issued to employees of both banks.
This is not an idle threat. Bruce Marks is no harmless lone nut. He has a proven record of showing up at children's schools and bullying them because of their parents' employment. All in the name of "social justice," of course, and securing loans for every last bad risk on the face of the planet. He's so proud of his behavior, he calls himself a "bank terrorist."
Has he earned scorn and condemnation? Of course not. As a reward for his tactics, the Boston Globe named him "Bostonian of the Year" in 2007. The paper praised his "sensible innovation." They fawned over his "curious blend of in-your-face activism, customer-focused service, Machiavellian angling, and social-justice passion."
And, as the Globe reported in its cover feature on Marks, there is no line of decency this housing shakedown artist won't cross. Welcome to the subprime politics of personal destruction:
"Marks and his yellow-T-shirted followers have swarmed shareholders' meetings with enough force to shut them down. They have picketed outside the schools attended by the children of bank CEOs, pressing the youngsters in signs and chants to answer for the actions of their daddies. And they even once distributed scandal sheets to every house in one CEO's neighborhood, detailing the affair he was allegedly having with a subordinate. In time, that CEO, like most of the others that NACA targeted, sat down with Marks and signed a deal.
"To those who found his tactics an outrageous invasion of bank executives' personal lives, Marks refused to acknowledge any line between home and work. 'What you do is who you are,' he says. 'It's all personal.' "
My leftist opponents have labeled me a "stalker" for publicizing the public contact information of anti-war activists who ran military recruiters off their college campus — and for researching, documenting and challenging the assets of a two-property-, three-car-owning Democratic poster family held up as unassailable arguments for massive government health insurance expansions.
Meanwhile, housing entitlement bully Bruce Marks gets citizen-of-the-year accolades while rolling in housing hustle dough.
You see, it's all about the money for Marks' group, which browbeats banks and lenders into billion-dollar deals to allow its left-wing activists to arrange mortgages for their high-risk constituents. NACA — with dozens of offices across the country — has a no-down-payment, no-closing-costs, low-interest-rate policy for low-income minority borrowers and takes a hefty fee for each transaction.
NACA loan applicants are then required to attend workshops glorifying the group's protest thuggery. Those whose loans are approved must then pledge to assist the group in five "actions" (like the one at Bear Stearns' headquarters) per year.
When they're not clamoring for more homeowner funds and federal Community Reinvestment Act money, they're bombarding the feds with regulatory complaints to halt any bank mergers or expansions.
Those radical actions have yielded a windfall as fearful corporations fork over money to pre-empt Marks' extortionist mau-mau-ing. In 2003, Citigroup coughed up $3 billion in mortgage loans to NACA through 2013. Bank of America, which first partnered with (succumbed to) NACA in 1995, handed over $6 billion through 2015.
Let me repeat the threat Marks issued at the Bear Stearns protest last week: "We will go to their neighborhood, we will educate their children on what their parents do. They should be ashamed." If any prominent liberals have criticized Marks' tactics, I haven't heard them. Have you?
Lesson learned: Screaming "racist" pays.
Copyright 2008 Creators Syndicate, Inc
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Is an 800+ credit score realistic in the near future?
Last year, my credit score from all 3 agencies were in the 760 - 795 range. I'm 26 now and have been using the same credit card I first opened when I was 16 (along with 2 additional cards.)
I've had some black marks on my record, despite my scores. First, I've had an account referred to collections in 2002 (a $21 CD mail ordered CD I completely forgot about.) I also occasionally miss credit card payments but at a rate of about once a year or so (and a reminder email a week later resolves it.) I also have several thousand dollars in student loans. Nevertheless, I usually pay my credit cards in full 90% of the time and rarely exceed 50% of my credit limit (maybe even rarer than the occasional late payment.)
Given these slight imperfections in my record, would it be possible to aim for an 800+ score in the near future? I'm hoping to get there before buying my first house to lock in the lowest mortgage rates..
Last time I had a late payment was in 2007 or 2008.. none very recent
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When I do a refi in New York City, do I have to pay a 2% State/City Mortgage tax?
I am trying to refinance my apartment in New York City which is an income property that I do not live in and my mortgage broker in California says I have to pay a 2.05% tax on the Refi. The loan is for $450,000, which eqates to an extra $9,000 just to re-finance my apartment. Can some one please let me know?
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any loan modifications for new home buyers?
I bought my house on Aug 09, I got a conventional loan, i used up my savings to put down 20% on a $300k+ house. 2 months later I got significant pay cut, 30%, at my job. and 2 weeks ago I got laid off from my job. I have called BofA and asked if they can help but they tell me they cant because my purchased date was after Jan 09 and since I'm still current on my loan that they cant help me. must I be late on my mortgage for them to assist me? what are my options? HUD has been no help, they tell me the same thing, my purchase date is the killer.
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Resolved Question: How can I go to law school with a small mountain of debt already under my belt?
We have literally no money, but I SO desperately want to go to law school. Right now we have about $40K in school debt and credit card debt. We also have 2 car payment and a mortgage. All in all, there is absolutely no way I could afford another payment of any amount, no matter how small. We have downsized as much as financially possible. My husband is even considering getting a second job to cover our current expenses. We both have really good credit scores and I'm only 25 - no kids - but even if I were to take out a humongous loan, there's no way I could get a job afterward to cover all our debts. Is there any way around it? Any glimmer of hope? Has anyone bitten the bullet and gone to law school in a similar situation and been successful? Anyone want to sponsor me, hehe? Any creative ideas on how to raise money for law school (and if you recommend being a stripper you have no soul - AND you're not funny)? It's hard because all the of scholarships require you to already be in law school. I just can't take that risk at this point. I need advice, lol.
I work full time. My husband gets off work at 3 (but he starts at 6, so he works full time as well). I'm currently in school to be a paralegal. I would and probably will get a second job when I graduate in August, just to pay off these debts.
Ok, all of you ridiculous people leaving info for a loan - do you really think someone considering law school is going to be moronic enough to respond to a yahoo answers ad for a loan!? This is comical.
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Home currently on MLS (Arizona) for Short Sale; Contacted by "fast home offer.com" - Legit Company?
My home is currently on the Arizona MLS and last night I was contacted by "fast home offer.com" or fasthomeoffer.com
The gentleman stated that he wants to make an offer on our home and asked me questions like what is it listed for, do we have tenants currently in there, do the tenants pay their rent on time, is the home in good condition, who our mortgage loans are with (1st and 2nd) and our Realtor's contact information. He said he was going to call our Realtor and make an offer. I don't want to get my hopes up and I am wondering if this company is legit? Has anyone experienced this company making an offer on a home for a short sale and if so was their offer decent enough that the banks will accept it? Our FMV of our home is $100,000 right now and it's been on the market for 70 days.
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My program is not breaking down payments, can someone please help?
It is not doing the interest rate and the breakdown of each month need help ASAP please.
/*
* Week 5 Assignment
* Write the program in Java (without graphical user interface) and have it calculate
* the payment amount with 3 mortgage loans: 7 year at 5.35%, 15 year at 5.5%, 30 year at 5.75%.
* Use an array for the different loans. Display the mortgage payment amount for each loan and
* then list the loan balance and interest paid for each payment over the term of the loan.
* Use loops to prevent lis from scrolling off the screen.
*
*
*/
package mcbridemortgagecalculator2;
/**
*
*
*/
import java.lang.Math;
import java.text.DecimalFormat;
class McBridemortgagecalculator2
{
public static void main(String[]args) throws Exception {
//Declare variables
int loanAmt = 200000;//Principal loan amount
int [] loanTerm = {7, 15, 30}; //Loan term for 7 years, 15 years, and 30 years
double[] intRate = {5.35, 5.50, 5.75};//Interest rares for 7 years, 15 years, and 30 years
int monthNum = 7;
int montNum2 = 15;
int monthNum3 = 30;
int loanNum = 0;
int line = 0;
double monthlyPay = 0;//Display monthly payment calculation
double newLoanBal = 200000;//Loan balance
double monIntPaid = 0;//Interest paid
double newIntRate = 0;//Monthly interest rate
double monPrinPay= 0;//Monthly principal payment
DecimalFormat money = new DecimalFormat("$0.00");//Display mortgage amount in decimal
DecimalFormat interest = new DecimalFormat("0.00%");//Display inteest rate amount in decimal
//Display message in the console window
System.out.println();
System.out.println("McBride Mortgage Calculator 2");
System.out.println();
System.out.println("This program will calculate three separare mortgage payments for a $" + loanAmt);
System.out.println("with the following loan terms and interest rates");
System.out.println("7 years @5.35%");
System.out.println("15 years @5.50%");
System.out.println("30 years @5.75%");
System.out.println();
System.out.println("Following the math calculation of the payments, the program display the");
System.out.println("mortgage payments, interest paid, and loan balance for the terms of the");
System.out.println("three different loans");
System.out.println();
System.out.println("The loan results are as follows");
int i;
for (i = 0; i <=2; i++)
{
int j;
for (j =0; j<=3; j++)
{
//Performs calculation for loan term, interest rate, and monthly payment
loanTerm[i]= loanTerm[i]/12;
intRate[i] = (intRate[i]* .01)/12;
monthlyPay = loanAmt*intRate[i]/(1- Math.pow(1+ intRate[i]/12,-loanTerm[i]/12));
//////////////pow(double,double)////////////
if (loanNum <= 2)
{
loanNum++;
//Display results for each loan in the console window
System.out.println();
System.out.println("Loan" + loanNum);
System.out.println("********************");
System.out.println();
System.out.println("The monthly mortgage payment for a $" + loanAmt + "over a" + loanTerm[i]/12 + "+year period at a" +
(interest.format(intRate[i]*12)));
System.out.println("interest rate =" + (money.format(monthlyPay)));
System.out.println();
System.out.println("The mortgage payment, interest paid, and loan balance for the loan is as");
System.out.println("follows");
System.out.println();
}
//Begins loop
while (newLoanBal >200000);
{
newLoanBal=200000;
if (i >= 0)
monIntPaid = intRate[i] * newLoanBal;
monPrinPay = monthlyPay - monIntPaid;
newLoanBal = newLoanBal - monthlyPay + monIntPaid;
//Display result of calculations for monthly principal paid, and new loan balance
System.out.println((money.format(monthlyPay)) + "\t" +(money.format(monIntPaid)+ "\t\t" +
(money.format(newLoanBal)) +"\tPayment(s)"));
//Decrements monthly count one month at a time until count reaches zero
monthNum--;
//Pause console window, then continue calculations
if (line == 20)
{
line = 0;
try
{
Thread.sleep (2000);
}
catch (InterruptedException e){}
{
}
}
}
}
}
}
}
public class Main {
/**
cBride Mortgage Calculator 2
This program will calculate three separare mortgage payments for a $200000
with the following loan terms and interest rates
7 years @5.35%
15 years @5.50%
30 years @5.75%
Following the math calculation of the payments, the program display the
mortgage payments, interest paid, and loan balance for the terms of the
three different loans
The loan results are as follows
Loan1
********************
The monthly mortgage payment for a $200000over a0+year period at a5.35%
interest rate =$∞
The mortgage payment, interest paid, and loan balance for the loan is as
follows
$∞ $891.67 -$∞ Payment(s)
Loan2
********************
The monthly mortgage payment for a $200000over a0+year period at a0.00%
interest rate =$∞
The mortgage payment, interest paid, and loan balance for the loan is as
follows
$∞ $0.74 -$∞ Payment(s)
Loan3
********************
The monthly mortgag
Loan3
********************
The monthly mortgage payment for a $200000over a0+year period at a0.00%
interest rate =$∞
The mortgage payment, interest paid, and loan balance for the loan is as
follows
$∞ $0.00 -$∞ Payment(s)
$∞ $0.00 -$∞ Payment(s)
$∞ $916.67 -$∞ Payment(s)
$∞ $0.76 -$∞ Payment(s)
$∞ $0.00 -$∞ Payment(s)
$∞ $0.00 -$∞ Payment(s)
$∞ $958.33 -$∞ Payment(s)
$∞ $0.80 -$∞ Payment(s)
$∞ $0.00 -$∞ Payment(s)
$∞ $0.00 -$∞ Payment(s)
BUILD SUCCESSFUL (total time: 0 seconds)
This what I am getting
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What is wrong with these pointers (C programming)?
include
#include
#define TAX_RATE 1.25
#define UTILITY_COST 300.0
#define INSURANCE_COST 550.0
void input(float*, float*, float*);
void calc(float, float, float, float, float, float, float, float);
float calcDplomo(float, float, float, float*, float*, float*, float*, float*);
void output(float, float, float, float, float, float, float, float);
int main(void)
{
float sellp;
float anir;
float loand;
float downp;
float amtl;
float mortg;
float propt;
float mtot;
input(&sellp, &anir, &loand);
calc(sellp, anir, loand, downp, amtl, mortg, propt, mtot);
output(sellp, anir, loand, downp, amtl, mortg, propt, mtot);
return 0;
}
void input(float* sellp, float* anir, float* loand)
{
printf("\n\t\t Brian's Mortgage Calculation Program\n");
printf("\nEnter the property's selling price: \n");
scanf("%f",sellp);
printf("\nEnter the annual rate of interest: \n");
scanf("%f",anir);
printf("\nEnter the duration (years) of the loan: \n");
scanf("%f",loand);
return;
}
void calc(float sellp, float anir, float loand, float downp, float amtl, float mortg, float propt, float mtot)
{
calcDplomo(sellp, anir, loand, &downp, &amtl, &mortg, &propt, &mtot);
return;
}
float calcDplomo(float sellp, float anir, float loand, float* downp, float* amtl, float* mortg, float* propt, float* mtot)
{
float cdown = .2;
float mins;
*propt = sellp * (TAX_RATE/100)/12;
mins = INSURANCE_COST/12;
*mtot = *mortg + UTILITY_COST + *propt + mins;
*downp = sellp * cdown;
*amtl = sellp - *downp;
*mortg = *amtl * anir/12*(1+anir/12) * loand *12/(1+anir/12) * loand *12-1;
return mins;
}
void output(float sellp, float anir, float loand, float downp, float amtl, float mortg, float propt, float mtot)
{
printf("\nMONTHLY COST OF HOUSE\n");
printf("\nSELLING PRICE $%9.2f",sellp);
printf("\nDOWN PAYMENT %9.2f",downp);
printf("\nAMOUNT OF LOAN %9.2f",amtl);
printf("\nINTEREST RATE %9.1f%%",anir);
printf("\nTAX RATE %9.1f%%",TAX_RATE);
printf("\nDURATION OF LOAN (YEARS) %9.0f\n",loand);
printf("\nMONTHLY PAYMENT\n");
printf("\nMORTGAGE %9.2f",mortg);
printf("\nUTILITIES %9.2f",UTILITY_COST);
printf("\nPROPERTY TAXES %9.2f",propt);
printf("\nUTILITIES %9.2f\n",INSURANCE_COST);
printf(" __________");
printf(" $ %9.2f\n",mtot);
return;
}
Trial run:
Brian's Mortgage Calculation Program
Enter the property's selling price:
600000
Enter the annual rate of interest:
2.2
Enter the duration (years) of the loan:
30
MONTHLY COST OF HOUSE
SELLING PRICE $600000.00
DOWN PAYMENT -107374176.00
AMOUNT OF LOAN -107374176.00
INTEREST RATE 2.2%
TAX RATE 1.3%
DURATION OF LOAN (YEARS) 30
MONTHLY PAYMENT
MORTGAGE -107374176.00
UTILITIES 300.00
PROPERTY TAXES -107374176.00
UTILITIES 550.00
__________
$ -107374176.00
Press any key to continue
I know it has to do with the function call in void calc calcDplomo(sellp, anir, loand, &downp, &amtl, &mortg, &propt, &mtot); But how do I fix it?
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Need assistance with finance question?
"Ron wants to buy a $250,000 house using an adjustable rate mortgage. The teaser rate is set at 4.2% and is good for the first three years of the loan. The loan is structured as a 30-yr mortgage with monthly payments. The index for the ARM is the Treasury Bill plus 2.3%"
-What is monthly payment for first 3 years?.
-What is monthly payment after 3 years assuming the T-bill is providing a yield of 4.75%
I have the answers ($1344.80; $1799.29) but I need help working through the problem! I cannot get the correct answer.
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In desperate need for assistance with a finance question-I missed class and info not in textbook?
"Ron wants to buy a $250,000 house using an adjustable rate mortgage. The teaser rate is set at 4.2% and is good for the first three years of the loan. The loan is structured as a 30-yr mortgage with monthly payments. The index for the ARM is the Treasury Bill plus 2.3%"
-What is monthly payment for first 3 years?.
-What is monthly payment after 3 years assuming the T-bill is providing a yield of 4.75%
I have the answers ($1344.80; $1799.29) but I need help working through the problem! I cannot get the correct answer.
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I am in desperate need for assistance with a finance question-missed class and info not in textbook?
"Ron wants to buy a $250,000 house using an adjustable rate mortgage. The teaser rate is set at 4.2% and is good for the first three years of the loan. The loan is structured as a 30-yr mortgage with monthly payments. The index for the ARM is the Treasury Bill plus 2.3%"
-What is monthly payment for first 3 years?.
-What is monthly payment after 3 years assuming the T-bill is providing a yield of 4.75%
I have the answers ($1344.80; $1799.29) but I need help working through the problem! I cannot get the correct answer.
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Voting Question: can you solve this maths puzzle?
Mark spends 2/3 of his slary on his mortgage and 2/3 of the remainder on his car loan and saves $2500 per year. What is his salary?
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Living with my parents, I'd like everyone's opinions on this?
First of all, I'd like to start by saying I do pay rent to my parents and by 0 means am I a leecher. This statement is for the trigger-happy answerers who aren't interested in reading succinctly.
Two, I define my version of "everyone" as civilized adults over the age of 18. Unfortunately there is no "adult" section on yahoo answers so I am forced to post here. For children (and also the children-minded adults), I suggest you continue to point your browser elsewhere.
I consider myself lucky. I have a decent job, a 4 year related college degree which I paid for completely out of pocket, $0 in combined debt (2 credit cards, paid car loan, paid student loan), $0 in medical bills, and I'm also in my early 20's. At any time I can walk out and throw money away by getting an apartment or rent a condo. But I'd rather buy a house than throw my money away - and I consider paying interest a form of throwing away money. I fortunately "get along" with my parents and I have no other siblings to live with. They are happy with me as well, since I provide them with extra income and they no longer need to "provide" me with anything, save a single room. I would also assume they are lucky as well, they need not worry about having a meth addict for a son (I overhead this once while shopping at a liquor store recently - same age), or else having to provide for a leecher. I pay for everything I take for myself, whether it be food, car insurance, electricity bill, water bill, cable bill, ect. I know people who couldn't stand their family and walked out at 18 and several years later can *just* barely make it month to month on rent and are also unable to get into a "career" because of the constant duty job work and lack of educated skill. I ask them if it was still worth it living in a run-down house in a bad neighborhood with no foreseeable future in mind, and their response: "hell yes."
Anyways before I get too caught up in my own question, I'd like to state I do have a well-defined financial plan in mind, I see myself owning a very nice $350K house by age 28, no higher - with a combined $0.00 paid in mortgage interest. Assuming I can still apply myself as today, I will retire earlier than most and still cross the "million" barrier of financial worth. I know that with every year I live at home, I am saving hundreds of thousands of dollars in the process. Now I ask "everyone", is all of this money worth the petty embarrassments like, bringing home a "casual encounter" you meet at a bar which may have been simpler if you had your "own place"?
Why the negative connotation in American society? Why the lack of life-planning? Why the disappointment in self when claiming living situation? Why chose to be the slave to a bank? What is normal?
Thank you to those who can provide a perceptive and rational dialogue.
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Voting Question: deed in lieu? please answer this asap!?
my house is in very bad condition, it has a lot a damage. the whole house would have to be torn down a totally rebuilt. we have thought about tearing it down and rebuilding,but the bank doesn't want to give us a loan because we owe more than the house is worth, the bank said something about the house not appraising out?, is it possible to do a deed in lieu and then buy a new home? we are in a desperate situation and really need some advice. no we can not afford 2 mortgages. the home is not worth fixing up. of course we need enough of a loan to pay off our old mortgage and add the old to the new. any good suggestions would help.
all your answers have helped. so how would it be possible to get another home. i have spoke to our mortgage co. and they dont do new costruction loans.thanks again.
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Voting Question: I am going to let the bank foreclose my house, however.....?
I have 2 properties. I live in one (since May 1998), and I bought the other one on 2007. The second house is being used as a Sober Living House and the mortgage with all their utilities are getting paid with what the participants pay every week. I wouldn't be able to afford that mortgage at the moment, and it is not a suitable place for our family needs.
The house that I want to let the bank foreclose on me is the one I am currently residing at, we are up side down on the loan for about $200k, it has a half acre lot for which we are not ever allowed to use other then 2,000 Sq.Ft. The house is falling apart, in need of major repairs, and the current mortgage is $2,100 for a 800 Sq.Ft. 2 bedroom in the worst neighborhood of San Diego County.
My question is: If we allow the bank to foreclose on the house we are living, can they go after my other house? Will I be forced to pay the 1099 that I will receive from them for their monies lost when they sell the property? I don't want to file bankrupcty but I am concerned about the other house that is current.
Any personal experiences or an opinion that is very knowledgable in this subject please?
Forgot to mention that we were adviced that a "Short Sale" would read much better on my already ruined credit and is not as bad as a Foreclosure that will stay on record for 10 years. A realtor friend of my husband is putting the house up for Short Sale soon. Is this really a benefit or a wise idea? I live in San Diego CA
I was adviced to Short Sale the property instead of Foreclosure -if there is time left- so that it doesn't affect my already ruined credit further more. Is this a better idea?
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Voting Question: Why do I owe the guy/gal who bit off more than they can chew and went into forclosure?
Why do owe them? Why should they get a 2nd or 3rd chance when they consistatly screw up with wrong choices? Why should they get to keep their homes or loan adjusted down so they can afford it? Why am I not getting this option? I'm the one that was responsible and I didn't buy more of a house than I could afford and I pay my mortgage on time ...Why am I getting punished and the freeloaders keep getting a free ride?
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Resolved Question: 2nd mortgage question?
Can I use a 2nd mortgage from the seller, as the full 20% down payment, for a conventional BANK loan?
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Resolved Question: Can someone obtain an FHA or Mortgage while still in Chapter 13?
Hello, We are 2 years into our chapter 13 and my husband and I have found a house that we fell in love with and we would love to have it! However, we do not know whether or not we will be able to get approved for a loan. Also, does anyone know of a specific company I can contact that could help us? Right now the only debt we have is the chapter 13 and we owe a little over 10 thousand on the bankruptcy. Do we have a chance with anyone?
This is really hard for us, my husband and I filed because the economy went down right after we had a brand new baby (she was only three weeks old) when my husband and 250 others were laid off. Before that our credit was perfect and I mean completely perfect. Even still we lost everything and I know my husband feels like a poor provider because we had to file but we were getting screwed by bill collectors not to mention we had to give up our land we were paying 1500.00 per month interest only and the bank refused to help us get on a mortgage, so we had to give them our land, they forgave the loan and kept the land. Do we have any options? We really want a nice home to raise our little girl in. Thanks Guys, any help you can give us will be greatly appreciated!
Currently, we own our own home and it is paid off, we have both of our vehicles paid for and we have no bills. When we filed bankruptcy it was because of one bank. We had a $1500.00 per month interest only mortgage pymt so & had already paid 80 thousand dollars in interest. When my husband got laid off in 2006 we tried to get the bank to give us a reg mortgage on the property since we had already paid so much and they said no. We tried for almost 2 years to continue to pay the 1500, we did without everything. The baby was 3 weeks old when my husband was laid off and when our child was 3 mos old, I got deathly sick. That is why we filed chapter 13 not because we live beyond our our means. We cashed out some things and paid off everything except the loan. We owe about 10thousand on the bkrpcy. now, we've paid regularly for a long time. To be honest I think we got a mrtgage co that wanted the prop. we owed 170 th. and it was worth 1mi
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Resolved Question: why did our mortgage company add an escrow account to our mortgage without our consent?
we currently have 2 mortgages with bank of america, 1st with a 30 year fixed and the second, a 15 year fixed. after 2 years, they added $1100+ escrow account on the first eventhough we pay our taxes and insurance on time each year. customer service said that the reason is that since we applied for home loan modification a few months ago, we were under review(?) and they had to add the escrow account because of this. we got turned down with our loan modification due to the fact that we were never late on the mortgage and me and my wife just decided to work extra hours to continue paying for the mortgage on time. honestly, i do not know what to do. we were already struggling with the payments before but adding $1100 a month(something that we have paid for already!) is going to kill us and on top of that, our taxes and insurance doesnt even remotely come close to that amount. we have spent countless hours with costumer service being given the run around and answers like "i dont know" is commonplace. can someone shed some light into this? im desperate. thanks.
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real estate plus probate plus deed question?
I was interested in a foreclosed on home. The home was to be auctioned on March 8th and the house was removed from the auction schedule on March 2nd. I paid a lawyer to research the title and he found out this information.
The parents owned the house and paid the mortgage. Their will gave the house to multiple beneficiaries. Then the mother died. The father then supposedly, told to me by the probate office, that he left the house to a sole beneficiary.
Then the man died in Oct. 2008. The person who was his executor was also the sole beneficiary of the house. This person was foreclosed on in Nov. 2009 as were all the heirs to the house when the parents will was intact. In Feb. 2010, the executor put the house in their name. The lawyer says this deed is no good because there were multiple heirs. The father did not have a will naming the sole beneficiary he had no will. This person avoided the foreclosure some how. Maybe they got financing but the lawyer says, no one would loan them money because a loan would require a title search and a search would make it known that their are multiple heirs to the house, not the sole person who put it in their name in early Feb. 2010. The lawyer will to find out why the auction was pulled. This lone person may have come to some terms to correct the foreclosure and begin making payments. The lawyer said, yes, this could be what happened but the deed in that person's name is still not legal and is worthless as the house is owned by multiple parties. The others ran for the hills when the foreclosure papers were served and very few was able to be served though their addresses were located. So, maybe this person has slipped through the crack and got around the foreclosure by making payment arrangements with the bank who foreclosed, and since they are getting their money, the really care less that the person possesses a non valid title.
1. If they move out of state in the future and want to sell the house, they won't be able to because the deed is not valid. Right?
2. Who should be informed about this invalid deed?
I'll still accept comments and ideas on this.
But, I just called the probate office. The deed will stay as is, even if invalid, until an individual petitions the court to challenge the validity of the deed. This leaves me out, I think. It also likely leaves out the other beneficiaries of the house because they surely want no part of the foreclosure and their share of the debt.
I wanted to buy the house at the foreclosure auction and it looks like fraud has been used to avoid the foreclosure. My title search lawyer said there was no will leaving the house to a sole child. The will for both parents left the house to multiple persons. And the will showing the father leaving the house to a sole person never existed.
what do you mean by:
T/E wros
Father's interest passes to his heir 's/executor again subject to the mortgage.
my lawyer said the father could not give the house to his sole daughter because he had no will. However, there is a will in the probate office saying Dad left the house to sole daughter the current occupant.
any way to get this house back on the foreclosure docket?
the lawyer said the father's will is phony, that is why Wells Fargo foreclosed on about 6 people, they all own the house and the will of her father's is a fraud, and she could not have put the house in her name (but she did) because she is not the only person to inherit the house. Probate told me an invalid deed stays invalid (as in it seems no one cares) until someone challenges it's validity.
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Resolved Question: Will my friend qualify for mortgage?
Her and her husband's combined gross annual income is $82000. 2 car loans for $900 combined. no credit card debt. they only have 2 year credit history but no missed payments. credit score is 800 (but not through FICO) .... they don't want to put any down payments though. what do you think?
also they are looking into buying previously owned house not new built.
thanks for your opinion.
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Resolved Question: The previous answer fixed the 4 errors now it is not giving me the information, what is the problem?
The answer before fixed the errors, now this is what it gives me, not all of the information is there, what did I do wrong?
/*
* Week 5 Assignment
* Write the program in Java (without graphical user interface) and have it calculate
* the payment amount with 3 mortgage loans: 7 year at 5.35%, 15 year at 5.5%, 30 year at 5.75%.
* Use an array for the different loans. Display the mortgage payment amount for each loan and
* then list the loan balance and interest paid for each payment over the term of the loan.
* Use loops to prevent lis from scrolling off the screen.
*
*
*/
package mcbridemortgagecalculator2;
/**
*
*
*/
import java.lang.Math;
import java.text.DecimalFormat;
class McBridemortgagecalculator2
{
public static void main(String[]args){
//Declare variables
int loanAmt = 200000;//Principal loan amount
int [] loanTerm = {84, 180, 360};//Loan term for 7 years, 15 years, and 30 years
double[] intRate = {5.35, 5.50, 5.75};//Interest rares for 7 years, 15 years, and 30 years
int monthNum = 85;
int montNum2 = 181;
int monthNum3 = 361;
int loanNum = 0;
int line = 0;
double monthlyPay = 0;//Display monthly payment calculation
double newLoanBal = 200000;//Loan balance
double monIntPaid = 0;//Interest paid
double newIntRate = 0;//Monthly interest rate
double monPrinPay;//Monthly principal payment
DecimalFormat money = new DecimalFormat("$0.00");//Display mortgage amount in decimal
DecimalFormat interest = new DecimalFormat("0.00%");//Display inteest rate amount in decimal
//Display message in the console window
System.out.println();
System.out.println("McBride Mortgage Calculator 2");
System.out.println();
System.out.println("This program will calculate three separare mortgage payments for a $");
System.out.println("with the following loan terms and interest rates");
System.out.println("7 years @5.35%");
System.out.println("15 years @5.50%");
System.out.println("30 years @5.75%");
System.out.println();
System.out.println("Following the math calculation of the payments, the program display the");
System.out.println("mortgage payments, interest paid, and loan balance for the terms of the");
System.out.println("three different loans");
System.out.println();
System.out.println("The loan results are as follows");
int i;
for (i = 0; i<= 2; i++)
{
int j;
for (j = 0; j<=2; j++)
{
//Performs calculation for loan term, interest rate, and monthly payment
loanTerm[i]= loanTerm[i];
intRate[i] = (intRate[i] * .01)/12;
monthlyPay = loanAmt*intRate[i]/(1- Math.pow(1+ intRate[i],-loanTerm[i]));
//////////////pow(double,double)////////////
if (loanNum <= 2)
{
loanNum++;
//Display results for each loan in the console window
System.out.println();
System.out.println("Loan" + loanNum);
System.out.println("********************");
System.out.println();
System.out.println("The monthly mortgage payment for a $" + loanAmt + "over a" + loanTerm);
System.out.println("interest rate =" + (money.format(monthlyPay)));
System.out.println();
System.out.println("The mortgage payment, interest paid, and loan balance for the loan is as");
System.out.println("follows");
System.out.println();
}
//Begins loop
while (newLoanBal >0);
{
newLoanBal = 200000;
if (i >= 0)
monIntPaid = intRate[i] * newLoanBal;
monPrinPay = monthlyPay - monIntPaid;
newLoanBal = newLoanBal - monthlyPay + monIntPaid;
//Display result of calculations for monthly principal paid, and new loan balance
System.out.println((money.format(monthlyPay)) + "\t" +(money.format(monIntPaid)));
//Decrements monthly count one month at a time until count reaches zero
monthNum--;
//Pause console window, then continue calculations
if (line == 20)
{
line = 0;
try
{
Thread.sleep (2000);
}
catch (InterruptedException e){}
{
}
}
}
}
}
}
}
public class Main {
/**
* @param args the command line arguments
*/
// TODO code application logic here
}
run:
McBride Mortgage Calculator 2
This program will calc
run:
McBride Mortgage Calculator 2
This program will calculate three separare mortgage payments for a $200000
with the following loan terms and interest rates
7 years @5.35%
15 years @5.50%
30 years @5.75%
Following the math calculation of the payments, the program display the
mortgage payments, interest paid, and loan balance for the terms of the
three different loans
The loan results are as follows
Loan1
********************
The monthly mortgage payment for a $200000over a7-yearperiod at a 5.35%
interest rate =$2859.79
The mortgage payment, interest paid, and loan balance for the loan is as
follows
Loan2
********************
The monthly mortgage payment for a $200000over a15-yearperiod at a 5.50%
interest rate =$1634.17
The mortgage payment, interest paid, and loan balance for the loan is as
follows
Loan3
********************
The monthly mortgage payment for a $200000over a30-yearperiod at a 5.75%
interest rate =$1167.15
The
This is with semicolon
The loan results are as follows
Loan1
********************
The monthly mortgage payment for a $200000over a7-yearperiod at a 5.35%
interest rate =$2859.79
The mortgage payment, interest paid, and loan balance for the loan is as
follows
$2859.79 $891.67 $198031.88 Payment(s) complete
Loan2
********************
The monthly mortgage payment for a $200000over a15-yearperiod at a 5.50%
interest rate =$1634.17
The mortgage payment, interest paid, and loan balance for the loan is as
follows
$1634.17 $916.67 $199282.50 Payment(s) complete
Loan3
********************
The monthly mortgage payment for a $200000over a30-yearperiod at a 5.75%
interest rate =$1167.15
The mortgage payment, interest paid, and loan balance for the loan is as
follows
$1167.15 $958.33 $199791.19 Payment(s) complete
BUILD SUCCESSFUL (total time: 0 seconds)
The first is without semicolons, it should show for all 3, loan bal, int paid, mortg pay of the term of loan.
I hope this help. I have added and taken away
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Resolved Question: Underwriters are requesting more information on our mortgage application. Is this a bad thing?
We are presently in the underwriting process of getting our loan approved. We are purchasing a house for 172,000 and were pre-approved for 175,000. We together make 80,000 and both have good credit. My husband also has three rental properties on the side that brings in extra income but one has been vacant for 2 mos. (The others are rented and we are able to pay the mortgage of the the vacant one with the other rents) The underwriter just requested more tax info on these properties after going through our loan application file twice. We have sent him the documents explaining what he was asking. Is this often a bad thing when they request more documents?
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Resolved Question: What happens if I cant pay judgement?
Need advice from lawyer/person with experience - I live in Texas where they cannot garish wages. I am married, have 1 daughter and another on the way and make just enough to get by. My wife does not work. We have 30,000 in student loans, 10-15 thousand in credit debts, 25,000 for our 2 cars and over 80,000 on our house. We have literally 0 equity in any of these because our interest rates were so high when we got the house/cars that we are barely paying towards principal at all. I am currently being sued by a plumber that we couldn't afford to pay after he completed the job and it is the first of several probably to come as we cannot afford to pay our credit cards anymore because we don't want to be late on mortgage and cars. When the court claims a judgment on me, what happens next? I already have terrible credit so does it really matter how it will continue to effect my credit?
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Resolved Question: California Tenant's Rights HELP!?
I have in the past have had a good relationship with my landlord.
If i needed him to cash our rent check later in the month he would do so and not be upset or charge a fee.
He recently was having difficulty finacially due to a layoff so when I received my student loan I paid 4 months in advance. I did this not only to remain on good terms (as he helped us out when we were in a bind) but also to help replace our heater (which has been broken since Dec31).
I receievd a few letters that were about avoiding foreclosure a few weeks prior to me giving him at 3600 check as much of his mail comes to our house that involves thsi house/mortgage (he also took 50 off the rent for 4 months which would have saved us 200).
He said he was just 'refinancing'. He took our check and said he was not going to sell or be foreclosed.
2 weeks later we recieved an actual foreclosure notice, that said teh property would be sold at auction 3/2 if he did not take immediate action.
We informed him and he said he would take care of it.
Yesterday (on my husbands birthday no less) we received a letter that said that the property has been taken back by the bank and we have to move.
I paid until June, I want to stay, even longer than that as I have lived here 6 years.
What is my legal recourse.
We have no place to go, my husband has been out of work since Jan 11 and has been looking but no success. My student loan paid for the security of not worrying about a place to live.
HELP!
In essence with the 4 month advance payment we modified the lease from month to month, to June 1st.
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Resolved Question: California tenant's rights-HELP PLEASE!?
I have in the past have had a good relationship with my landlord.
If i needed him to cash our rent check later in the month he would do so and not be upset or charge a fee.
He recently was having difficulty finacially due to a layoff so when I received my student loan I paid 4 months in advance. I did this not only to remain on good terms (as he helped us out when we were in a bind) but also to help replace our heater (which has been broken since Dec31).
I receievd a few letters that were about avoiding foreclosure a few weeks prior to me giving him at 3600 check as much of his mail comes to our house that involves thsi house/mortgage (he also took 50 off the rent for 4 months which would have saved us 200).
He said he was just 'refinancing'. He took our check and said he was not going to sell or be foreclosed.
2 weeks later we recieved an actual foreclosure notice, that said teh property would be sold at auction 3/2 if he did not take immediate action.
We informed him and he said he would take care of it.
Yesterday (on my husbands birthday no less) we received a letter that said that the property has been taken back by the bank and we have to move.
I paid until June, I want to stay, even longer than that as I have lived here 6 years.
What is my legal recourse.
We have no place to go, my husband has been out of work since Jan 11 and has been looking but no success. My student loan paid for the security of not worrying about a place to live.
HELP!
In essence with the 4 month advance payment we modified the lease from month to month, to June 1st.
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Voting Question: How can the debt be split during a divorce if one spouse has no credit?
My wife and I are divorcing. We have approx. $30,000 in secured debt (2nd mortgage in my name against a home I owned before we married. Her name was never put on the home in any way and the lawyer says the home is still all mine, period) and approx. $10,000 in unsecured debt (credit card - my name only). Lawyer says we split this debt which was accumulated during our 5 yr. marriage - approx. $20,000 each. I know she cannot get a loan of any kind due to her credit. How will this work out?
There are virtually no assets accumulated other than a couple thousand dollars I have wrapped up in my vehicle. She was an expert at blowing money and I let it happen.
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Voting Question: What is wrong with the pointers/values in this C program?
include
#include
#define TAX_RATE 1.25
#define UTILITY_COST 300.0
#define INSURANCE_COST 550.0
void input(float*, float*, float*);
void calc(float, float, float, float*, float*, float, float*, float);
float calcDplomo(float, float, float, float, float, float);
void output(float, float, float, float, float, float, float, float);
int main(void)
{
float sellp;
float anir;
float loand;
float downp;
float amtl;
float mortg;
float propt;
float mtot;
input(&sellp, &anir, &loand);
calc(sellp, anir, loand, &downp, &amtl, mortg, &propt, mtot);
output(sellp, anir, loand, downp, amtl, mortg, propt, mtot);
system("pause");
return 0;
}
void input(float* sellp, float* anir, float* loand)
{
printf("\n\t\t Brian's Mortgage Calculation Program\n");
printf("\nEnter the property's selling price: \n");
scanf("%f",sellp);
printf("\nEnter the annual rate of interest: \n");
scanf("%f",anir);
printf("\nEnter the duration (years) of the loan: \n");
scanf("%f",loand);
return;
}
void calc(float sellp, float anir, float loand, float* downp, float* amtl, float mortg, float* propt, float mtot)
{
*propt = sellp * (TAX_RATE/100)/12;
mtot = mortg + UTILITY_COST + *propt + INSURANCE_COST;
calcDplomo(sellp, anir, loand, *downp, *amtl, mortg);
return;
}
float calcDplomo(float sellp, float anir, float loand, float downp, float amtl, float mortg)
{
float cdown = .2;
downp = sellp * cdown;
amtl = sellp - downp;
mortg = amtl * anir/12*(1+anir/12) * loand *12/(1+anir/12) * loand *12-1;
return mortg;
}
void output(float sellp, float anir, float loand, float downp, float amtl, float mortg, float propt, float mtot)
{
printf("\nMONTHLY COST OF HOUSE\n");
printf("\nSELLING PRICE $%9.2f",sellp);
printf("\nDOWN PAYMENT %9.2f",downp);
printf("\nAMOUNT OF LOAN %9.2f",amtl);
printf("\nINTEREST RATE %9.1f%%",anir);
printf("\nTAX RATE %9.1f%%",TAX_RATE);
printf("\nDURATION OF LOAN (YEARS) %9.0f\n",loand);
printf("\nMONTHLY PAYMENT\n");
printf("\nMORTGAGE %9.2f",mortg);
printf("\nUTILITIES %9.2f",UTILITY_COST);
printf("\nPROPERTY TAXES %9.2f",propt);
printf("\nUTILITIES %9.2f\n",INSURANCE_COST);
printf(" __________");
printf(" $ %9.2f\n",mtot);
return;
}
downp
amtl
mortg
//what is wrong with these variables? Why are they not giving me the correct output?
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Resolved Question: What is wrong with this program C programming?
include
#include
#define TAX_RATE 1.25
#define UTILITY_COST 300.0
#define INSURANCE_COST 550.0
void input(float*, float*, float*);
void calc(float, float, float, float*, float*, float, float*, float);
float calcDplomo(float, float, float, float, float, float);
void output(float, float, float, float, float, float, float, float);
int main(void)
{
float sellp;
float anir;
float loand;
float downp;
float amtl;
float mortg;
float propt;
float mtot;
input(&sellp, &anir, &loand);
calc(sellp, anir, loand, &downp, &amtl, mortg, &propt, mtot);
output(sellp, anir, loand, downp, amtl, mortg, propt, mtot);
system("pause");
return 0;
}
void input(float* sellp, float* anir, float* loand)
{
printf("\n\t\t Brian's Mortgage Calculation Program\n");
printf("\nEnter the property's selling price: \n");
scanf("%f",sellp);
printf("\nEnter the annual rate of interest: \n");
scanf("%f",anir);
printf("\nEnter the duration (years) of the loan: \n");
scanf("%f",loand);
return;
}
void calc(float sellp, float anir, float loand, float* downp, float* amtl, float mortg, float* propt, float mtot)
{
*propt = sellp * (TAX_RATE/100)/12;
mtot = mortg + UTILITY_COST + *propt + INSURANCE_COST;
calcDplomo(sellp, anir, loand, downp, amtl, mortg);
return;
}
float calcDplomo(float sellp, float anir, float loand, float downp, float amtl, float mortg)
{
float cdown = .2;
downp = sellp * cdown;
amtl = sellp - downp;
mortg = amtl * anir/12*(1+anir/12) * loand *12/(1+anir/12) * loand *12-1;
return mortg;
}
void output(float sellp, float anir, float loand, float downp, float amtl, float mortg, float propt, float mtot)
{
printf("\nMONTHLY COST OF HOUSE\n");
printf("\nSELLING PRICE $%9.2f",sellp);
printf("\nDOWN PAYMENT %9.2f",downp);
printf("\nAMOUNT OF LOAN %9.2f",amtl);
printf("\nINTEREST RATE %9.1f%%",anir);
printf("\nTAX RATE %9.1f%%",TAX_RATE);
printf("\nDURATION OF LOAN (YEARS) %9.0f\n",loand);
printf("\nMONTHLY PAYMENT\n");
printf("\nMORTGAGE %9.2f",mortg);
printf("\nUTILITIES %9.2f",UTILITY_COST);
printf("\nPROPERTY TAXES %9.2f",propt);
printf("\nUTILITIES %9.2f\n",INSURANCE_COST);
printf(" __________");
printf(" $ %9.2f\n",mtot);
return;
}
|
Resolved Question: What is wrong with my pointers C programming?
include
#include
#define TAX_RATE 1.25
#define UTILITY_COST 300.0
#define INSURANCE_COST 550.0
void input(float*, float*, float*);
void calc(float, float, float, float, float, float, float*, float*);
void calcDplomo(float, float, float, float*, float*, float*);
void output(float, float, float, float, float, float, float, float);
int main(void)
{
float sellp;
float anir;
float loand;
float downp;
float amtl;
float mortg;
float propt;
float mtot;
input(&sellp, &anir, &loand);
calc(sellp, anir, loand, downp, amtl, mortg, &propt, &mtot);
output(sellp, anir, loand, downp, amtl, mortg, propt, mtot);
return 0;
}
void input(float* sellp, float* anir, float* loand)
{
printf("\n\t\t Brian's Mortgage Calculation Program\n");
printf("\nEnter the property's selling price: \n");
scanf("%f",sellp);
printf("\nEnter the annual rate of interest: \n");
scanf("%f",anir);
printf("\nEnter the duration (years) of the loan: \n");
scanf("%f",loand);
return 0;
}
void calc(float sellp, float anir, float loand, float downp, float amtl, float mortg, float* propt, float* mtot)
{
*propt = sellp * (TAX_RATE/100)/12;
*mtot = mortg + UTILITY_COST + *propt + INSURANCE_COST;
calcDplomo(sellp, anir, loand, &downp, &amtl, &mortg);
return 0;
}
void calcDplomo(float sellp, float anir, float loand, float* downp, float* amtl, float* mortg)
{
float cdown = .2;
*downp = sellp * cdown;
*amtl = sellp - *downp;
*mortg = *amtl * anir/12*(1+anir/12) * loand *12/(1+anir/12) * loand *12-1;
return mortg;
}
void output(float sellp, float anir, float loand, float downp, float amtl, float mortg, float propt, float mtot)
{
printf("\nMONTHLY COST OF HOUSE\n");
printf("\nSELLING PRICE $%9.2f",sellp);
printf("\nDOWN PAYMENT %9.2f",downp);
printf("\nAMOUNT OF LOAN %9.2f",amtl);
printf("\nINTEREST RATE %9.1f%%",anir);
printf("\nTAX RATE %9.1f%%",TAX_RATE);
printf("\nDURATION OF LOAN (YEARS) %9.0f\n",loand);
printf("\nMONTHLY PAYMENT\n");
printf("\nMORTGAGE %9.2f",mortg);
printf("\nUTILITIES %9.2f",UTILITY_COST);
printf("\nPROPERTY TAXES %9.2f",propt);
printf("\nUTILITIES %9.2f\n",INSURANCE_COST);
printf(" __________");\
printf(" $ %9.2f\n",mtot);
return 0;
}
The values that are returning the memory space name, instead of the proper value are downp, amtl, and mortg.
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Resolved Question: I need help with a complicated divorce situation...?
I was married for 7 years, have three kids, 2,8, and 9. My ex and I struggled for many years with intense fighting, her alcoholism, and other marital issues. It was hard for me to do, as we had kids, but I decided that divorce was best for everyone, seeing that all we did was fight. I own a house, a house that was our marital home. We were separated in November 2007, the divorce was finalized in January 2009. We could not come to an agreement in our divorce, as she demanded quite a bit. I gave in and agreed to pay $1400 monthly for child support, and the mortgage on the marital home ($900 a month) for one year, after one year, she was to begin "renting" the home from me for $600 monthly, with me paying the leftover $300. Well, a lot has happened in the past year. I own a business, which is losing a lot of money because of the bad economy, and my monthly debts (credit cards, loans, etc) are now 60 days late. I am facing bankruptcy, and CANNOT pay for the mortgage. To add to this, my ex has been flaky with rent, and states she does not have the money to pay the rent. I have not made the mortgage payment in almost 60 days. MY PROBLEM: My parents are affluent, they live a higher standard of life. They are appalled that I am going to let the home go into foreclosure, that my children will have to move to an apartment. They state that the kids do not deserve to live "like that". They have been guilting me, like I am a horrible father for making my kids live in an apartment. (Might I add, my ex is fine with the apartment idea.) Are my parents right? Am I a bad father for not providing my kids with a large, newer home? Is it bad for your kids to live in an apartment? I feel really torn, as I really want the best for my kids, and don't want to hurt them. But it is literally impossible for me to keep providing my ex and the kids with such a high standard of living that we lived when we were married. The standard of living that I had provided was largely based on credit cards, now, they are maxed out, and unpaid. I do know and admit that I was in over my head, so please, no harsh or judgmental replies.
My name is solely on the mortgage. My ex has not worked in probably 8 years. She is currently unemployed, and has no other income other than child support, ($1400 a month). I am upside down on the home, as I have refinanced quite a few times, and the value of my home has deteriorated due to the many foreclosures in my neighborhood. My ex does have sole custody, she has told me that she has stopped drinking, but unfortunately I would have no way of knowing if she is telling the truth.
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Resolved Question: I have 4 errors on this program and I cannot get it to compile, what is wrong?
Here are the codes can someone please help.
* Week 5 Assignment
* Write the program in Java (without graphical user interface) and have it calculate
* the payment amount with 3 mortgage loans: 7 year at 5.35%, 15 year at 5.5%, 30 year at 5.75%.
* Use an array for the different loans. Display the mortgage payment amount for each loan and
* then list the loan balance and interest paid for each payment over the term of the loan.
* Use loops to prevent lis from scrolling off the screen.
*
*
*/
package mcbridemortgagecalculator2;
/**
*
*
*/
import java.lang.Math;
import java.text.DecimalFormat;
class McBridemortgagecalculator2 {
public static void main(String[]atgs){
//Declare variables
int loanAmt = 200000;//Principal loan amount
int [] loanTerm = {84, 180, 360};//Loan term for 7 years, 15 years, and 30 years
double[] intRate = {5.35, 5.50, 5.75};//Interest rares for 7 years, 15 years, and 30 years
int monthNum = 85;
int montNum2 = 181;
int monthNum3 = 361;
int loanNum = 0;
int line = 0;
double monthlyPay = 0;//Display monthly payment calculation
double newLoanBal = 200000;//Loan balance
double monIntPaid = 0;//Interest paid
double newIntRate = 0;//Monthly interest rate
double monPrinPay;//Monthly principal payment
DecimalFormat money = new DecimalFormat("$0.00");//Display mortgage amount in decimal
DecimalFormat interest = new DecimalFormat("0.00%");//Display inteest rate amount in decimal
//Display message in the console window
System.out.println();
System.out.println("McBride Mortgage Calculator 2");
System.out.println();
System.out.println("This program will calculate three separare mortgage payments for a $");
System.out.println("with the following loan terms and interest rates");
System.out.println("7 years @5.35%");
System.out.println("15 years @5.50%");
System.out.println("30 years @5.75%");
System.out.println();
System.out.println("Following the math calculation of the payments, the program display the");
System.out.println("mortgage payments, interest paid, and loan balance for the terms of the");
System.out.println("three different loans");
System.out.println();
System.out.println("The loan results are as follows");
int i;
for (i = 0; i<= 2; i++)
{
int j;
for (j = 0; j<=2; j++)
{
//Performs calculation for loan term, interest rate, and monthly payment
loanTerm[i]= loanTerm[i];
intRate[i] = (intRate[i] * .01)/12;
monthlyPay = loanAmt * intRate[i]/(1- Math.pow(1+ intRate[i],-loanTerm)); ( THIS IS THE 1 ERROR)
if (loanNum <= 2)
{
loanNum++;
//Display results for each loan in the console window
System.out.println();
System.out.println("Loan" + loanNum);
System.out.println("********************");
System.out.println();
System.out.println("The monthly mortgage payment for a $" + loanAmt + "over a" + loanTerm);
System.out.println("interest rate =" + (money.format(monthlyPay)));
System.out.println();
System.out.println("The mortgage payment, interest paid, and loan balance for the loan is as");
System.out.println("follows");
System.out.println();
}
//Begins loop
while (newLoanBal >0);
{
newLoanBal = 200000;
if (i > = 0) ( THIS IS ERROR 2)
monIntPaid = intRate[i] * newLoanBal;
monPrinPay = monthlyPay - monIntPaid;
newLoanBal = newLoanBal - monthlyPay + monIntPaid;
//Display result of calculations for monthly principal paid, and new loan balance
System.out.println((money.format(monthlyPay)) + "\t" +(money.format(monIntPaid)));
//Decrements monthly count one month at a time until count reaches zero
monthNum-----; ( THIS IS ERROR 3)
//Pause console window, then continue calculations
if (line == 20)
{
line = 0;
try
{
Thread.sleep (2000);
}
catch (InterruptedException e); ( tHIS ERROR 4)
}
}
}
}
}
}
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Resolved Question: Can bank who owns my mortgage in California demand impound account?
My mortgage is owned by Chase. We have a adjustable rate mortgage and they recently raised our monthly mortgage a significant amount for the sole purpose of them requesting 3 years of pre-paid tax impound account in payments to be paid out by the end of the year. We had previously paid taxes once per year end. We've applied for a "loan modification" in hopes of lowering the monthly payments. However, this process of modification has dragged out as our file sits on their desk and the representative says it has not been assigned to a planner as yet. They have re-requested documents already sent numerous times and lost paperwork as well as input incorrect info on us and asked us to 're-apply' due to too much time passing. Meanwhile, they have requested that we do not pay our mortgage because the requirements for modification approval is that we be a minimum of two months behind. So, every day their money collectors call and harass us no less than 7-10 times asking for payment. We pay before we get more than two months behind because the Chase rep stated three months behind makes us disqualified for modification program but 2 months qualifies us. This is crazy and I'm pretty sure it's illegal to demand a tax impound account on a preexisting loan in California. We'd like to fight this but fear they won't do the modification if we do. Our mortgage is now 70% of our income do to this. Anyone with suggestions or experience in this situation is much appreciated.
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Resolved Question: I want to purchase my first house, but I have questions about mortgages? Credit questions.?
Okay, so before you just leave a negative comment, hear me out. I'm 19, and a full time student. In my area, I can find a house I like for between $40k-60k. I plan on renting out 1-2 of the bedrooms of the house to help pay for utilities and the such. My parents pay for my car insurance, and I have a car less then a year old and paid off. So I'm fine with my car, and I have no student loans. My credit score is 675, but I just paid off my car loan so I'm guessing it will go up, so I have 0 debt and about 2-3 years of history. How much more credit do you think I would need to purchase a home like this? I have at least $6,500.00 to put towards buying a house. How far off do you think I am from my goal. I want to move out in the near future, but I don't want to waste my money renting. I gross only about $1,800 a month working 20 hours a week. I have constantly had a job for the last 3 years, but i've only worked at my current job for six months. Thanks.
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Resolved Question: I need some accounting help with this "for AGI" or "from AGI" question?
Polly incurred and paid for the following expenses during the year:
a) Contribution to a traditional IRA of $5000
b) Interest of $1,500 paid on her student loan
c) Contribution of $1,000 to the School of Business at State University
d) Mortgage interest of $4,000 on her personal residence.
e) Utilities of $2,800 on her personal residence.
1) Which of these expenses can be deducted by Polly?
2) Classify the deductions as "for AGI" or "from AGI"
Please help, thank you.
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Resolved Question: Is the solution to avoiding another financial crises to give the Federal Reserve MORE power?
Is this why the congress waited almost a full year before they tried to pass this?? Hoping everyone would forget that the Federal Reserve failed to do it's job the FIRST time....
But of course the solution is to give the Federal Reserve more power, right?? (Even though they are refusing to disclose who they loaned $2 TRILLION tax payer dollars to despite losing a freedom of information request)
WTF is Congress doing??
http://news.yahoo.com/s/ap/20100302/ap_on_bi_ge/us_financial_overhaul
WASHINGTON – More than a year after Lehman Brothers' collapse set off a financial panic, Senate negotiators appear close to resolving a narrow dispute that was holding up broad legislation to set new rules for Wall Street.
At issue was whether a government consumer watchdog should be free from bank regulators to write rules that govern everything from credit card and overdraft fees to payday loans and mortgages.
After a flurry of offers and counterproposals over the past three days, the Senate Banking Committee was closing in on a deal that would house a government consumer entity inside the Federal Reserve but give it autonomous power to write regulations, three people familiar with the talks told the Associated Press Monday night.
The sources spoke on the condition on anonymity because they were not authorized to discuss the evolving talks publicly.
http://www.bloomberg.com/apps/news?pid=20601087&sid=apx7XNLnZZlc
Dec. 12 (Bloomberg) -- The Federal Reserve refused a request by Bloomberg News to disclose the recipients of more than $2 trillion of emergency loans from U.S. taxpayers and the assets the central bank is accepting as collateral.
Bloomberg filed suit Nov. 7 under the U.S. Freedom of Information Act requesting details about the terms of four Fed lending programs. The company later amended its claim, seeking also records of a loan the Fed made in connection with New York-based JPMorgan Chase & Co.’s acquisition of Bear Stearns Cos.
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Resolved Question: Can I do this with a VA mortgage?
I would like to purchase a home before the tax credit deadline on April 30, 2010 but I am stuck in a lease until July. I have found a way to still purchase a home by having the seller agree to rent their home from me after the sale until the summer when I can move in. I know with VA loans the house has to be my primary residence in order for me to qualify for the loan so will I be able to pull this off? I will only need to rent to the previous owners for 2 or 3 months and then I will be living there. Would the VA be able to find out if I'm renting it for those 2 or 3 months or does it even matter? Thanks for the help.
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Resolved Question: Anyway to lower monthly mortgage?
Long Story Short.....I currently own a home and am paying 2300.00 a month on my mortgage. My loan is 296,000 at 30 years, with 6% interest. I have never been late on my payment in 2 years. Our mortgage is not equivalent to more then 31% of our income. Basically we can afford it, but would like to get a smaller mortgage. I had another home that was a foreclosure and the current house is clearly not at good value to refinance. I got denied for the Obama stability plan. So.......the million dollar question::::: Is there a way to lower my monthly mortgage payment, without missing a payment? Are there any other plans out there?
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Voting Question: I want to purchase my first house, but I have questions about mortgages.?
Okay, so before you just leave a negative comment, hear me out. I'm 19, and a full time student. In my area, I can find a house I like for between $40k-60k. I plan on renting out 1-2 of the bedrooms of the house to help pay for utilities and the such. My parents pay for my car insurance, and I have a car less then a year old and paid off. So I'm fine with my car, and I have no student loans. My credit score is 675, but I just paid off my car loan so I'm guessing it will go up, so I have 0 debt and about 2-3 years of history. How much more credit do you think I would need to purchase a home like this? I have at least $6,500.00 to put towards buying a house. How far off do you think I am from my goal. I want to move out in the near future, but I don't want to waste my money renting. I gross only about $1,800 a month working 20 hours a week. I have constantly had a job for the last 3 years, but i've only worked at my current job for six months. Thanks.
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Resolved Question: I'm in California, Do I wait till I go in Foreclosure to file for bankruptcy?
I don't have a FHA loan, but should I file for bankruptcy for protection, in order to get my mortgage company to reduce my payments on my home, I modified my loan like 8 months ago, and payment went up, instead of down, and they told me take it or leave it.. so I took it.. But 99% of my income goes to my mortgage payment. I am 2 months behind for like 6 months now, but they keep saying they will take my home.. I'm sick of the threats.. Should I file for bankruptcy now, or later. But I am not in foreclosure yet.. I have Aurora Loan Services (yes, don't tell me...all I hear is bad news..)
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Resolved Question: WHO IS SOME MORTGAGE COMPANIES THAT WILL HELP ME IF IVE GOT A CREDIT SCORE OF 608 I NEED 25000 LOAN?
IM A FIRST TIME HOME BUYER I NEED 25000 LOAN TO BUY A HOUSE , WHO IS SOME COMPANIES THAT MAY HELP? NO HOAX OR YOULL BE REPORTED IVE ALREADY CAUGHT 2 SCAMMERS .........
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Resolved Question: I filed chapter 7 last year...does that mean my second mortgage is erased?
As in I do not have to pay for it anymore forever? I am keeping the house and up to date paying my first mortgage loan. I do not get bills from my second loan anymore...We recently got our first loan modified...2.5% fixed for 30 years. So we are keeping our house. I just wanna know what is the consequence of our bankruptcy, with us not paying the second loan anymore when we decide to sell the house in the future (maybe 10-20 years from now). Thank you for you time!
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Resolved Question: Using 1 Home Equity to Pay for Another Home Equity?
I currently own 2 properties; 1 is being rented and another one I live in. Both properties have equity of line of credit loans. I almost paid off the loan on the first one that is being rented; the APR on this one is fixed at 7.75%. The second property that I live in, I also have equity of line of credit at fixed rate 9.95% and the balance is 45K. My question is:
1) I almost paid off the first home equity, so should i pull out more equity from the frist one to pay for the second equity, since the APR on the first one is lower? I really want to refinance my mortgage on the second property that I live in, but cannot as the principle balance is more than the house is worth. I thought getting more money from first equity will help me pay down the second equity and save on money since the APR on the first equity is 7.75%.
2) Should I just close off the frist equity account as I pay if all off, and just try to pay the second equity as much as I can at 9.95% APR?
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Resolved Question: Can I remove a duplicate derogratory for the same mortgage loan?
In 2009, I was in the process of doing a short sale for my home. I had a 1st and 2nd mortgage with Aurora Loan Services. After someone made an offer on my home, Aurora transferred my 2nd Mortgage to BSI Financial. I wasn't not making payments to the 1st, 2nd, and now BSI. The short sale was approved and all three companies now report on my credit report as "Closed, Loan Settled For Less than Original Amount." I am not disuputing the negative hits on my credit; however, I now have 3 derogratories instead of 2. In other words, is there anyway to get Aurora to stop the negative reporting on the 2nd mortgage since they transferred the loan. This is causing me to have two negative hits for the same loan. Any ideas how to remove it. I disputed this with the credit bureaus and they responded by saying they verified I did have a 2nd with Aurora and no further explanation. I never spoke to a live person and don't know if that is possible. Is there any hope in removing one of derogratories for the same loan?
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Resolved Question: Still able to secure loan?
I have an accepted offer on a home and am scheduled to close in 2 weeks, unfortunately for me I was just laid off but have another job offer on the table but not starting until after the closing. Our mortgage broker says as long as I can get a letter of hire from this company we can still get the loan. Has anyone ever dealt with this situation and what happened? Just want to know if I a getting my hopes up.
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Resolved Question: MAT130: Mathematics in Finance?
If you took a home mortgage loan of $150,000 for 30 years at 8.4%, compunded monthly, your monthly payments would be $1142.76. Suppose after 2 years you had an additional $2000. Would you save more over the life of the loan by paying an extra $2000 with your 24th payment or by paying $1160 per month beginning with the 25th payment? To help you answer this question, complete the following.
A) Find the unpaid balance after 24 payments (both including and not including the $2000 payment)
B) Determine how long it takes to pay off the loan with the regular $1142.76 payments and the additional $2000 payment. Then find the total interest paid.
C) Determine how long it takes to pay off the loan without the additional $2000 payment, but with monthly payments of $1160 from the 25th payment. THen find the total interest paid.
D) Which payment method costs less
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Resolved Question: In 2002, why did Bush ask his fannie mae appointees to "make 440 BILLION in subprime loans to minorities"?
Here is the video...go to the 4 minute mark to hear him say it.
http://www.youtube.com/watch?v=kNqQx7sjoS8
Here is the offical white house text of that speech he gave in atlanta on june 17, 2002.
http://georgewbush-whitehouse.archives.gov/news/releases/2002/06/20020617-2.html
Here is the offical white house fact sheet:
http://georgewbush-whitehouse.archives.gov/news/releases/2002/06/20020617.html
Bush said "...That's why I've challenged the industry leaders all across the country to get after it for this goal, to stay focused, to make sure that we achieve a more secure America, by achieving the goal of 5.5 million new minority home owners. I call it America's home ownership challenge.
And let me talk about some of the progress which we have made to date, as an example for others to follow. First of all, government sponsored corporations that help create our mortgage system -- I introduced two of the leaders here today -- they call those people Fannie May and Freddie Mac, as well as the federal home loan banks, will increase their commitment to minority markets by more than $440 billion. (Applause.) I want to thank Leland and Franklin for that commitment. It's a commitment that conforms to their charters, as well, and also conforms to their hearts."
(Please note that bush appoints Leland and Franklin to their jobs at fannie mae and freddie mac so when he asks for 440 BILLION that is basically a presidential order)
Also note: The govt can not force a bank to make a bad loan. And surely, an ALL REPUBLICAN GOVT would not force a bank to make a bad loan. In 2002, republicans controlled both congress and the white house. You can't blame this on democrats and barney frank.
In fact, bush's top 2 banking appointees have stated that the CRA - community reinvestment act - has had absoutely nothing to do with the banking crisis.
Bush appointee Federal Reserve Chairman Ben Bernanke said "Experience runs counter to the charge that CRA was at the root of, or otherwise contributed in any substantive way to, the current mortgage difficulties." In a November 25, 2008, letter, Federal Reserve chairman Ben Bernanke stated: "Our own experience with CRA over more than 30 years and recent analysis of available data, including data on subprime loan performance, runs counter to the charge that CRA was at the root of, or otherwise contributed in any substantive way to, the current mortgage difficulties."
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