See if lender will let you pay insurance, taxes San Francisco Chronicle, USA - I suspect that there is a "due on sale" clause in your mortgage loan documents, but federal law makes it clear that lenders cannot use that clause under ...
Let bankruptcy help fix bad mortgages Christian Science Monitor, MA - She owned her simple brick residence outright until four years ago, when a mortgage broker stopped by and offered her a loan too good to be true. ...
Are you an idiot to keep paying your mortgage? ABC15.com (KNXV-TV), AZ - Your mortgage must be owned or guaranteed by Fannie Mae and Freddie Mac or held by one of the participating loan companies. If you meet these requirements ...
Home sweet home ? safe and sound Buffalo News, United States - But your loan officer and your real-estate agent won?t be any help when that mortgage makes a mess of your financial life. ? Ensure you are properly insured ...
PG Mortgage Fraud Unit Targets Lawyers, Loan Officers Southern Maryland Online, MD - Richardson said the division is moving forward against loan officers, title companies, lawyers and brokerages thought to have participated in mortgage scams ...
Mortgage process has rapidly changed Bradenton Herald, United States - ?Full Doc Loans only? bring paperwork and lots of it! Provide tax returns, pay-stubs, W-2?s, bank statements, etc. We?d like to know when your first child ...
Source: Google News
Recent News and Articles on the Keywords: bridge loans + mortgage loans + and Related to the article below (Last Update: 8/4/2008)
Atlantan who headed $14M investment scheme sent to prison Bizjournals.com, NC - At the time, Christou actually operated a mortgage brokerage firm Atlas Mortgage Inc. He claimed his bridge loan financing business grew out of his ...
HCP Announces Second Quarter 2008 Results WELT ONLINE, Germany - As of June 30, 2008, the Company?s portfolio of properties, excluding assets held for sale but including mortgage loans and properties owned by ...HCP - THC
Rebuilding property?s credit pipeline VietNamNet Bridge, Vietnam - Aug 3, 2008 Over the last few years, the insolvency of property developers such as Epco Minh Phung and Tamexco has pushed banks? non performing loans ratio. ...
Crunch hits downtown SF landowner Bizjournals.com, NC - Aug 1, 2008 More than half of the delinquent loans CMR is working out come from one development: a $98 million bridge loan funded by CMR and Canyon Capital Realty ...
Spain's Inflated Home Values Infect Mortgage Bonds Bloomberg - Jul 31, 2008 Payments on the bridge loan are set to begin in October on top of 1300 euros a month for his mortgage. ``I don't see a way out,'' he says. ...
Private Lenders Provide Option for Borrowers Wall Street Journal - Jul 30, 2008 Stricter lending standards make it more difficult for borrowers with good credit scores to get large loans or so-called bridge loans, which someone might ...
It?sa Wonderful Life (In Jersey) Newsweek - Aug 2, 2008 In the first half of 2008, mortgage originations rose 50 percent from 2007. And yet its balance sheet is pristine. "Only 328 out of 79929 loans are ...
Source: Google News
[PDF]What?s the Point of Credit Scoring? - LJ Mester - Business Review, 1997 - philadelphiafed.org ... Each loan had a mortgage credit history score ... For each loan type (conventional fixed
rate, conventional ... had substantially higher delinquency rates than those ...
The Effect of Housing Government-Sponsored Enterprises on Mortgage Rates - W Passmore, SM Sherlund, G Burgess - Real Estate Economics, 2005 - Blackwell Synergy ... rates will fall. Currently, the jumbo mortgage securi- tization market is artificially
segmented from the conforming market because of the conforming loan limit ...
Consumption and Capital Market Imperfections: An International Comparison - T Jappelli, M Pagano - American Economic Review, 1989 - JSTOR ... Nominal rate on building societies mortgageloans (FSM, Part I ... reference rate on
housing loans (Associa- zione ... NBER Macroeconomics Annual, Cam- bridge: MIT Press ...
Foreclosing on Opportunity: State Laws and Mortgage Credit - KM Pence - Review of Economics and Statistics, 2006 - MIT Press ...Mortgage and Home Improvement Loans,? Journal of ...Mortgage Laws on Home Mortgage Rates,?
Journal of ... Nonparametric Econometrics (Cam- bridge, UK: Cambridge ...
[CITATION] Household Sector Borrowing and the Burden of Debt GB Canner, AB Kennickell, CA Luckett - Fed. Res. Bull., 1995 - HeinOnline
- GB Canner, CA Luckett, WC Cook, ND Middleton - Fed. Res. Bull., 1991 - HeinOnline ... attributable to an increase in homeownership rates in the ... debt-to-income ratio often
excludes mortgage debt. ... required by the due date or "bridgeloans" used to ...
Mortgage Credit Availability and Residential Construction - DM Jaffee, KT Rosen - Brookings Papers on Economic Activity, 1979 - JSTOR ... home ownership." Two major factors bridge the difference ... Although rationing effects
on mortgage funds are ... two-stage process-first construction loans and later ...
Micro-finance of housing: a key to housing the low or moderate-income majority? - B Ferguson - Environment and Urbanization, 1999 - eau.sagepub.com ... that target subsidies transparently to bridge the affordability ... house- holds qualify
for loans although at ... and the creation of other mortgage instruments? in ...
Aggregate Loans to the Euro Area Private Sector - A CALZA, MM SIM?N, J SOUSA - papers.ssrn.com ... explained by the combination of historically low mortgage interest rates ... by means
of other sources of corporate finance, such as bridge- financing bank loans. ...
Source: Google Scholar
Bridge loans fill your mortgage gap; I am selling one house and purchasing another. What kind of loan can I get for
two months if my house doesn't sell in time to use the money for the purchase of
a second house? -- JB Stretcher
A bridge loan is designed to bridge the gap when you need to close on a new home before you've sold your current home. Typically it's can interest-only, variable-rate loan with a loan term of six months or less. A bridge loan often has an option to renew the loan for a second six-month term, which can be pretty darn convenient if you still haven't sold the house.
Alternately, you can take out a home equity line of credit (HELOC) on your current home and use the loan proceeds for the down payment and closing costs on the new home. Make sure you find out if there's a prepayment penalty on the HELOC since you'll have to pay off the HELOC when you sell the house.
With good credit, the interest rate on a bridge loan should be competitive with the interest rate on a HELOC. The application fees and closing costs on a bridge loan increases its effective interest rate, but so does a prepayment penalty on a HELOC.
Think twice before paying off girlfriend's credit cards
Dear Debt Adviser,
I just sold my house and can pay off my girlfriend's $23,000 of credit card debt all at once. Is there another option to reduce the lump sum amount I need to pay off, yet still preserve her A1 credit rating?
Thanks, -- Doug
Dear Doug,
Hold the phone. You are planning to spend $23,000 of your own money to satisfy the debts of a girlfriend? You are either the most generous boyfriend a woman could ever want, or she has you tied up at gunpoint!
Seriously, I will feel more comfortable about your decision to pay off your girlfriend's debt only after we discuss some things and before we get to any options other than paying the debt in full.
I have several questions that I would ask you if we were face to face talking this over. Since that is not possible, I suggest you take these questions to a good friend (who is tight with money) and have him/her ask them and then discuss the pros and cons of your decision.
1. Have you lost your mind? (Sorry, I couldn't stop myself)
2. Do you have three to six months of expenses saved for financial emergencies?
3. Are you planning to purchase another home and if so, do you have money for a down payment?
4. Do you have enough money going into your retirement plan?
5. How stable is your relationship with your girlfriend?
6. How did your girlfriend obtain $23,000 in credit card debt and has the situation been corrected?
7. Why can't your girlfriend pay her own debts?
8. Will this be the first in a series of debts acquired by your girlfriend and paid by you?
If after discussing the positives and negatives of the situation, you believe you want to move ahead with your plan to pay off the debt, below is the answer to your question about options other than paying the debt in full.
The short answer to your question is no, you have no other options if you do not want to take the chance of negatively affecting your girlfriend's credit rating.
The long answer is that you can attempt to negotiate a settlement with her creditors for less than what is owed and as part of the negotiations ask the creditor to agree to list the account "paid as agreed" with the credit reporting bureaus. Make sure to get the agreement from the creditor in writing before sending the payment.
However, since you are worried about her credit rating, it is likely that none of her credit card accounts are past due. A creditor is much less likely to settle an account for a smaller amount if the account is current. Finally, there are debt settlement companies out there who will promise you great results. I suggest you keep very far away from them.
No matter what you decide to do, you will still be on the top of anyone's list for "boyfriend of the year."
