Advisor live mortgage

Questions and Answers

I am a mortgage advisor living in the UK. I'm thinking of going self-employed.?

Q) Does anyone know any good mortgage clubs for one man bands? - as a company, we currently use mortgage next

A) Am a mortgage manager directly authorised. Exclusive Connections is good I know people who are in it

We are struggling paying our mortgage and considering selling?

Q) We make good money but the property taxes where we live are killing us. We would like to sell & downsize but don't know if we could sell for what we owe. The house needs some cosmetic work but we can't afford to do the work. We don't have good credit. Wonder if we did sell, would we be able to get a smaller mortgage without a down payment. My question really is we want to sit down and talk with someone about our situation but not sure who we should talk with. Do we contact a financial advisor? A realtor? A mortgage company? How do we find a reputable person not trying to make a buck off us (which we don't have!). We have 2 kids and one will be going to college in a year. This is another reason we need to get a smaller mortgage. We have been late on some mortgage payments but have set up a payment plan with the mortgage company and they are suppose to show our mortgage as current. I don't know if they show it current dating back to the first late payment or starting with the date of the agreement. Also I tried to get them to lower our interest rate. We have a 1st fixed rate mortgage at 7.25% and a home equity adjustable at 13%. Both are interest only. So we're paying 19% for the 2 mortgages! They say we don't qualify. We can't refinance because we don't have enough equity in the house. Oh and we live in Illinois. Thank you for all your feedback. We really would like to stay in our house. We'll talk to a realtor but sounds like we may have to find a way to stay here. If we can hang tight for a year hopefully things will change and we can get our credit back in order in that time (hopefully!)

A) A "good" realtor should be able to help with those questions. FInd someone whos been in business for a long time and don't be afraid to get references.

Can we get a third mortgage for a rental property?

Q) Okay. I live in a house worth $400k, and have a mortgage for $200 on it. I own second residence worth $210k, and have a mortgage for about $150k of that. I have about $500k in investments. I'd like to buy a rental property but my financial advisor doesn't want me to pay cash. He wants me to put down a downpayment and get a mortgage for the rest. Can I get a third mortgage? Oh, the house I'm looking to buy is about $250. I'm assuming I can, but I am wondering if I shouldn't be assuming so much. Thanks for the help!

A) Sure, if the income and ratios work out. You can get 8 seperate mortgages and then things get a bit trickier (and fannie/ freddie don't like you to have more, you've got to start combining 2 properties for one mortgage or get other financing or such). Bear in mind you will pay a higher rate for an investment property and as you get more mortgages your ratios will probably get worse and worse making it that much harder to get teh next mortgage, but lots of investors have 3 or more mortgages.

Where should I look for employment?

Q) I have a bachelor of general studies degree with a minor in economics, and concentrations in education and communications. I spent 6 years working in a classroom with "special needs" children, and have spent the last few years in banking and mortgage lending. Currently I'm a "Home Loan Advisor" for a nationwide lender. However, I hate writing loans. I would really love to find a job where I can use my knowledge and talents to help people. I was married about a year and a half ago, and have a 9 month old son, so I have to make a decent living. Does anyone have any ideas? The other major problem is that I live in the suburbs north of Detroit Michigan...the job market around here is VERY tough...mostly reliant on the auto industry. I would like to get into working for an organization that is dedicated to helping people, but am open to all suggestions.

A) Why not start up your own website, you work from home but could travel to those who need your skills. Start as a freelance teacher then as you become more successful you could employ more careing people like yourself. Post you service's in local shops, health centers, Local phone books etc.

Serious dilema about a job offer as a Financial Advisor?

Q) I live in the suburbs of NY and I just got a Job offer in New York City as a Financial Advisor if my memory serves me correct, they are paid on a commission base. When I spoke to the recruiter on the phone about the pay whether if it is Salary or Commission he brushed me off saying just come to the interview next week and it will answer all your questions. I have worked as a Loan Officer before which is also commission based and with the way the mortgage industry is going, its terribly bad. So a commission based job left a really bad experience to me. And on top of it, the commute going to New York City is going to cost me money. On the other hand a local bank here in my area offered me a job as a Financial Specialist which offers a base salary and I am confused which one to take. Is it worth a gamble to take the job in New York City and hope for the best? Or play conservative with this local bank? On the other hand my wife and kids rely on me to make the right decision, please help. Plus the way the economy is going these days looks like we're heading for a recession, so I doubt if a lot of people would be investing this year. Thus making a decent living.

A) Take the job that offers the base salary. If the employer is unwilling to answer your questions and instead insists on you coming to the interview, that should be a red flag. Desperate employees are one thing, but even more dangerous are desperate employers.

Keep money or pay off house?

Q) My Mom is about to collect on an insurance policy. When it's all said and done, she'll have about 550K in cash. She still has a first and second mortgage. House value is about 215K. She owes 136K on the first but the interest rate is 5.25. I don't know how much she owes on the 2nd but it's about $185 a month. First mtg is about $1400 a month and includes insurance and taxes. She makes about 3K a month but needs to live off of about 50K a year to keep her standard of living. Her financial advisor wants her to pay off the house. However, if she does that, the money is no longer liquid, it's not earning anything and she'll lose the tax advantage of the interest write off. Any ideas?

A) pay the house off. at 5.25% interest for the house, compared to a max of 5% on a cd with the money you would still lose money. Pay off the mortgages, and invest the rest of the money. Smartest move you could ever make.

I've got a money disease?

Q) I'm not in any serious debt. When I was 20, I recieved £3m, so $6m. I'm 25, and I've got £2.5m left. I've spent half a million pounds in five years. I don't work, so I don't have an income. I also don't have a mortgage. I live in a house in Central London, which was also bequethed to me- it would be a pain to part with it but it is inevitable. American Express won't touch me- I've been told as I don't have an income I am not eligable for even their basic account. I need a financial advisor full time to monitor me! It's that bad. If I go shopping, for example, I can't not spend under £250 in a food store- or £500 if I'm clothes shopping. I know I must sound pretty pathetic, but it is truly worrying for me- should I go to a financial advisor? I feel emotionally drained all the time worrying about money. Help! *Eligible.

A) Hey just have your money in an interest saving account or CD just by earning a low interest of 1.2% on 2m is $24000.00 a month that is ALOT! of money what happens is you put that money into a savings and just live off the interest you earn on it. Get an education so you may generate even more money and do well for yourself. Other than that try to control yourself from shopping.

moving to the U.S, how to get a job in finance?

Q) Hi. I currently live in Denmark and work for a large bank here. I work with home mortgages to private persons. Is that what would be called a financial advisor in the US or what does that job title cover? Is there any kind of jobs that I would be able to get without several years of studies? and what kind of training/education would I need to apply for a similar job in the US?

A) A financial advisor in the US is someone who advises individuals on how to invest their money, plan for retirement, estate planning, etc. and they have various different licenses based on their abilities and specialties. Someone who works with an individual to obtain a mortage is typically called a personal banker, loan officer or mortage banker at bank. Just a as common however are mortgage brokers who get the loan originated and then sell it to a large bank. Its the same job just a different employer, it might sound wierd but mortgage brokers are usually able to offer lower rates than bankers even though the same bank ends up buying the loan. I'm guessing you've heard but the mortgage market in the US is in turmoil right now. Many mortgage companies have gone out of business and thousands of mortgage bankers/brokers have been laid-off after years of booming business. There are other mortgage related jobs such as loan processors who handle the paperwork and title agents who handle the loan closing and transfer of ownership. These jobs do not require a lot of education to get started.

foreclosure,deed in liu, or bankruptcy? Also will I lose my job?

Q) We are three months behind on our interest only mortgage payments. It was difficult this last year since my husband and I lived in separate places due to work and had seperate living expenses. We paid a high mortgage payment on the house and rent for the apartment. Now we had decided to file for bankruptcy and stopped making payments, but now I find that I may lose my Security clearance and job if I file bankruptcy, and I'm under contract with my job. I have yet to clarify that, but my real question is, is foreclosure/deed in liu better than a bankruptcy? A government financial advisor stated foreclosure would be much better than a bankruptcy chapter 7. We want to open up businesses in the next 3-6 years, and buy another house in that time frame also. After filing bankruptcy it was projected that our credit score would go up 50 points right away. Will a foreclosure really kill our credit by 100-150 points and if so, how soon can we start seeing an increase with responsible habits?

A) A foreclosure hit is about 260 points, all together. I would be surprised if you were able to keep your security clearance with it. You will NOT be buying any house in 3-6 years, more like 10. You should be OK opening the business, as long as you do not need a loan to do it. If your bank will accept a deed in liu you will be MUCH better off....but they are not likely to accept it with you refusing to make your mortgage payments. You really need to call your lender and try to straighten this out.

how will foreclosure, deed in liue, bankrutpcy affect my credit?

Q) We are three months behind on our interest only mortgage payments and other bills. It was difficult this last year since my husband and I lived in separate places due to work and had seperate living expenses. We paid a high mortgage payment on the house and rent for the apartment. we stopped making payments when we had decided to file for bankruptcy but now I find that I may lose my Security clearance and job if I file bankruptcy, and I'm under contract with my job. I have yet to clarify that, but my real question is, is foreclosure/deed in liu better than a bankruptcy? A government financial advisor stated forcl. would be much better than a bankruptcy ch.7 creditwise. We want to open up businesses in the next 3-6 years, and buy another house in that time frame also.After filing bankruptcy it was projected that our credit score would go up 50 points right away. Will a foreclosure really kill our credit by 100-150 points?How long will it take us to get back to the 700 credit score we ha

A) Your credit will take a hit if you file bankruptcy or foreclose. Neither is a good option. The following guidelines are the current Fannie Mae requirements before you can be approved for a home loan again: Chpt 13 bankruptcy: 2 years from discharge date or 4 years from dismissal date All other bankruptcies: 4 years from either the discharge or dismissal date Foreclosure: 5 years from completion date; additionally between 5 and 7 years you can only purchase a personal residence, and must have a minimum of 10% down and 680 credit score. Also you can only do limited cash-out; no regular cash-outs are permitted. After 7 years you're back at square one. Deed in lieu: 4 years from completion date; also 10% down payment required between years 4 and 7. Short sale: 2 years from completion date. There are extenuating circumstances that can reduce some of these, but they better be really good. Obviously your best bet if you are going to lose your home is a short sale, if you can do it. If you are going to file bankruptcy, file chapter 13 if you can. I don't believe you can include a home in a bankruptcy though. Filing bankruptcy will freeze your assets (including your home), but once it is complete they will continue to foreclose (double check that!). If you are trying to complete a short sale, you will NOT be able to if you file bankruptcy. Wait to file it until after the short sale is complete. And talk to a bankruptcy attorney who understands short sales/foreclosures. You wouldn't believe how many of them give horrible advice or make extra money at your expense by using the high cost of the house in their favor... or just have no idea what they're talking about! Good luck- hopefully things will work out for you.

Walk away? Foreclosure... Any other options? House in GA I had to move to AL House unoccupied?

Q) Okay, so I used to live in GA, bought a house in 2007 no money down. price was 158,000. 2 Mortgages... I had a job change and ended up in Alabama. I make decent money but it is a financial burden to pay rent and a mortgage. I am considering walking away from a house I am not living in I hate to do this. I have called a financial advisor and he advice foreclosure, short sale or deed in lieu.. I briefly talked to the bank and they might accept the Short S. and Deed in L. But I talked to someone probably not in a decision making position so I must talk to the bank again. The plan could be walk away, then file for Chapter 13 to repay the debt. But this way I keep my head straight and live a happy life house free. House prices have declined 20% I am unable to sell and looking at a loss of $20k in 6 months... if I foreclose or do a deed in L. or whateverv else and file chapter 13 that might be better off.. considering that in a yr. the debdt. will be 30k, and 20k per year after that.

A) Is renting the property an option? That way you can use the rent to cover the mortgage and sell the house when values come up (hopefully).