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Pedro Said:

If I have 2 homes and default on 1 mortgage, does the bank come after the 2nd home too?

We Answered:

No. But if you let property get foreclosed and they sue you and get a deficiency judgment (if home sale doesn't cover loan balance), then they can place a lien against that second property.

Doris Said:

how do you renegotiate the terms of your home mortgage with the bank?

We Answered:

You are not exactly in a good position to negotiate .. let's be honest, if they refuse to cut you a deal, exactly what are going to do (take your Mortgage elsewhere ?)

In UK, if you change your deal they revalue your house .. when they find out it's worth less than what you owe, they are likely to refuse any new deal, and might even up your payments ..

About all you can do to lower the payments are :-
1) Try to negotiate a longer loan period ... if the original loan was for (say) 25 years and you have paid off 5 or 10 years, you may be able to get them to rework it back to 25 years or even 30 years (but don't expect much reduction in the repayments though)
2) In UK, we have something called an 'Interest Only' Mortgage .. it means, essentially, that you are not paying off the house at all .. they may be willing to let you move to 'Interest Only' for a few months or even as much as a year if you are in difficulties AND there is some prospect things will get better ..

Katie Said:

Which is better, a Mortgage from a Home Builders versus a bank or broker?

We Answered:

the mortage companies associated with a builder are simply banks/mortgage companies that have an agreement with that builders. So there is really no difference. The plus of working with the builders recommended lender is they often have special incentives like $2000 towards closing costs or a few months no payments. But its best to shop around try out one of the builders lenders, your bank and try a mortgage broker (my personal recommendation they have access to many more programs than a bank or mortgage company).

Joel Said:

what happens if my home mortgage bank close their busienss. Can I stop paying mortgage?

We Answered:

no you need to continue paying your mortgage unless you want to lose it to foreclosure

Laura Said:

Which type of lending institution is better for a home mortgage; a mortgage company or traditional bank?

We Answered:

in terms of competitive rates, your bank is limited to the loans that are in the bank, as opposed to a mortgage company who will have thousands of options to fund your loan.

The pro's of a local bank are the personal contact and you can build a relationship with them, which will encourage repeat business and you will then be able to get better rates from them

As an investor I want to keep my funding as local as possible, find the banks that have very few branches and the want to give me business, as opposed to national banks or brokers that I am only a number too.

If you are looking for the best home mortgage rates or want to reduce your mortgage loan payments, check out this site

http://Best-Mortgage-Refinancing.com

Here you can get free quotes from all available companies in your area. its the best way to find an affordable payment with a reliable company.

Hope this help,

Tara Said:

Has anyone recently used Chase Bank to secure a new home mortgage as a Union Member(teacher,cop,ff)?

We Answered:

My friend had a similar deal and he saved lot of money. You should make your own decision since circumstances can be different.