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Pearl Said:

If I choose a 7 or 10 year ARM am I paying the same towards equity as a 15 or 30 yr fixed mortgage?

We Answered:

Unless you have the money invested and are earning more than interest would be it doesnt' make sense. Interest is low, especially on a 10 year probably low 4% maybe maybe high 3%. If the money is earning mroe than that do a morggage, if you have it sitting in a bank account just pay off the house.

If you need to look into financing hceck out loanhomonline.com/findamortgage. Thats how I got my loan.

Wesley Said:

I'm 33 and my Husband is 41, is it to late to get a mortgage?

We Answered:

Oh come on - your only youngsters - of course you can get a mortgage.

Wendy Said:

Can I rent out my condo that I have a mortgage on?

We Answered:

As long as your original intention was to live in it, your mortgage company should have no issue. They would frankly rather you had tenants and you make the payments than if you walked away from it! They will be notified any way if they pay your insurance - you will need to notify your insurance company that the property is now a rental, and the county will likely charge you a higher tax rate if they learn that it is a rental property. Don't try to get away without changing the insurance - if there is an issue and the insurance company learns that it was rented, they can refuse to pay any claims.

Bob Said:

hardship letter to my mortgage lender?

We Answered:

The lender doesn't want to repossess your condo. Real estte is really dropping all over the country. Just explain the facts. Let the lender know that you will be able to make your other payments on time. The worst thing that you could do is to not contact the lender and just miss the payment. Good luck.

Tracey Said:

What happens when BOTH the lender and HOA have filed a non-judicial foreclosure?

We Answered:

If you owe the Home Owners Association (HOA) money and they have a lien on your home they might be able to proceed, but I don’t understand how it would make sense. The bank must hold the first mortgage and any proceeds from selling the house would have to go to paying off the first mortgage before the HOA could get anything.

It could be a bluff to see if they can get any money out of you.

But your best bet is to talk to an attorney about where you stand and what rights you have.