NLIC.org

Janet Said:

want to buy a home but need extra money to pay off other loans, what banks will do this,and names off banks?

We Answered:

No banks are doing that.

Robin Said:

How may PAC's be linked to the current mortgage/banking crisis?

We Answered:

It depends how you want to connect the PACs (political action committees) to the mortgage/banking crisis. Do you want to see if the PACs gave money to certain members of congress or other elected officials? You'll have to do the research on the reports filed by each PAC which list the politicians who received donations and the individuals and companies that gave donations to the PAC. You can also research the campaign committees for the politicians since they have to file reports stating who made donations to them.

Here's a link to an article that lists the top 10 PACs from 2006. You can also look for a similar list for 2007 to see if there are any changes to the top 10 PACs.

http://uspolitics.about.com/od/campaignf…

Hope this helps. Good luck!

Joshua Said:

If you own two houses and you foreclose on one of them does the balance go on top of your current mortgage?

We Answered:

Unless BOTH mortgages are with the same company AND you signed something specifically allowing deficiencies on the rental to be added to your home mortgage, it will not happen that way. If you had signed such a document, you would have known about it.

The CAN sue you for any deficiency in most states. That means you will still owe the difference plus the cost of foreclosing. You should contact a GOOD Realtor and attempt to negotiate a 'short sale'. That basically means you convince the bank to accept what the house sells for and eat the loss.

Sheila Said:

Why did bush's top banking officals say that the community investment act had nothing to do with the crisis?

We Answered:

Because it was true. Loans made under the CRA, which has been law since the 1970's, have a very low default rate and are an insignificant percentage of the mortgage loans outstanding.

Ruby Said:

Who are the winners in this economic & mortgage bubble collapse?

We Answered:

GOLDMAN SACHS
It is true that a bank probably doesn't benefit from owning a home but they do benefit from having a CREDIT DEFAULT SWAP! You see Goldman Sachs and others bet against their own mortgages and screwed the tax payer.

Steve Said:

If sell home below what I owe, can I finance that amount on top of new home mortgage?

We Answered:

1. You can NOT sell the home if it's worth less than what you owe without permission from your lender. Most lenders will not approve a short sale if you can afford the payments. They will investigate your finances thoroughly to make that determination.

2. Don't plan on purchasing a new home for at least 5-7 years since a short sale will have a large negative impact on your credit report.

Emily Said:

What is a good, reputable mortgage company that will not ask for any money down, including closing costs?

We Answered:

A mortgage company does not make these kind of decisions as to the down payment or closing cost.

Your credit score (FICO) and how well you have paid the debts on your credit report will determine the type of mortgage loan you are qualified. The amount of income minus the debts that you have to pay on your credit report will determine the amount of house you will be qualified to purchase.

Now about the closing cost, this can be included in the sales contract where as you can request the seller to pay all closing cost. The could counter with they will pay a part of the closing cost to they will pay none of the closing cost.

Perhaps you should check with a FHA approved lender and get approved for this type government mortgage loan. The down payment requirement is less than what a conventional lender would require.

I hope this has been of some use to you, good luck.

"FIGHT ON"