NLIC.org

Janet Said:

Why did the former CEO of Countrywide receive a $62 Million severance after causing the company to fail?

We Answered:

He's a criminal. He engaged in unethical practices or so some employees allege. Isn't it obvious who the Republicans support? The democrats would not allow this to happen (real dems).

Eugene Said:

What will McCain do about our economy and the housing crisis?

We Answered:

Actually McCain has already voted to expand the FHA program and the raise the fannie mae and freddie mac limits. This has all been done in the past 6 months. Too late? Yup, but both parties are at fault. This will do a great deal toward cutting off the head of the subprime snake and those awful 2/28 and 3/27 adjustable mortgages. Future spikes in real estate will be shorter lived and easier managed with less disasterous consequences.

BTW, this forum isn't about politics. But if you must stand on your soap box, get the facts.

Casey Said:

Mortgage Query?

We Answered:

You can but your bringing yourself up to the danger mark of having a 100% mortgage on your home.

Given that house proces in many areas are on a downward turn you need to find the value of your home and what would the increased value of your property be with the additional improvents spent on it.

Some improvements do add value but streets also have a ceiling value, beyond which many buyers are not prepared to go.

If a high street lender is not happy to do this dont go to a broker. They rely on commission in many cases not giving you the best deal. You will probably not get a reputable lender or stung with a higher interest rate/fees.

If you do use a broker look at the fees and the commision they are talking about, if its not the same as you can get from a high street lender your paying over the odds. If they say we dont charge you anything ask youself this, do you know anyone who works for nothing, they will get a kickback somewhere.

The other thing to think about is affordability.

How much extra can you afford to pay, as other costs are increasing too, so if you are near your limit now, wait until your financial situation improves.

and finally...............anyone who approaches you one here is clearly desperate for work ................if thye are good, do you really think they would be on this site saying pick me.

Kenneth Said:

Should our potential next president feel this way about our economy?

We Answered:

the economy will fix itself. it always does.
government does very little well. why in the Good Lord's Name, would we want the government to muck more up, than it already does (poorly)???????????

Leo Said:

Mortgage advice needed!!?

We Answered:

Hiya

Think this is a bit confused!

I don't think the deficit will be added to your new homes value otherwise you will be in negative equity before you start.

Nationwide have agreed to allow you to port your old mortgage onto the new house. Therefore, should you take out a 95% mortgage on the new home you will need to put down a 5% deposit (8,750). The deficit on your previous home will be included in the 95% not additional borrowing. Therefore, if you sell for £130,000 and want to borrow £166,250, Nationwide will release 156750 ( - your deficit), otherwise you will have a mortgage worth more than your home and in this climate that is just not possible.

Stamp duty cannot be added to the mortgage amount. Some FTB mortgages offer this as an incentive but I haven't seen a deal like that in a while.

I really hope this makes sense. I have seen in the news that some lenders are now offering loans of 120% to help negative equity customers but I don't think this would include Nationwide as they are a building society.