NLIC.org

Howard Said:

Do you know the details of New Jersey's "Live Where You Work" Home Mortgage program?

We Answered:

sounds like they want you to be a LO or loan officer or at least bringing them deals. what kind of split are they giving? how are they tracking it? if you want to work from home doing mortgages then don't bother with these type of ads. Look on CL under jobs / under real estate / under LO or positions for LOs. This way you know it is an acutal brokerage and you won't get scammed. I hope this helps and have a great day.

Terry Said:

is there a mortgage program, that allows you to use your home equity to catchup on mortgage payments?

We Answered:

What would you accomplish? Taking an equity loan out to pay for the existing mortgage is like the hamster on a wheel - at the end of the day your in the same spot where you started.

Beth Said:

Does anyone know the specifics of the Wells Fargo Home Opportunities Mortgage program??

We Answered:

Wells Fargo has the basics on their website. It appears to be talored for people who have minimal amounts available for down payments with 100% financing. Also, there appears to be some allowance for credit "blemishes" with preference to "public" employees. Certainly looks like a great program for first-time home buyers... Check it out with your local Wells Fargo Bank!!

Maurice Said:

Does anyone have a "Home Ownership Accelerator Program" mortgage?

We Answered:

You can accelearate it yourself by making an extra payment every year.

Morris Said:

Does this make sense - Bush Home Mortgage Program?

We Answered:

Bush never made much sense. His spinning and lies don't hide the fact that he's trying to bail out the banks. Because if he said it like that, the truth Americans would be furious he tries to sell it as and spin it into something else. This is about protecting big money.

The plan announced by President Bush Thursday to freeze interest rates on some subprime mortgage loans will do nothing to stave off foreclosure for the vast majority of families facing the loss of their homes in the coming months.

Worked out between Treasury Secretary Henry Paulson and major Wall Street banks, mortgage lenders and servicers, and investment funds holding securities backed by subprime loans, the overarching aim of the Bush administration plan is to limit the losses suffered by financial giants from the meltdown of the US housing market and resulting credit crisis.

The mounting social crisis is the product of the increasingly parasitic and corrupt character of the capitalist system in the US and internationally. Millions of American families are being thrown into conditions approaching destitution as a result of the anarchy of the market and the mad profit frenzy on Wall Street, which have fueled an ever greater concentration of wealth at the very top of society.

There can be no progressive solution to the housing crisis outside of an independent political struggle of the working class that directly challenges the entrenched power of Wall Street and advances a socialist program for restructuring the economy along democratic and egalitarian lines. This must include the transformation of the banking and housing industries into publicly-owned and democratically run entities, functioning as part of a planned economy geared to the common good, not corporate profit and the further enrichment of the corporate-financial elite

Natalie Said:

Mortgage in my Ex-Husband name, Can I still apply for Making Home Affordable program?

We Answered:

No, it is not technically your mortgage. You should have refianced as part of the divorce and property settlement process. Your chances of doing any refi now are totally pathetic - hardly any are being done for anyone.

The mortgage modification program is a total failure anyway. It was supposed "to help millions" keep their homes. Surpr-eye-ize! Very few are making it past the temporary, probationary process. Of those who pass that hurdle, over half are in foreclosure within 6 months, over 70-75% are in foreclosure within 9 months, and current estimates are that over 90-95% will go into foreclosure within a year. So these govt programs would not help you even if you did qualify.

You have no choices left but to find a way to make your payments and keep your house, or sell the house, or lose the house.

Ronnie Said:

Does anyone have a Home Ownership Accelerator Program mortgage?

We Answered:

I don't have one but I have researched the concept thoroughly. It is based on having a traditional mortgage PLUS a home equity line of credit (HELOC). The idea is that you deposit your income into the HELOC account, then use that as your regular checking account to pay bills including your traditional mortgage, and for cash. In theory, this is supposed to save you money on your overall mortgage costs, because while your deposits sit in the HELOC, your mortgage balance is lower, therefore you owe less interest. The traditional mortgage only credits your payments once a month (on the first of each month) and your balance does not go down if you pay a few days early.

However, it turns out this concept only works if your HELOC interest rate is lower than your traditional mortgage, which is not the case in today's market. It especially is not worth paying any extra fees to set up such an arrangement.

You might notice that people who push this arrangement will not clearly explain the math and lay it out for you step by step. That's because the math does not work out for most people!