Date : March 12th, 2010Category : UncategorizedAuthor : Editor6 Comments
The massive government bailout of the nation’s financial system could help thousands of illegal immigrants who obtained home loans from banks that were encouraged to offer them by the federal agency in charge of preserving and promoting public confidence in the system.
The controversial $700 billion bailout will offer foreclosure relief for those at risk of losing their homes and that includes thousands of illegal immigrants who got mortgages from U.S. financial institutions thanks to a push from Federal Deposit Insurance Corporation (FDIC), which began encouraging banks to offer services to illegal immigrants a few years ago.
Headquartered in Washington D.C., The FDIC insures more than $3 trillion of deposits in U.S. banks and is managed by a five-person board of directors appointed by the President of the United States and confirmed by the Senate. In the last few years the agency succeeded in getting several large lending institutions to offer a variety of banking services to illegal aliens, including home loans.
Now U.S. banks routinely offer services to people without Social Security numbers by accepting the Mexican identification called matricula consular to open accounts. Some states—like Illinois and Wisconsin—even used millions of dollars in public funds to provide low-interest home loans for illegal immigrants with no credit history or documentation in the U.S.
The loan default rate among illegal immigrants is high because they are inherently unreliable, are prone to fraud and may be forced by circumstances to return to their home nation at any point, according to a congressman representing a state that operated a large mortgage fraud ring featuring hundreds of unqualified borrowers that used fake identities to get money.
The veteran Colorado Representative, Tom Tancredo, wants to assure that the bailout, set to pass this week, doesn’t offer incentives for illegal aliens. In a letter to his colleagues in Congress, Tancredo asked that safeguards be included on the bailout plan to verify the legal residency and identity of potential homebuyers. This will prevent illegal immigrants from obtaining federally backed home loans and assure that U.S. taxpayers are not absorbing their debts or bad loans made by banks to illegal aliens.
Could it be a coincidence that the area’s hardest hit by home foreclosures happen to be illegal immigrant sanctuaries like Las Vegas, large parts of southern and northern California and the famous Arizona sanctuary of Phoenix?
Date : March 10th, 2010Category : UncategorizedAuthor : Editor1 Comment
okay so I need some advice as far as our 350k, FHA loan with 3 % down goes. The first deal I received was thru some loan officer located out of Arizona who gave me a 6.5% rate with 2 points. I heard this was a horrible deal so I decided to shop around especially after hearing that you have 14 days from the first mortgage inquiry to shop around and have other lenders pull your report without it harming your credit because it will be considered one.
I then received a quote yesterday thru quickenloans.com but after reading some of the questions and answers that were posted about others experiences I was very skeptical even though they gave me what seemed like a good or better rate than the first guy. For example they gave me a 5.6…% (there were two more numbers after the 6 can’t remember) with 2 points or a 6.25% w no points. I am also interested in seller concession so closing cost and points wont be paid out of pocket.
Not only am I skeptical about the stuff I read here about quickenloans but they are also asking for $350 committment fee that will be refunded at closing if we decide to close with them. So if we dont close with them then basically that money is non refundable, which has me feeling trapped and I dont really like feeling that way. What I dont want to happen is I agree to pay that committment fee and then at closing theres a whole bunch of other fees that I did not agree or know about and I back down and they keep my $350 fee. Which $350 is not going to kill me but who wants to give away money?
So I decided to not pay that fee but I still have them in mind just in case. I called JP Morgan Chase bank and they approved me with different rates. They offered me 5.875% with 2.3..( theres two more numbers after the 3, forgot…again!) points and a 6.125% with 1.5 points. I know Chase is a reputable bank that has been around for a long time and I kind of trust them better then quicken loans but quicken loans does have the better rates so basically im stuck???? I would like some type of advice on what I should do if worst case senerio where it’s either one or the other I have to choose from. I am still going to shop around because I know I can probably do better.
Here are the basics:
-annual combined income: a little over 100k yearly.
-401k combined: 17,364
-been at our jobs over 2 years both.
-combined monthly bills: a little under 1000.00 monthly.
-all three credit scores for him: experian: 643, transunion: 634, equifax: 610
-mine: experian: 684, equifax: 672, transunion: 649
Date : March 9th, 2010Category : UncategorizedAuthor : Editor4 Comments
I was wondering if there is a way to get a first time home buyer loan that would let you get more than the loan to pay off some bills? I was hoping to pay off one credit card I had before we bought a house, but the only way to do that would be to put it into the home loan. Anyways also wondering if VA loans are good loans? Thanks!
Date : March 2nd, 2010Category : UncategorizedAuthor : Editor2 Comments
We have poor credit and trying to repair it; however we want to purchase a home by the end of the year. Will it adversely affect my chances of getting a home loan if we take out a consolidation loan to kick start the credit pay offs?
So if I can not get a loan, how do I pay off $7000 of dept in less than one year?
Date : March 1st, 2010Category : UncategorizedAuthor : Editor10 Comments
Lets see, I have no payment now what will I do with the cash.
The banks have no outstanding home loan debt, what will they do with the extra cash?
New loans come with much less risk of default, so why not take the chance.
People who now own their homes may upgrade or improve, helping skilled workers. Come on guys the way out of this mess is not that hard! It’s by helping us “little” guys!
Date : February 22nd, 2010Category : UncategorizedAuthor : Editor6 Comments
I am a new Loan Officer and was wondering on how to bring in people who wants to refinance, get pre-approve or do home loans either thru emails or something?
Date : February 22nd, 2010Category : UncategorizedAuthor : Editor5 Comments
I HAVE A LOW 500′S CREDIT SCORE, WE HAVE BEEN A STRUGGLING FAMILY FOR YEARS NOW, WE HAVE 7 KIDS AT HOME, 4 ARE FROM PREVIOUS MARRIAGES.WE ARE IN THE NEED OF OWNING OUR OWN HOME, IVE RECENTLY GOT A PROMOTION AT WORK THAT ALMOST DOUBLED MY INCOME.BETWEEN THE BOTH OF US WORKING WE MAKE ROUGHLY 80 A YEAR. CAN WE STILL GET HELP WITH A HOME LOAN?
Date : February 22nd, 2010Category : UncategorizedAuthor : Editor2 Comments
We already did an aplication in a bank but they don’t call us, they don’t do anything but they want a 5% down and we only have 2 months to put toguether the money and find a house .
that’s why we need a FHA loan please we need help to know where to go and what to do
Date : February 22nd, 2010Category : UncategorizedAuthor : Editor4 Comments
I am disabled and on a social security income 780.00 per month less at time of loan my payment is 554.01 per month they put me between a rock and a hard place provided false income statements appraised a 20 thousand dollar home for 185 thousand provided homeowners insurance that was fraudulent the list goes on and on the details are numerous and mind boggling to the point that i do not even know what is revel ant i thought they where a god send now i know different and am lost due to my limited income i cannot find any help private or government i have poor$ friends and no family only this home and my dog which is now being foreclosed on anyone who can help or is interested in knowing both the misgivings of amc/ameriquest/citi witch are all the same and myself please respond yes i signed fraudulent documents but had no choice in the matter they made sure of that what can i do? talking to them is out of the question i speak english for one thing they will not even give me an address of an office i can go to to speak to someone in person the Satellite office that was set up to take advantage of people in my position is no longer in existence i could go on and on any help would be appreciated thank-you. nick
i have gotten some responses that just another sob story and i am as much at fault for signing fradulant papers and i agree but the fact is that i signed after the fact not befor to get the loan i was totally up front with my income and status in life the loan was for needed repairs to home they talked personally to my contractor and gave him the go ahead that i was approved and that thier where no issues that they where just behind in the check writing process after 2 weeks of work and a materials bill due did they change up and provide the false documents even in hind sight i dont feel i had an option not to sign .
i guess i should tell the whole story as no one is going to ask the origional terms where to re-finance at 6% interest a payment of 286.00 per month inc. insurance i dont want a bail out i dont even know where that came from i want to keep my home and pay for it at the origional terms i could this isnt a mansion its a 20 year old home that i owe 54,000.00 on less the crazy fines penilties and insurance charges i have ben trying to work this out with them for 3 years all i want is for them to go back to what i was origionally signed up for no more no less they wont even discuss the issue. 4 reprisentives from there company came to my home including an in house insurance rep to scam me now i cannot even get an address to go to to talk to someone in person? i am not asking for sympathy what i am asking for is advise or help .
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