It has been reported, as far away as the UK, that even Mafia families can have difficulties in meeting their mortgage repayments.
It just goes to show that nobody is immune from the difficulties that can arise when personal circumstances change, and income is insufficient to meet outgoings. Of course, one of the main expenditures of any family is the mortgage repayment. Mortgage repayments may not be the sort of difficulty that you would expect Mafia families to get into, but they are symptomatic of what has been happening to people from many different and diverse backgrounds.
All many people want is a home of their own, and the means to pay for it, which is relative to secure employment. Unfortunately, governments in the USA and at the other side of the pond have not set the best examples, unless it is only how to make a fast buck! It seems that all the chickens have come home to roost at the same time, and the housing ladder has become a bit of a snake.
Please Click Here to visit the Free Mortgage Advice Web Site.
An extract from the news item is reproduced below. Please click the heading to read the full article:
Daughter of Mafia boss faces eviction for mortgage arrears
The daughter of a notorious Mafia crime boss has to sell her mansion or face eviction for mortgage arrears.
Victoria Gotti, 46, who starred in the reality TV series Growing Up Gotti, owes nearly £500,000 and has not made payments for two years, court papers say.
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Mafia Mortgage Repayment Problem
Mafia Mortgage Repayment Problem
Understanding Mortgages
Whilst most people aspire to own a home of their own, there are many who, through no fault of their own, do not have a clear understanding of mortgages. In this respect there is an interesting article in the Real Estate columns of the New York Times, explaining how the Bank of America is endeavouring to enlighten and help their mortgage customers.
Of course there is already plenty of mortgage related advice available from various sources, but anything that is new, and born out of recent problems in the housing market is welcome. It is always good to know that the information you are seeking is up to date. This applies to the financial services sector in general and the mortgage industry in particular. After all a home of their own is the biggest single investment that many people will need to make. Therefore, any assistance to understand how the various mortgages fit in with personal circumstances will be particularly welcome.
An extract from the New York Times is reproduced below, and those who are interested in learning more about mortgages are invited to click the heading to read the full article:
An Emphasis on Simplicity
"SOME good may come from the home-foreclosure crisis. While the federal government imposes industry wide changes, at least one major lender has instituted improvements of its own.
Bank of America recently introduced three service improvements: a Web site to help consumers choose loans more intelligently, a disclosure document that explains loan terms more simply, and a loan with an all-inclusive closing fee. The company last month shuttered Countrywide Home Loans, which it acquired in 2008, and formally absorbed that business into a newly branded division, Bank of America Home Loans.
“We wanted to change the conversation to ‘How much house can I comfortably afford?’ rather than ‘What’s the maximum I can buy?’ ” said Aditya Bhasin, the product, pricing and strategy executive for Bank of America Home Loans.
Once would-be borrowers type in their financial information, the Web site offers “sliders” that show how the loan picture might change, say, if they reduced their monthly credit card debt."
Tags:
understanding mortgages
understanding mortgages
Of course there is already plenty of mortgage related advice available from various sources, but anything that is new, and born out of recent problems in the housing market is welcome. It is always good to know that the information you are seeking is up to date. This applies to the financial services sector in general and the mortgage industry in particular. After all a home of their own is the biggest single investment that many people will need to make. Therefore, any assistance to understand how the various mortgages fit in with personal circumstances will be particularly welcome.
An extract from the New York Times is reproduced below, and those who are interested in learning more about mortgages are invited to click the heading to read the full article:
An Emphasis on Simplicity
"SOME good may come from the home-foreclosure crisis. While the federal government imposes industry wide changes, at least one major lender has instituted improvements of its own.
Bank of America recently introduced three service improvements: a Web site to help consumers choose loans more intelligently, a disclosure document that explains loan terms more simply, and a loan with an all-inclusive closing fee. The company last month shuttered Countrywide Home Loans, which it acquired in 2008, and formally absorbed that business into a newly branded division, Bank of America Home Loans.
“We wanted to change the conversation to ‘How much house can I comfortably afford?’ rather than ‘What’s the maximum I can buy?’ ” said Aditya Bhasin, the product, pricing and strategy executive for Bank of America Home Loans.
Once would-be borrowers type in their financial information, the Web site offers “sliders” that show how the loan picture might change, say, if they reduced their monthly credit card debt."
Tags:
understanding mortgages
understanding mortgages
Home Loan Program for Senior Citizens
There is an interesting Associated Press article in Google News about senior citizens helping to finance their retirement, by using reverse mortgages to borrow against the equity they have built up in their homes.
It is not difficult to realize why schemes of this nature are popular to some senior citizens. It seems that the government is also interested in keeping the scheme going. Apparently they have asked Congress for a $798 million subsidy, to enable them to continue with a plan to insure lenders against losses incurred when a property is sold for less than the total loan amount.
Please Click below to read the full article, an extract from which is included:
Home loan program for seniors needs $798M rescue
"The government said Thursday that the Federal Housing Administration needs the money to support a program that lets homeowners over 62 obtain "reverse mortgages" to borrow against their equity.
A reverse mortgage allows borrowers to convert equity in their homes to cash, without making payments until they die or sell their home. Interest is due at that point.
But with home prices projected to appreciate slowly, if at all, over the next few years, lenders that participate in the government program may not be able to collect the full loan amount from some borrowers. The government, which insures lenders that participate in the program, is on the hook if the house is sold for less than the total loan amount.
Borrowers can draw on about 60 percent of their home's equity. But they are also allowed to receive payments monthly for the rest of their lives, without any cap.
If they live longer than expected and home prices rise slower than expected, that could mean losses for the program."
Tags:
Home Loan Program for Senior Citizens
Home Loan Program for Senior Citizens
It is not difficult to realize why schemes of this nature are popular to some senior citizens. It seems that the government is also interested in keeping the scheme going. Apparently they have asked Congress for a $798 million subsidy, to enable them to continue with a plan to insure lenders against losses incurred when a property is sold for less than the total loan amount.
Please Click below to read the full article, an extract from which is included:
Home loan program for seniors needs $798M rescue
"The government said Thursday that the Federal Housing Administration needs the money to support a program that lets homeowners over 62 obtain "reverse mortgages" to borrow against their equity.
A reverse mortgage allows borrowers to convert equity in their homes to cash, without making payments until they die or sell their home. Interest is due at that point.
But with home prices projected to appreciate slowly, if at all, over the next few years, lenders that participate in the government program may not be able to collect the full loan amount from some borrowers. The government, which insures lenders that participate in the program, is on the hook if the house is sold for less than the total loan amount.
Borrowers can draw on about 60 percent of their home's equity. But they are also allowed to receive payments monthly for the rest of their lives, without any cap.
If they live longer than expected and home prices rise slower than expected, that could mean losses for the program."
Tags:
Home Loan Program for Senior Citizens
Home Loan Program for Senior Citizens
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