Home Residential mortgage

housingREUTERS/Mike Blake

Earlier this morning we saw that existing home sales fell 3.2% in October to an annualized pace of 5.12 million units.

Lawrence Yun, NAR chief economist, pointed out that sales had fallen in part because of erosion in purchasing power and low inventory that were causing home prices to climb.

Deutsche Bank's Joseph LaVorgna pointed out that the "quality" of existing inventory also weighed on sales.

Finally, NAR and LaVorgna pointed to the impact of the upcoming Qualified Residential Mortgage rules that "will require a lot more time, documentation and scrutiny to process loans, " according to NAR.

"Lenders may be hesitating in order to ensure compliance with the new measures which take effect in January of next year, " said LaVorgna. "In general, lending standards for anything other than prime mortgages remain relatively restrictive."


A standard US home residential mortgage

2009-02-23 17:40:45 by sgi320workstation

Is NOT CALLABLE. IF the property ownership is TRANSFERED then yes....you have to pay off the loan.
this makes sense because the house is the basis of the collateral for the loan.
There was a time when mortgages were ASSUMABLE....some still are, if the lender gives permission.
There are different rules for Commercial Mortgages...which can be callable.
in a standard mortgage you do "CONVEY" away your right to the house if you do not make the payments. This is the legal basis for the lender to foreclose.

Is This a Violation of a Residential Mortgage?

2011-09-17 13:39:31 by onleme

GMAC mortgage holds a mortgage on a home near me. The owners of the property have turned the property into a rooming house for collage boys, each of which leases a room. The owners live a distance away from the property and as long as they get their rent money, they don't care waht happens there. There has been documented drug use on the property and law enforcement has been called there for things such as excessive partying, fighting, and of course drug use. The owners did not obtain a business mortgage to buy this property, it is a residential mortgage. The property is comming to a state of disrepair and GMAC has no idea what is taking place on this property

20% of home mortgages were underwater in Decembe

2009-03-04 04:32:18 by edsdesk

By Amy Hoak, MarketWatch
Last update: 7:01 a.m. EST March 4, 2009
CHICAGO (MarketWatch) -- Twenty percent of all U.S. residential properties that had a mortgage on them were underwater at the end of December, with mortgage debt greater than what the homes were worth, according to a report released Wednesday by First American CoreLogic.
That's more than 8.3 million mortgages that were upside down at the end of the year, compared with 7.6 million three months earlier. It's a problem that is expected to get worse as home prices continue to fall.

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"I've got one more paycheck coming," he said. "That impact (of losing it) will be severe. Whatever cable package we have will now go down to the basic cable. .. there'll be no computer on in the house. ..

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