Another great one! Once again I hate to post it on my facebook
Title Gal...
You "hate" to post it on your Facebook"? Why do you HATE to post it on your Facebook? And did you hate to post something I wrote on your Facebook before?
I'm hoping you meant "HAVE" to post it on your Facebook. Am I right?
Mandelman
LOL Yes, I meant I had to post it on my facebook! It was great and the world needs to see it.
As to the ownership of a mortgage there are only three major possibilities; Fannie Mae(Conventional Loans), Freddie Mac(FHA Loans), and Ginnie Mae(VA Loans).
As to the company collecting payments, called the Servicer, there are more than there are banks.
The servicing rights can be sold many times, however the company collecting present payments already has to notify the borrower at least fifteen days in advance of the change. The new Servicer has to notify the borrower within fifteen days of the tranfer. RESPA also says that no late fee may be charged for sixty days after the transfer if the borrower timely remits the payment to the wrong servicer.
Assuming you want to use a dwelling as security, here are a few other heinous consequences of this bill:
1. Because “dwelling” is not defined and people have been known to dwell in them, points 2-6 below could apply to any loan you want to make that is secured by a:
• Self-contained recreational vehicle or camper, or
• Commercial building or store with a kitchen(ette) and bathing and sleeping areas.
Note: It doesn’t matter if the dwelling/property is vacant, you live in it, rent it out, or use it for your business.
2. To lend money to your child, say to help with your grandchild’s education, you would have to “be qualified and, when required, registered and licensed as a mortgage originator in accordance with applicable State or Federal law, including the Secure and Fair Enforcement for Mortgage Licensing Act of 2008.”
3. If you need help with medical expenses, mortgage payments, or want to buy a home, you won’t be able to borrower from family or friends.
4. If you have family members or friends who need help because they are unemployed, disabled, or want to purchase a home, you won’t be able to make them a loan.
5. If you need to use your dwelling’s equity to pay bills or buy food during an income hardship (unemployment, illness, death of a spouse), you must apply for a loan with a regulated lender. This lender will be required to deny your loan request, if the government’s ‘to-be-established’ formula says you can’t afford repayment with your reduced income. Effectively, the equity in your residential properties will be locked away with no way to access it in an emergency.
6. You can only finance the sale of 1 owned dwelling in any 3-year period. Any additional non-cash sale would have to be financed by a regulated lender. If your property doesn’t meet standards established by the lending industry (as is the case for many homes in rural America), the property would be unsaleable during that 3-year period.
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