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Mortgage Strategies for the Inexperienced

buad0118 asked:


I am going to bid on a house at foreclosure and it has a 1st mortgage of $280K and a second of $70K. The lender on the first two mortgages is Decision One Mortgage. The lender at foreclosure is Countrywide. Does this mean that if I buy this house at foreclosure that I will own additional money to the second mortgage or just the first mortgage and back taxes?

AmericanNewsProject asked:

Criminal fraud may be the most underreported aspect of our current financial crisis. In this “Road to Ruin” report, former subprime lenders from Ameriquest, once the country’s largest lender, describe a system rife with fraud. They describe how a “by-any-means-necessary” policy pushed employees to cut corners and falsify documents on bad mortgages and then sell the toxic assets to Wall Street banks eager to make fast profits.

whitehouse asked:

The President speaks after Housing Refinance Roundtable with real people who have benefited from renegotiating their mortgages and explains how millions of others can take advantage of his Making Home Affordable plan. (public domain)