Private Mortgage Funding

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Jennie Said:

does fha mortgage insurance cover your mortgage if you cant make a payment?

We Answered:

No, Ryan, not at all.

FHA mortgage insurance is for the lender. Should you default on your mortgage, FHA will cover the lender for the default. But it's not for just a payment or two. The insurance is for the entire mortgage balance.

If you want "mortgage protection" insurance, the borrower must buy that on their own.

Good luck.

Alan Said:

Has anyone ever used the Ez Private mortgage from Note Funding Resources?

We Answered:

It sounds like you are talking about leander paid MI. If you buy a house with less then 80% down you will have PMI. This can be costly. But some bank have Leander paid MI or EZ MI. What this is you pay a higher rate, but no PMI. There is a better way. You can do a 1st and a 2nd. There are a lot of other ways too.

Herbert Said:

Current Economic Woes - Who's to blame?

We Answered:

both parties are responsible the only way we are going to fix this is if we look at the whole picture it doesn't matter who is perceived to be the most responsible for this mess because everybody made a mess of things trying to push their own agendas without looking at the whole picture now what we need is for everybody to start working togather to fix things now if our senators could stop acting like a bunch of spoiled rotten children and grow up maybe things can start to get better but if we as country cant manage to grow up and stop whining then things are only going to get worse

Rosa Said:

PRIVATE MORTGAGE LENDERS?

We Answered:

Don't exist.

Duane Said:

how will the subprime mortgage crisis and collapse of lehman and others affect private equities?

We Answered:

Hi (libra)lynn,

This is a very good question, because the mortgage crisis is affecting all areas of the economy and private equity is overlooked often. The Lehman Brothers had a pretty significant chunk of the private equity industry through their private equity division holding $30 billion in assets under management, according to their website. So, as you can imagine, the collapse of Lehman Brothers is potentially very dangerous to the private equity industry. There is hope that the private equity branch will be sold to a suitable buyer for a good price, but that's all speculation.

As for your specific interest in New York City real estate:

I live in NYC and the whole mortgage mess does not spell good news for anyone really, especially the high volume of investors located in the city. I'm not sure how any specific private equity funds will fare but most major real estate funds have invested in real estate with the presumption that the housing market would continue to boom with the economy. However, around 2006 the housing market stopped climbing so dramatically, not exactly what the real estate investors hoped for. They expected prices to continue to rise so that they could get profit from their real estate investments, and when this did not occur--and still has not occurred--many funds lost considerable amounts of money.

New York City is special, in that it is an island, so the housing prices haven't declined as much as far as I know. While there are lots of issues with NYC housing, the attraction of the major city and it's geographic inability to expand for new development insulates it from collapsing to the degree of other areas and allows real estate prices to continue to climb.

I hope this was of some help to you,
Theo O'Brien

Renee Said:

Looking for a private lender for real estate purchase?

We Answered:

my Advice: Don't deal with anyone from a foreign country and never use wire transfer servies..

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