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Commentary- U.S. home loan "bailout" for ARM borrowers
Where does the U.S. Constitution grant the Federal legislature the power to rescind otherwise legal mortgage contracts between private lenders and private borrowers?

Apparently, this proposal applies only to sub-prime borrowers who can presumably pay their mortgages before their mortgage interest rates adjust but presumably won't be able to after the rates adjust.

So, if you can pay your mortgage after its rate adjusts, you must do so.

But, if your neighbor can't, the Federal nanny steps in and prevents your neighbor's mortgage holder (and all the securitized investors behind it) from exercising their contract rights if they choose to do so.

So guess who's paying the cost of what otherwise…

Prince George's county govt. phone# 301-883-7300

Recordation Tax              $4.40       per thousand
Transfer Tax                     1.9%       (1.4% County + .5% State)
- Recordation Tax also charged on refinances and 2nd trusts if property is not owner occupied. 
- Recordation Tax also charged if owner occupied but 12 months has not elapsed since property was purchased.  The tax will be based on the difference between the original loan amount and the new loan amount (called "new money").

Property Tax                     $1.092      per hundred assessed value
                                                              (.96 County + $.132 State)
MNCPPC                          $.244         Storm Water $.054, WSTC $.026

View property… Read Full Post

Montgomery County Maryland govt. phone # 240-777-8950

Recordation Tax              $6.90       per thousand
Transfer Tax                     1.5%      (1.0% County + .50% State)
First $50,000 used to calculate Recordation Tax is exempt if property is owner occupied
Property Tax                     $0.883     per hundred assessed value
                                                         ($.751 County + $.132 State)
View Montgomery County property tax records online.Read Full Post

If you were clean on your mortgage and now you will have a hard time making payments because you are in an adjustable rate mortgage that is going to adjust substantially, check out Fha secure.

To qualify, borrowers must meet 5 criteria:
1) History of timely mortgage payments before their adjustable rate increased
2) Rate will re-set between June 2005 and December 2009
3) 3% equity in home or 3% cash
4) Sustained employment history
5) Income must meet qualifying guidelines

FHASecure can help you even if you're currently in default, and if the value of your home is less than what you owe.  The lender considering the refinance will have to be willing to accept a short payoff on the existing loan OR hold a second mortgage to make up the difference.  To…