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Why did American Home Mortgage (Subsidiary of Wells Fargo) harass this NC Homeowner - Maggie Reaves?

Meet Maggie Walker Reaves, who has fought for years against harassment from American Home Mortgage. She speaks out against Wells Fargo and it&#39 ...

How Much House Can I Afford? | New House Calculator

The most basic research on homebuying will inevitably lead you to this general fact: houses are one of, if not the most, expensive purchases you’ll make in your lifetime. There aren’t many other opportunities to drop hundreds of thousands of dollars in one sitting… or over 30 years.

This is why setting a house budget is crucial in the homebuying process. Even more modest purchases, like a new car, require examining the bank account, debt and income situation. With a home purchase, this kind of serious financial evaluation is everything if you are to have any hope of success.

Follow the 36% rule

The 36% rule is the tried-and-true house affordabiltiy tip. Most financial advisers agree that people should spend no more than 36 percent of their gross income on total debt, this includes mortgages, credit cards, student loans, home insurance, medical bills and the like.

Depending on where you live, your annual income could be more than enough to cover a mortgage or it could fall short. Knowing what you can afford can help you take financially sound next steps. The last thing you want to do is jump into a 30-year home loan that’s too expensive for your budget, even if you can find a lender willing to write the mortgage.

Foreclosure nightmares: 3 families fight for their homes

The couple had initially purchased their Seguin, Texas home in 2007 with a mortgage that was backed by Bank of America and serviced by a firm called Taylor, Bean & Whitaker. In August 2009, the couple refinanced the loan through Quicken in order to get a better rate.

So Jose was puzzled when, a month after refinancing, he received a notice from Bank of America that said he was behind on his payments on the old loan.

It turned out that Taylor, Bean & Whitaker, the mortgage servicer, had ceased operations the same month they had refinanced. And Bank of America hadn't received the funds from the new loan to pay off the old one, said attorney Barry Brown, who is representing the couple.

Since there is pending litigation, Bank of America wouldn't comment on this specific case. But company spokesman Richard Simon said that when Taylor, Bean & Whitaker went bankrupt, the state government froze its deposits, including monthly payments that customers had made to the servicer and recently processed payoffs on refinanced loans.

Mr.Obama: Eco. EASY FIX: deposit $1 million in each 40 million jobless/family's acct. instead of bankers.?

Mr.President Obama: You have within your reach, the USA economy EASY FIX.

The only thing you're right about...$40 Trillion (40mil X 1 mil) would do more than $500 million about using a calculator (and some common sense) before coming up with such hare-brained ideas? Where do you think money comes from?

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