If I put $ 3500 a year to the principal payment of my mortgage. How do I calculate the rest of the time in loan if I dump the allotted amount to the principal only? How many years would I knock off the total mortgage? I have about 24 years left at a little over 7% interest on $ 224,000.
Marching for a moratorium in foreclosure
Foreclosed upon homes have reached an all time high. 8 to 9 million Americans are on the verge of losing their homes in the next four years, that represents one home being lost every 13 seconds. Soon the house of representatives is expected to vote on H.R. 200 (S.61 in the Senate), the Helping Families Save Their Homes in Bankruptcy Act of 2009. This bill would allow bankruptcy judges to modify loans on principal mortgages. ACORN calls on members of congress to support H.R. 200/S 6.1 when it comes to a vote. This legislation is vital because mortgage debt on a primary residence cannot currently be restructured, while vacation homes and yachts can be at the moment. Banks are not offering any true solutions to the foreclosure situation, this legislation could modify loans structurally and change the current dynamic.