| Subject | Date Asked | Expert |
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| Getting A House Without Buying It Right Now... | 7/8/2009 | Brian Beardsley |
Q: A former landlord got so pleased with our responsibility on the payments and the care of the house ...
A: .. It sounds like you might be taking over an "assumable" mortgage, where the debt transfers to ...
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| 1st and only loan is a home equity loan | 7/8/2009 | Denise Monaco |
Q: How can my whole mortgage be a home equity loan? ANSWER: Hi Felicia It depends on the type of loan ...
A: I will have to look into that for you, I don't see why you can't unless there is a pre-payment ...
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| co-own a home | 7/8/2009 | Joe Almirantearena |
Q: My friend and I are thinking to buy a house in CA together, therefore the house will be under both ...
A: If I'm reading you question correctly, then you are taking on all of the risk. If the mortgage is ...
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| Insurance claim/repairs | 7/8/2009 | Denise Monaco |
Q: We recently suffered water damage to our hardwood from a severe storm. The damage is minimal, yet ...
A: I'm sorry about your water damage. I've never had a problem with a check being endorsed. I would ...
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| Cash Out Refi went bad | 7/7/2009 | Joe Almirantearena |
Q: This is for a cash out refi to pay off unsecured loans. Well, I've been duped. Im extremely ...
A: The fact is our industry is going through huge changes at the moment. Lenders are implementing new ...
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| VOR | 7/6/2009 | Jim Hoepf |
Q: wanting to know what does the underwriter need to see in ones paperwork to not request a VOR. does ...
A: Derrik, A verification of rent is needed on most loans. The only real way around it is providing ...
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| mortgage for ssi recipients | 7/6/2009 | Brian HAHN |
Q: Me and my mother rented a home that turned out to be heading for forclosure. the lady renting is ...
A: Chris, 1) Contact a mortgage loan officer to find out available grants - every state and select ...
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| Building a new home | 7/5/2009 | Jacqueline Kounkel |
Q: I'm looking to build my own home in north east Georgia. I was just given some land so I already ...
A: Congratulations on your journey to purchase a new home!! The good thing is that the land value can ...
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| Down Payment | 7/4/2009 | Denise Monaco |
Q: My husband and I are newly weds who paid for our wedding ourselves. All of the money we've been ...
A: The only other thing I can think of would be to see if your property is located in a RURAL area. If ...
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| mortgage through bank | 7/2/2009 | Jim Root |
Q: We want to buy this 1949 home that is selling for $38000, but needs repairs costing $17000. The ...
A: Welcome back! Have your Banker Mortgage your Home that you say's worth approx.$85,000 and you own ...
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| current job length | 6/30/2009 | Denise Monaco |
Q: My husband recently graduated from Oxford University as an Aerospace engineer, we have taken a well ...
A: You can purchase your first home as soon as you find one. You will need his college transcripts, ...
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| Mortgage modification | 6/30/2009 | Eric Forster |
Q: The modification answer is taking a long time, If I miss a payment while waiting for GMAC to get ...
A: Cynthia, The Home Affordability Modification Program does not punish you for being late with your ...
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| FHA Mortgage Application | 6/30/2009 | Tom Burris |
Q: I am a guarantor on an SBA loan which is currently in default. I applied for a mortgage loan and ...
A: The lender pulls a report from HUD called a CAIVRS report. Do a search for CAIVRS and you will get ...
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| Extreme Delay in processing/Underwiriting | 6/29/2009 | Jim Hoepf |
Q: I applied for a $144,000 mortgage with Countrywide on March 18, 2009 now Bank of America. The ...
A: Eddie, I hope by now you have got this resolved. Some of the Loan Officers that work at the banks ...
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| First home buyers need advice | 6/29/2009 | Tom Burris |
Q: My husband and I were married in November and are currently living in an apartment in the north Fort ...
A: Mellissa, I get a lot of desperate questions.... It is refreshing to answer a good question by ...
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| Reporting mortgage to the big three | 6/28/2009 | Jim Hoepf |
Q: I purchased a home back in 2001 to a private lender in Georgia. Unfortunately, the owner has never ...
A: Raymond, There is on one agency that can help that I am aware of. You'll probably need to contact ...
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| Extreme Delay in processing/Underwiriting | 6/27/2009 | Jim Hoepf |
Q: I applied for a $144,000 mortgage with Countrywide on March 18, 2009 now Bank of America. The ...
A: Eddie, WOW! Unfortunately you are not the only person I have heard receiving this kind of ...
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| refinance and escrow account | 6/26/2009 | Doug Walker |
Q: I have met the requirement to take my escrow account out. I am thinking of refinancing my mortgage. ...
A: Judy, Escrow accounts are only required on loans over 80% loan to value. If you refinance and the ...
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| cash out refi | 6/26/2009 | Joe Almirantearena |
Q: Joe, Can we do cash out refi on a property that was purchased in cash 6 weeks ago? also can we use a ...
A: It depends on the circumstances of your situation. You must qualify based on 2 years of job ...
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| refinance | 6/26/2009 | Denise Monaco |
Q: Does refinance go through exact same same procedure as the initial one, such as job verification, ...
A: The process is the same and you do not have to go through your initial mortgage company. The only ...
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| mortgage through bank | 6/25/2009 | Jim Root |
Q: We want to buy this 1949 home that is selling for $38000, but needs repairs costing $17000. The ...
A: ESTHER-- You didn't send your inquiry to me, and whoever you sent it to directed it the QUESTION ...
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| mortgage for 1099 paid truck driver | 6/25/2009 | Jim Hoepf |
Q: Truck drivers are not like most 1099 paid individuals. We can deduct everything while on the road ( ...
A: Zoe, I answered this question previously. There are only certain items that can be rolled back ...
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| Buying a home | 6/25/2009 | Eric Forster |
Q: Besides buying a house on a mortgage, is there any other method of buying a home?
A: George, There are 5 ways of financing the purchase of a home: 1. Bank financing (mortgage). The ...
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| FHA Loan | 6/24/2009 | Doug Walker |
Q: I am a first time buyer shopping for a FHA Loan. Do you charge a service fee if I need some ...
A: Amy, I do have a company that I am just getting going that will provide review services for good ...
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| arizona lending laws | 6/24/2009 | Eric Forster |
Q: I recently bought a home for investment and was preapproved a couple of months ago. the lender who ...
A: Mike - T think your friend misquoted the rate and then dug himself deeper into a hole. The reality ...
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| Pros and Cons | 6/23/2009 | Jim Root |
Q: Root, I have actually three questions if you don't mind responding: 1. what are the pros and cons ...
A: Hey Karl-- Thanks for the questions-- I Certainly don't mind responding; that's what I'm here for! ...
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| Helping a roommate | 6/23/2009 | Jacqueline Kounkel |
Q: my roommate's grandmother passed away and it seems there is no will or "pre-arrangements". She has ...
A: The answer to your question is yes, in most circumstances, the remaining loan amount would need to ...
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| my house | 6/18/2009 | Jim Hoepf |
Q: My mother bought me this house because my credit is shot. can i have the house under my name and not ...
A: David, Not really. If your mom transfers the house to you only, the lender could call the note due ...
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| Transfer Title to Daughter and Son | 6/18/2009 | Eric Forster |
Q: Forster, I just want to have some questions and thank you for your time. Currently I owed 245k on ...
A: Sally - There are three separate issues here: 1. Deeding the property over to the children. 2. ...
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| buying an older home | 6/18/2009 | Brian Beardsley |
Q: I want to buy this 1090 sq. ft. home that needs repairs(some major--floor, plumbing, roof, ...
A: you'd want to a) factor in the cost for annual flood insurance b) CAREFULLY think about owning a ...
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| Home Mortgage | 6/17/2009 | Denise Monaco |
Q: Is it a problem to add escrow payments to an existing mortgage?
A: It shouldn't be a problem, just call you lender and let them know you would like to pay your taxes ...
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| Hard Money/ Private Money Lenders | 6/17/2009 | Jacqueline Kounkel |
Q: I need some direction with finding a local hard money(rue hard money ) lender in my area. I am ...
A: I am so sorry that I do not have any connections to hard money lenders at this time. I used to know ...
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| intrest only loan | 6/17/2009 | Tom Burris |
Q: I know stupid because we had no idea what that was!! Now we want out but nobody will refiance 100% ...
A: The lender will always take extra payments towards principle. Call the mortgage company and see what ...
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| Interest rate | 6/16/2009 | Jim Root |
Q: I heard that if I refinance my home through a lawyer, I will get a lower interest rate on my ...
A: Hey BAO-- Refinance through an Attorney & get a lower interest rate on the Mortgage? Where did you ...
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| Home Sale | 6/15/2009 | Brian Beardsley |
Q: I moved out of my home after i could no longer afford the payments. The current renter was paying ...
A: I would IMMEDIATELY contact the lender and see if you would qualify for a loan modification - DO ...
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| buy home with parent as borrower | 6/15/2009 | Tom Burris |
Q: My husband and I are wondering whether his mother can purchase a home for us- as she lives in ...
A: http://activerain.com/blogsview/449665/fha-non-occupying-co-borrower Mom could co-sign. But you ...
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| 1st time home buyer looking for a loan with a low down payment | 6/14/2009 | Jim Root |
Q: I live in the bay area, californiA and am looking to buy my first home with a 10%down without the ...
A: There are lots of Mortgaging options to FHA-Insured Financing when you have 10% of the Purchase ...
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| Underwriting Delays | 6/12/2009 | Jim Hoepf |
Q: We applied for a mortgage back in May (18th to be exact) and provided all data (bank statements etc) ...
A: Scott, Let me debunk a few of their comments. The new lending rules do not prohibit them from ...
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| Underwriting Delays | 6/12/2009 | Jim Hoepf |
Q: We applied for a mortgage back in May (18th to be exact) and provided all data (bank statements etc) ...
A: Scott, I would have to say its probably the lender you chose. A 30 day time frame is plenty of ...
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| Use a broker for home equity loan? | 6/12/2009 | Bret Temple |
Q: First of all, I sincerely thank you for any help you can give. We have a mortgage balance of ...
A: First of all I'm sorry for all the financial difficulties you have been going through. Unfortunately ...
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