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Real Estate Home Mortgages/Questions
| Subject | Date Asked | Expert |
| upgrade a home | 2/8/2012 | Mark Schow |
| Q: I just had a question about the costs of upgrading to a new house when you outgrow your current one. ... A: Typically the seller pays the realtor fees which are typically 6% of the purchase price. The ... | ||
| finance new home question | 2/8/2012 | Eric Forster |
| Q: I just had a question about the costs of upgrading to a new house when you outgrow your current one. ... A: Lisa, Before you start looking at larger homes, you need to find out what the current value of your ... | ||
| how much to get a new home? | 2/8/2012 | Brian Beardsley |
| Q: I just had a question about the costs of upgrading to a new house when you outgrow your current one. ... A: The realtor fees (whatever % you have negotiated) is going to come out of the SALE of your current ... | ||
| financing a new home question | 2/8/2012 | Tom Burris |
| Q: I just had a question about the costs of upgrading to a new house when you outgrow your current one. ... A: The realtor fees will be paid out of the proceeds of the sale of the current home. They have no ... | ||
| Fifth Third Bank Refinancing | 2/8/2012 | Mark Schow |
| Q: I need to find out whether Fifth Third Bank is reputable to refinance with. Any tips on how to do ... A: Nearly every bank sells their mortgages to one of those sources. Chase, Wells Fargo, Bank of ... | ||
| Fifth Third Bank Refinancing | 2/7/2012 | Eric Forster |
| Q: I need to find out whether Fifth Third Bank is reputable to refinance with. Any tips on how to do ... A: Sallie, Banks are heavily regulated, and to some extent they are all reputable. Most of the ... | ||
| Fifth Third Bank Refinancing | 2/7/2012 | Mark Schow |
| Q: I need to find out whether Fifth Third Bank is reputable to refinance with. Any tips on how to do ... A: Fifth Third has been around for a long time and i have never heard anything to make me think they ... | ||
| mortgage | 2/4/2012 | Wade Conway |
| Q: I live in Maine with my husband, daughter and 2 cats. 3 of us want to move to Florida. The cats ... A: I am not sure I understand the question. If you are asking if you can take out a mortgage on the ... | ||
| Va Streamline | 1/23/2012 | Eric Forster |
| Q: We are in the process of doing a va streamline with our bank that currently holds the original va ... A: The appraisal is required by the bank, not by the VA. In some areas that have not gone through a ... | ||
| Va Streamline | 1/21/2012 | Eric Forster |
| Q: We are in the process of doing a va streamline with our bank that currently holds the original va ... A: Susan, I assume that what your lender calls a "discharge fee" is what most lenders call a ... | ||
| Credit union - failure to close in a timely manner | 1/19/2012 | Eric Forster |
| Q: We have our mortgage with a credit union. We were approved for a refinance at a significantly lower ... A: Kelly, As you can imagine, many homeowners are trying to take advantage of the very low interest ... | ||
| Adding a name to an existing mortgage | 1/18/2012 | Brian HAHN |
| Q: Hahn: Greetings! My elderly grand-mother owns the home I live in. We have lived in this home since ... A: Kim, I do not see any reason for you to refinance to add your name to the mortgage. You can file a ... | ||
| PMI | 1/17/2012 | Mark Schow |
| Q: Is the LTV requirements different if the mortgage company says the property is rental. My son and I ... A: The property would be considered a rental if your son is not on the loan documents, even if he is on ... | ||
| mortgage loans | 1/15/2012 | Tom Burris |
| Q: I am a current home owner but would like to move to a bigger home since our family has out grown are ... A: You are correct.... The short answer is no. But there is no 'creative' way to 'get around ... | ||
| Short Sale -vs- Forclosure | 1/9/2012 | Al Rodenburg |
| Q: I am upside-down on my mortgage by about $35,000 with 2 Colorado mortgages (1.BOA and 2nd GMAC) ... A: I strongly suggest you contact a Real Estate attorney, as quickly as possible to get their opinion ... | ||
| College transcripts/2 yr work school history | 1/6/2012 | Al Rodenburg |
| Q: I am attempting to get a mortgage for a home I would like to buy. I have been through most of the ... A: A 2 year work history is required on all mortgage loans; if you were in University prior to your ... | ||
| Falling home value | 1/3/2012 | Mark Schow |
| Q: I bought a home for 224.000$ in 2007 at 7.1% interest rate. Today the home is worth 161.000$ and ... A: The format would be similar to a modification, but in addition to asking for a reduced rate you ... | ||
| Quit Claim Deed and Pre-Nuptial | 12/29/2011 | Brian Beardsley |
| Q: My fiance's home is in his sister's name. She is going to Quit Claim Deed it back to him back she ... A: There are a couple issues that could impact my answer. # 1 Does the sister have a loan on the ... | ||
| credit union foreclosure policy | 12/19/2011 | Mark Schow |
| Q: credit union policy vs bank policy? I am 4 months behind on my mortgage payment. Is there a ... A: The policies on foreclosure varies independently with each institution. The difference is not ... | ||
| Transfer Title to Ex-Girlfriend | 12/14/2011 | Eric Forster |
| Q: A six year relationship with my girlfriend has recently ended. We bought a home two years ago as ... A: John, You and your girlfriend share the obligation (and the liability) on the current loan. Now, ... | ||
| 2nd mortgage | 12/11/2011 | Eric Forster |
| Q: I am planning on retiring in 2015 my mortgage will be paid off but I have a second that started with ... A: Bill, This is one of those good news/bad news situations. The bad news is the high rate that you ... | ||
| home purchase financing. | 11/30/2011 | Brian Beardsley |
| Q: I am wondering if there would be any advantage(tax or otherwise) to withdrawing money from an IRA to ... A: For calculation purposes let say you withdrew $100,000 on January 2, 2012. You'd have a large tax ... | ||
| divorce / mortgage assumption | 11/23/2011 | Craig Ballhagen |
| Q: My ex-husband and I purchased a townhouse in 2005, with both of us listed as joint owners but only ... A: The divorce degree protects you against anything negative with the home as long as it clearly states ... | ||
| Underwater sale | 11/21/2011 | Wade Conway |
| Q: I owe 278k on a home worth (in my best estimation) 210k. My wife and I can afford our payment but ... A: Hey Ben, I would not recommend a short sale. A short sale is just one half step shy of a ... | ||
| Underwater sale | 11/21/2011 | Craig Ballhagen |
| Q: I owe 278k on a home worth (in my best estimation) 210k. My wife and I can afford our payment but ... A: If you try to buy a another home while your home is on the market, you would need to qualify with ... | ||
| Home loan question | 11/21/2011 | Ed Tluck |
| Q: I owe 278k on a home worth (in my best estimation) 210k. My wife and I can afford our payment but ... A: no lender will roll the shortage from the old place to the new loan because that dramatically ... | ||
| stay at home mom gettng a fha loan | 11/20/2011 | Ed Tluck |
| Q: I am a stay at home mom for the past 5 years! My husband has a FHA loan out on the triple block we ... A: lots of questions: if you were never >30 days late on mortgage you credit should be fine. can only ... | ||
| Taking a name off a mortgage and changing toanother person | 11/18/2011 | Tom Burris |
| Q: My Mother in law purchased a house with her boyfriend and instead of him being primary owner and her ... A: Contact the mortgage company.... Although they might not talk to her since she is not on the loan. ... | ||
| Changing the primary ownwer on the mortgage to someone else | 11/18/2011 | Mark Schow |
| Q: My Mother in law purchased a house with her boyfriend and instead of him being primary owner and her ... A: He can quit claim the property to your mother, she will need to refinance the mortgage if she wants ... | ||
| forfeiture of contract | 11/17/2011 | Mark Schow |
| Q: sir, my friend is buying a Mobile home, he lost his job and got behind on payments. The land is ... A: Part of the answer comes down to how this property was recorded. If the mobile home was recorded ... | ||
| Adding spouse to mortgage | 11/16/2011 | Eric Forster |
| Q: My Wife and I bought a home back before we were married. The Mortgage was taken out in her name and ... A: Josh, The only way to add yourself to the mortgage is by refinancing it, which would be simply a ... | ||
| Foreclosure by credit union | 11/13/2011 | Mark Schow |
| Q: I was upside-down on my home with a 1st and 2nd mortgage through the credit union I bank at. I had ... A: Credit unions and banks work in similar fashion, however each credit union and bank will operate a ... | ||
| Falling home value | 10/31/2011 | Mark Schow |
| Q: I bought a home for 224.000$ in 2007 at 7.1% interest rate. Today the home is worth 161.000$ and ... A: Sorry for the late response. I was out on vacation and had not remembered to put the vacation ... | ||
| Quiet Title Action/ Verified Complaint | 10/12/2011 | Brian Beardsley |
| Q: I have 2 condo mortgages I am current on. Values have declined 50% since 2005. I have been reading ... A: There is a lot of discussion recently regarding quiet title action and a number of lawsuits have ... | ||
| refinancing a newer loan | 10/12/2011 | Mark Schow |
| Q: Mr. Schow, My family and I bought our house a few years ago at a 5.75% rate and have a mortgage ... A: The answer will come down to what type of mortgage you have right now. Fannie Mae and Freddie Mac ... | ||
| transferring ownership | 10/11/2011 | Mark Schow |
| Q: I live in Alabama. My mother recently passed away leaving her home, among other things, to her ... A: You should be able to do it with a quit claim deed, but it does not hurt to contact an escrow ... | ||
| Real Estate Beneficiary | 10/4/2011 | Mark Schow |
| Q: I live in a home with my mother who needs looking after and my question is concerning beneficiary ... A: The county the deed was filed under should have recorded how the ownership was listed. With your ... | ||
| Real Estate Beneficiary | 10/3/2011 | Mark Schow |
| Q: I live in a home with my mother who needs looking after and my question is concerning beneficiary ... A: The transfer of ownership to you is not automatic, typically a will would be utilized to instruct ... | ||
| Refinance and Deed Transfer | 10/1/2011 | Eric Forster |
| Q: I am on both the deed and mortgage for a condo with my ex-boyfriend. He is trying to refinance to ... A: John, There is nothing to worry about. The documents sent to you have been prepared in anticipation ... | ||
| investment property/mortgage | 9/27/2011 | Mark Schow |
| Q: Schow, I have a question regarding obtaining mortgages for a second home (investment property). I ... A: Kevin, the new home you would be purchasing would be considered a primary residence, not a 2nd home ... | ||
About Real Estate Home Mortgages
This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here
This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here
Real Estate Home Mortgages
Answers by Expert:
Mark Schow
Top Expert on this page
Expertise
Can: reverse mortgage, mortgages of all types, debt management and settlement, foreclosure problems, real estate investment strategies. Can't: real estate law, standard banking outside mortgage and debt.
Experience
2002-2004 President of the Utah Association of Mortgage Brokers (UAMB)
2004-2008 Board member UAMB, Fraud task force chair, PR chair, Legislative chair.
2002-2005 Delegate to National Association of Mortgage Brokers, Legislative committee.
1996-2008 COO Debt Free Living- Now Debt Fast Track. Founder of company- consumer debt elimination company.
1994-2008 President Secured Financial Freedom. Mortgage broker, serviced nationwide, 120 employees and handled real estate investment loans for the Carlton Sheets group and some Rich Dad clients.
2005-2011 ARES, LLC. Owner, Manager. Private money investments, business consulting.
2011- present, Reverse My Mortgage, LLC. Managing Member. Reverse mortgage education, marketing and sales.
2011- present. Salt TV Network. Financial contributor, Sales Manager.
Organizations
UAMB, NAMB
Publications
Ezines.com, Authorstream.com, articlesbase.com, articlealley.com, yahoo answers, wiki answers, UAMB newsletters.
Education/Credentials
High School- Alta High graduated 1984
Brigham young University- 1986-1991 Business Finance Major
Past/Present Clients
Salttvnetwork.com, Doreen Stein, PEI institute, Franklin Covey Coaching, Capital Financial Group, the rest are consumers- cannot give out names due to privacy but have had thousands of clients both for debt elimination and mortgage work.
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