| Subject | Date Asked | Expert |
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| 1st & 2nd Mortage Pay off | 11/18/2009 | Craig Ballhagen |
Q: My uncle's wife passed away. The mortgage was in her name and the deed was in hers' and her son's ...
A: When the house sells all loans will be paid off as long as the loans are not more then the house ...
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| FHA Home Rental due to new job | 11/18/2009 | Jim Root |
Q: I purchased a home in September 2007 through an FHA backed mortgage: $143K, 100% financing at 5.95%. ...
A: FHA'S OWNER/OCCUPANCY requirement is "intention to occupy the property fo at least one year.(Note ...
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| Second Home | 11/18/2009 | Craig Ballhagen |
Q: We are buying a home. Long story short, credit isn't greatest, but we can definitely afford what ...
A: If the second home is in the same city, it can't be a second home. It would have to be an ...
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| Second Home | 11/17/2009 | Craig Ballhagen |
Q: We are buying a home. Long story short, credit isn't greatest, but we can definitely afford what ...
A: The only loans that allow co-signers are FHA loans and FHA doesn't lend on second homes. So if you ...
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| Mortgage Broker Ethics | 11/17/2009 | Eric Forster |
Q: I no longer trust the mortgage broker we have been working with. He is not providing us with answers ...
A: I don't know if talking to the wife's broker will accomplish anything, but how about talking to the ...
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| Mortgage Broker Ethics | 11/17/2009 | Eric Forster |
Q: I no longer trust the mortgage broker we have been working with. He is not providing us with answers ...
A: Lauren, The lender (and/or broker) is required to provide you with all state and federal ...
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| Broker negligence? | 11/17/2009 | Denise Monaco |
Q: My partner and I were pre-approved for a loan for a condo (credit scores both ca. 780, 10% down, ...
A: I'm sorry to hear that, if you were not approved for a loan you will not be held responsible for the ...
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| foreclosure | 11/13/2009 | Joe Almirantearena |
Q: My wife is facing forclosure on my home, it is deeded in her name and the mortgage is in her name ...
A: Unfortunately, your question is too brief and incomplete for a thorough response. I'm not sure ...
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| Fees | 11/12/2009 | Jim Hoepf |
Q: I have a mortgage loan and I had a loss on my home due to water damage. I filed a claim for ...
A: Lori, Unfortunately there are no laws preventing them from doing that. In my mind its an unfair ...
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| Mortgage | 11/11/2009 | Denise Monaco |
Q: We sold a rental house to a friend and hold the note. We need to get cash from the house for current ...
A: Typically the owner can refinance after 6 months however at that time it would go off of the price ...
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| Refinance and the CMT index | 11/11/2009 | Eric Forster |
Q: "I am currently in the market to refinance my house. I was talking with one company who had ...
A: Jeff, The CMT stands for Constant Maturity Treasuries, and the 3 year CMT is equivalent to the ...
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| sale house | 11/11/2009 | Jim Root |
Q: house was paid for, not being knowledgeable i refinance about 3 times over the last 7 years now my ...
A: With the National Economy "in the dumps," and the Mortage Lenders "running scared," if your CREDIT ...
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| Refinance and the CMT index | 11/11/2009 | Eric Forster |
Q: "I am currently in the market to refinance my house. I was talking with one company who had ...
A: Jeff, The 3/1 ARM, tied to the CMT index, is a fine loan, and due to the nature of the index (a ...
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| Re-fi with CMT index | 11/11/2009 | Tom Burris |
Q: "I am currently in the market to refinance my house. I was talking with one company who had ...
A: My opinion? The index is at an all time low. <= can only go up!!! ...
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| Charge-off issue | 11/10/2009 | Joe Almirantearena |
Q: I recently had a charge off on my 2nd mortgage. The amount was 140k. I spoke with the recovery dept ...
A: Your options to refinance would be if you have equity in your property. If you do not have any ...
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| First home purchase | 11/10/2009 | Brian Beardsley |
Q: I have a couple questions regarding purchasing my first home. As some background info, I only have ...
A: sorry for the delay in answering it... The auto loan will initially lower your score, since it will ...
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| investment property | 11/10/2009 | Jim Root |
Q: I bought an investment property in New Jersey and after 3 years the value of the property has lossed ...
A: CHARLES-- As I'm neither a State-licensed Lawyer nor Certified Public Accountant,I can't answer ...
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| CMT index refinance | 11/9/2009 | Craig Ballhagen |
Q: I am currently in the market to refinance my house. I was talking with one company who had ...
A: The main reason people get 3, 5 or 7 year arms is because they know they will be selling the house ...
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| charge off | 11/9/2009 | Al Rodenburg |
Q: due to bad times, i was not able to pay my mortgage. i tried to rent the property and sell it but ...
A: Unfortunately, I am no longer involved in the mortgage industry; but I do have several old friends ...
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| Home Buying Road block | 11/8/2009 | Jim Root |
Q: My fiance and I are in the process of buying a home. We were going with a VA loan. We had a ...
A: If your Fiance is the VETERAN,without him on the loan, as Borrower or Co-Borrower, a VA Loan is NOT ...
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| investment properties refinance | 11/5/2009 | Jim Hoepf |
Q: I am trying to refinance our investment propertiesm however since we have 6 properties, it seems ...
A: Adrienne, I don't have much good news for you. The majority of lenders have capped the number of ...
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| .75 condo LLPA | 11/2/2009 | Jim Hoepf |
Q: I have a client buying a home that is being charged a .75 pt on a detached condo that is FA ...
A: Donna, I would be very surprised if they didn't know up front. Loans are run through automated ...
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| Buying a Sibling out of an Estate Property | 11/1/2009 | Craig Ballhagen |
Q: My sister and I have inherited our family house after the death of our mother. My sister wants to ...
A: The best way is to use the equity in the house by refinancing the house and taking the cash out to ...
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| RESPA Question-Found forged mortgage documents | 10/31/2009 | Jim Hoepf |
Q: After learing about RESPA requests, I requested and received a complete copy of my 1st mortgage loan ...
A: Tom, It appears that your list of documents are only preliminary documents meant for the brokers ...
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| Quit claiming part of ownership without having to refinance | 10/30/2009 | Joe Almirantearena |
Q: I own a single family home in Los Angeles, CA. It is heavily mortgaged. I want to quit-claim 50$ of ...
A: The lender will not demand anything. You can add this person to title, if you wish. Keep in mind ...
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| Construction to end loan mess | 10/29/2009 | Brian Beardsley |
Q: In Sept of 2008 we were approved for a construction loan to put a manufactured home on a basement. ...
A: Sorry for the delay in responding - # 1 If they have an appraisal, they are required by LAW to ...
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| PMI Question | 10/29/2009 | Denise Monaco |
Q: It is my understanding that PMI is supposed to be automatically cancelled when you LTV reaches 78%. ...
A: They are supposed to cancel the PMI automatically when it reaches 78% however with the industry the ...
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| .75 condo LLPA | 10/29/2009 | Jim Hoepf |
Q: I have a client buying a home that is being charged a .75 pt on a detached condo that is FA ...
A: Donna, I would assume they know who the loan is going through....the automated underwriting should ...
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| Mortgage Charge Off | 10/27/2009 | Doug Walker |
Q: I am with HSBC mortgage company who had advised me that my home was in foreclosure due to lack of ...
A: Wow...I guess you can count me amount the confused! To have a mortgage company not accept payments ...
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| Construction to end loan mess | 10/27/2009 | Brian Beardsley |
Q: In Sept of 2008 we were approved for a construction loan to put a manufactured home on a basement. ...
A: you won't be able to secure an end loan - Did you rely on information supplied by the seller / ...
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| .75 condo LLPA | 10/25/2009 | Jim Hoepf |
Q: I have a client buying a home that is being charged a .75 pt on a detached condo that is FA ...
A: Donna, I have done my homework and Fannie Mae does have a .75 Loan Level Price Adjustment for ...
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| mortgage charge offs | 10/23/2009 | Doug Walker |
Q: Please help me....We are about to lose our home and have started the process of bankruptcy. We ...
A: I am sorry for your situation and I hope your husband finds work soon. You are certainly not alone. ...
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| HARP | 10/23/2009 | Jim Hoepf |
Q: I was trying to learn what options might be available for a woman that has went through a divorce ...
A: Milli, Is she trying to modify the loan or refinance it? I would assume that if she is just trying ...
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| special warranty assumption deed | 10/22/2009 | Tom Burris |
Q: Will a SPECIAL WARRANTY ASSUMPTION DEED allow me to have complete ownership of the real estate ...
A: The deeds will contain lien information. If the lender doesn't know about this then they may not ...
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| Refinancing - have default notice on record | 10/20/2009 | Jim Hoepf |
Q: You greatly assisted me this summer regarding questions I had regarding paying off my first and ...
A: Randy, It never hurts to try, but in my experience, it has had to be a catastrophic event that ...
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| seller paying down or closing for buyer | 10/20/2009 | Jim Hoepf |
Q: i want to sell my home for 120,000. the buyer has about 5,000. for down payment. they want it as a ...
A: Carrisa, Thank you for the question. To be perfectly honest, there isn't a lot you can do for ...
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| Refinancing - have default notice on record | 10/17/2009 | Jim Hoepf |
Q: You greatly assisted me this summer regarding questions I had regarding paying off my first and ...
A: Randy, I think in one our conversations, I asked if there had ever been a Notice of Default filed, ...
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| HECM Short Sale | 10/16/2009 | Jim Root |
Q: My husband's grandmother has a reverse mortgage on her home and she has drawn all of the money that ...
A: DANA-In my nearly 15 years as a Housing Official with HUD's FHA Division, your PLAN to use a ...
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| REFINANCE | 10/15/2009 | Bret Temple |
Q: In New Hampshire. I owned a home for 5 years as sole owner and single. My name is the only name on ...
A: Dan, Different states might have different laws, but they are probably requiring a signature from ...
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| condo purchase | 10/14/2009 | Jim Root |
Q: My husband and I reside in CA and are considering purchasing our first property in Atlanta. We are ...
A: Erica-- Certaily you may buy investment property(s)in GA or elsewhere whie residing in CA--but it's ...
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