| Subject | Date Asked | Expert |
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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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| 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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| 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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| 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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| Refinance question | 10/14/2009 | Denise Monaco |
Q: I currently owe $448,000 on my first 30-yr mortgage at 5.875% fixed rate, which I plan to refinance ...
A: Most realtors will provide the CMA for free, you can tell them you are thinking of selling and just ...
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| Refinance question | 10/13/2009 | Denise Monaco |
Q: I currently owe $448,000 on my first 30-yr mortgage at 5.875% fixed rate, which I plan to refinance ...
A: The current situation of our economy is making the guidelines so hard for people to refinance. All ...
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| G.C. & 203k guidelines | 10/11/2009 | Jim Root |
Q: Mr. Root I am a General in St. Louis, MO. I have a potential customer that wishes for me to contract ...
A: Hey KRIS-- The Mortgage Lender that will be doing the 203K Loan for your potential Customer is ...
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| closing date extension | 10/10/2009 | Craig Ballhagen |
Q: my paperwork was not ready on time the day was Friday i did not find out until Saturday cannot get ...
A: If your lender did not have the paper work finished on time, they shouldn't have a problem with an ...
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| Refinance | 10/8/2009 | Jim Root |
Q: My parents left me a house paid for with no mortgage. 100% equity. I moved in in Jan. 09. ...
A: -- Laws relating to REAL ESTATE vary from state to state, so if your "source" of the info on the 6 ...
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| reverse mortgage | 10/1/2009 | Joe Almirantearena |
Q: My husband is 81 and I'm 60. We own/ed five properties. Unfortunately, two we've had to let go into ...
A: Without knowing more details about your particular situation, I cannot tell you whether you can or ...
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| Refinance | 9/28/2009 | Craig Ballhagen |
Q: 1st of all thank you for taking the time to answer my question. We live in Florida and currently ...
A: I would suggest not to refinance. With only a 1% drop in rate with a loan amount of 78k and the ...
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| Mortgage | 9/25/2009 | Bret Temple |
Q: I have a mortgage, where when the co-owner passes, his ownership passes to the living co-owner. I ...
A: The type of ownership you are speaking about is called a Joint Tenant agreement. In this agreement ...
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| Refinancing - FNMA | 9/24/2009 | Jim Hoepf |
Q: My husband and I have been in the process of refinancing our home for more than a month now. We ...
A: Nicole, Thank you for the question! First, Fannie Mae does not regulate all conventional loans, ...
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| Refinance/unpaid taxes | 9/24/2009 | Bret Temple |
Q: First off, thanks so much for this service! I'm trying to refinance my house, and I have good ...
A: You will need some kind of income documentation in order to refinance. By now, the Lender will be ...
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| Past due taxes/mortgage refinance | 9/24/2009 | Brian Beardsley |
Q: First off, thanks so much for this service! I'm trying to refinance my house, and I have good ...
A: Sorry for the delayed response... Most lenders are going to require that the amount is paid in full ...
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| Gift of Equity | 9/24/2009 | Craig Ballhagen |
Q: I am wondering. My father in law is selling his mothers house to my wife and I. The first appraised ...
A: With any mortgage the person who has the lowest scores is how the loan will be scored qualified. If ...
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| Gift of Equity | 9/24/2009 | Craig Ballhagen |
Q: I am wondering. My father in law is selling his mothers house to my wife and I. The first appraised ...
A: A co signer does not off set your scores. It only helps you income qualify. Probably the best thing ...
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| Gift of Equity | 9/24/2009 | Craig Ballhagen |
Q: I am wondering. My father in law is selling his mothers house to my wife and I. The first appraised ...
A: If you are using a non occupying co signer, you would be best to go with an FHA loan. All of the ...
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| Past due taxes/mortgage refinance | 9/23/2009 | Tom Burris |
Q: First off, thanks so much for this service! I'm trying to refinance my house, and I have good ...
A: You very well may be fine if you can prove payments. I have seen it done. I don't think any of the ...
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| Past due taxes/mortgage refinance | 9/23/2009 | Brian Beardsley |
Q: First off, thanks so much for this service! I'm trying to refinance my house, and I have good ...
A: it is very unlikely that this information has been reported to the credit agencies - The only ...
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| buying a new home while selling old one | 9/23/2009 | Eric Forster |
Q: OK I hope you can help. Here is my situation, I currently own a home,but want to sell it when I move ...
A: Michelle - It can be done, but it's not easy. For most people, making payments on 2 homes is not ...
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