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Real Estate Home Mortgages/Questions Answered by Expert Jim Hoepf
| Subject | Date Asked |
| Fees | 11/12/2009 |
| 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 ... | |
| investment properties refinance | 11/5/2009 |
| 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 ... | |
| .75 condo LLPA | 11/2/2009 |
| 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 ... | |
| RESPA Question-Found forged mortgage documents | 10/31/2009 |
| 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 ... | |
| .75 condo LLPA | 10/29/2009 |
| 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 ... | |
| .75 condo LLPA | 10/25/2009 |
| 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 ... | |
| HARP | 10/23/2009 |
| 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 ... | |
| Refinancing - have default notice on record | 10/20/2009 |
| 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 ... | |
| seller paying down or closing for buyer | 10/20/2009 |
| 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 ... | |
| Refinancing - have default notice on record | 10/17/2009 |
| 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, ... | |
| Refinancing - FNMA | 9/24/2009 |
| 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, ... | |
| LPMI Disclosure | 8/28/2009 |
| Q: Does a lender have to disclose that they are putting LPMI on your loan? I refinanced a loan and the ... A: Jeff, Yes, there is a disclosure in the loan packet that tells you you have PMI. It would have ... | |
| options | 8/24/2009 |
| Q: I just found out our mortgage co. Shut down. To make a long story short, we got nurned when we ... A: Marie, I would assume that your loan will be acquired by another lender, they usually are. If you ... | |
| passing on home loan | 8/22/2009 |
| Q: My aunt got sick and when not in her right state of mind took out a 2nd mortgage on her already ... A: Jacqueline, The quickest and easiest thing to do is to get a statement signed by your Aunt that ... | |
| Mortgage | 8/21/2009 |
| Q: This is my story: It took me a long time to find a broker that approves me for a mortgage for a ... A: Jim, Sorry to hear of your situation, it reflects poorly on the entire industry when someone ... | |
| Refinance after bankruptcy | 8/20/2009 |
| Q: I am looking to refinance within 2 months and have a rather unique situation to say the least. I ... A: Randy, Thanks for the additional information. It sounds like you should be OK on all fronts. ... | |
| Paperwork for REM's | 8/20/2009 |
| Q: I just started working at a bank as a loan processor and am still a bit confused when it comes to ... A: Jennifer, Ok, that makes sense. I would think that your company would have some type of a quality ... | |
| Paperwork for REM's | 8/20/2009 |
| Q: I just started working at a bank as a loan processor and am still a bit confused when it comes to ... A: Jennifer, I guess my question to you is at what point are you producing forms and for what purpose? ... | |
| 2nd mortgage loan charged off and now in collections | 8/19/2009 |
| Q: My first loan was recently approved for the MHA loan modification last month. However, the 2nd loan ... A: Anne, The good thing is that you were able to get your first mortgage modified. There are a lot of ... | |
| Refinance after bankruptcy | 8/16/2009 |
| Q: I am looking to refinance within 2 months and have a rather unique situation to say the least. I ... A: Randy, You definitely have an interesting situation. I'll do my best to give you some insight and ... | |
| Foreclosure and 2nd mortgage | 8/16/2009 |
| Q: We own a home in Clark County WA that has a first and second mortgage. The first is for $445,000 ... A: Scott, How far behind are you on the first mortgage? Have they sent you a notice of default? Have ... | |
| chargeoff mortgage | 7/29/2009 |
| Q: my credit report states chargeoff beside the mortgage company but i have not received any ... A: Shena, You need to contact your mortgage company and talk to loss mitigation. They should be help ... | |
| VOR | 7/6/2009 |
| 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 ... | |
| Extreme Delay in processing/Underwiriting | 6/29/2009 |
| 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 ... | |
| Reporting mortgage to the big three | 6/28/2009 |
| 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 ... | |
| Extreme Delay in processing/Underwiriting | 6/27/2009 |
| 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 ... | |
| mortgage for 1099 paid truck driver | 6/25/2009 |
| 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 ... | |
| my house | 6/18/2009 |
| 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 ... | |
| Underwriting Delays | 6/12/2009 |
| 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 ... | |
| Underwriting Delays | 6/12/2009 |
| 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 ... | |
| quit claim and the sale of a house | 5/15/2009 |
| Q: my ex-husband and self are involved in a short sale on our house. When we bought the house in 2004 I ... A: Genevieve, My initial response would be that if you aren't on the sales contract, and you haven't ... | |
| Underwriter Decline on Mortgage | 4/29/2009 |
| Q: TX. We were set to close on the sale of our home on 4-24-09 and got a call from the buyer's lender ... A: Annette, So, has the loan been denied and the borrower can't get the loan? Have they tried to talk ... | |
| short sale | 4/8/2009 |
| Q: I sold a 2nd home short. 1st and 2nd mortgages were both used to purchase the house initially. Now, ... A: John Miguel, A lot of lenders are trying to collect on the balances owed on 2nd mortgages. I have ... | |
| Help with re fi | 4/5/2009 |
| Q: I live in PA and am looking to refinance. I plan in living in the home for about 20 years or so. ... A: Jim, Some of the numbers you have listed don't add up to the total. Would you like to fax the Good ... | |
| Closing sale of property | 4/2/2009 |
| Q: I sold my home in Maine 8/08. My financier was Farmer home, at the closing they sent a payoff amount ... A: Rhonda, Who sent you the letter? Farmer home? You would want to verify that the amount on the ... | |
| gifting money | 3/18/2009 |
| Q: My sister asked if I could borrow money on her behalf for a down payment for a home purchase. Her ... A: April, I personally wouldn't have handled the situation like this. There should have been better ... | |
| gifting money | 3/18/2009 |
| Q: My sister asked if I could borrow money on her behalf for a down payment for a home purchase. Her ... A: April, Please clarify something for me. Your sister wants you to go out and get a loan in your ... | |
| what does a charge off mean? | 3/9/2009 |
| Q: I just got 3 different copies of my credit report and on all of them it says that my mortgage ... A: Shantilia, You are correct with the meaning of the phrase "charged off". Yes, this will stay on ... | |
| 30 year fixed rate | 2/26/2009 |
| Q: My wife and I have found a home. Offer accepted, VA now has 30 days to do there inspection thing. ... A: JD, 5% is an outstanding rate and I have been locking my own clients in at that rate. What rate ... | |
| Subdivide Land with a lien in place | 1/22/2009 |
| Q: Could anyone tell me if it is possible to subdivide raw land into a couple smaller lots when there ... A: Gord, You will need to contact the lender that has your loan for the property. They are the only ... | |
| Refinancing or adding name to existing mortgage loan | 1/10/2009 |
| Q: . I am still waiting word back from Wells Fargo, hopefully they will respond soon. Thank you so much ... A: Ann, If you want to call the agent directly....her name is Diana Jodoin and her phone number is ... | |
| Re-finance | 12/20/2008 |
| Q: Hoepf, My husband and I built a house last year (6.37% for 30 years) and yesterday our loan officer ... A: Pam, Thanks for the question. The first thing you need to do is ask for your loan officer to get ... | |
| 2nd Mortgage Collections after Trustee Sale | 12/9/2008 |
| Q: Our home was foreclosed and sold at Trustee auction in May of 2007. The Mortgage Co. held both the ... A: Mike, If the 2nd mortgage was used to purchase the property, they shouldn't be able to collect ... | |
| Purchasing a home in business name | 11/23/2008 |
| Q: How can I buy a home in my business name? I have a software consulting company, personally I have ... A: Nikki, Thank you for the question. Unfortunately there is no easy way to purchase a home in the ... | |
| Home was foreclosed on, seized and sold. | 11/19/2008 |
| Q: I have or had an 80/20 ARM home loan that I defaulted on both mortgages because I had to relocate ... A: Travis, This question is coming up a lot lately. It is my understanding that these loans are not ... | |
| charged off house | 11/10/2008 |
| Q: My husband (now ex) threw me out of the house almost 3 years ago. We were behind on the payments ... A: Beverly, Wow! This is a very complicated situation. I have not heard of banks just charging off ... | |
| Assuming A Mortgage | 11/7/2008 |
| Q: My landlord is loosing his house due to foreclossure. It is possible for me to assume the ... A: Hector, Thank you for the question. This is a tough situation to be in. If you were interested ... | |
| Good Credit, Good Job.... | 11/3/2008 |
| Q: My sister is a teacher in NJ with stable working history (11 years) and a licensed Ocupational ... A: Hector, Unfortunately she won't be able to do either. First, if her job is in New Jersey and she ... | |
| foreclosure | 10/9/2008 |
| Q: My house was foreclosed on 08/14/2008. I actually kind of knew the lady who bought it at auction. ... A: Sheila, You probably won't get anything from your bank stating what was paid for by your home. I ... | |
| foreclosure | 10/7/2008 |
| Q: My home is going into foreclosure. The association that manages the home does not know ... A: Rob, I would assume that the association dues would be wiped out because of the foreclosure. ... | |
| Refinancing or adding name to existing mortgage loan | 10/5/2008 |
| Q: . I am still waiting word back from Wells Fargo, hopefully they will respond soon. Thank you so much ... A: Ann, The determining factor is how long the house has been owned as a primary residence. If that ... | |
| 2nd home re-financing | 9/28/2008 |
| Q: I have now 2 homes. The 1st home I have close to 10 years was to small for me and i tried selling ... A: Karl, You actually do have the $5100 and it doesn't have to be used as security. Reserves are ... | |
| Adding a name to existing loan | 9/22/2008 |
| Q: My mother and I would like to add my name to an existing home mortgage that I pay for. We didn't ... A: Ann, The good news is that I am in Arizona also and know the market very well. Even with a credit ... | |
| Adding a name to existing loan | 9/22/2008 |
| Q: My mother and I would like to add my name to an existing home mortgage that I pay for. We didn't ... A: Ann, Talking to Wells Fargo is a great first step, and I would be interested in hearing what they ... | |
| Adding a name to existing loan | 9/22/2008 |
| Q: My mother and I would like to add my name to an existing home mortgage that I pay for. We didn't ... A: Ann, Normally it is not possible to add you name to the loan without refinancing. How long have ... | |
| Reprecussions of giving up the home | 8/14/2008 |
| Q: We've been in our house 2 years and have two mortgages. Our loans are much bigger than the house is ... A: Leticia, The deed doesn't hurt your credit quite as bad as a foreclosure, but it still drops your ... | |
| Reprecussions of giving up the home | 8/13/2008 |
| Q: We've been in our house 2 years and have two mortgages. Our loans are much bigger than the house is ... A: Leticia, The document you are talking about is called a "Deed in Lieu of Foreclosure". You'll need ... | |
| Home purchase | 8/1/2008 |
| Q: My husband was just laid off from work, we were pre-approved for our mortgage, he did get another ... A: Sharon, I just wanted to follow up with you and see how things went with your loan now that your ... | |
| Amortization Schedule problem | 7/20/2008 |
| Q: We have been making payments on our home for 3 years. We are expecting to receive enough to pay the ... A: Laura, I guess my first question is how big a difference is there between the actual payoff given ... | |
| Investment property mortgage | 7/17/2008 |
| Q: I have an investment property in Mo. that has been sitting on the market for several months and now ... A: Rebecca, No. A quit claim would only transfer the property to the business, but the loan would ... | |
| Walk away from current mortgage | 7/11/2008 |
| Q: I have a jumbo loan at 950K, the house value is appraised at 1.05M. Our current situation is not ... A: JZ, You can wait and see what happens, but I don't recommend it. Its best to be proactive and move ... | |
| Walk away from current mortgage | 7/11/2008 |
| Q: I have a jumbo loan at 950K, the house value is appraised at 1.05M. Our current situation is not ... A: JZ, First, I would contact the lender and tell them the situation. You may even want to suggest to ... | |
| adjustable rate loan with state income PROBLEM | 6/24/2008 |
| Q: i am in a big mess and i don't know what to do. When i bought my house i got a stated income loan ... A: Jazmin, I don't believe there was an actual law passed, but there has been pressure put on lenders ... | |
| Mortgage foreclosure | 6/13/2008 |
| Q: I wanted to know if you could help me and my wife. We have an 80/20 mortgage with 2 separate ... A: Ken, I would suggest that when you call your mortgage companies, ask for the loss mitigation ... | |
| refi | 6/4/2008 |
| Q: My boyfriend is looking to refi or take the rate freeze, We are wanting to get married, The question ... A: Dana, The loan would have to be done in his name only to avoid using your credit score. If you are ... | |
| 80/20 Mortgage Foreclosure | 5/29/2008 |
| Q: My husband and I have an 80/20 Mortgage that will be going into foreclosure. The 20% is structured ... A: Janell, It is my understanding that as long as the 20% is secured as a mortgage, then the lein ... | |
| Mortgage payment | 5/18/2008 |
| Q: I bought a house 18 months ago and my mortgage payment has never been late. I'm responsible for ... A: This situation isn't as bad as it appears and happens quite frequently. First and foremost, contact ... | |
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:
Jim Hoepf
Top Expert on this page
Expertise
I have a diverse background that allows me to answer questions regarding underwriting, collections and industry changes.
Experience
I have 18 years of experience in the industry. I have an extensive underwriting background that allows me to have a greater understanding of how to properly structure a loan for approval. I have been cohost of the local radio show Real Estate Matters for the last four years. I have owned and operated my own brokerage firm for the last 10 years. Along with originating and underwriting I have also handled mortgage delinquency and the foreclosure process.
Education/Credentials
BS in Business Administration from Bluffton University. I have also participated in numerous underwriting workshops put on by Fannie Mae and lenders in the Phoenix area.
Awards and Honors
Broker of the year for Arizona with Homeside Lending.
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