| Subject | Date Asked |
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| 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 ...
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| 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 ...
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| .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 ...
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| 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 ...
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| .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 ...
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| .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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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, ...
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| 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, ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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. ...
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| 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 ...
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| 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? ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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. ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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| 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 ...
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