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Real Estate Home Mortgages/Questions Answered by Expert Doug Walker

SubjectDate Asked
Mortgage Charge Off10/27/2009
  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 ...
mortgage charge offs10/23/2009
  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. ...
Didn't purchase a home, but lender wants to charge a $350 Pre-Purchase Rate Protection Fee.8/26/2009
  Q: I applied for pre-approval over a year ago. I decided to not purchase home and through the ...
  A: David, The rate protection fee of $350 is kind of odd for starters. Most rate lock in programs do ...
va mortgage8/21/2009
  Q: If I already have a mortgage can I still buy another house with my va loan or do I have to wait
  A: VA allows you to have more than one loan at a time. They don't allow you to buy investment ...
Mortgage house problems8/13/2009
  Q: What are the options when you can not afford to pay your mortgage? Also if you walk away from your ...
  A: I am sorry that things are getting tight for you. Just know you are not alone... You can walk away ...
Loan Qualification8/11/2009
  Q: I am a US citizen who has been living and working abroad in South Korea for the past three years ...
  A: If you plan to stay in South Korea and continue that income it would have to be verified. If you ...
mortgage in spouses name only8/10/2009
  Q: what happens if spouse dies and mortgage is in that spouse name only. Title is in both names. Does ...
  A: Karol, Title can be held as joint tenants, tenants in common, etc. There are different ...
cash flow business8/8/2009
  Q: the Cash flow business add on TV sounds great, but you say it is hard and cost money to find notes, ...
  A: Gladys, My only advice is - beware. Most cash flow real estate businesses on TV take a lot more ...
Interest Credit7/16/2009
  Q: Is there such thing as an interest credit window? I read in one website: ...
  A: Sorry for the delay in getting back to you. I was on vacation since last Wednesday. Interest ...
refinance and escrow account6/26/2009
  Q: I have met the requirement to take my escrow account out. I am thinking of refinancing my mortgage. ...
  A: Judy, Escrow accounts are only required on loans over 80% loan to value. If you refinance and the ...
FHA Loan6/24/2009
  Q: I am a first time buyer shopping for a FHA Loan. Do you charge a service fee if I need some ...
  A: Amy, I do have a company that I am just getting going that will provide review services for good ...
Underwriter Pains6/11/2009
  Q: My wife and I have been trying to close on a house for quite a while now. Let me tell you our ...
  A: Jim, Your tale of loan delays is unfortunately very common. You have plenty of company when it ...
Real Estate Home Mortgages6/10/2009
  Q: The house that I live in was built in 2006, I own the home but it is in my mother's name. I asked ...
  A: There are really no specifics offered under Obama's package regarding modifications, other than ...
Real Estate Home Mortgages6/9/2009
  Q: The house that I live in was built in 2006, I own the home but it is in my mother's name. I asked ...
  A: Yes - once the back taxes are paid off, the mortgage company will begin collecting just the current ...
Real Estate Home Mortgages6/8/2009
  Q: The house that I live in was built in 2006, I own the home but it is in my mother's name. I asked ...
  A: Let's start with your taxes. Property taxes of $633 per month seem quite high. That is $7,500 per ...
equity line5/27/2009
  Q: I have a first & second on my home - struggling to keep up payments - my first has been very ...
  A: Angie, Second mortgages carry more risk for the bank because they are in second position or have ...
Paying off home mortgage5/11/2009
  Q: Should I cash in a cd making less than 2% to pay off my home mortgage at 5%? I don't need the cd ...
  A: That would make sense if you don't have any other debt to pay off. Unsecured higher interest debt ...
getting a mortgage5/5/2009
  Q: I have Multiple Sclerosis so my only income is Social Security Disability. With mortgage rates as ...
  A: Jessica, Since your rent is more than the house payment would be, and you are making that payment ...
To Refinance or Not to?5/4/2009
  Q: We currently have a conventional mortgage through my credit union (then got sold to Central ...
  A: Sorry for the delay in responding to you. It's been a little crazy this week... Even though PMI is ...
Taxes and insurance4/23/2009
  Q: There is a commercial on radio that says to prevent deceptive loan practices it is necessary to ask ...
  A: The radio ads are probably warning you that most mortgage payments advertised by builders, mortgage ...
first time home buyer4/15/2009
  Q: My husband and I are considering buying a house this summer. We would be first time home buyers. ...
  A: Great question! The formal definition of a 'first time home buyer" is someone who has not owned a ...
foreclosure and my credit4/7/2009
  Q: We am facing possible foreclosure. Temporary loss of income but now working again. We tried loan ...
  A: I would think so. I am not aware of any "out clauses" due to condition of the property on the deed ...
foreclosure and my credit4/7/2009
  Q: We am facing possible foreclosure. Temporary loss of income but now working again. We tried loan ...
  A: The bank would be the first option - see what they will do without mentioning the mold and if they ...
foreclosure and my credit4/6/2009
  Q: We am facing possible foreclosure. Temporary loss of income but now working again. We tried loan ...
  A: Molly, I am sorry you are in a tough spot, but rest assured you are not alone. Your situation is ...
gifting money3/18/2009
  Q: My sister asked if I could borrow money on her behalf for a down payment for a home purchase. Her ...
  A: Gifting money to relatives is an accepted practice for FHA and Conventional financing. It is more ...
Home Refinance2/26/2009
  Q: I went to title company and signed all paperwork to close on loan. The date to close and fund was ...
  A: I'll clarify a couple of things to see if I can help, but this may require another follow up to get ...
Bi-weekly Payments2/25/2009
  Q: Is it really true that paying bi-weekly will knock 5-7 years off a 30 yr. mortgage? Thanks for your ...
  A: Yes. 7 years actually. What happens is you end up paying 26 half payments per year. A year has 52 ...
balloon mortgage2/23/2009
  Q: Would you tell me any advantages/disadvantages to a balloon mortgage? Also what questions should I ...
  A: I haven't arranged a loan with a true balloon for quite a while. They used to have better interest ...
LLC2/5/2009
  Q: I am interested in moving investment properties from under my name to my LLC. so it can free me up ...
  A: Moving the properties to an LLC wouldn't free up borrowing power, if that was your main objective. ...
loan approval1/17/2009
  Q: they approved my VA home loan even i didn't have money to close the loan. they asked my latest bank ...
  A: Good detective work. When it comes to the real estate business and mortgage loans - people can do ...
Escrow reserve1/4/2009
  Q: After owning my home for a year, my mortgage company asked me to pay $299 for my escrow account. ...
  A: Erin, There is definitely a communication break down. With the loan officer and the mortgage ...
investment purchase1/2/2009
  Q: I would like to purchase a foreclosed home in FL for my recently divorced daughter and her 2 ...
  A: Linda, It appears that you would be in good shape to make this purchase, according to my quick ...
Financing12/3/2008
  Q: I have recently purchased a duplex for 23,000 in antigo, wi. I had my grandma co-sign because I am ...
  A: Chris, If you are accurate on the rental income you can collect, you have certainly found a great ...
loan approval11/29/2008
  Q: they approved my VA home loan even i didn't have money to close the loan. they asked my latest bank ...
  A: I am sorry you are in this situation. Mortgage financing can bring joy or pain depending on how it ...
refi rates11/27/2008
  Q: I was wondering if you know: In a deflation, do mortgage rates tend to go up or down? Thanks in ...
  A: Deflationary economic conditions typically point to lower interest rates. That seems to be true ...
quit loan11/3/2008
  Q: my brother asked me if he could include my name in a refinance loan for his house just to have an ...
  A: I've never heard of a "quit loan". He may mean to say a "quit claim". That is a deed signed by you ...
Closing Day9/22/2008
  Q: I will be scheduling a closing date on my refinance with my chosen lender via a Paramount Lending ...
  A: I'll be glad to review it. I don't know if you have signed the papers yet, but if you have they ...
Closing Day9/17/2008
  Q: I will be scheduling a closing date on my refinance with my chosen lender via a Paramount Lending ...
  A: You probably have great credit and a low loan to value ratio. Congratulations! That is the only ...
mortgage survey9/1/2008
  Q: How do I find out if there is a law in Massachusetts that requires a refi loan to need a land ...
  A: This most likely would be a requirement of the title company used for the title insurance policy, ...
competing lenders8/5/2008
  Q: I've applied for re-financing from one bank that I'm associated with, and naturally, word got ...
  A: First of all, let me apologize for the delay in getting back to you. I signed up as a volunteer on ...
Closing error8/4/2008
  Q: Background..... I signed the purchase agreement with Ryland Homes in Jan 2008 for my new home. The ...
  A: First of all, let me apologize for how long it took me to reply. I signed up as a volunteer many ...

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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

Real Estate Home Mortgages

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Doug Walker

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Expertise

Fair and honest lending is my passion. I've been in full time in the mortgage business for 20 years as a loan officer, manager, owner, underwriter - and can probably handle most any question. I can help you save money on your next mortgage loan by explaining closing costs and identifying fair fees and "junk fees".

Experience

I have owned my own company as a broker and a banker, managed large production teams and have been a top producer in personal loan production. My experience includes all types of real estate lending: Conventional, FHA, VA, contruction and development loans. I currently work for one of the largest mortgage lenders in the nation and specialize in jumbo loans for private banking clients.

Education/Credentials
I have obtained mortgage and real estate licenses and have taken numerous continuing education courses. My certifications include underwriting authority for loans up to $1,000,000 and instructor for first time home buyer education courses.

Awards and Honors
President's Circle, Market Builder of the Year

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