| Subject | Date Asked |
|
| Mortgage Broker Ethics | 11/17/2009 |
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 ...
|
| Mortgage Broker Ethics | 11/17/2009 |
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 ...
|
| Refinance and the CMT index | 11/11/2009 |
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 ...
|
| Refinance and the CMT index | 11/11/2009 |
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 ...
|
| buying a new home while selling old one | 9/23/2009 |
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 ...
|
| How to find whether a home is foreclosed | 9/22/2009 |
Q: I bought a rental property with another person. We are no longer friends. She financed the property. ...
A: Shan, In many counties you can get the information online, by going to the County Assessor's ...
|
| foreclosure purchase | 9/21/2009 |
Q: I wanted to try and find out if signing a lease purchase contract is a possible way to stop ...
A: Kristen, Once the foreclosure has started, only the forecloser (the bank) can stop it. You can ...
|
| Heirship | 9/9/2009 |
Q: My uncle lives on a very large amount of land (100 acres) in Texas which is owned by his deceased ...
A: Charli - He needs to see a probate attorney to have Grandma's estate probated and the land deeded ...
|
| Fees I don't understand | 9/7/2009 |
Q: Hope you can help. We filed bankruptcy in may 09 an it was discharged sept 24.We signed a ...
A: Lee - Transaction pages make for a very dull reading. They are really just ledger entries, and in ...
|
| "Garbage" fee | 9/4/2009 |
Q: I have just reviewed the estimated closing statement on the purchase of a home, and I see numerous ...
A: Steve, HareWynn, Newell & Newton, a law firm in Birmingham, Alabama, has just won a class-action ...
|
| Separated Wife Home Sale | 9/3/2009 |
Q: Here's my situation. In PA, I entered into a purchase agreement on a home. Was due to close end of ...
A: Your questions are legal in nature, and should really be addressed to an attorney. I'll try to give ...
|
| co signed on a loan | 8/30/2009 |
Q: About 3 years ago I co signed a loan on a home for my sister. Since then she has repeatedly stated ...
A: Josh, I assume that your name is not just on the loan, as a co-signer, but also on the title to the ...
|
| Broker Commission | 8/25/2009 |
Q: I went through a mortgage broker when I purchased my house. I just closed on July 30. A week after ...
A: Becky, Legally, TBW is still in business, but they have gone out of the mortgage business and are ...
|
| Broker Commission | 8/25/2009 |
Q: I went through a mortgage broker when I purchased my house. I just closed on July 30. A week after ...
A: Rebecca - You shouldn't send payments to anyone other than the lender or the new servicer. What ...
|
| Mtg problem | 8/24/2009 |
Q: My closing date was set for 8/26. On the morning of 8/21 I get a call from my Mtg broker stating ...
A: Making loans on manufactured housing is a very touchy issue. Most lenders stay away from ...
|
| HELOC renewal/switch when property is up for sale | 8/14/2009 |
Q: We own a condo and are nearing the end of term for a Home Equity Line of Credit (about 15% LTV). The ...
A: Kat - The problem has to do with the fact that lenders WILL NOT refinance a property that has been ...
|
| What to do with the equity from selling a home | 8/11/2009 |
Q: My wife and I will be selling our home in about 3 years and purchasing another, larger home. The ...
A: Bruce, The degree of aggressiveness you should use when allocating the proceeds of the sale should ...
|
| Taylor, Bean & Whitaker. | 8/6/2009 |
Q: I have just found out today that my home loan servicer has been forced to shutdown by the ...
A: Diana, Your loan is owned by The Government National Mortgage Association (Ginnie Mae), and Ginnie ...
|
| Refinance - Closing Cost shocker! | 7/30/2009 |
Q: I think that US Bank just screwed us with a bait-and-switch during our refi process. We asked to ...
A: Leo - RE Point 3: Regardless of whether the old lender and the new one are the same, the process ...
|
| Refinance - Closing Cost shocker! | 7/30/2009 |
Q: I think that US Bank just screwed us with a bait-and-switch during our refi process. We asked to ...
A: Leo, Of all items included in processing a loan transaction, escrow accounts are the most ...
|
| Can I Find These Answers In My Paperwork? | 7/28/2009 |
Q: Well this is my first time using this site and it looks pretty cool! I haven't been able to find ...
A: To be fair, a full answer to your questions would require a chapter in a book, so let me give you ...
|
| Interest Credit | 7/17/2009 |
Q: Is there such thing as an interest credit window? I read in one website: ...
A: Michelle, It is a violation of both RESPA and TILA if the following has taken place: 1. You signed ...
|
| extra money. | 7/17/2009 |
Q: so I'm not quite sure where to post this, but i will start here. i just recently bought a townhouse ...
A: Mark, The lender will not allow the new mortgage to be over a certain percentage of the purchase ...
|
| Interest Credit | 7/16/2009 |
Q: Is there such thing as an interest credit window? I read in one website: ...
A: Michelle, A federal law prohibits the 1st payment from being sooner than 28 days after closing, ...
|
| Home Affordability Loan Modification | 7/16/2009 |
Q: I am current on my mortgage ($271,850) but I need to modify my loan. I doubt that my house is worth ...
A: Jeff, Lenders and loan servicers covered by the Home Affordability Act are required to run all ...
|
| PMI termination. | 7/14/2009 |
Q: I am being denied automatic termination of my PMI, with the reason being that, "i made additional ...
A: It shouldn't, but here is the rationale: the lenders are required to use standard amortization ...
|
| PMI termination. | 7/13/2009 |
Q: I am being denied automatic termination of my PMI, with the reason being that, "i made additional ...
A: It sounds silly, but the lender may have a point. The 1998 The Homeowner's Protection Act that ...
|
| Mortgage modification | 6/30/2009 |
Q: The modification answer is taking a long time, If I miss a payment while waiting for GMAC to get ...
A: Cynthia, The Home Affordability Modification Program does not punish you for being late with your ...
|
| Buying a home | 6/25/2009 |
Q: Besides buying a house on a mortgage, is there any other method of buying a home?
A: George, There are 5 ways of financing the purchase of a home: 1. Bank financing (mortgage). The ...
|
| arizona lending laws | 6/24/2009 |
Q: I recently bought a home for investment and was preapproved a couple of months ago. the lender who ...
A: Mike - T think your friend misquoted the rate and then dug himself deeper into a hole. The reality ...
|
| Transfer Title to Daughter and Son | 6/18/2009 |
Q: Forster, I just want to have some questions and thank you for your time. Currently I owed 245k on ...
A: Sally - There are three separate issues here: 1. Deeding the property over to the children. 2. ...
|
| refinancing home after girlfriend left | 6/9/2009 |
Q: I lived in an apartment in Colorado with my girlfriend for a year, decided to buy a house together. ...
A: Yes, the same borrowers must be on a HARP refi application. HARP loans can go up to 105% of the ...
|
| refinancing home after girlfriend left | 6/8/2009 |
Q: I lived in an apartment in Colorado with my girlfriend for a year, decided to buy a house together. ...
A: Brandon, Once you apply for a new loan in your name only, the lender will open a refinance escrow ...
|
| Obtaining a loan for a purchase buy-in % | 6/8/2009 |
Q: My father has full equity in the home we are renting from him. Recently, he has decided that he ...
A: Dina, It will be very difficult to find a lender to do what you are proposing. In the first place, ...
|
| Does HUD Require Broker to State YSP on GFE? | 5/20/2009 |
Q: I have an investor loan with Aurora taken out in 11/06. Besides paying the mortgage broker a hefty ...
A: Mike - It is a violation of RESPA. The question is, what does it mean in practical terms? if the ...
|
| Does HUD Require Broker to State YSP on GFE? | 5/20/2009 |
Q: I have an investor loan with Aurora taken out in 11/06. Besides paying the mortgage broker a hefty ...
A: Mike, The broker is required to disclose the YSP to you as soon as he finds out about it. The first ...
|
| 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: Heather, There is no choice when it comes to FHA loans - all borrowers must pay for MMI (that's the ...
|
| Selling home to family member | 5/3/2009 |
Q: Is it possible to sell a home to a family member without all the typical fees and charges? The ...
A: Sandy, Either the current loan is assumable, or else it is not. If it is, most lenders have a ...
|
| Refinance | 4/28/2009 |
Q: Bought my house in August 2007 for $240K. Houses in the neighborhood now selling for $190K. I owe ...
A: Carl - If the banks adopt one of the provisions of the bailout program, which allows refinances ...
|
| closing costs | 4/18/2009 |
Q: I am buying a bank owned foreclosed home in Michigan. The asking price was $$40,000. We finally ...
A: Sharon, You have raised a number of different issues, which I will try to address: 1. A quit claim ...
|
| foreclosure redemption | 4/17/2009 |
Q: I have been reading about foreclosure laws in Alabama. What I'm reading now says the borrower has ...
A: Ken, Yes, you understand it correctly. When you purchase a foreclosed home your title becomes ...
|
| first time home buyer | 4/15/2009 |
Q: My husband and I are considering buying a house this summer. We would be first time home buyers. ...
A: Sarah - Getting a home from your mother will prevent you from qualifying for any first time ...
|
| Will rates go lower? | 4/14/2009 |
Q: I am thinking about refinancing, but my friends say that rates may drop down to the 3.5% range. My ...
A: Greg, With rates now in the neighborhood of 4.5% for long term fixed rate loans, the time is as ...
|
| Cash out letter | 4/14/2009 |
Q: I was just approved for a cash out refinance on my condo. Although the loan was approved, the lender ...
A: Anthony, Typically, such open-ended commitments are enforceable during the first 6 months; however, ...
|
| Had to walk out on my refinance closing. | 4/9/2009 |
Q: I had 3 good faith estimates from the bank. Each one was a little different. Finally on the 3rd ...
A: Jodie, It sure sounds like you walked into a mess when you came to the closing. In my part of the ...
|
| 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, You are getting a very good loan, and the fees are standard for the industry. The reason it's ...
|
| Upsidedown | 4/1/2009 |
Q: Like many of our neighbors in Las Vegas we refinanced our home mortgage 3 years ago and paid off ...
A: Steve, Although negative-amortization loans have received a bad rap in the aftermath of the ...
|
| new construction loan | 3/27/2009 |
Q: I am from sw mn, and i am thinking of selling my current house for around 158,000 and i owe 128,000 ...
A: Nathan - I've tried to answer some of your concerns below: 1. I only have about $25,000 after my ...
|
| Buying a property while living/working abroad | 3/25/2009 |
Q: My tax home is outside the U.S. Can I buy a duplex as a "primary residence" - using one side while ...
A: Andrea - These are two separate issues. One issue - your residence vis-a-vis the IRS - has very ...
|
| Collection Letter for 2nd mortgage | 3/20/2009 |
Q: Eric, I live in California and was foreclosed on December 26, 2008. I had a first and 2nd mortgage. ...
A: Regarding the 2nd mortgage, there are two possibilities: 1. It's a 'purchase money' loan (you ...
|
| 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, The lender needs to know that the source of funds is not a loan from a relative, and that is ...
|
| Interest only comparison | 3/4/2009 |
Q: I have a fixed rate interest only loan at 6.25% that will recast after 10 years (8 years from now). ...
A: Elliott - Your current note rate is tied to an index (either the LIBOR or the Treasuries), but is ...
|
| Tricked into PMI - No disclosure, lender wrote Escrow Account | 2/24/2009 |
Q: I have been tricked into refinancing to a new loan that has PMI. My loan prior to refinancing did ...
A: Imelda, Even though the 3-day rescission period has expired, you can still rescind the loan if: 1. ...
|
| Selling house with private contract with seller | 2/10/2009 |
Q: I have a house that I'm trying to sell, and an interested party has asked me if I would do it via ...
A: Manu - Most real estate fraud cases involve private contracts. That's not to say that they are all ...
|
| Is this called shortsale? | 1/16/2009 |
Q: I have a house in Tennessee.I have 20/80 interest only with ocwen and chase and the house has been ...
A: Alen - There are two different issues here: 1. Any time you sell a property for less than what is ...
|
| Refinance | 1/16/2009 |
Q: My daughter has a 30 yr Mtg at 6.8% & will refinance at 4.6% with the same Company, Countrywide. The ...
A: Bill - Sounds like a good refinance. The only thing I can suggest is to compare the Good Faith ...
|
| Mortgage scam? | 1/16/2009 |
Q: I am a first time home buyer in NY. I have lived in a condominium owned by my family for the last 6 ...
A: Deborah - Anytime a property is appraised at below the purchase price, there are two possibilities: ...
|
| Seller's concession - why do selling banks dislike it? | 1/4/2009 |
Q: I'm looking into buying a home for around 300k and putting down 10%. I would like to mortgage the ...
A: I meant your bank. They want to make sure that the purchase price and the down payment don't get ...
|
| Seller's concession - why do selling banks dislike it? | 1/4/2009 |
Q: I'm looking into buying a home for around 300k and putting down 10%. I would like to mortgage the ...
A: Mike - You ALMOST got it right. Banks do not allow sellers' credits that are in excess of 3% of the ...
|
| Missied Lien | 12/30/2008 |
Q: Eric...ou responded to a previous question, but before I wrote my letter you suggested, the Bank's ...
A: Nancy, Technically, it is the current homeowners who should file the claim with the title insurance ...
|
| escrow payment | 12/29/2008 |
Q: my House escrow payment rise by about two hundred almost every two years! how do I lower it? I was ...
A: Edgar - Has your house been reassessed lately by your County Assessor? an increase in the assessed ...
|
| My lien missed, should I go to Court or foreclose? | 12/22/2008 |
Q: I have a lien on a property from 2001, home sold in 2003 and my lien missed. Have contacted ...
A: Nancy - Why not send a certified letter to the old couple and explain the existence of the lien? In ...
|
| refinancing | 12/11/2008 |
Q: I have been researching and trying to find out if I should refinance or not. I have only own my ...
A: Jess - The Good Faith Estimate given to you by the lenders shows the estimated costs of the loan ...
|
| loan | 12/7/2008 |
Q: my name is abolfazl and i am international student with work permission in usa ( F1 visa) . i am ...
A: Once you have the Green Card and a 2-year work history, you will be able to qualify for any of the ...
|
| short sale/ credit | 12/6/2008 |
Q: I was living in Ft. Lauderdale and now in LA. I own 2 investment homes in Fld that I paid about $ ...
A: Gary, Part of your question deals with Florida laws, and should be best answered by a Florida ...
|
| good faith | 12/4/2008 |
Q: I received good faith estimate last week which had closing costs at just under $3600 for a $85000 ...
A: Last question first: When you lock the rate, you are locking in essence also the discounted (bought ...
|
| financing home with MIL rental | 12/3/2008 |
Q: I would like to buy a home with a MIL unit on the property. The main house, which i would occupy, ...
A: Maddy - Lenders will consider rental income in qualifying you for the loan ONLY if the rental is ...
|
| Mortgage approval | 11/29/2008 |
Q: im 20, I have bought a condo, 1 bedroom plus den for $229,000. I put 22k downpayment and now I have ...
A: At this point in time you are not yet the owner of the condo (you will be the owner once the condo ...
|
| loan approval | 11/29/2008 |
Q: they approved my VA home loan even i didn't have money to close the loan. they asked my latest bank ...
A: Hakan - If you are being sued, you must see an attorney immediately (try the local Legal Aid ...
|
| Reverse Mortgage | 11/11/2008 |
Q: My elderly mother owns a home in Hawaii. She only owes 80k and the home is valued around 500k. She ...
A: Leilani - The AARP has an excellent guide to reverse mortgages, and you can find it at ...
|
| Escrow | 11/11/2008 |
Q: I am with a terrible mortgage company, Homecomings. Last spring I fell 2 months behind. To make a ...
A: Lynne - What your lender did with the property tax is standard operating procedure for all loans ...
|
| Mortgage Help | 11/4/2008 |
Q: My husband and I have had some unfortunate circumstances with surgery and loss of work causing us to ...
A: Technically, it makes no difference whether you owe one payment or two - either way, the lender can ...
|
| Buying a home through a private sale | 10/14/2008 |
Q: My father in law wants to sell me his home as a private contract. He wants to do it at 0 percent ...
A: John - The question is whether you'll receive a deed for the title immediately, or whether this is ...
|
| Deed in Lieu of Forclouser | 10/6/2008 |
Q: Our home is now worth 30,000 less than we owe. We have a first and second. The Master and Kitchen ...
A: This morning, Bank of America announced a settlement with many of Countrywide's borrowers, giving ...
|
| Sub-prime mortgages | 10/5/2008 |
Q: Like everyone else, I've been reading about sub-prime mortgages, but there is one significant ...
A: Congress indeed pressured Fannie Mae, Freddie Mac and FHA to relax their guidelines starting about 6 ...
|
| Home Valuation vs. Appraisal | 9/29/2008 |
Q: Mr. Forster: In 2007, I applied for a 2nd mortgage for debt consolidation through Capital One ...
A: Capital One used an evaluation model, rather than an appraisal, to determine the value of your ...
|
| refinancing | 9/17/2008 |
Q: We purchased our home in 2003 when the market was high with an 80/20. Our first is a fixed interest ...
A: Sue, I assume that your 1st mortgage is a 7-year fixed, which turns into an adjustable after 7 ...
|
| Closing Day | 9/17/2008 |
Q: I will be scheduling a closing date on my refinance with my chosen lender via a Paramount Lending ...
A: At the time you sign the loan document, you receive the estimated closing (HUD) statement. The final ...
|
| disclosure & insurance matters | 9/6/2008 |
Q: We financed a home in 2001 and asked for credit life & credit disability. We assumed we had it, as ...
A: This is really an insurance question. If the lack of disability insurance was caused by the lender ...
|
| house refinance | 9/3/2008 |
Q: I have a difficult situation with a high debt to income ratio. I am in a negative arm loan and want ...
A: Barbara - Be very careful when you deal with private parties, because there are many scam artists ...
|
| Forclosure | 7/12/2008 |
Q: We recently moved to Florida with a job change, and are unable to sell our house in Virginia (12 ...
A: In some states, such as California, purchase money mortgages are "no recourse" loans and the ...
|
| Transfers/Refinance | 7/8/2008 |
Q: My family lives in a condo that I would like to keep for my parents and inlaws. However, we ...
A: Your lender wants to be certain that you don't have the burden of carrying two properties. , To ...
|
| mortgage PMI | 6/27/2008 |
Q: keep getting refinance solicitations from my mortgage company. Had refinaced with Countrywide years ...
A: Jeff - A phone call, by itself, is not going to trigger any action on the part of Countrywide. The ...
|
| My mortgage loan | 6/26/2008 |
Q: My mortgage company raised my mortgage payment $400 dollars to offset a negative escrow balance, ...
A: Rick - One solution is to refinance the loan. It is not a good solution - refinances are not free - ...
|
| adjustable rate on stated income loan | 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: The law you are referring to has not passed yet. What you need to do is talk to your lender and ask ...
|
| 2nd mortgage collection AFTER foreclosure | 6/23/2008 |
Q: I was leasing a home for 2yrs in Sept 06 for $950/mon. A "friend of a friend" was a mortgage broker ...
A: Traci, Unfortunately, I work and live in California and therefore cannot help you with questions ...
|
| transfering home ownership to girlfriend | 6/20/2008 |
Q: This may seem off the wall to most people, so let me explain. I've been in a relationship with my ...
A: Jimmie - Can you add your girlfriend's name to the loan? No, not without the lender's approval. You ...
|
| executor of estate | 6/18/2008 |
Q: My girlfriend is the head of her deceased parents estate, there was no will when her parents passed ...
A: Eddie - That's where the probate attorney comes in. He has to prepare a report for the court, ...
|
| Signing over a mortgage | 6/17/2008 |
Q: My sister has a mortgage on a house that she is not living in and has not lived in for a couple of ...
A: Bill - One thing to remember whenever you consider transferring ownership, is that Big Brother (the ...
|
| executor of estate | 6/17/2008 |
Q: My girlfriend is the head of her deceased parents estate, there was no will when her parents passed ...
A: Eddie - You have to talk to a probate attorney. Since the parents died without a will, the estate ...
|
| I want out of mortgage & would rather rent | 6/16/2008 |
Q: In 2001 I filed ch. 13 and completed the plan in 2005. First bought my house in '96 and had ...
A: Jon - I suggest you talk to an experienced realtor in your community to find out what the ...
|
| refi my arm | 6/8/2008 |
Q: My home's value has dropped since purchasing in Sept. 06 for $265,000. I have 2 mtgs one for $212K ...
A: Elizabeth - As long as your payments are current, there is a good chance the lender will cooperate ...
|
| credit score and buying a home | 6/6/2008 |
Q: I plan to buy a home next spring. I am renting a condo currently. I have about $8000 left of car ...
A: Steve - Do not pay off the car loan. There are two reasons for that: 1. Your credit score is ...
|
| Deed after divorce | 6/2/2008 |
Q: I signed over home to ex-wife when we divorced. 1.5yrs later she didn't pay the note so they are ...
A: Mark - Unfortunately, when you deeded the house over to your ex-wife you only gave up your interest ...
|
| Re: modification of existing loan | 5/3/2008 |
Q: Our mortgage co. called to tell us they are offering a permanent decrease to our "margin" (of 1% for ...
A: Kathy, Sorry for the delay, but I just got back from a business trip. I am usually very suspicious ...
|
| Sub-prime mortgage??? | 5/2/2008 |
Q: I will attempt to keep this short with facts only. I am very concerned that we unknowingly were put ...
A: Wendy, Sorry for the delay - I just got back from a business trip. The story you are telling is ...
|
| Searching for Good Books | 4/22/2008 |
Q: I have heard that J.F.K. was assasinated because he was going to turn our currency back onto the ...
A: Mike, You are repeating an old anti-Semitic canard that has been making the rounds for the past 50 ...
|
| No down payment | 4/21/2008 |
Q: I recently recieved the closing papers for a local residence and they would like either 4,200 down ...
A: Chris - I bet you already know the answer. Remember the small print above your signature, right ...
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| Home inherited with mortgage | 4/12/2008 |
Q: My mother is terminally ill and wouldlike to leave her condo to me. I am currently making payments ...
A: Banks are notified whenever the title transfers to someone else. That means that if your mother ...
|
| refinance | 4/10/2008 |
Q: I want to refinance a home I have lived in for 14 yrs. I am on title (only person on title) but not ...
A: In situations like yours, most lenders require the borrower who's on title but not on the loan to ...
|
| Bad home! | 3/30/2008 |
Q: My husband and I were first time home buyers when we purchased our home in December of 2007. What ...
A: Kristina, Here is why I suggested to see a real estate attorney: I am sure that Michigan, like most ...
|
| Bad home! | 3/30/2008 |
Q: My husband and I were first time home buyers when we purchased our home in December of 2007. What ...
A: Kristina, You need to talk to a real estate attorney, and immediately. The disclosure laws are not ...
|
| mortgage | 3/8/2008 |
Q: My father is currently in hospice and will die soon. His will states my sister and I inherit his ...
A: Michael - There are too many questions that need to be answered to make sense out of the situation, ...
|
| Refinancing undervalue property | 2/21/2008 |
Q: I co-owned a property in San Marcos, CA with my aunt. We're trying to work out a settlement where ...
A: Let's work out the math first. The house is worth $415,000. It is safe to assume that the best rates ...
|
| Inherited a home with a mortgage | 2/18/2008 |
Q: I just inherited a house from my second cousin. She passed away on Dec 12,2008. The house has been ...
A: Toni, One thing I cannot do is practice law without a license. The bottom line is this: Without ...
|
| down payment | 2/18/2008 |
Q: I have a question about my down payment. If I sign a contract to buy a house for $450,000 and the ...
A: Scott - To avoid paying the PMI you must put a 20% down payment. In the first example you do that, ...
|
| Inherited a home with a mortgage | 2/18/2008 |
Q: I just inherited a house from my second cousin. She passed away on Dec 12,2008. The house has been ...
A: You need to contact an attorney immediately to start the probate process. The court needs to ...
|
| Untraditional Mortgage | 2/6/2008 |
Q: I own a condo, paying about 5.7% on it. It has been about 3 years since I purchased it, so I am ...
A: Mike, There are a number of website that give information on loans offered by lenders, and allow ...
|
| 2nd Mortgage Foreclosure | 1/14/2008 |
Q: Unfortunately, I am a victim of the mortgage industry (I am a mortgage broker)and not a risky ...
A: Robert - Bush's bill applies to short sales; there is a debate as to whether it covers also ...
|
| 2nd Mortgage Foreclosure | 1/13/2008 |
Q: Unfortunately, I am a victim of the mortgage industry (I am a mortgage broker)and not a risky ...
A: The answer depends on EMC's financial situation and the number of defaulted loans in their ...
|
| Mortgage Question | 1/12/2008 |
Q: I bought my first home with my ex-wife about 13 years ago. I am former active duty military and ...
A: It is always a good idea, regardless of where you live, to talk to the local (city or county) ...
|
| Mortgage Qualification | 12/11/2007 |
Q: I have an annual salary of 97,500 and my husband (he owns his own business) earns about 110,000 per ...
A: Income-wise, you shouldn't have any problems qualifying for a loan. Credit-wise, it all depends on ...
|
| Purchase home | 12/3/2007 |
Q: I'm looking to buy a new home and need a loan. I'm looking for 100% financing. Right now if I buy ...
A: Chris - Because of the wave of foreclosures in the housing industry, it has become very difficult ...
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| home for sell by owner | 11/27/2007 |
Q: if there is no actual loan can the owner charge origination fees or points when selling a home ...
A: Kenneth - If that was the case, there wouldn't be any "no points" loans. Points are used to ...
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| home for sell by owner | 11/27/2007 |
Q: if there is no actual loan can the owner charge origination fees or points when selling a home ...
A: If the seller is financing the sale, he can charge points in order to increase his yield on the ...
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| Help please | 11/1/2007 |
Q: Fl for 285,000. The market here has completely destroyed our homes value. When we bought we chose a ...
A: You need to call your lender's customer service department, and ask them for help. Believe me, they ...
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| Post-bankruptcy loan | 8/5/2007 |
Q: I have talked to a broker about getting a new home loan in KS. We currentle own a home and have ...
A: I don't know what the "My Community" loans are like, as they are probably a local program in your ...
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| First-time home buyer options | 7/14/2007 |
Q: Are there any programs available to assist with First Time Homebuyer purchases? I am currently in ...
A: Many lenders use stricter guidelines with 'lease to own' loan requests, and tend to deny them unless ...
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| mortgage titles | 7/5/2007 |
Q: I just have a question. When someone moves in with someone else who owns a home and they want to put ...
A: Most lenders will not allow the addition of the name of an additional person to the loan when the ...
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| I want to buy a house but I am getting in bankrupt | 6/22/2007 |
Q: I am forced to file chapter 13. My wife not. I am the only source of income in the family (about a ...
A: Your wife, even if she has excellent credit, cannot get a mortgage if she doesn't have an income. ...
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| co-signing student loans | 6/20/2007 |
Q: My husband and I are looking to refinance. My husband co-signed for my daughter's student loans. ...
A: What the lender has told you regarding the student loan is generally true. I assume you have applied ...
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| Short Sale | 6/14/2007 |
Q: We are questioning if we should do a short sale. Our realtor suggested this idea this evening. We ...
A: You didn't mention another option: renting the house out. This would make sense if rents in your ...
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| credit scores | 6/13/2007 |
Q: we are trying to refinace our home. My husbands credit is 800 and mine is 670.My credit report has a ...
A: Assuming that your husband is making more money than you, the lender will be more interested in his ...
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| Qualifying income | 6/12/2007 |
Q: My wife and I recently started a small business. We know we need to wait before trying for a loan ...
A: Most lenders require that the business be in existence two, and sometimes three years before they ...
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| Is this a scam? | 6/10/2007 |
Q: I'm buying a condo for 220k. I don't have any funds for down payment, and I am thinking about a 100% ...
A: Your realtor, in his/her attempt to make the transaction smoother, is asking you, in essence, to ...
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| I need a co-signer | 5/18/2007 |
Q: I am a 1st time buyer with a 560 median credit score. The bank is telling me that I need a co-signer ...
A: The loan file is confidential, and information is not shared with any government agencies without a ...
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| loans | 4/12/2007 |
Q: What are they looking for? We need to refinance with not the greatest credit.
A: The best loans with the best rates are offered to borrowers who can document good income, have money ...
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| Mortgage/Equity question | 4/7/2007 |
Q: I have a 2 family home valued at $ 700,000+. I currently have no mortgage and equity line debt of ...
A: It should be fairly easy to accomplish that, under two possible scenarios: 1. You apply for a new ...
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| Government Controller or Regulator | 3/31/2007 |
Q: I have a mortgage lender that refinanced for me promising to pay me back the appraisal fee but has ...
A: One of the disclosures you received from your lender, the Equal Credit Opportunity Act, list the ...
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| getting a momortgage | 2/26/2007 |
Q: My stepfather says that he is willing to get a condo financed for me under his name but he also ...
A: When lenders determine whether an applicant has enough income to qualify for a loan, they look at ...
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| loan | 2/24/2007 |
Q: My wife and I are looking to get a loan. Pretty straight forward you would think but the problem is ...
A: On average, banks incur more than $1,000 in expenses when they process a loan. Because of that, most ...
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| First-time home buyer | 2/3/2007 |
Q: I'm looking to buy my first home and after searching around, have narrowed it down to 2 ...
A: 1. Do not give anyone a "good faith deposit." There is absolutely no reason for it, and certainly ...
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| Mortgage Brokers | 1/6/2007 |
Q: "First, let me say thank you for volunteering your time to help others with there questions! I ...
A: You'll have to go through an approval process with the wholesale departments of the lenders you want ...
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| Construction to conventional loan | 12/17/2006 |
Q: I'm sure this will be an ongoing question so if you have the time, I'd love the advise. I'm ...
A: Nothing unusual about your situation. Unless you paid a fee to lock a takeout loan to replace the ...
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| Fix bad invest | 12/1/2006 |
Q: Unfortunately, I was convinced by a realtor to buy overpriced properties. (Did fine on investing ...
A: Never, never, never buy an investment property that does not generate cash flow or at the very least ...
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| I HAV E BAD CREDIT | 11/25/2006 |
Q: A CHURCH MEMBER WANTS TO SELL HER HOME TO ME FOR THE PAYOFF. SHE IS NOT INTERESTED IN MAKING ANY ...
A: I don't blame you. If you purchase the property subject to the existing mortgage, once the current ...
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| Complicated Mortgage | 11/8/2006 |
Q: What does make an 80-20 loan dangerous? Thank you againMy mother wants to buy a house in Orlando ...
A: Due to the fact that in an 80/20 financing the borrower does not put any down payment, the lenders ...
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| Complicated Mortgage | 11/8/2006 |
Q: My mother wants to buy a house in Orlando Florida. The house cost $350,000. Her credit is about ...
A: I do not believe that 80/20 loans are good. As a matter of fact, I think they are quite dangerous ...
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| Bad situation but want to buy home | 11/3/2006 |
Q: I applied for housing programs in my metropolitan area (Cleveland, OH; I live in Euclid, OH), ...
A: First, Angela, let me apologize - I forgot to tell you about the 3rd option that you have. In many ...
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| Bad situation but want to buy home | 11/2/2006 |
Q: I am in a bad situation but I want to purchase a home in order to avoid the discrimination that ...
A: Your situation is very, very difficult. There are two possible ways to go: 1. Find out if the ...
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| Foreclosure | 10/13/2006 |
Q: We moved to Florida a year ago from Iowa and thought it would be paradise. We have found out ...
A: Yes, a foreclosure will be a very big black mark on your credit. Most 'A' paper lenders will not ...
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| Manufactured home | 10/5/2006 |
Q: My husband and I have applied for a home equity loan on our 28'x 70' doublewide home. The loan ...
A: The lender will want to ascertain two things: that the home is tied down to a foundation and that it ...
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| loan payoffs | 9/15/2006 |
Q: I am not sure if this is the right place but I'll ask anyway---I just got a home equity loan and am ...
A: Very important: Do not cancel any of your cards! Pay off any outstanding balances, and stash away ...
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| Weird situation with a home equity loan application | 9/13/2006 |
Q: I have a question regarding a bank I recently contacted to get a home equity loan from. They sent me ...
A: You are asking me a legal question, which, as a layman, I cannot answer. Here is what I can tell ...
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| Bad Credit Home Loan | 9/8/2006 |
Q: My fiance is ready to buy his first home. He has a appointment with a mortgage lender soon to see ...
A: By himself, your fiance does not qualify for a loan. A loan of $250,000, as an example, requires a ...
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| bad credit but want 1st time buyer loan | 9/6/2006 |
Q: THREE YEARS I HAVE PAID ON CREDIT CARDS THAT HAVE GONE IN COLLECTION.ONE IS PAID OFF BUT STILL ON MY ...
A: That is up to the lender. Some lenders want to see that all collection accounts have been paid off, ...
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| Refi my refi | 8/23/2006 |
Q: M. Yaari, I just refinanced my home again. I was less than impressed with the broker and company ...
A: You are moving in the right direction, although possibly a little too far. It's best to keep about ...
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| 125% loan, my credit score is 586 | 8/19/2006 |
Q: I am recently divorced and have to pay my ex $9,700. We bought the house for $155,000 5 yrs ago. He ...
A: You are very close to the Promised Land, but you are not there yet. The requirement for 125% loans ...
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| Buying a first home | 8/18/2006 |
Q: I am in the early planning stages of buying a home. I'm trying to get certain debts paid off or at ...
A: If by "down payment with higher debt" you mean a down payment of 20% or more, then yes, I'd see that ...
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| Qualifing for a Mortage Credit rating | 8/2/2006 |
Q: I moved to Tucson AZ a year ago from the UK, I am a US citizen. I will soon be looking to buy a ...
A: I have both bad and good news for you. First the bad news: You wouldn't qualify for a standard ...
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| Real Estate Trust | 7/21/2006 |
Q: What are the advantages for setting up real estate trust? Is it hard to find lenders to make loans ...
A: Mike, your question is a legal one, and as I am not an attorney, I am prohibited from answering it ...
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| Living Trust | 7/20/2006 |
Q: I have a question and will try to be brief as possible. My mom passed away in November 2005. My ...
A: Your situation is very common and is shared by thousands of families. Your brother can, ...
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| mortgage points | 7/19/2006 |
Q: How do mortgage points work in buying or selling a home?
A: A 'point' is 1% of the mortgage amount, which you pay as a loan origination fee when you apply for a ...
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| Mortgage | 7/12/2006 |
Q: My wife and I are thinking about buying a condo(we live in Surrey, B.C.). We are first time home ...
A: Unless Surrey is in the midst of a real estate boom, why would you want to buy a property if you ...
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| Credit score needed for 100% - 125% debt consolidation loan | 7/10/2006 |
Q: Do all lenders differ in credit score needed for loans? What is the average for a 100%-125% ltv ...
A: Some 125% loans, such as the FHA Title 1 loan, are not driven by credit scores and it is possible to ...
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| How to Find The Best Lender | 7/7/2006 |
Q: understand what you're replying to in the first email. Yes we are getting a 100% financing with this ...
A: Mortgage brokers work with banks and mortgage companies, and can get you virtually any loan you ...
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| How to Find The Best Lender | 7/6/2006 |
Q: E., After a year of searching for a lender I finally found one that actually took the time to work ...
A: By and large, all mortgage brokers (or at least most) have access to the same rates. You can ask ...
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| Rate | 6/20/2006 |
Q: I've been watching rates go up and down..just your personal thought, do you think rate will go up or ...
A: Unfortunately, not even Mr. Bernanke, the chairman of the Federal Reserve Board, knows where rates ...
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| first time home buyer | 6/16/2006 |
Q: My girlfriend and I are looking to purchase our first home in the Asheville, NC area. I had a family ...
A: By now you know that 100% loans are quite expensive, as they represent a much higher risk to the ...
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| debt trouble | 6/15/2006 |
Q: 1)approximate value is 500,000 2)As of 3/14/2006 the scores were 638, 667, 660. Since then, we did ...
A: I don't see you pulling out cash, but you may be able to lower your payments significantly by ...
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| refi or not? | 6/15/2006 |
Q: Here is my situation: I purchased a house 12 months ago. My 1st of 116,000 is a LIBOR with a 2 ...
A: Although neither one of us knows where interest rates will be a year from now, I tend to agree with ...
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| 2 mortgages, in the midst of remodel, need more cash | 6/14/2006 |
Q: We are first time remodelers and did not fully realize how expensive it can be. We need advice on ...
A: First, let's go over what NOT to do: Do not refinance your first mortgage into an $80,000 home ...
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| Mortgage - GFE | 5/25/2006 |
Q: We have submitted an offer on a home that is already built and it was accepted. The asking price ...
A: You are asking quite a few questions, and I'll try to answer them in the order asked: 1. A VA ...
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| Refiance to pay the credit cards to the name of my Daughter | 5/16/2006 |
Q: We wanted to Refinance our home to pay up and close our credit cards. we do not have good credit ...
A: What the vast majority of lenders require is quite simple: 1. Your daughter must be on title. 2. ...
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| Refinance or not? | 5/9/2006 |
Q: I inherited a home and the lender sent me a letter saying that I must obtain a new loan because I'm ...
A: There is a standard clause which appears in all loan documents, which allows the lender to foreclose ...
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| Buying a Home | 5/8/2006 |
Q: I want to purchase the home that I currently live in now, but I have been reluctant to try because ...
A: The bankruptcy and the credit score put you in the "subprime" category. Borrowers in that category ...
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| Second Mortgage line of credit | 5/5/2006 |
Q: Greetings: My credit history is better than perfect. I am only working on my rental property which I ...
A: Most lenders require an uninterrupted employment history for the past 2 years (3 years if ...
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| How much do i need to pay for the house? | 3/27/2006 |
Q: I have a very imp. question.We liked a house last month and paid $15000($1000 +14000) downpayment to ...
A: Since real estate laws differ from state to state, I can't offer you more than just guidance. The ...
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| Wanting to move | 3/26/2006 |
Q: I found a second home I would love to move into. Although, I currently own the home I'm living in ...
A: No, you don't have to sell your home before you buy a new one. You question is a common one, as ...
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| Student Loans & Mortgages | 3/3/2006 |
Q: How much does student loans affect mortgage loans. My husband and i currently have about $100K in ...
A: Bank underwriters are only concerned with your current debt payments. Deferred student loans are ...
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| Being ripped off! | 2/28/2006 |
Q: I just bought a condo for 100k in an excellent location in St Petersburg, Florida and im closing ...
A: As far as the structure of your transaction, the interest rate and the monthly payments, I can't see ...
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| Credit Rating | 2/23/2006 |
Q: My son is working in Marland montgomery county. He wants to buy a house but he is worried that he ...
A: Your son is right - it will take him 2 years to establish good credit so that he can get the best ...
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| Option ARM loans | 2/7/2006 |
Q: Eric, I've been shopping around and a few people have been telling me that Option ARM loans are the ...
A: As long as you understand what you are getting yourself into, the Option ARM can work very well for ...
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| INTEREST ONLY LOANS | 2/6/2006 |
Q: Good evening, I am writing on behalf of a lady friend in her early 50s who would love to purchase a ...
A: I am a great believer in either interest-only or option-ARM loans, as long as the borrower ...
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| How many quotes? | 2/3/2006 |
Q: How many companies should I get quotes from when I am looking for the best loan? I have average ...
A: First, ALL lenders have access to all loans advertised on TV or in newspapers. When Ditech tries to ...
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| Lending Career | 12/16/2005 |
Q: I am considering a job as a Loan Officer with an office that only does refinancing. The client ...
A: There are two groups of potential refi clients: prime clients and sub-prime ones. The first group ...
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| Mortgage | 12/13/2005 |
Q: I am interested in getting a mortgage for a new home. Here is some information about my wife and I ...
A: Right now, a 30-year fixed rate loan is more attractive than an ARM. However, your low credit scores ...
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| Getting a loan | 11/12/2005 |
Q: ------------------------- Hi Eric, I have some mysterious "collection" thing on my credit report ...
A: A Paid Collection account reduces your credit score by a few points, but probably not more than 5 - ...
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| Getting a loan | 11/12/2005 |
Q: E., I have a $600K house with a $136K balance. (Livermore, CA.) I want to sell this house and buy ...
A: While a credit score of 627 is somewhat below average, when you couple it with a large down payment ...
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| Residential vs Commercial | 11/7/2005 |
Q: Good afternoon: I would like to purchase a vacant warehouse to live in as my primary residence. ...
A: Unfortunately, residential lenders lend only on residential properties. Your only solution, as ...
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| 0% down financing | 10/5/2005 |
Q: E., I am a student at Northwestern University. I am doing a project related to home financing. I ...
A: As can be expected, the lenders who offer zero down mortgages are very careful with their loan ...
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| How will a judgement affect getting a mortgage? | 9/26/2005 |
Q: I owe the state of NJ back taxes due to a period in which I was unemployed. Two years ago, I ...
A: Generally, mortgage lenders are prohibited from lending to individuals who have state or federal ...
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| re-financing | 8/18/2005 |
Q: This is a very complicated question(s) I'm going to be asking, and I'm not real knowledgeable about ...
A: There are two important loan documents which could tell me whether the lender has the right to call ...
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| re-financing "long distance" scam businesses | 8/16/2005 |
Q: This is a very complicated question(s) I'm going to be asking, and I'm not real knowledgeable about ...
A: This country is full of scam artists who prey on vulnerable homeowners, usually the elderly and ...
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| Bad Real estate investments | 8/14/2005 |
Q: I have two investment properties that both have a 1st and 2nd mortgages. I live in a different ...
A: Normally, the answer to your question is "It can't be done". No lender will refinance your ...
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| What is an "Option ARM"? | 8/11/2005 |
Q: I've seen that loan being advertised on local TV. What does it mean? Thanks, Jay
A: The Option Arm program has been around since 1982. Many know it as the Negative Amortization loan. ...
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| Quick Question | 8/2/2005 |
Q: We have applied for a refinance with what we now believe to be a shady company. "Direct Mortage" ...
A: Refinances are processed by title and/or escrow companies. When the loan funds, it is insured by the ...
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| prepayment penalties | 7/28/2005 |
Q: I have a question about prepayment penalties. If someone has a 5 year prepayment penalty, what does ...
A: Many banks offer slightly better terms to borrowers who are willing to commit to keep the loan for a ...
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| Mortgage | 7/21/2005 |
Q: I was wondering how to go about getting a 5% or lower pre-approval letter from an institution. I ...
A: Banks do not pre-approve low down payment loans because of the high risk involved. The lower the ...
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| YSPs | 7/13/2005 |
Q: I'm still kinda confused. So, it's not used to pay the closing costs? I've heard of people charging ...
A: The YSP could be much higher than 1.00%, since it is based on the interest overcharge. (For ...
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| YSPs | 7/13/2005 |
Q: I was wondering if you could explain YSPs to me. Is there a YSP on every loan? Is this in addition ...
A: The YSP stands for "yield spread premium" and it doesn't appear on every loan. This is a premium ...
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| Home loan approval | 6/30/2005 |
Q: I have an odd situation. For the past four years I have been living in an apartment. I have had a ...
A: Rent letter is simply one more source of credit information that lenders rely on. When the ...
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| home | 6/25/2005 |
Q: think about buying land between S. Riverside county to N. San Diego county, and put manufactured ...
A: Talk to the housing department of the county in which you buy the land, and find out whether they ...
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| buying | 6/25/2005 |
Q: i want to buy a house for me and my kids it looks like a divorce is in my future. my credit is losey ...
A: I assume that the $1,000 you mention is monthly income. If that's the case, it is to low to qualify ...
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| fixed interest rates... | 6/11/2005 |
Q: not sure if i am asking the right person but could you tell me if there are any pitfalls in having a ...
A: Hybrid mortgages (loans with rates fixed for a certain duration, after which they revert to ...
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| mortgage | 6/8/2005 |
Q: me and my husband have been pre approved for a mortgage loan now we have found a house and we have ...
A: Although nothing in life is guaranteed - not even pre-approved loans - it is safe to assume that ...
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| credit reports | 6/4/2005 |
Q: But, what if it was just an account that I paid off and closed myself? I mean, an account that ...
A: Yes, the account will stay in your credit file for 7 years from the time activity was last reported, ...
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| Mortgage Officer VS Bank Institution | 6/4/2005 |
Q: What are the advantages by dealing with a Mortgage Financial Service over a bank type institution? I ...
A: Since banks and mortgage companies are always competing with each other for business, the rates they ...
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| Quick Question | 6/1/2005 |
Q: We're are in the process of refinancing our home to take a bit of equity out for home repairs etc. ...
A: If you have a good rate on your existing 1st and the amount you want to pull out is less than 25% of ...
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| Re-Max vs. Villani Real Estate | 5/25/2005 |
Q: I am first-time buyer planning on moving from an apartment to a condo. I do not exaggerate when I ...
A: I tend to agree with Villani. A condo sale requires providing the lender with loads and load of ...
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| My Fathers House 3 | 5/24/2005 |
Q: Okay, here is my history in a nutshell. My father built his own home on part of my mother families ...
A: You've got me on that one, Maggie. Due to the fact that state benefits could be affected if you own ...
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| Poor Credit | 5/18/2005 |
Q: It is legal to be negated from a mortgage application or any kind of credit application because of ...
A: Any long term debt obligations which have more than 10 months left are used by lenders in ...
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| Should I "rent-to-own", or could I take out a mortgage? | 5/5/2005 |
Q: I am getting ready to move out of my parent's house, in with my fiance. I have one year left to ...
A: Your standing with any lender would be much higher after you've graduated from nursing school. So ...
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| mortgage software | 4/26/2005 |
Q: Do people have to be on the internet to use Calyx Point? What if someone were to enter the ...
A: Don't worry about malfunctions. When you sit with a borrower and type into your laptop, you are not ...
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| mortgage software | 4/25/2005 |
Q: Is this what most companies are doing now instead of manually filling out the 1003 and other ...
A: The old method - doing everything long-hand and then faxing it - is still being used, but more and ...
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| mortgage software | 4/25/2005 |
Q: I'm going to be starting a job as a loan officer soon and I was told that I will be trained on Calyx ...
A: Calyx is one of 5 - 6 LOS (Loan Origination Software) available on the market. Typically, LOS ...
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| credit rating | 4/4/2005 |
Q: My wife recently arrived in this country and does not work. I bought a home with a 5 year ARM before ...
A: Since you are the breadwinner, banks will be more interested in your credit and income, rather than ...
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| Home Loan | 3/28/2005 |
Q: I know I have already asked you this question before, but my email account had blocked responses ...
A: Tommy, Below is the answer I gave you last time: Hi Tommy, Do you have any credit card debt? if ...
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| fha loan | 3/23/2005 |
Q: The mortgage company. The way it was explained to me was It has something to do with first time ...
A: OK, Steve, Looks like you've purchased your home with a Down-payment Assistance grant. Normally, ...
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| fha loan | 3/21/2005 |
Q: I paid 95,000 for the house,it's worth about 100,000 maybe a little more,and I owe about 15,000 in ...
A: Steven - The $3,000 business is a great mystery to me. It is true that FHA loans are paid off a ...
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| Home Loan | 3/17/2005 |
Q: We are trying to get a home loan. We own our home. My husband makes good money and we are looking at ...
A: Sandra, I can't imagine a lender declining to make a loan with such a large down payment. If you ...
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| Home Loans | 3/14/2005 |
Q: I have credit scores ranging from 595-610. They are low because of some late payments on credit ...
A: Do you have any credit card debt? if so, make sure that the outstanding balance on any credit card ...
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| Loan Expectation After Bankruptcy | 2/27/2005 |
Q: My wife and I want to think about moving to a more expensive house but about April last year she ...
A: You can get a mortgage in your name only. In that case, the lender will qualify you for the loan ...
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| refinancing | 2/21/2005 |
Q: My daughter and I live in california she is married and has bad credit so is her husband..and she ...
A: I assume that your daughter has asked you to co-sign on her loan when she refinances her house. If ...
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| settling accounts | 2/10/2005 |
Q: I'm in debt and I found a company that can help me settle the debt. They work with the creditors. ...
A: Any time you you negotiate with a creditor to pay less than what's owed them, it is reported to the ...
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| What's a HUD-1 from Home Equity loan? | 2/9/2005 |
Q: ------------------------- Hi again, What happens if you put a $5,000 deposit on a new home, not ...
A: To protect your deposit, use a "loan contingency" in the purchase contract. Simply put, a loan ...
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| Help Please | 2/7/2005 |
Q: I am so fustrated. Out of ignorance I never checked our (my husbands and mine) credit until a few ...
A: I often suggest to readers to pull their credit reports at least once a year, to prevent exactly the ...
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| credit reports | 1/29/2005 |
Q: I have a few questions about my credit report. I am hoping to apply for a mortage in the nea future. ...
A: 662 is a good credit score for a buyer who intends to fully document his loan request (W-2s, ...
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| Reverse Mortgage | 1/25/2005 |
Q: My grandmother is 84. Someone has told her that she could benefit from a reverse mortgage. Her ...
A: Tim, When some banks began offering reverse mortgages a few decades ago, they were using an idea ...
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| Purchase a New town home | 1/23/2005 |
Q: About 2 1/2 years ago I fell behind on all of my bills and all of my credit cards are listed as ...
A: Congratulations on paying off the charged-off accounts. It shows future lenders that you take your ...
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| My credit score | 1/20/2005 |
Q: First, let me say that I always make my payments (car and credit cards) on time. I haven't had a ...
A: The formula used to calculate your credit score reduces the score when it encounters certain ...
|
| reverse mortgage | 1/7/2005 |
Q: Assuming one is 62 years old, owns a house free and clear that appraises for $400,000. and using ...
A: Wells fargo Bank, the largest reverse-mortgage lender in the country, has an excellent reverse ...
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| mortgage rates | 1/7/2005 |
Q: I am currently looking to purchase a home and frankly searching on the internet for the best ...
A: When you purchase a property, the loan-related expenses (excluding points) add up to approximately ...
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| Charge offs | 1/6/2005 |
Q: I would like to purchase a Townhouse for around$120.000 - $125.000 Right now I only have $6000 but ...
A: Betty, You have two options: 1. Wait a couple of years before you buy. By that time, your credit ...
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| 1st time buyer | 12/5/2004 |
Q: E. Ok..so my wife and i need to buy a house! Unfortunately we live in Massachsetts, so anything ...
A: As you've discovered for yourself, it's not easy to buy a house when you live in an expensive area, ...
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| home loan | 11/19/2004 |
Q: My husband and I are planning on buying a home in the Pasadena, CA area in the spring of 2005. We ...
A: Your income puts you in the 28% tax bracket. In the first year, you will be paying approximately ...
|
| Home Mortgage Loans | 11/15/2004 |
Q: If you apply for a loan (like on-line) and are not approved, does it affect your credit rating?
A: The only thing that affects your credit score is delinquency on your credit accounts (late payments, ...
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| Poor Credit History Mortgages | 11/13/2004 |
Q: Yaari, I am in the process of repairing a poor credit history (my credit score right now is about ...
A: Most lenders require you to have at least 4 credit accounts which are at least 2 years old and which ...
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| investment loans | 11/13/2004 |
Q: I am currently beginning to buy one of several homes for investment. I plan on starting with a fixer ...
A: Since you'll be buying non-owner occupied properties for a short duration, there is no need to go ...
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| I know about the three large... | 11/7/2004 |
Q: I know about the three large credit agencies that you get your score from. My question is: Do ...
A: This subject is quite complicated. The three credit bureaus apply the same formula to the credit ...
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| Loans | 11/6/2004 |
Q: My wife and I filed for bankruptcy in 2003. We have already been discharged from our house loan. ...
A: What's important is not when you filed for bankruptcy, but when it was discharged. As soon as the ...
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| Mortgage | 10/29/2004 |
Q: E., I was interested in investing in my first investment property and wanted to know which was a ...
A: Regardless of who you use, you can never be sure that you are getting the lowest rate. When you go ...
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| private notes | 10/27/2004 |
Q: E., i have been investing in real estate for 6 years along with other investments , now i have ...
A: No, I'm not involved in the buying and selling of notes. (I lend money to clients, secured by notes, ...
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| FINDING THE BEST MORTGAGE COMPANY | 9/30/2004 |
Q: E., A year ago my wife and i refinanced our home of 5 years. At the time our interest rate was ...
A: Don't limit yourself to fixed rate loans - there some excellent adjustable-rate loans around. But ...
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| Bad Credit Loan | 9/28/2004 |
Q: I do want to buy a new house for my family. I make good money (about 80k a year) buy my past credit ...
A: You don't say how much you have available for a down payment, but obviously it is less than 20%. ...
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| tax lien | 9/25/2004 |
Q: what are tax liens and where can i get info about it?
A: Property owners are obligated to pay property taxes for the services they get. To ensure that the ...
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| Time of House Closing - Most Advantageous | 9/24/2004 |
Q: If I have a choice of closing on a house at the end of a month or the beginning of a month, which ...
A: I take it that the only payment day offered by your lender is the 1st of the month. If that's the ...
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| investment real estate | 9/7/2004 |
Q: My name is Brian Hayes and I have the following question. I have recently purchased 3 rental ...
A: I've worked over the years with extremely sophisticated computer systems which had been developed to ...
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| interest only loans | 8/31/2004 |
Q: E. Yaari I'm a first time home buyer. I wanted to try to get an interest only loan in order to be ...
A: During the first years of the loan, most of the monthly payment is the interest, and only a small ...
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| Career as a mortgage/lone broker/officer | 8/30/2004 |
Q: E. Yaari, I don't know any mortage/loan brokers so I will ask you my question. In short, do you know ...
A: Learning to operate a financial calculator is about all the math you need to be a loan officer, and ...
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| need a loan | 8/29/2004 |
Q: We are wanting to buy a home. I have a bankruptcy that has been discharged for 4 years with no late ...
A: In going over your question, it seems to me that the weakest part is not the bankruptcy or your ...
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| Credit | 8/25/2004 |
Q: My wife and I do not have very good credit. Our current credit score is about 585. We own a home ...
A: With a $50,000 down payment (which is 40%) on a $125,000 purchase, you'll be treated like a king by ...
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| credit types | 8/19/2004 |
Q: So, do cell phone and home phone lines count as open credit on a credit report? Also, I currently do ...
A: Cell and phone companies do not report your payment history to the credit report agencies (they ...
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| follow up | 8/19/2004 |
Q: I recently asked you a question about having open lines of credit showing on a credit report. I have ...
A: Danielle - If you have less than 4 open accounts, and they have been established less than 2 years ...
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| open credit | 8/19/2004 |
Q: If someone doesn't have any credit cards, should they go out and get some before applying for a ...
A: Your credit report shows your payment history on credit obligations such as mortgages, installment ...
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| commission splits | 8/6/2004 |
Q: I'm not sure if you can answer this or not. I recently saw a job ad for a mortgage loan officer ...
A: The commission can be paid either by the borrower, the lender or both. Some loan officers get their ...
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| What is considered late? | 8/4/2004 |
Q: GE, I have a house payment due at the 1st of every month. I sometimes do not send off the payment ...
A: I am going to introduce you to 3 terms: Due Date, Grace Period and Late Payment. 1. Due Date: While ...
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| refinance? | 8/3/2004 |
Q: I have great 5.375 30 year term loan. Recently my wife and I decided that in about two to three ...
A: The experts are saying that short-term interest rates (and adjustable rate loans, which are linked ...
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| Remortgage | 7/26/2004 |
Q: . I live in England and I have a question. I have a house worth 150-160K at the moment and I bought ...
A: I have to assume that the UK law regarding foreclosures is different from what we have here. In the ...
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| Mortgage finance | 7/13/2004 |
Q: Iam a british citizen looking to invest in a holiday investment property in Orlando. The ...
A: In banking parlance, the fair market value of a property is the amount the seller and a competent ...
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| Refinance with HELOC | 7/2/2004 |
Q: My home appraised at over 20% equity using a recent appraisal compared to my mortgage balance. I ...
A: Depending on your CLTV (Combined Loan-to-Value ratio) you may be able to refinance the first ...
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| credit reports | 6/25/2004 |
Q: I was wondering when someone goes a long time without paying an owed amount, and the amount then ...
A: When a debt is turned by the lender over to a collection agency, it is reported on the credit report ...
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| Purchasing agreement | 6/19/2004 |
Q: We live in the house we want to purchase. We moved in with the intention but rented first to get ...
A: Now you know why God invented lawyers. Purchase contracts (if valid) can be enforced in a court of ...
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| refi mortgage | 6/8/2004 |
Q: I am in the process of doing a refi on my mortgage with Quicken loans. I have good credit and all ...
A: The reserve requirement is applied in situations when the refinance is for rate & terms only (no ...
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| Mortgage Loan | 6/2/2004 |
Q: I am considering becoming a first time home buyer within a years time.I live in Houston, Texas. I am ...
A: Some lenders will count your per diem as part of your income (try Bank of America's or Wells Fargo's ...
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| Loan with poor credit? | 6/1/2004 |
Q: I have been all over the internet searching for a home loan for those with poor credit and no one ...
A: People with truly bad credit are required by lenders to post 10% or more of the purchase price as ...
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| ARM | 5/19/2004 |
Q: Refinancing my home with cash out. Thought I was getting fixed rate turns out to be a 2/28 fixed for ...
A: Sub-Prime lenders (mortgage lenders who specialize in bad credit loans) think that in certain cases, ...
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| 30 year rates | 5/19/2004 |
Q: I'm guessing we won't be seeing 30 year fixed rates as low as they were about 6 weeks ago. Would ...
A: You and I are more or less in the same boat. I have a 5.75% loan, and was hoping to refinance at ...
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| ? re: bad credit | 5/7/2004 |
Q: and I thank you in advance, for your time, and expertise. I am trying to re-finance, & take ...
A: Lenders base their decisions on your credit score. However, not all lenders are the same: some are ...
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| Loan Options | 4/28/2004 |
Q: I am looking to purchase a home in Southern California for rehab and resale. I would like to put as ...
A: Sorry for the late reply. My new anti-spam software placed your message inadvertantly in the Spam ...
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| commercial property | 4/23/2004 |
Q: What percentage amount do banks generally require as down payment on commercial property? I am ...
A: Probably 80% of all commercial purchases utilize a down payment of 25-30%, simply because lenders ...
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| Home Mortgage | 4/22/2004 |
Q: I had gotten a verbal approval over the phone for a mortgage loan and a conditional approval faxed ...
A: The approval process is made of three steps: 1. Conditional loan approval. 2. Removal of ...
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| Mobile Home Fiancing | 4/20/2004 |
Q: I've never purchased a home before and am about to begin the process of purchasing a single-wide ...
A: The lender needs to know that you have the income and financial resources to handle the purchase, so ...
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| I FAIL BEHIND ON MY BILLS... | 4/19/2004 |
Q: I FAIL BEHIND ON MY BILLS ABOUT 2 YEARS AGO DUE TO AN ILLNESS. I WAS OUT OF WORK FOR ABOUT 6 MONTHS ...
A: I cannot recommend a specific mortgage company, but I think that what you need is a very competent ...
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| qualifying to buy a home | 4/8/2004 |
Q: what can I do to get qualified to buy a home after a bankruptcy? Single, 1st time buyer, teacher ...
A: The most important thing is to re-establish your credit. Try to obtain 4 or more debit/credit cards ...
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| Debt consolidation Mortgage | 4/6/2004 |
Q: I live in Virginia. Where can I find a loan for a person with fair credit? The value of my home is ...
A: Assuming a decent-enough credit score, you should be able to qualify for what is known as a "125% ...
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| mortgages | 3/27/2004 |
Q: My question concerns what lenders are looking for when qualifying for a loan. Is moving from one ...
A: No and no. While your job history (the inability to hold down a job for any length of time) is ...
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| INVESTMENT PROPERTY | 3/26/2004 |
Q: ------------------------- This is a somewhat strange proposition. I have a few questions: 1. You ...
A: Anna - You can obtain the current value of the property from a realtor, as they have access to the ...
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| Investment Property | 3/23/2004 |
Q: I currently have been renting with option to buy lakefront property for an investment. I currently ...
A: First, you must own the lakefront property before you can access its equity. You can buy the ...
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| Tax lien | 3/21/2004 |
Q: I am writing you to ask a question regarding an IRS tax lien. I currently have a tax lien for an ...
A: That is one sticky situation! I am not aware of any mortgage or loan programs that can be used to ...
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| more questions | 3/16/2004 |
Q: So, were you saying that closed accounts that remain on the credit report will hurt someone's ...
A: A 2-year old chargeoff will hurt your chances to get a good loan. If the amount is small, you might ...
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| mortgage qualifications | 3/16/2004 |
Q: I have a few mortgage qualification questions. First, do closed accounts that are still shown on the ...
A: Closed accounts - regardless of your payment history with them - stay in your credit file for 7 ...
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| Hi. I am also an expert on... | 3/3/2004 |
Q: I am also an expert on AllExperts.com. My expertise is in landscape design. From time to time I ask ...
A: Seems to me that you already know what the answer is: with a very recent BK on your credit report, ...
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| Refinancing existing mortgage | 3/3/2004 |
Q: What company will loan money to a person like me who just filed bankruptcy and had a reposssession ...
A: Lenders are prohibited from lending to you before your bankruptcy is discharged by the court. You ...
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| Mortgage | 2/29/2004 |
Q: We are in the process of buying and selling a home. We need to pull out some case for improvements ...
A: While Scenario No. 2, (in which you increase your down payment) could give you a better interest ...
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| Maximum financed properties | 2/28/2004 |
Q: E., I am a residential real estate investor. I have a small portfolio of mostly single family ...
A: Lenders are very strict about Fannie's and Freddie's limits when it comes to fixed rate loans, ...
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| Real Estate Co. doing business all over the US | 2/21/2004 |
Q: I am researching how real estate Reality and Mortgage Companies do business in every state of the ...
A: There are many ways to get licensed in every state. For realty companies, the simplest and fastest ...
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| first time home buyer... | 2/10/2004 |
Q: I was wondering if you had any insight into what i might be on the watch for when we get into buying ...
A: Mike - Are you thinking of building or buying a new house? The answers are different for buying ...
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| Loan | 2/10/2004 |
Q: I own a condo that is worth about $225,000 on which I owe $70,000. My monthly payments are $600 = ...
A: You should use your equity in the condo to your advantage. Apply immediately for a home equity line ...
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