| Subject | Date Asked |
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| getting a mortgage after bankruptcy | 9/3/2008 |
Q: My husband and I live in Exeter,NH. We own a mobile home and have 6 kids. We really need to buy a ...
A: ) The banks use them as guidelines, but have some latitude as to what they can and can't do...
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| getting a mortgage after bankruptcy | 9/3/2008 |
Q: My husband and I live in Exeter,NH. We own a mobile home and have 6 kids. We really need to buy a ...
A: Depending on your down payment you may be able to qualify for conventional financing, with your ...
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| purchase/rehab loan | 8/29/2008 |
Q: Buying a forclosed home at a great price. Wanted to get an extra 10,000 to fix it up and live there. ...
A: you may find it difficult to secure an additional $10,000 to rehab the property. You may want to ...
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| mortgage/estate/refi | 8/26/2008 |
Q: my parents died with no will some 8 years ago. i have been paying the mortgage and living in the ...
A: it allows the lender or bank to verify the information you've submitted via w-2's, etc. (the "T" ...
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| Land Contracts | 8/25/2008 |
Q: My property is located in Michigan. I am selling my home on land contact to my tenant. There is ...
A: each municipality has its own rules on tax exemptions I would make a general inquiry with your tax ...
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| Buying a second property | 8/20/2008 |
Q: I currently live in a townhouse. I want to buy my mother's house as an investment-- to renovate and ...
A: You're going to have an issue claiming the new house as your primary residence. In today's market ...
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| Real Estate investment VS subprime crisis | 8/11/2008 |
Q: I am studying the liquidity of the real estate Market and i was surprised to see that it is very ...
A: the days on market for real estate is at the highest level in close to ten years. This collapse in ...
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| mortgage usury law in California | 8/4/2008 |
Q: Is there a mortgage usury law in California? In desperation I took a 19.5% second. My credit rating ...
A: 19.5% sounds extremely high, it would be worth a telephone call to your Attorney Generals office. ...
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| Asset-based qualifications for home mortgages | 7/31/2008 |
Q: We are retired and have little "income", but substantial assets. We can thus easily afford a ...
A: With the recent bad news in the lending markets, and declining real estate prices, lenders have ...
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| mortgage/estate/refi | 7/25/2008 |
Q: my parents died with no will some 8 years ago. i have been paying the mortgage and living in the ...
A: The property in question must be in your name at the time of the loan application in order for the ...
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| Assumption Loan vs. Home Purchase Loan (new) | 7/21/2008 |
Q: My father-in-law is offering to sell my husband and I one of his properties, as he needs to pay off ...
A: .. The mortgage broker has a great idea - the gift of equity - The gift doesn't affect the sales ...
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| land home financing | 7/12/2008 |
Q: We are buying a couple of lots with utilities on both lots, there is also an old two bedroom trailer ...
A: Unfortunately, your situation is a difficult one - You have the strong credit and your husband has ...
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| financing | 6/25/2008 |
Q: I am a first-time homebuyer interested in a 440,000 home. A banker said I could not do 80 10 10 ...
A: or "declining markets", in which the lenders require more than a 5% down payment - The California ...
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| 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: I wouldn't recommend paying off your car loan now. Your score of 799 is excellent; the highest I've ...
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| Mother in law suite | 5/26/2008 |
Q: We have found a home with a mother-in-law suite that we are interested in buying. My mother-in-law ...
A: In light of the current interest rate enviornment, I would suggest a 30 year fixed rate loan - if ...
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| mortgage through an individual and not a bank | 5/9/2008 |
Q: If I where to purchase a second home and wanted to finance part or all of the home using a loan from ...
A: and I'm not qualified to give legal advice.... If an individual is lending you the money, I'm ...
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| 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: The documents you sign at application and at closing allow the bank to verify your residence in any ...
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| quick claim deed | 4/16/2008 |
Q: During an emotional crisis, I agreed to sign a quick claim deed over to the co-owner of my home in ...
A: If it was recorded at the court house, I would go to the court house and obtain a copy. As far as ...
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| quick claim deed | 4/15/2008 |
Q: During an emotional crisis, I agreed to sign a quick claim deed over to the co-owner of my home in ...
A: If you've SOLD the house, why are you paying interest, did you assign the property to someone but ...
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| quick claim deed | 4/12/2008 |
Q: During an emotional crisis, I agreed to sign a quick claim deed over to the co-owner of my home in ...
A: and I am not qualified to render legal advice. Without seeing the contract, it would be tough to ...
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| 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: the credit for the carpet doesn't change the sales price and you can still avoid the PMI - another ...
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| 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: you only have $90,000 to utilize, and if you buy the house for $440,000 you need to allocate the ...
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| 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: The 5.7% rate you currently have (if it is a 30 year fixed rate) is near the current market rate - ...
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| Quick Claim Deed | 1/13/2008 |
Q: I did a quick claim May 2006. When I did this I was assured that all payments going forward would be ...
A: you gave up your ownership of the property, but it didn't release you from the terms of the note and ...
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| Primary Home Rented out temporarily and I am in a Chapter 13 | 10/15/2007 |
Q: The home I am talking about is my primary home, but because of my job I had to rent it out to some ...
A: I would recommend you contact your current mortgage holders "workout" department - They would be ...
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| Seller financed mortgage | 9/12/2007 |
Q: We sold a rental property to the renters and hold the mortgage. They have been paying for about 6 ...
A: If they really want the property into their name, ask them to obtain financing to pay off your ...
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| ReFinance | 8/3/2007 |
Q: Brian I'm a Soldier and currntly live in a home with 10-13K equity that I purchased new with a FHA ...
A: Something that sounds too good to be true, typically is -The rate of 6% may not be a fixed rate, it ...
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| ReFinance | 8/3/2007 |
Q: Brian I'm a Soldier and currntly live in a home with 10-13K equity that I purchased new with a FHA ...
A: I think you may have a difficult time reducing your monthly payment by refinancing to an interest ...
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| ARM restting | 7/27/2007 |
Q: I bought my house for $385K with an 2/ARM. My first mortgage is 308k (6.6%), second is 77k (9.75%). ...
A: I don't believe you're going to be able to securing financing for more than 100% of the property ...
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| 1st time home buyer | 7/25/2007 |
Q: I am single, 36, and rented my whole life. I have approx 70k in my 401K, but not much in other ...
A: Jeff - Thanks for your question - There are some numbers you're going to need to put together for me ...
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| Real Estate | 7/8/2007 |
Q: I'm English and have lived in Los Angeles (and now San Diego) for almost 2 years. I'm very ...
A: Lucy - Thank you for your question - I wish you the best of luck pursuing your real estate career - ...
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| question | 7/3/2007 |
Q: .. quick question... Is it possible to buy or lease apartment building in San Francisco,ca and ...
A: next step would be to contact the city/municipality to see if they would allow the conversion of the ...
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| I want to buy a house but I am getting in banckrupt | 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: Yes, she needs to be on the lease - The reason for NO money orders is that theoritically, the ...
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| I want to buy a house but I am getting in banckrupt | 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: you have to have completed your Ch 13 BK to purchase a new home, the only exception is if you were ...
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| Combining Mortgage and HELOC | 6/20/2007 |
Q: I have a fixed 30 year mortgage at 6% with $58,000 left to pay off and 24 years to go, as well as a ...
A: so it doesnt make sense to refinance it - You may be able to find a fixed rate second mortgage ...
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| Down Payment | 6/19/2007 |
Q: I am a teacher here in california. I am pre-qualified for a mortgage of $500,000. I have $10,000 ...
A: police officers and firefighters - Here is a link to their page ...
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| Using a Co-signer for a home mortgage | 5/15/2007 |
Q: My question is if i have a 620 credit score and a I get my dad to co-sign for me and he has a 800 ...
A: however, not the BEST rate, depending on your other qualifications; debt ratio, income, employment ...
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| Law Enforcement Home Loans | 4/24/2007 |
Q: I had heard from my mother in CO that there were some creative home loans for law enforcement ...
A: but I've posted a link with the Fannie Mae Community Development program It is in a PDF (ADOBE) ...
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| REAL ESTATE | 4/23/2007 |
Q: I own 1/2 acre lot in central Florida. A person wants to buy it from me by putting $5,000 down, ...
A: The Attorney should be in Florida - Real Estate laws vary from state to state, so a FL attorney ...
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| REAL ESTATE | 4/22/2007 |
Q: I own 1/2 acre lot in central Florida. A person wants to buy it from me by putting $5,000 down, ...
A: Hire a reputable real estate attorney - get references - An Attorney would prepare a deed, which ...
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| Junior mortagage | 4/15/2007 |
Q: Why would seller take out a junior mortgage during the sell of their property? for example sell ...
A: 000 that had an existing 150,000 mortgage - at time of closing he took out a second mortgage for ...
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| Why refinance? | 3/29/2007 |
Q: I have a home mortgage in my name only that has a great rate - 5.25%. My domestic partner and I ...
A: your will would direct it to her, and she would be required to pay off the existing lien (which is ...
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| Conundrum | 3/26/2007 |
Q: I am doing a favor for my father in law... Essentially he bought a home for his friend who was at ...
A: What might be a better solution would be for your father to get more conventional "FNMA" type ...
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| Conundrum | 3/26/2007 |
Q: I am doing a favor for my father in law... Essentially he bought a home for his friend who was at ...
A: Sounds like the mortgage officer was a little "deceptive". If the buyer had made the last 12 ...
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| Conundrum | 3/26/2007 |
Q: I am doing a favor for my father in law... Essentially he bought a home for his friend who was at ...
A: Quit claiming a property involves recording a deed from one party to another (your father to a new ...
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| Conundrum | 3/26/2007 |
Q: I am doing a favor for my father in law... Essentially he bought a home for his friend who was at ...
A: however, the only way to get the loan out of your father in laws name is to sell the property to ...
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| quick deed changes | 3/21/2007 |
Q: How do you get someones name off the mortgage of the house without refinancing. We have been trying ...
A: They would be relinquishing all rights and title to the house - HOWEVER, they would still be ...
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| quick deed changes | 3/21/2007 |
Q: How do you get someones name off the mortgage of the house without refinancing. We have been trying ...
A: the persons name from the title to the property additionally that person has to sign the deed ...
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| Mortgage Help | 3/19/2007 |
Q: Let's say that a husband is the only person on the deed and the mortgage. If I need to put the wife ...
A: nor am I qualified to render legal advice. That being said, normally, you can have an attorney (one ...
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| interest rates | 3/8/2007 |
Q: I won't hold you accountable but you mentioned that the trend is down for rates. Do you actually ...
A: Hoping this link will work http://finance.yahoo.com/q/bc?s=%5ETNX&t=6m That is a 6 month tracking ...
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| interest rates | 3/8/2007 |
Q: When the federal reserve raises or lowers rates, I understand that it does not have a direct impact ...
A: You are correct that there is no direct correlation between the FED rate and long term interest ...
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| Refinanced | 2/19/2007 |
Q: I purchased my house almost 2 years ago. During that time my credit score was a 580 (since I had ...
A: your rate will also be determined by the loan to value (how much you're borrowing vs. the appraised ...
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| question | 2/18/2007 |
Q: I have been paying cash rent every month for the past ten years, and I am still paying $500 every ...
A: ..) They typically ask for the last 12 - 24 months to evidence your rental history. Unfortunately, ...
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| Can I get a mortgage? | 2/16/2007 |
Q: Beardsley, My name is Edward. I am 22 years old, and I just graduated from college last December. I ...
A: then you could easily obtain a mortgage, as long as the property would sufficiently cash flow. ...
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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: and join - Start networking with the members - you'll find that some aren't willing to reveal their ...
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| refi | 12/1/2006 |
Q: if I only refinance the HELOC and car loan I won't get the 5.35 interest rate because I will still ...
A: All depends on your cash flow, are you more concerned with lowering your payments ? If you're ...
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| refi | 12/1/2006 |
Q: 1st mortgage is 15 yr fixed payment $854.00 at 7.35 will be paid off in 08/2010, 35,000 balance. ...
A: I'd leave your first mortgage alone - your payment is likely mostly principal at this point, and ...
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| Refinancing A New Doublewide | 11/20/2006 |
Q: I am currently looking for someone to refinance a new doublewide for debt consolidation. But I am ...
A: I would recommend visiting this web site www.namb.org Which is the National Association of ...
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| Creative 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: she should be able to locate a fixed rate - If you can find a variable rate where the first ...
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| short sale | 10/30/2006 |
Q: Beardsley, I am currently looking into purchasing a two family home within the next year. I am ...
A: which is out of my area of expertise. There are plenty of first time home buyer programs out there, ...
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| 2/28 mortgage | 10/18/2006 |
Q: Have have recently closed on a home for 108.000 I was approved for 90/10 and the owner finance the ...
A: You are permitted to refinance your loan prior to the expiration of the prepayment penaltly, ...
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| Trading homes even up! | 10/6/2006 |
Q: I have printed the info. from the web site that you gave and now I need to obsorb it. Below are the ...
A: Below are the answers to your questions/concerns?Answer to your first question is Yes, His home + 3 ...
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| Trading homes even up! | 9/29/2006 |
Q: I have been offered to trade my home with a neighbor even up. He is getting married, living with is ...
A: along with an issue with any outstanding mortgage on your home - Would you continue to make the ...
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| who are you? | 9/25/2006 |
Q: 1. what is stated income exactly? 2. how can i use on a borrower? 3. and does stated income involve ...
A: the borrower states an income on the loan application Stated income is typically used on borrowers ...
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| Closings | 9/17/2006 |
Q: I appreciate you taking my question. At closing what is the most safest way to have your interest ...
A: and I need to tell you I am not an Attorney and can't offer you legal advice, however, the best ...
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| Payoff Request Denied | 9/8/2006 |
Q: I recently aquired a Trustee's deed at aution when a 2nd mortgage foreclosed. I have been in contact ...
A: I would contact the collections/foreclosure department, explain that you are the second mortgage ...
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| refinancing a house on the market | 9/4/2006 |
Q: our house in TX has been vacant and on the market for 4 months. We have since moved to CA and are ...
A: however, it would depend on a couple of factors - For instance, what is the current rate on that ...
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| Foreclosure | 9/2/2006 |
Q: My son bought a home in Dec '05. It was appraised at $5,000 more than the purchase price, but is ...
A: thanks for your question I would make sure your son contacts the bank asap and explain his ...
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| Capital Gains | 8/30/2006 |
Q: we are selling our house due to divorce. The house has been our primary residence for 7 years. We ...
A: but did find this link for your review - There are different exemptions for different situations and ...
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| financing a cheaper house | 8/13/2006 |
Q: I have finally come to the realization that i will never be able to buy a house in my hometown of ...
A: My recommendation would be to keep saving to increase your downpayment, and work on improving your ...
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| 2nd mortgage foreclosure | 8/9/2006 |
Q: My question concerns my 2nd mortgage company forecloser on my house. My 2nd mortgage company (HomeQ) ...
A: SOrry for the delay in responding - I'm unclear how you came to incur $2900 worth of "foreclosure ...
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| real estate mortgage solutions | 6/3/2006 |
Q: Would it be costly to deed my daughter on to house? How much of the house would she own? Thanks so ...
A: You would need to contact a real estate attorney who who perform a title search (approximately ...
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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: the VA cannot dictate what the home is sold for, as long as they receive an amount sufficient to ...
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| Mortgage Business Question | 5/19/2006 |
Q: Mr. Beardsley, From your wealth of experience and success through longevity in the industry, ...
A: I've reviewed different lead sources for the past 10 years - there are many companies that offer ...
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| hank you for your time,
We... | 5/16/2006 |
Q: hank you for your time, We wanted to Refinance our home to pay up and close our credit cards. we ...
A: What you can do is sell the property to your daughter, in lieu of a downpayment, you can give her a ...
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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: With your credit score, your BK, and your self-employment, you will find it difficult to get a ...
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| Capital Gains Question | 5/7/2006 |
Q: My elderly Father recently came to live with me because of dementia. He has a condo in Cocoa, ...
A: When you put the condo in your name, did you deed it to yourself for a $1? I am not a CPA and ...
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| "Trading Homes" with a builder | 5/6/2006 |
Q: A realtor approached me with the idea of "trading" homes with a builder of new houses. I would like ...
A: Typically, the builder will buy your house at a below market price, to sell you the house he built ...
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| Too Sticky? Buying in with family.... | 5/1/2006 |
Q: Brian, We'd appreciate the input of an expert on our potentially sticky situation. My fiance, Jed, ...
A: What you might want to consider, is purchasing the home outright from his grandparents - determine a ...
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| ARMs | 4/25/2006 |
Q: I would like to learn all of the pros and cons regarding Adjustable Rate Mortgages. What should I ...
A: If you are going to be out of the property in 3 years, and the 3-1 ARM rate is 5.50 and the 30 year ...
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| 1st time home buyer | 4/22/2006 |
Q: I have excellent credit (says experian). i have little savings, but 50K in 401K. i rent and have ...
A: congrats on your excellent credit, that's one of the most important steps when considering ...
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| eloc's | 4/16/2006 |
Q: We recently purchased a house with (80-15-5)% loan finance. The cost of the house is $315000, 1] ...
A: you are simply paying the interest you've accrued for the month, you are not paying anything towards ...
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| refi-getting out of interest only | 4/11/2006 |
Q: My interest right now is pretty good but I don't know what the two rates are off the top of my head. ...
A: I understand that it is an interest only - but for what period of time is it interest only? is it ...
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| refi-getting out of interest only | 4/11/2006 |
Q: I hope you can help. I own a 3 family house in Bloomfield with two tenants and myself occupying ...
A: My take on interest rates is that they are going to keep increasing at least through the summer - ...
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| 1099R and 1st time homebuyer | 4/4/2006 |
Q: Is it true that you don't have to pay taxes on up to 10,000 withdrawn from an IRA for first time ...
A: however, my interpretation is as follows: The law allows individuals to receive distributions from ...
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