| Subject | Date Asked |
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| charge off | 11/9/2009 |
Q: due to bad times, i was not able to pay my mortgage. i tried to rent the property and sell it but ...
A: Unfortunately, I am no longer involved in the mortgage industry; but I do have several old friends ...
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| 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: It's your loan and as far as I'm concerned you should be able to contact anyone involved in making ...
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| Selling house | 8/21/2009 |
Q: I live in Ohio and may be moving from my present location in a few years. I would still be living ...
A: Typically an owner occupied mortgage loan has a certificate of occupancy or ownership certification ...
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| land sale | 7/11/2009 |
Q: My Grandmother passed away 30 years ago and left a small piece of land to her 2 kids, My Mom and her ...
A: No reverse mortgage available based on what I know about them; has to be a primary residence. ...
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| gift of equity from a non-relative | 6/9/2009 |
Q: I am currently living in a house with my girlfriend that is owned by her mother. The house was ...
A: My understanding is that if you can prove a long standing relationship with your girlfriend that you ...
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| Loan Modification | 3/6/2009 |
Q: Due to a hardship we had to relocate from Kitty Hawk, NC to Atlanta, GA. I was self employed in ...
A: I really can not assist you with this issue; I'm sorry. There is so much contradictory information ...
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| Income | 2/20/2009 |
Q: If you are self employed 1099 looking to purchase a new home at 350,000 how much income is needed to ...
A: Depends on other debt, taxes, etc. You would need to get an application in and speak with a loan ...
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| freddie mac | 2/9/2009 |
Q: I purcased a home at auction "as is". It has minor things that need to be finished(kitchen counter ...
A: In order to get a loan via a GSE like Freddie Fannie or FHA/VA, you have to follow their guidelines; ...
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| purchase money mortgage | 2/5/2009 |
Q: If I bought an investment property in Florida (vacant piece of land) and took out a mortgage ...
A: If you closed on the purchase of the land at a title company and the mortgage paid for the sales ...
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| FHA Minimum Standard Appraisal | 1/31/2009 |
Q: In final stages of refinancing from an APR to a FHA loan and all is approved except Fannie Mae won't ...
A: Your loan officer needs to do a better job of helping you out, in my opinion; the ...
|
| How do I know how much I can borrow on a mortgage? | 1/13/2009 |
Q: How do I know how much I can borrow on a mortgage? The question here is not how much money I could ...
A: Industry guidelines have changed on this issue; the last I knew, most lenders were accepting up to ...
|
| real estate advice | 1/1/2009 |
Q: i am in a co-ownership house, i pay 40% of the mortgage and the other owner pays 60%, that is ...
A: Mina. However, if you are on a mortgage loan, you are both responsible and will both get hits on ...
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| Joint Tenancy | 12/17/2008 |
Q: My mom was to be forclosed on last year after getting sick so I moved in refinanced with her she was ...
A: To my knowledge, an initial 2 party agreement (you and your mom and the mortgage lender) can not be ...
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| Joint Tenancy | 12/17/2008 |
Q: My mom was to be forclosed on last year after getting sick so I moved in refinanced with her she was ...
A: Have experienced similar situation in my family; I believe you are doing exactly the right thing ...
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| ask about FHA loan | 12/7/2008 |
Q: my name is abolfazl and i am international student with work permission in usa ( F1 visa) . i am ...
A: Due constant change/upheaval in the mortgage market, it is difficult give definitive answers without ...
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| Gift of Land/New Construction Financing | 11/30/2008 |
Q: My grandmother has agreed to sell my husband and I a piece of land for $100,000. We plan to build a ...
A: I don't like the Loan Officer's suggestion, because it sounds like she might have some unintended ...
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| 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: Each State has a Dept. that regulates mortgage brokers and lenders. This is the dept. you should ...
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| FHA loan with past foreclosure / chargeoff | 11/21/2008 |
Q: First a brief history. My wife and I filed bankruptcy in Sept 2005. We owned our home jointly, as ...
A: Far be it from me to infer that gov. agencies "share" information; but both VA and FHA loans are ...
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| Assuming A Mortgage | 11/7/2008 |
Q: My landlord is loosing his house due to foreclossure. It is possible for me to assume the ...
A: At this time, I am not aware of any laws allowing tenants to stay in property if it is foreclosed on ...
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| Mortgage Rates tied to? | 11/4/2008 |
Q: I am trying to do some research on what exactly mortgage rates are most correlated to. I know they ...
A: Yeah, I used to think it was tied to the yield on the 10-year treasury note, too; however, with the ...
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| Good Credit, Stable work, Low Down | 11/3/2008 |
Q: My sister is a teacher in NJ with stable working history (11 years) and a licensed Ocupational ...
A: She will not be able to buy an investment property without 20% down payment. 2nd home loans are a ...
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| Hazard Insurance on VA loans | 8/19/2008 |
Q: I was told by the Bank Of Hawaii that my application for a VA backed loan would not be approved due ...
A: Here is the answer from my senior underwriter: ================= We can not do a loan in GUAM. We ...
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| First Time Homebuyer and Current Homeowner purchasing property together | 8/4/2008 |
Q: My girlfriend and I are looking at purchasing an acreage outside of town while the prices are down. ...
A: she can still take advantage is she is only one on the loan talk to local loan officer/bank re this, ...
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| Home Loan. | 6/12/2008 |
Q: I formed a company to start buying investment property. I paid cash for the first house. The cash ...
A: Sorry; in this credit market and with everyone looking over everyone else's shoulder to see if they ...
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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: 799 is a great score; all high LTV loans are put through an Automated Underwriting system (FannieMae ...
|
| Investment property loan | 5/21/2008 |
Q: My husband and I are looking to buy an investment property for $200k in California. Our middle ...
A: Have no clue why you are being charged 3.5 points (%). Points are typically a % paid to the lender, ...
|
| how to buy forecloses coop or condos | 5/18/2008 |
Q: AL: I was looking on www.propertysharks.com and found to my surprise that there are indeed some ...
A: Not familiar with propertysharks.com or foreclosed property in Manhattan; don't know any attorneys ...
|
| Getting a loan | 5/13/2008 |
Q: We live in Ohio. My husband and I had found the perfect property for us. It has 16.9 achers of ...
A: I am sorry to report that (to my knowledge) bad credit clients don't have any loans available to ...
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| Construction loan question | 4/25/2008 |
Q: I recently purchased vacant land with a construction loan to build a home. Because of the fact that ...
A: You would need to contact your current lender to find out what the terms of the contract are with ...
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| Quick Question | 4/14/2008 |
Q: My father refinaced a home that my brother and myself, along with my father live in. The mortage ...
A: There's a difference between being on Title and being on the mortgage. Look at the documents signed ...
|
| my situation | 4/12/2008 |
Q: i have mixed emotions on a decision that i need to make... i bought my first house when i was 22.. ...
A: Well, since I am not a financial advisor - I would suggest you contact one that you are comfortable ...
|
| refinance | 4/10/2008 |
Q: I am trying to refinance my home in Illinois. My name is on the title (only my name on title) but I ...
A: Your situation is complex. Typically, if you are not on the loan it is difficult to do a refinance. ...
|
| Investment Property Loans | 4/8/2008 |
Q: I am need of a company that will do an investment property loan (no hard money lenders). I'm in NC. ...
A: 90% LTV financing (30 year fixed) is still available on (Investment) SFR,Detached; and - with an ...
|
| reverse mortgages | 3/23/2008 |
Q: The only way he will leave is with a sum of cash. The only way I can do this is with a reverse ...
A: re: Your comment:" More details?? What additional details could you possibly need? " In order to ...
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| reverse mortgages | 3/22/2008 |
Q: The only way he will leave is with a sum of cash. The only way I can do this is with a reverse ...
A: I will need some more Details; you can reach me directly at: alrodenburg@gmail.com or at: (281) ...
|
| mortages for purchasing a home for a parent | 3/20/2008 |
Q: We are planning to buy a condo in Colorado for my mom. Will put 25% down. Are we eligible to get a ...
A: Criteria for 2nd homes have tightened in recent years; typically the underwriter will look for a ...
|
| repo on credit | 3/18/2008 |
Q: i have a repo on my credit since 2004 should i clean up the rest of my credit like i am doing and ...
A: Because of the constant changes in underwriting guidelines, it would be best to get an application ...
|
| 100% LTV Refinance. Is it still available in Chicago, IL? | 3/13/2008 |
Q: Home values dropped significantly in my area. Here would be two questions. 1) Can I find lender to ...
A: Unfortunately, I am not aware of any Stated income program going to 100%. Our bank discontinued ALL ...
|
| 6 months deferred | 2/24/2008 |
Q: Someone was telling me there are loans you can get that you dont have to make a payment for six ...
A: With the mortgage lending market as constricted as it is right now, I have heard that there are ...
|
| possible foreclosure problems | 2/8/2008 |
Q: Several years ago I purchsed another home in a different city (Fl) by refinancing a home I had owned ...
A: Ouch! What a mess! My guess is that you will NOT be at risk of losing the 2 other properties if you ...
|
| subprime lending | 2/8/2008 |
Q: what do you think is the best plan action to take to provide the most advantages and get us out of ...
A: If I had the answer to that, Bernanke and the Secty of the Treasury would be out of jobs (ha-ha). ...
|
| 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 - thanks for your question; I seriously doubt the legality of what your friend is doing - if ...
|
| buying a home | 1/30/2008 |
Q: my name is Josh and I have a few questions about buying a home. My fiance' and I just started our ...
A: Josh: there are several 100% programs available and time in college will count towards the 2 yr ...
|
| Mortgage Problem | 1/25/2008 |
Q: I have a sub-prime. Can only make neg-am payments. Was lied to (or at the very least mis-led) by ...
A: Ouch! You owe 509 on value of 390. I wish I had a good recommendation for you, but I don't - ...
|
| Mortgage Problem | 1/25/2008 |
Q: I have a sub-prime. Can only make neg-am payments. Was lied to (or at the very least mis-led) by ...
A: Expect new loan maximums to be about 625,000; so that may be an avenue for you. FHA loan limits will ...
|
| Buying our first home from Parent | 1/22/2008 |
Q: My husband and I live in NY and will be purchasing my mother in law's house within the next year ...
A: Just so you know, Lenders work with the Sales Price (not the appraised value); you should always get ...
|
| Home buying from father in law | 1/17/2008 |
Q: Situation...Just bought a home on foreclosed market for 168000K using a brothers line of credit. (I ...
A: Not sure what I would do if I were you, because I would need more information in order to respond ...
|
| why is principal balance increasing with refinance? | 1/13/2008 |
Q: I have a mortgage of 150,000. Over the past year, I've paid about 2,000 towards the principal, so I ...
A: Without seeing a copy of the proposed HUD, it's hard to say. Many times when you close on a purchase ...
|
| refi? | 12/26/2007 |
Q: Wow, by reading your bio, you seem pretty knowledgable. I hope you can help. For startes, my wife ...
A: Sorry; I think I've answered this Question before; anyway, in my opinion it is very difficult to ...
|
| my adjustable mortgage | 12/20/2007 |
Q: I have an interest only mortgage which will be end in August of 08'. I guess in August, it's going ...
A: Sorry, my crystal ball broker. Just kidding. There is really no way to tell what rates are going to ...
|
| Need a Lender | 12/10/2007 |
Q: I purchased an invesment property in Maryland back in July 2007. I owe $155,000 but now it is worth ...
A: Sorry to say, the folks that you've been talking to are Correct; you're stuck with the property the ...
|
| Transfer FHA Loan | 12/7/2007 |
Q: I own a home that is in a great college campus location currently being rented out. I have a fha ...
A: sorry for delay; had to get an underwriter to look at it; here's the response: ...
|
| Help need to refi 2nd | 11/30/2007 |
Q: -------------------------------------------------------------------------------- My husband and I ...
A: Normally in this situation I would recommend an FHA refinance or something similar; however the loan ...
|
| Refinancing loan. | 11/27/2007 |
Q: I need some help with finding a lender. I have a ballpark figure of what my home is worth, but ...
A: Suggest you contact a local bank that does loans in the area that the property is located in and ...
|
| Mortgage insurance deletion | 11/21/2007 |
Q: We have owned our home for 2.5 years with perfect payment history. We have a 7 year arm, purchase ...
A: Virtually 99% of my loans had no MI (Mortgage Insurance) that I've done in over 11 years in the ...
|
| loss deductions | 11/16/2007 |
Q: I have a rental property and take a loss monthly. My income only allows me to deduct a certain ...
A: This question would be better answered by an attorney or cpa; sorry, but my expertise is on loans. ...
|
| 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: I am actually in Jacksonville this week. I mentioned your situation to some associates who live and ...
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| Quit Claim Deed | 10/10/2007 |
Q: I am in the process of Divorce in IL, I am looking to move out and purchase a condo. In order to ...
A: Several comments. Unless I just a huge lapse in consiousness about the mortgage business and how the ...
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| mortgage | 9/27/2007 |
Q: If someone has a credit score of 660 and has a very poor debt/income ration and refinances his ...
A: Depends on: - Type of Loan (30 yr fixed, 5 yr ARM, Option ARM, etc.) - Loan Amount - LTV (Loan To ...
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| refi or home loan | 9/4/2007 |
Q: I just finalized my divorce here in Texas and I was ordered to pay my ex $35,000. I am trying to see ...
A: 521 is much too low a score for a 2nd mortgage; unless your LTV (Loan To Value is very low); but the ...
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| Sub-prime mortgage | 8/20/2007 |
Q: 1. Within the context of the USA mortgage market, there is concern that default rates are increasing ...
A: 1. Since mortgage backed securities are used in the financial markets, I would assume there is some ...
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| losing money on home | 7/27/2007 |
Q: We were relocated to another state and our house has been for sale for 6 months with no offers. ...
A: Unfortunately, the housing market continues to be decimated by the aftereffects of the subprime ...
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| Foreclosure - refinance - seize property? | 7/25/2007 |
Q: My ex-husband and I got a construction to permanent mortgage loan in his name only 2 years ago and ...
A: Wow; you are certainly in quite a quagmire. Due the complexities involved in "who" is actually ...
|
| NJ 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: I don't get involved in "rehab" loans, but normally you can expect 65% of ARV (After Repaired Value) ...
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| buying 3 investment properties at once | 7/9/2007 |
Q: I'm new to investing and have just cashed out on 2 investment properties,I have excellent credit 737 ...
A: 2 issues: First, there is a "Rapid Acquisition" clause in most investment lender's underwriting ...
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| invester refianance | 6/26/2007 |
Q: My credit is not good due to some late pays on my mortage. can i refinance with someone with good ...
A: I can't tell you how to refinance a property that is currently in your name, using someone else's ...
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| house up for bid, 50,000.00 | 6/25/2007 |
Q: There is a house in my town that is going up for bid soon. I think I could get it for ...
A: Monica: A rehab loan is typ. 65% ARV (After Repaired Value). rehabfunding.com has been around a long ...
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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: Rules regarding financing, after a bankruptcy filing or discharge, keep changing - as you would be ...
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| new home purchase after bankruptcy | 6/19/2007 |
Q: I have a question regarding a new home loan. We filed chapter 7 in 10/2005 and was discharged in ...
A: Based on current market conditions (rising yield on the 10 yr note) and the lack of subprime lenders ...
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| Over 100% LTV | 6/13/2007 |
Q: Can you please give me your opinion on how to proceed given the situation I find myself in. When I ...
A: In your Question, you did not mention the purchase price, current value (unless that is Equal to the ...
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| 100% LTV Investment Property | 6/12/2007 |
Q: I just bought my first property, a 2-flat in Chicago and am still getting used to being a property ...
A: 100% investment property financing is no longer available from lenders; however, 95% is available. ...
|
| making an offer | 6/10/2007 |
Q: I am looking at a one bedroom condo in charlottesville va for 170,000 dollars. I have 36,00 (and ...
A: Reducing your loan amount would always be my recommendation. Sometimes you don't need to have an ...
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| 80/20 | 6/8/2007 |
Q: I got approve for a loan which is 80/20. I'm doing closing at the end of June. I realize that on ...
A: It is not unusual for the information about the hazard insurance to show up on both GFE's (Good ...
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| 80/20 | 6/8/2007 |
Q: I got approve for a loan which is 80/20. I'm doing closing at the end of June. I realize that on ...
A: There is NO mortgage insurance on any loan at 80% or lower LTV (Loan To Value). PMI/MI (mortgage) ...
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| sub-prime lending | 5/14/2007 |
Q: I would like to know about sub-prime lending. Right now, my husband and I are trying to get a loan ...
A: Unfortunately, I will need more details to answer you specifically. Need to know: a. middle credit ...
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| Please help us get out of our mortgage | 5/13/2007 |
Q: We have 2 mortgages, interest only. We are in so much debt and need answers. EMC can't work with ...
A: It sounds like you may have to refinance; without the exact details of your situation, it is ...
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| refinance appraisal | 5/12/2007 |
Q: I own 10 aces with 2 lots /5 each. The residence is on 1 lot, the driveway runs thru both lots, the ...
A: They have the option do "decline" your loan, as there are 2 separate parcel ID's - from what I can ...
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| Buying a House | 5/10/2007 |
Q: I am interested in buying a home in Washington State. I claimed bankruptcy at 20 and am now 27. For ...
A: It sounds like a Fannie Mae "My Community" loan for 100% financing would work well for you. The ...
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| Selling home in Florida | 5/4/2007 |
Q: My husband and I are in quite a dilema and not sure what to do. It sounds so stupid that we got ...
A: Crystal balls are great, aren't they? On to your question... Suggest you use a Realtor (selling as a ...
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| About getting a loan | 4/27/2007 |
Q: I want to get a loan to purchase a house in Iowa. The home is around 25,000. The problem is my ...
A: I don't know of anyone that would offer you a loan - based on the loan amount and more importantly, ...
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| Mortgage in one name, deed in two names | 4/24/2007 |
Q: I own a condo in FL and 5 yrs ago put my girlfriend's name on the deed (has both our names on it) ...
A: To my knowledge, you can NOT enforce force anyone in a third party agreement to comply with Terms of ...
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| REAL ESTATE-Lot loan issue | 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: If you want to totally cover yourself, have him get a "lot loan", which means you will get all the ...
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