| Subject | Date Asked |
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| Help! | 8/28/2008 |
Q: I am in a sticky situation here. I bought the house I live in in November 2006, with my now ...
A: Andrea, Thanks for the follow-up. Situations such as this one is something I caution people about ...
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| Help! | 8/27/2008 |
Q: I am in a sticky situation here. I bought the house I live in in November 2006, with my now ...
A: Andrea, Without your ex-boyfriend agreeing to either remove his name from the deed, or permitting ...
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| Buying new residence - Renting current one | 8/25/2008 |
Q: We will likely move out of state within the next year due to job transfer/promotion. We would like ...
A: James, Happy to explain a bit more. As far as the debt-to-income ratio, that is not as firm a ...
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| Buying new residence - Renting current one | 8/25/2008 |
Q: We will likely move out of state within the next year due to job transfer/promotion. We would like ...
A: James, Thanks for the question. Oddly enough, your scenario is one that is playing out with a lot ...
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| refinance? | 8/21/2008 |
Q: I bought a townhouse in 2007 with a 80%/20% mortgage package. My interest rates are 7% & 8% ...
A: Jose, Thank you for your question. The answer is yes, there are lenders who would refinance the ...
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| Home Mortgage | 8/15/2008 |
Q: I am being relocated by my company and will be purchasing a home in my future city. My question is ...
A: Dennis, Thanks for the question. The answer is not as simple as I think you might wish. Placing the ...
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| Adding Individual to Mortgage Deed | 8/15/2008 |
Q: How do i go about adding another individual to my mortgage? I am the sole owner and would like to ...
A: and thanks for the question. Your question actually has two components, and they are entirely ...
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| joint ownership of 2 houses but i dontt have my name on one of the propities | 8/11/2008 |
Q: have purchased 2 proprieties with my brother, the 1st house was in his name only but i made the down ...
A: Luke, If you can evidence your interest in the property via receipts, cancelled checks, etc. then ...
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| joint ownership of 2 houses but i dontt have my name on one of the propities | 8/10/2008 |
Q: have purchased 2 proprieties with my brother, the 1st house was in his name only but i made the ...
A: Luke, Thanks for the question.... I think you are correct in being concerned about the marital ...
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| competing lenders | 8/7/2008 |
Q: I've applied for re-financing from one bank that I'm associated with, and naturally, word got ...
A: R.E.G. , Each of those lenders are well known in the market place, and there will be small ...
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| competing lenders | 8/5/2008 |
Q: I've applied for re-financing from one bank that I'm associated with, and naturally, word got ...
A: Re-financing a home is a big decision, and is as important as when you purchased the home. The ...
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| Post dated payment arrangements. | 7/17/2008 |
Q: My home loan was sold to another co. I made payment arrangements with the old co and they took post ...
A: Marie, Thanks for the follow up. You know, throughout my career I have heard stories from people ...
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| Post dated payment arrangements. | 7/17/2008 |
Q: My home loan was sold to another co. I made payment arrangements with the old co and they took post ...
A: Marie, Thank you for the question. Your question is an interesting one since it involves a couple ...
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| General | 7/16/2008 |
Q: We recently lost our home to Novastar Mortgage. We found out Novastar had a discrimination suit ...
A: Toni, Thank you for the question. Your question is really more of one that is legal in nature, but ...
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| motgage | 7/9/2008 |
Q: My brother owns a primary residence in Spring Hill Florida, it has a value of $400,000 and he owes ...
A: Russell, Thanks for the question. I think the issue at hand is whether or not the lender, in this ...
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| facing foreclosure | 6/23/2008 |
Q: we took out a home equity mortgage from our principal residence 3 years ago to purchase a 2nd home. ...
A: Peggy, The lender cannot come after a property that was not pledged as collateral. In some states ...
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| mortgage | 6/18/2008 |
Q: My father my wife and myself own a home in Indiana. All 3 of us are on the deed as we quick claimed ...
A: There are a couple of variables that I don't know, but from what I see... I would say it depends. I ...
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| Can we get a home loan? | 5/30/2008 |
Q: My fiance and I would like to buy a home next month. We would be purchasing it from my boss at ...
A: Kate, Thanks for the questions. I will start with the question on getting a loan for the full ...
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| debt advice | 5/26/2008 |
Q: We have not been late on any payments yet..Our lender says we cannot get help because we have no ...
A: Dee, In order to help you, I will need to talk to you in greater details. Please visit my website ...
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| debt advice | 5/26/2008 |
Q: We have not been late on any payments yet..Our lender says we cannot get help because we have no ...
A: Dee, Thanks for the question. Unfortunately, I don't think I can answer the questions since I do ...
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| Short sale with 2 mortgages | 5/20/2008 |
Q: I have two mortgages the first being 42,000 and the second being 15,000. I have someone wanting to ...
A: BRAD, Thanks for the question. I wish I knew what the exact answer was, but each situation should ...
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| morthgage debt | 5/15/2008 |
Q: I bought this second home as investment two years ago, unfortunately things didn't go well as ...
A: Joe, Thanks for the question, and I am sorry to hear the investment did not work out. ...
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| Name is on deed but not on the loan | 5/2/2008 |
Q: My brother's name is on the deed to the house, but not on the loan. My parents are the only ones on ...
A: Melanie, The most simple method would be to call a Title Company and tell hem you need to file a ...
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| Name is on deed but not on the loan | 5/2/2008 |
Q: My brother's name is on the deed to the house, but not on the loan. My parents are the only ones on ...
A: Melanie, Thanks for the question. It won't affect him directly since he is not financially liable ...
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| thanks | 5/1/2008 |
Q: ...can you give me some positive things I can tell my landlord when I approach him for purchasing ...
A: Joann, Your landlord will be required to file his taxes and count the income from the interest you ...
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| new home purchase/current home to rent | 4/28/2008 |
Q: We have a mortgage on our current residence. We are going to purchase a new primary residence but ...
A: Greg, Thanks for the question. The lender will treat the new mortgage and home as an Owner occupied ...
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| Land Conract Balloon refinance | 4/25/2008 |
Q: Two year ago I bought a home via Land Contract. The Land Contract closing was done by a Title ...
A: Mike, Thanks for the question. This situation arises quite frequently, and the contract not being ...
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| Construction loan question | 4/24/2008 |
Q: I recently purchased vacant land with a construction loan to build a home. Because of the fact that ...
A: Clint, Thanks for the question. Yes, you can choose NOT to build on the land and sell it, since it ...
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| MORTGAGE PAYOFFS | 4/22/2008 |
Q: My question seems rather silly, but I still don't know the answer. The Principle Balance on my ...
A: Marcia, The most accurate way would be to request a pay off statement from your lender. You will ...
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| MORTGAGE PAYOFFS | 4/22/2008 |
Q: My question seems rather silly, but I still don't know the answer. The Principle Balance on my ...
A: Marcia, Thanks for the question. The pay off will probably be higher since you pay your interest on ...
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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: Chris, Thanks for the question. While no one can say for certain that your home would be checked, I ...
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| My First House | 4/17/2008 |
Q: I'm wondering if I should see a financial planner before buying my first house/condo. Being single, ...
A: Megan, I would start with a Certified Financial Planner, and looking to the local BBB is a terrific ...
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| adding someone to my title | 4/15/2008 |
Q: I purchased my first home about four years ago and now I am considering adding my boyfriend to my ...
A: Robin, Thanks for the question. I get this type of question asked pretty regularly, so I will start ...
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| Refinance | 4/13/2008 |
Q: I am at the tail end of the refincance process with my current lender-CitiMortgage. I am 6 years ...
A: Kevin, Right now, with the high levels of defaults and lack of liquidity in the market, lenders are ...
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| 80/20 loan foreclouser home | 4/6/2008 |
Q: what is a 80/20 loan
A: Karen, Thanks for the question. An 80/20 loan is not so much as a loan as a strategy. Essentially, ...
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| new mortgage | 4/5/2008 |
Q: Good morning, I have a good credit score 780 I was looking to refinance my home, a mortgage broker ...
A: Frank, Thanks for the question. No, I do not have any information on it. Since conventional ...
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| Refi for Equity | 3/27/2008 |
Q: Mr. Setters, I have a ranch style home that I would love to add a master suite to; my question is ...
A: Deborah, Thanks for the question. It sounds as if you are still in the planning stage, and the ...
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| Accepting a land contract when you have a mortgage | 3/23/2008 |
Q: We have had our home for sale (first with a realtor and recently on our own) for close to 2 years. ...
A: Elizabeth, Thank you for the question, and the answer is yes, you may absolutely accept a land ...
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| disability and mortgage payments | 3/18/2008 |
Q: I bought my condo in 1994. In the year 2000 I became disabled. I have been living off my disability ...
A: Bob, Thanks for the question. I think the best place to start will be your State Housing ...
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| Need help with current mortgages | 3/12/2008 |
Q: We currently own a rental property in Florida that has a pay-option ARM mortgage with Countrywide. ...
A: Deborah, Thanks for the question... It sure sounds like you are in a pickle, and I wish a simple ...
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| Selling a house and keeping the mortgage | 3/11/2008 |
Q: We are looking at selling our rental property to our tenants. They have asked us if we are willing ...
A: Lou, Without seeing your contract with the Management company. there is no way to properly answer ...
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| Selling a house and keeping the mortgage | 3/10/2008 |
Q: We are looking at selling our rental property to our tenants. They have asked us if we are willing ...
A: Lou, Thanks for the question. The situation you describe is pretty commonplace these days. As the ...
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| buying second home | 2/29/2008 |
Q: We currently have a first and second mortgage, we did this to fix up our house but never ...
A: Michelle, This is little tough to answer and be definitive, so we will speak about "possibilities". ...
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| Earnest money | 2/28/2008 |
Q: My husband and I just put down $500 earnest money on a home we absolutely loved. We were ...
A: Laura, Thanks for the question. Your questions really boils down to whether or not the conditions ...
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| refinance | 2/21/2008 |
Q: i would like to refinance my current adjustable rat to a 30 year fix rate. I started out @6.25% in ...
A: I am going to look to see if I can originate in PA for you. In the meantime, you need to immediately ...
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| refinance | 2/21/2008 |
Q: i would like to refinance my current adjustable rat to a 30 year fix rate. I started out @6.25% in ...
A: Missy, Thanks for the question. FNMA does indeed require the borrower to be on title, before a ...
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| Joint ownership - preventing sell of home | 2/20/2008 |
Q: My huband (soon to be ex) and I have a joint ownership in a house. He wants to sell the house and ...
A: Linda, If you hold the deed jointly, and not as "Tenants-in-Common" your husband cannot sell the ...
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| quitclaim deed | 2/18/2008 |
Q: My parents wish to add my husband to their deed so he can use his credit worthiness to obtain home ...
A: Beverly, Thanks for the question. I am asked questions like this often, and the first thing I want ...
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| 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, Thanks for the question. Your situation is a little complicated by the credit issues you ...
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| changing terms of our mortgage | 2/14/2008 |
Q: We have had our home in GA on the market since July. In November, we moved to another state. We are ...
A: Kim, Thanks for the question. I don't think it would ever be a bad idea to ask the lender to modify ...
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| escrow | 2/11/2008 |
Q: I was looking over my escrow account disclosure statement, and I noticed that I had a negative ...
A: Rose, Your current lender can provide you with a detailed statement showing what disbursements they ...
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| paying off a home loan. | 2/10/2008 |
Q: My wife and I have a question for you maybe you can help us with.I'm Spencer and shes Gretchen. What ...
A: Spencer, Thanks for the question. When applying additional funds to your mortgage loan, I recommend ...
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| escrow | 2/8/2008 |
Q: I was looking over my escrow account disclosure statement, and I noticed that I had a negative ...
A: Rose, Thanks for the question. Regrettably, many clients have brought this particular situation to ...
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| 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: Jon, This is not a question that would typically be answered here, but since you have contacted me ...
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| Disaster | 2/7/2008 |
Q: I purchased my California home in September of 2005 for $292,500. At the time, the words of advice ...
A: Jimmy, Thanks for the question. The answer is yes, but the specifics would be tough to nail down at ...
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| USCIS Immigration green card | 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, Thank you for the question. Let's address the PMI Question first. Then we can touch on the ...
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| First time home buyer | 2/5/2008 |
Q: I guess I'll just start rambling and hopefully you can give me some solid advice. 1) My wife and ...
A: Ben, Thanks for the question. I am not sure what state you reside in, but let me know and I can ...
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| foreclosure/bankrupcy | 2/4/2008 |
Q: Jim, I am from MI, and in the beginning stages of foreclosure. I stopped paying my mortgage as of ...
A: Julia, Rules regarding foreclosure and the process itself vary from state to state, so it would be ...
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| Townhouse purchase | 2/2/2008 |
Q: I have found a townhome I wish to purchase. The owner of the property is on his second partner and ...
A: Valerie, Thanks for the question. I am not certain I have enough information to answer definitely. ...
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| Foreclosure | 1/30/2008 |
Q: We received a Notice of Default 11/21/07 on our first Mortgage (Vanderbilt Mortgage). We have an ...
A: Troy, Thanks for the question. Regrettably, I have been getting EMAILS about this topic all too ...
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| ARM | 1/28/2008 |
Q: My daughter has a condo in Las Vegas ARM with Country Wide. Even tho the rates have gone down, hers ...
A: Eldon, With the exception of home equity lines of credit, adjustable rate mortgages are not ...
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| co-signing | 1/27/2008 |
Q: I want to have someone co- sign a mortgage with me. what's the procedure? what documents are ...
A: Curt, Thanks for the question and congratulations on deciding to purchase a home. The only thing ...
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| loan | 1/19/2008 |
Q: I really trying hard not to do something stupid . We have a house we want to sale it,s value is ...
A: Felicia, I am not sure exactly what you are asking. If your home is worth $199K and you woe $130K, ...
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| SHOULD I REFI NOW? | 1/17/2008 |
Q: Setters, We refied our 1st and 2nd mortgage into a 7 year interest only loan 2 1/2 years ago. I ...
A: Lauren thanks for the question. I get these types of questions quite frequently. Whether or not a ...
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| real estate dilemma | 1/13/2008 |
Q: i need an outside opinion as i am being bombarded with family members telling me all different ways ...
A: Maria, Thank you for the question and I am sorry to hear of all the troubles you are facing. ...
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| To Refi or Not to Refi . . . | 1/6/2008 |
Q: Hey Jim, Hope the new year holds great promise for you! My question basically seeks your thoughts ...
A: Don, Thanks for the question. My initial response is WOW... you have a lot going on. But after ...
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| refi | 12/26/2007 |
Q: Wow, by reading your bio, you seem pretty knowledgable. I hope you can help. For startes, my wife ...
A: Emad, THanks for the question. You are asking whether or not it is better to wait or to make a move ...
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| Flagstar Bank | 12/23/2007 |
Q: My mother signed a purchase agreement and had a mtg. broker who secured a loan through Flagstar ...
A: Jennifer, Thanks for the question. I cannot comment on the the questions regarding the ...
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| refi my home or should I wait??? | 12/20/2007 |
Q: The situation i'm in is that I can currently refi at 6.5% and again, that would increase my payment ...
A: Emad, Refinancing a home is decision that really boils down to the mathematics. You do not provide ...
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| Mortgage After Recent Bankruptcy | 12/7/2007 |
Q: My Chapter 7 bankruptcy was discharged 8/28/07. I heard about "day after Bankruptcy Mortgages" but ...
A: Kevin, Thank you for the question. As a general rule of thumb, ALMOST all lenders that offer the ...
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| Help need to refi 2nd | 11/30/2007 |
Q: My husband and I bought our house in October of 2005. We got an excellent deal on it for 220k. It ...
A: Renee, Thanks for the question. I wish I could be of more help, but a "No Doc" second is going to ...
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| FHA | 11/27/2007 |
Q: If I wanted to buy a house that costs 150,000 and I was wanting to get a loan for half of the price ...
A: Jasen, Thanks for the question. The loan scenario you describe would be allowable under FHA ...
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| Morgage 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: Mack, Thanks for the question. Private Mortgage Insurance is required on almost all conventional ...
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| Mobile Home to Real Estate | 11/17/2007 |
Q: I have put an offer in on a single wide mobil home that has a rather large stick built addition. ...
A: Heather, Thanks for the question. Your realtor is correct about the issues of obtaining financing ...
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| quitclaim/refi | 10/30/2007 |
Q: I have a mortgage on a home, which is solely in my name. The title is in mine and my sister's name. ...
A: Robert, Please accept my apology for any delay in getting back to you. I am not receiving the email ...
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| gift letter of equity | 10/26/2007 |
Q: I am in the process of purchasing a home.Wit my score in the mid 500s I can only get a nonconforming ...
A: Tim, I am sorry for the delay in getting back to you, I am not getting the email notificatons from ...
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| Quick Claim Deed | 10/17/2007 |
Q: I just recently purchased a home and I would like to add my daughter and son- in-law to the deed. ...
A: A "Quit Claim Deed" is a legal form used to transfer interest in a piece of real estate to another ...
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| Refinancing | 10/9/2007 |
Q: I refinanced in 2005 with a cash out of 10,000 with a 20 yr mortage. The closing cost was abt ...
A: Yes, I am speaking of an equity loan. They can be a fixed term, fixed rate program, or a Home Equity ...
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| Refinancing | 10/9/2007 |
Q: I refinanced in 2005 with a cash out of 10,000 with a 20 yr mortage. The closing cost was abt ...
A: Sallie, Thanks for the question. When determining whether or not to refinance, it really does boil ...
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| first time home buyer | 10/1/2007 |
Q: Will taking out a personal loan right before closing ( two weeks) affect buying the home?
A: Louise, Thanks for the question. Yes, taking out a personal loan will affect a mortgage loan, but ...
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| Mortgage loan | 9/27/2007 |
Q: I am looking for someone to get me approved for a home loan with the credit scores I have. ...
A: Daniel, Thanks for the question. Yes, it is possible, but there is more information needed to ...
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| Getting a Mortgage & S-corp | 9/18/2007 |
Q: My husband and I are looking into getting preapproved for a mortgage in the next month. At the ...
A: When you say paychecks, are speaking of monies paid to you from customers or monies that should be ...
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| Getting a Mortgage & S-corp | 9/18/2007 |
Q: My husband and I are looking into getting preapproved for a mortgage in the next month. At the ...
A: The only impact incorporating would have on a loan would be if you are trying to borrow in the name ...
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| interfamily mortgage | 9/8/2007 |
Q: are terms and conditions on an interfamily mortgage available on the web? such as a boilerplate ...
A: Clarence, I believe you may be referrring to am intrafamily mortgage, which is one method for ...
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| real estate purchase | 9/7/2007 |
Q: I plan to purchase a home my father owns free and clear with a gift of equity and sale price of ...
A: Yes, your father should be able to use the capital gains exemption on the transfer/sale of this ...
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| Selling my home for a loss | 9/6/2007 |
Q: I am considering selling my home for a significant loss so I can move across country for a new job. ...
A: Yes, the bank should take the facts of the transaction in to account when rendering their decision. ...
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| AR Transfer of property | 9/6/2007 |
Q: Last summer, (July, 2006), my son purchased a foreclosure down the street from me. We flipped the ...
A: The answer is yes, he can Quit Claim on the home, however, if there is a loan outstanding on the ...
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| Shopping for rates after pre approval | 8/30/2007 |
Q: I was dealing with a bank for my future home purchase and got pre approved for a loan. However, ...
A: Shawn, The selection of a lender is about you and your future. Offer the original lender the ...
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| Bleek Outcast? | 8/27/2007 |
Q: I hope you can help us... Our arm on our 1st increases Oct 1st by $500. We owe $216k on the 1st and ...
A: Becky, Thanks for the question. It is difficult to know specifically where to place a loan without ...
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| REAL ESTATE | 8/25/2007 |
Q: I just sold land in Florida using a note payable. The title company said they went to court to ...
A: Al, Thanks for the question! The answer is absolutely! The title comany has a copy of the recorded ...
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| ARM / 18 month window to refi | 8/23/2007 |
Q: I have a current ARM that is 7%. It's fixed 'till 12/08. I have excellent (a-1) credit and my ...
A: Rob, I am located in Independence Ohio. If you wish to make application, please give me a call. My ...
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| ARM / 18 month window to refi | 8/22/2007 |
Q: I have a current ARM that is 7%. It's fixed 'till 12/08. I have excellent (a-1) credit and my ...
A: Rob, Thanks for the question. When choosing to refinance a home, it is my personal belief that a ...
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| Refinance | 8/21/2007 |
Q: We purchased a MANUFACTURED home 6 years ago and put it on 3 beautiful acres. Since then we have ...
A: Dana, Thanks for the question. Is your home on a permanent foundation? If so, you may have some ...
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| Sub-prime mortgage | 8/20/2007 |
Q: I've been reading the news lately about the USA mortgage market, there is concern that "default ...
A: The issues facing the sub-prime market and mortgage lending in a whole are caused by a combination ...
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| home inheratince | 8/17/2007 |
Q: My mom has a first mortgage on her home. She wants to leave it to me but I don't want to refinance ...
A: Lilly, Thanks for the question. Maintaining a mortgage on a property that has been left to you by a ...
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| mortgage question | 8/8/2007 |
Q: I have no idea what is mortgage. and if I decide to buy a house on a Mortgage plan, can I sell it ...
A: Aziz, thanks for the question. Purchasing real estate for investment purposes can be a great idea. ...
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| Refinancing and Florida Mortgage Laws | 7/15/2007 |
Q: I owned a home prior to getting married and my husband has a home also. I would now like to ...
A: Jackie, Thanks for the question. I reside in Ohio, and the law is similar here. As a married ...
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| buying a home from a parent | 7/5/2007 |
Q: Good afternoon--my elderly father owns outright a home that I live in. I would like to purchase it ...
A: Kelly, Purcahsing a home with zero down should not be a problem. There are loan programs ...
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| First time buyer | 7/5/2007 |
Q: I am about to plunge into the condo ownership for the first time. I have 5% to put down on a ...
A: Michael, First off congratulations on your decision to become a homeowner. To answer your first ...
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| buying a home from a parent | 7/4/2007 |
Q: Good afternoon--my elderly father owns outright a home that I live in. I would like to purchase it ...
A: Kelly, there are numerous ways to structure the transfer, but there is a lot of information that is ...
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| QUICKCLAIMDEEDS | 6/28/2007 |
Q: I JUST WENT THROUGH A DIVORCE TWO YEARS AGO AND I SIGNED A QUICK CLAIM DEED NOT AWARE OF WHAT IT WAS ...
A: Your situation, regrettably, is not uncommon. Does your divorce decree stipulate the property go to ...
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| my community loan program | 6/26/2007 |
Q: Can you get a loan through the my community loan program on a contingency basis? I know you cannot ...
A: Yes, you may qualify for the MyCommunity program providing the other property has been ...
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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: If your spouse is not employed, the options of using her as a primary borrower become very limited. ...
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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, there is a chance you could purchase a home within a year of filing a Chapter 13. There are ...
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