| Subject | Date Asked |
|
| FHA Home Rental due to new job | 11/18/2009 |
Q: I purchased a home in September 2007 through an FHA backed mortgage: $143K, 100% financing at 5.95%. ...
A: FHA'S OWNER/OCCUPANCY requirement is "intention to occupy the property fo at least one year.(Note ...
|
| sale house | 11/11/2009 |
Q: house was paid for, not being knowledgeable i refinance about 3 times over the last 7 years now my ...
A: With the National Economy "in the dumps," and the Mortage Lenders "running scared," if your CREDIT ...
|
| investment property | 11/10/2009 |
Q: I bought an investment property in New Jersey and after 3 years the value of the property has lossed ...
A: CHARLES-- As I'm neither a State-licensed Lawyer nor Certified Public Accountant,I can't answer ...
|
| Home Buying Road block | 11/8/2009 |
Q: My fiance and I are in the process of buying a home. We were going with a VA loan. We had a ...
A: If your Fiance is the VETERAN,without him on the loan, as Borrower or Co-Borrower, a VA Loan is NOT ...
|
| HECM Short Sale | 10/16/2009 |
Q: My husband's grandmother has a reverse mortgage on her home and she has drawn all of the money that ...
A: DANA-In my nearly 15 years as a Housing Official with HUD's FHA Division, your PLAN to use a ...
|
| condo purchase | 10/14/2009 |
Q: My husband and I reside in CA and are considering purchasing our first property in Atlanta. We are ...
A: Erica-- Certaily you may buy investment property(s)in GA or elsewhere whie residing in CA--but it's ...
|
| G.C. & 203k guidelines | 10/11/2009 |
Q: Mr. Root I am a General in St. Louis, MO. I have a potential customer that wishes for me to contract ...
A: Hey KRIS-- The Mortgage Lender that will be doing the 203K Loan for your potential Customer is ...
|
| Refinance | 10/8/2009 |
Q: My parents left me a house paid for with no mortgage. 100% equity. I moved in in Jan. 09. ...
A: -- Laws relating to REAL ESTATE vary from state to state, so if your "source" of the info on the 6 ...
|
| Mobile hom/property loan | 7/30/2009 |
Q: am 23 years old and am looking to purchase a mobile home on it's own piece of property. I have been ...
A: SEE ADDITIONAL INFO AFTER THE ORIGINAL RESPONSE BELOW--jr KRISTA-- Yes, it's difficult to ...
|
| mortgage | 7/27/2009 |
Q: I am a veteran of OIF and my wife, son and myself are seeking to purchase a home. When trying to ...
A: Hey MATT-- A few years ago, when our National Economy started to weaken, the Mortgage & Real Estate ...
|
| Financing for Home in Midst of Remodeling | 7/26/2009 |
Q: We are first-time homebuyers considering buying a foreclosed house that is in the middle of being ...
A: GARRETT-- Without knowing more about your Debt-to-Income Ratios, Credit Scores, etc, I can't tell ...
|
| refinance/mortgage | 7/24/2009 |
Q: I currently own a house in which I live and a condo which provides minimal rental income. Both are ...
A: TRISH-- I've tried to reply to you three times now and the "System" has sent my answers into ...
|
| Grant Deed my name- mortgage Family friends name | 7/16/2009 |
Q: One of our family friends grant deeded the property to us. we are no longer friends. in the mean ...
A: Providing "Legal Opinion, Advice & Guidance" is one of the definitions of practicing law. Only a ...
|
| 3rd home | 7/15/2009 |
Q: My brother-in-law lives in CA in a retirement village. He wants to buy a 2nd condo in this ...
A: Your Brother-in-Law sounds like a great guy, who obviously is in a financial situation that allows ...
|
| reverse mortgage | 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: Hey RANDY-- If your Mom & Aunt are BOTH on Title to the property,BOTH would have to be ...
|
| mortgage through bank | 7/2/2009 |
Q: We want to buy this 1949 home that is selling for $38000, but needs repairs costing $17000. The ...
A: Welcome back! Have your Banker Mortgage your Home that you say's worth approx.$85,000 and you own ...
|
| mortgage through bank | 6/25/2009 |
Q: We want to buy this 1949 home that is selling for $38000, but needs repairs costing $17000. The ...
A: ESTHER-- You didn't send your inquiry to me, and whoever you sent it to directed it the QUESTION ...
|
| Pros and Cons | 6/23/2009 |
Q: Root, I have actually three questions if you don't mind responding: 1. what are the pros and cons ...
A: Hey Karl-- Thanks for the questions-- I Certainly don't mind responding; that's what I'm here for! ...
|
| Interest rate | 6/16/2009 |
Q: I heard that if I refinance my home through a lawyer, I will get a lower interest rate on my ...
A: Hey BAO-- Refinance through an Attorney & get a lower interest rate on the Mortgage? Where did you ...
|
| 1st time home buyer looking for a loan with a low down payment | 6/14/2009 |
Q: I live in the bay area, californiA and am looking to buy my first home with a 10%down without the ...
A: There are lots of Mortgaging options to FHA-Insured Financing when you have 10% of the Purchase ...
|
| buying a home from liason who bought it on shortsale | 6/8/2009 |
Q: We are attempting to purchase a home that was sold to a liaison on short sale by the lender. Our ...
A: CHARLENE-- There are Federal Laws and HUD Codes addressing "STRAW BUYERS" & "FLIPPING" Your use of ...
|
| quitclaims pertaining to reverse mortgage | 6/6/2009 |
Q: my mother put her house in reverse mortgage, she passed and nine children are heirs,we want to keep ...
A: Hey Johnny-- The Reverse Mortgage Program or "Home Equity Conversion Mortgage (HECM)" as directed ...
|
| 8000 tax credit "monetized" | 6/4/2009 |
Q: There is talk of the 2009 first time home buyer tax credit of $8000 to become "monetized" and be a ...
A: "Monetization" of the "up to $8000 Tax Credit" is N-O-W in effect! The "Bridge Loan" comes from the ...
|
| Question about PMI | 6/3/2009 |
Q: In November 2008, we purchased a home. The selling price was $235000 and we put down 10%. The loan ...
A: JEFF-- When purchasing a Home using CONVENTIONAL Mortgage financing a Downpaymnt sufficient to ...
|
| Owner Occupancy is too low to Sell my Condo | 5/30/2009 |
Q: I own a condo in a small complex of only 9 units. 7 of them are own by one person and he rents them ...
A: Considering the status of today's Real Estate and Mortgage industries,I suspect there are NO ...
|
| Fingerprints | 5/29/2009 |
Q: I was told by a loan originator, there is now a law requiring my fingerprints to obtain a refinance? ...
A: Hey JOSEPH-- I'm as shocked & surprised--dismayed & disgusted--by the thought of a fingerprint ...
|
| First time buyer | 5/13/2009 |
Q: Would I qualify as a first time buyer in the event of divorce where my name is secondary on the ...
A: Sorry Lori-- If you have owned a home in the past three years, you are NOT considered a First Time ...
|
| forclosure | 5/5/2009 |
Q: Where to start? My boyfriend has/had a Fannie Mae loan. His work situation caused him to fall ...
A: My answer to your question will to "short" as your description of your Boyfriend's problem and your ...
|
| 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: First let me say that I'm surprised that any Lender will approve you for a Home Loan with Credit ...
|
| FHA loan | 5/4/2009 |
Q: We were told by our FHA specialist loan officer that to be eligible for an FHA loan, we had to have ...
A: FHA Loan Programs are for OWNER OCCUPANTS ONLY.FHA Borrowers must sign a "Statement of Intent to ...
|
| home mortgage and divorce | 5/3/2009 |
Q: Jim, I am days from my final hearing and last week I signed a contract to purchase a home for myself ...
A: The Laws of the State of Nebraska, the Policies of the Loan Program you are involved in AND the ...
|
| Are my parants still entitled to the $250 NJ State Property Tax? | 4/29/2009 |
Q: My parents have been married for 42 years, and have resided in their home in NJ for the past 38 ...
A: All 50 States have differing benefits for their Veteran populations, some for all Vets of Military ...
|
| Underwriter Decline on Mortgage | 4/29/2009 |
Q: TX. We were set to close on the sale of our home on 4-24-09 and got a call from the buyer's lender ...
A: Annette-- Having just found your question on my PENDING QUESTIONS Menu, I was surprised to see that ...
|
| Trouble financing | 4/23/2009 |
Q: My wife and I just built a house in Western Washington State. Our original apprasial to get the ...
A: Mark-- You didn't send this to me, but I found it in the QUESTION POOL.I have a SUGGESTION! ...
|
| Assumable Mortgage | 4/22/2009 |
Q: My mother passed away last year and my father is currently in default on all their bills. He is ...
A: CHRISTY-- First, my condolences--Sorry for your loss of "Mom!" So often the "Mom"s handle the ...
|
| Rehab and housing grants and loans | 4/14/2009 |
Q: We bought a home in the Phoenix area when the prices were low (not as low as they are now!) in July ...
A: HUD Loans/Grants for "Special Needs" groups--Low Income, the Elderly, Disabled, Handicapped, ...
|
| One on the note both on the deed. | 4/7/2009 |
Q: My husband and I are refinancing for a lower interest rate but can get a better rate with me alone ...
A: Renee-- "One who gives legal opinion, advice and guidance." That's one of the definitions of ...
|
| Mortgage woes | 4/6/2009 |
Q: We have been working with a bank to get a mortgage since January. We had signed a contract, paid ...
A: I'll bet you're working with a Lender "long distance," either via the Internet, telephone and/or ...
|
| credit score, ratio | 4/6/2009 |
Q: Me an my husbands trying to see how much we can get a loan for, his credit score is 736, fico score ...
A: TANYA-- If the Dealer is taking your Mobile Home in, he should be paying off any loans currently ...
|
| buying a second home | 4/5/2009 |
Q: I am currently the owner of a home in Portland Oregon. I am planning to move to Hawaii and have a ...
A: You didn't send this inquiry to me, but whoever you sent it to apparently sent it to the QUESTION ...
|
| Help! | 3/31/2009 |
Q: What a mess I have... a close family friend needed help with their real estate property. He had an ...
A: Yeah, what a mess! " No good deed goes unpunished" & "Murphy's Law" BOTH here, I think. Your folks ...
|
| mortgage charged off | 3/30/2009 |
Q: i fell behind on my mortgage payments last year. they sent my account to forclosure. i was able to ...
A: Michelle-- I'm afraid I can't give you the advice you need! The charge-off of your loan, non-one ...
|
| 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: The Real Estate & Mortgage "worlds" are spinning like tops" and sometimes in the same/sometimes in ...
|
| land given as a gift | 3/24/2009 |
Q: My brother has drawn a will,where he bestows his property and land in Texas to me after he dies. He ...
A: You don't need a "Real Estate Professional" to respond to your questions--you need a Tax Expert! ...
|
| 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: Be careful! Your Sister's Loan Officer's (LO) suggestion, if precisely as you state it above,could ...
|
| financial help | 3/17/2009 |
Q: can i get financial help to move to my on apartment i live with a friend right not and i have a 2 ...
A: Ms. D-- If you want financial assistance for a Rental Property, either a House or an ...
|
| 30 year fixed rate | 2/26/2009 |
Q: My wife and I have found a home. Offer accepted, VA now has 30 days to do there inspection thing. ...
A: "To lock or not to lock, ? That is the question!"? And it's almost as old a question as the ...
|
| 203k loans | 2/23/2009 |
Q: I want to stay in my home- the mortgage balance is low but I need to make some major repairs....they ...
A: GRACE-- The 203K Rehab loan Program IS an excellent program, but it's complicated by the need for ...
|
| mortgage | 2/16/2009 |
Q: I just filed bankrupty 7 and my current mortgage is very high interest rate. Is there any way for my ...
A: JESS-- Until the recent "Mortgage Loan Crisis" one could find a Home Loan and close it the day ...
|
| rescue from negative home equity? | 2/12/2009 |
Q: I really wasnt clear if this was the place to send this question or not.... My wife and I purchased ...
A: There are several new FHA programs out now and another one that will be out soon--all a part of the ...
|
| Bankrupting a second mortgage | 2/12/2009 |
Q: I recently did a loan modification last November with Washington Mutual. They carry my first and ...
A: You need to consult with an Attorney who specializes in Bankruptcy Law. I THINK that you MIGHT be ...
|
| percentage of mortgage | 2/12/2009 |
Q: What percentage of my annual income should I use to buy at house I make $50,000. annually. What ...
A: ERIC-- At approximately $50,000 per annum,your MONTHLY GROSS INCOME should be about $4800. It's ...
|
| Quick Question | 2/9/2009 |
Q: I have been talking with a Realtor here in Las Vegas, who has been giving us some very shady advice, ...
A: If by "Shady advice" you mean illegal actions such as fire for insurance,etc(I'll not list other ...
|
| Investment short sale impact | 2/8/2009 |
Q: Aloha, I have a investment property that is upside down. The loan is only under my name but the ...
A: ALOHA-- Let's see if I've got this straight! Your primary residence(PR) has a large equity ...
|
| 2nd Mortgage default | 2/7/2009 |
Q: I hold a 2nd mortgage that payments are due on 4-5-09, it is not likely that the person who owes the ...
A: PAT-- Only your Attorney, CPA and/or Financial Advisor are licensed or certified to give you "legal ...
|
| home loan modification | 2/4/2009 |
Q: My ex husband and I have a home together. He wanted to stay in the home. In division of property ...
A: Look's like you're in a "Catch 22!" Yeah, once the loan is modified and you're no longer on the ...
|
| MORTGAGE | 1/26/2009 |
Q: My father had one 30-year mortgage for the house where he lives (house "A") and still owed about 15 ...
A: Yep, "it sounds too confusing!" I just got back from vacation & found your inquiry in the "Question ...
|
| quit deed with countrywide in washington state | 12/17/2008 |
Q: we are a married couple with adult children. we are refinancing and would like to quit deed it to ...
A: STAN-- One can transfer "all rights & interests" in a property via what's called a QUIT CLAIM ...
|
| Loan Modification | 12/9/2008 |
Q: I hope I have the perfect person for my question.Jim,I am looking to see if I can do this Loan ...
A: Brad-- Sorry for the delay in response--have been ill! Hope you HAVEN'T paid a fee to anyone BEFORE ...
|
| loan | 12/7/2008 |
Q: my name is abolfazl and i am international student with work permission in usa ( F1 visa) . i am ...
A: Mr. JALALI-- Your question about Down Payment requirements for obtaining the best Interest Rates ...
|
| 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: Hey JAMES-- Although you've listed Loan/Closing Cost "activities" by name & given me dollar amounts ...
|
| Financing | 12/3/2008 |
Q: I have asked you questions before, and your answers were extremely helpful. I recently purchased a ...
A: Hey CHRIS-- A "Private Investor" or "Hard Money" seems to be the only avenue for you right now! The ...
|
| 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-- You need the help of an ATTORNEY--and you need it NOW!If you can't afford a Lawyer, contact ...
|
| 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: Hector-- Some mortgages can be assumed; depends on the specific verbiage in the mortgage you'd like ...
|
| creative financing | 11/7/2008 |
Q: My question is we currently have a mortgage on our home. We live out of town a bit and would like to ...
A: ROD-- No, I've never heard of a swap like that, but that doesn't mean it can't happen! Contact the ...
|
| leins | 11/2/2008 |
Q: My parents are seniors & my dad is currently in the hospital from a stroke he had 3 weeks ago. They ...
A: There's a SPECIAL LOAN PROGRAM for folks like your Parents! It's called a REVERSE MORTGAGE and it's ...
|
| Securing PMI on Jumbo loan | 11/1/2008 |
Q: I've been approved and vetted for a purchase 95% LTV on a $891K home purchase but can't secure PMI ...
A: JAMIE-- Because of the current state of the Real Estate and Mortgage Markets the Underwriters for ...
|
| Deed issues | 10/24/2008 |
Q: My mother whom is a saint purchased a rental property for my husband and I to move into. We had a ...
A: Yes,the definition of a "First Time Homebuyer" for purposes of qualifying for MOST "First Time ...
|
| In Lieu Of | 10/1/2008 |
Q: Our home is now worth 30,000 less than we owe. We have a first and second. The Master and Kitchen ...
A: GO TO THE FOLLOWING WEBSITE FOR INFO: www.hud.gov/fha/home080730 The Solution to your Problem MAY ...
|
| Mortgage bailout plan | 9/30/2008 |
Q: Lew Dobbs stated on his show 9/29/08 that some of the government money to purchase bad mortgage ...
A: ACORN IS A NATIONAL ORGANIZATION THAT CLAIMS TO BE A NON-PARTISAN SOCIAL SERVICE ENTITY.IT IS SAID, ...
|
| Private Lender Loans | 9/29/2008 |
Q: I was wondering if you could help me? I in in the process of buying home and going thru a private ...
A: VICKI-- Pre-Approval Letters are worthless except as they may make a Seller feel more comfortable ...
|
| VA Loans | 9/28/2008 |
Q: Can I pull out or terminate a VA loan anytime during the approval process? Thank You Jim Cummings
A: Mr. Cummings-- First, "Thanks for your Service to our Nation!" A Viet Nam Vet myself, I didn't hear ...
|
| realstate | 9/26/2008 |
Q: My mother owns 2 houses that don't have any equity she refinance to take the money out and buy the ...
A: Your Mother's Mortgage on the Apartment is SEPARATE from the one that you & she share on your Home, ...
|
| 203K FHA loan and insurance | 9/19/2008 |
Q: We will be closing on our 1924 home next week. The price was 130K and we are doing a 203K FHA Rehab ...
A: Homeowners Insurance (HOI) coverage during the first six months--the Rehab Phase--after Closing has ...
|
| Closing Date | 9/17/2008 |
Q: I will be scheduling a closing date on my refinance with my chosen lender via a Paramount Lending ...
A: I highly recommend that you contact an Attorney in your Community that specializes in Real Estate ...
|
| COLLECTION ON CR REPORT, PURCHASING HOME | 9/17/2008 |
Q: I HAVE A MEDICAL COLLECTION FOR $155 THATS 4 YEARS OLD. I AM LOOKING TO PURCHASE A HOME IN 6 ...
A: I don't see how paying off that collection would LOWER your Credit Score. Debts to COLLECTION ...
|
| Lein Recording | 9/8/2008 |
Q: I have a loan that was never recorded with my county office. I am now in the process of trying to ...
A: Only a licensed Attorney with all of the details of this matter can give a legal opinion of ...
|
| HOA Foreclosure | 8/26/2008 |
Q: My condo foreclosed in june by the HOA, sold to a third party for back dues, however he has no ...
A: JOHN-- I suspect that you ARE still responsible for the mortgages held by Countrywide and Bank of ...
|
| constuction loan | 8/26/2008 |
Q: here goes. i am being given land in saratoga county ny where i hope to put a modular house. my ...
A: Congratulations on the gift of land.If it was gifted to you "free & clear," it is eligible to be ...
|
| Construction Loans | 8/26/2008 |
Q: We have been pre approved for $190,000.00 for a VA loan. This is good, since VA has rules and ...
A: WAYNE-- I think you're going in the wrong direction, my fellow Veteran!Please don't make the custom ...
|
| recinding forclouser | 8/23/2008 |
Q: we were in the middle of a loan modification, when the mortgage comapny forcloused and sold the ...
A: WANDA. Thanks for the excellent Rating & Nomination.In response to your request in the Rating ...
|
| deed | 8/14/2008 |
Q: S RESIDENT,AND WHAT DOESN T IT IMPLY IF IT A SHARE OF A HOUSE THAT S GOING TO BE SOLD? ALTHOUGH ID ...
A: AMAUD-- It is my understanding that one can use a QUITCLAIM DEED to convey any interests he/she MAY ...
|
| Investing in real estate | 8/11/2008 |
Q: Why does the real estate market keep on flourishing (the liquidity is high) despite of the subprime ...
A: Do you think maybe the fact that interest rates are still at a 40 year low AND the HIGH number of ...
|
| ch 13, refi, new purchase if missed loan payment | 7/16/2008 |
Q: My home is for sale since May, but has not sold yet. I am in ch 13 for 14 months with no late ...
A: MICHAEL-- You should meet with a Loan Officer and start the application process for an FHA-Insured ...
|
| Purchasing a second home. | 6/16/2008 |
Q: In a few weeks me and my girlfriend are going to be purchasing our first house. First house for each ...
A: CORY-- It sounds like your home purchase & mortgage loan application is progressing well and ...
|
| 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: STEPHEN-- Credit Scores are affected by so many different factors that it's hard to predict what ...
|
| foreclosure and bakruptcy | 5/9/2008 |
Q: If my name is on the deed to the land but not on the loan and I filed chapter 7 bankruptcy and my ...
A: CHRISSY-- If the collateral for your Husband's Mortgage loan is the "Mobile Home/Land Package"(ie. ...
|
| Paying off car lease to lower DTI for mortgage | 4/28/2008 |
Q: Ok so this is the situation: We (my husband and I) have been spending the past year fixing up our ...
A: If you car lease payment shows on your Credit Report you're obligated to list it as a Monthly ...
|
| 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: Hey CLINT-- Good questions! Hard for me to give specific answers to, though, as I'm not privy to ...
|
| choosing a refinance lender | 4/25/2008 |
Q: Need to borrow 210,000 to refinance. I found an interest rate of 5.5 but the closing and prepaid ...
A: LOUIE-- With a REFI you shouldn't have to make any Downpayment, as the equity in your home should ...
|
| refi mortgage | 4/22/2008 |
Q: Why is it so hard to find lenders who are offering refis at the higher "jumbo rate". I have a ...
A: DOUG-- Answer to your first question-- The current overall, Nation-wide decline of the Real Estate ...
|
| 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: MR. JESSE-- Apparently the loan program you're using differentiates between Owner/Occupant ...
|
| 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: SKYLER-- First I need to explain a few things to you, then I'll give you a "Quick Answer to your ...
|
| Ownership of Property | 4/14/2008 |
Q: I have an uncle that just passed away and didn't have death insurance on the house. All the ...
A: ERIC-- Specific response to your questions would involve giving legal advice and/or expressing a ...
|
| Mortgage payoff | 4/6/2008 |
Q: I have paid off my mortgage. I would like to know what if anything I should do about the deed and ...
A: You should receive documents from your Mortgage Holder/Lender(called "Mortgagees") that evidence ...
|
| 203K complications | 4/2/2008 |
Q: Mr. Root, I read your exchange with Trajah dated 9/27/2007 with great interest. Many of aspects of ...
A: PETER-- Your HUD-Approved Consultant AND the the Lenders FHA-Certified Underwriter for your 203K ...
|
| first time home buyer | 3/26/2008 |
Q: My son and his fiancee live in Glendale, Arizona. They have an excellent credit rating, good jobs, ...
A: CAROL-- Hi; Thanks for the inquiry. I hope I can help you help your son and soon-to-be ...
|
| loan | 3/11/2008 |
Q: o.k. i have a single family home in st louis mo 63125. I owe 39,000.oo on my house. Its worth about ...
A: NANETTE-- Without my knowing the full particulars on your situation, my answer may or may not be ...
|
| TAKING AVANTAGE | 3/6/2008 |
Q: HOME:100,000-LEFT 19,000. CHANGED FROM HIBERNIA TO CAPITIAL ONE. LAST 2.5 YEARS THINGS CHANGED. ...
A: BRIAN-- I'm afraid I don't fully understand your situation, nor what you want of me, but from what I ...
|
| Title Company Error | 3/4/2008 |
Q: We live in Colorado and our home builders. We recently, in late November 07, sold and closed on a ...
A: ELIZABETH-- As I'm NOT an Attorney, I cannot give you a specific answer to your questions on ...
|
| hi! | 2/27/2008 |
Q: i am in the military as well as my husband i am station at san diego and my husband in washington ...
A: Hey IRISH-- Thank you--and your Husband--for your service to our Nation! As a former USAF ...
|
| Refinancing | 2/25/2008 |
Q: Mr. Root, I have an unusual situation. My fiance died 2 years ago. I went into a severe depression, ...
A: MS. LUCKETT-- First, let me tell you how sorry I am for your loss!The unexpected demise of a loved ...
|
| buying a second home | 2/20/2008 |
Q: we have a paid off house that we would like to keep but were wondering if we can use it to buy a ...
A: If I understand your question correctly, you want to know if you can borrow against the home you now ...
|
| refi in chapter 13 | 2/8/2008 |
Q: I am in a chapter 13 for the last 6 months my home loan is going up every 6 months. Is their a way ...
A: David-- While in a Chapter 13--referred to as the Wage Earner Plan--you must have the permission of ...
|
| 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-- Better minds than mine are working on plans to preclude further problems associated with our ...
|
| 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 making my life e-z by being so specific & concise with your questions! I'll try ...
|
| 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-- You didn't ramble--you asked two distinct & specific questions & gave me the details on your ...
|
| trading homes with mortgages | 2/5/2008 |
Q: 1. My home is on the market for $215,000 ($24,000 mtg) 2. The house I want is $185,000 (he has a ...
A: Interesting question! Also a difficult one to answer--complicated situation! Although you & the ...
|
| First time home buyer | 2/3/2008 |
Q: If I sold a house in Michigan a year ago, can I be a first time home buyer in California how does ...
A: YENI-- Federal, State & Local "First Time Homebuyer" Programs, to the best of my knowledge, all ...
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| Refinancing.. | 1/31/2008 |
Q: Refinacing heloc with regular mortgage will go as rate and term refinance or cash out refinance in ...
A: ALEC-- You didn't send this question to me--I found it in the "Question Pool" and it looks like ...
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| Selling a Home that is in someone's name | 1/29/2008 |
Q: Root. My story is this. Well my father is selling the house that me and my mom lives in. Well he ...
A: NICOLAS-- It's difficult--maybe impossible--for me to give you a definitive answer to your ...
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| Home Refinancing | 1/27/2008 |
Q: I am a home owner and I am looking into refinancing options. My current mortgage is a 30 year w/ a ...
A: BOB-- Generally, if one can lower their interest rate by one or two points they will lower their ...
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| church parsonage | 1/23/2008 |
Q: How can we put our home which still has a mortgage into the name of our church as its parsonage?
A: DEBI-- There are several different approaches to doing what you have asked about. As I am not a ...
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| mortgage lender questions | 1/15/2008 |
Q: Jim, Not sure if you can help with this question, but you seemed to have the experience and ...
A: BOB-- Sorry to hear of your current misfortunes! Your Wife's cancer, your loss of employment both ...
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| Home Mortgage | 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: RICHARD-- First let me say "Thank you" for your service to our Country, then I'll answer your ...
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| refi?? | 12/26/2007 |
Q: Let's get creative!! Wow, by reading your bio, you seem pretty knowledgable. I hope you can help. ...
A: EMAD-- To refi or not to refi--that is the question! Whether 'tis wiser to convert from Interest ...
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| lender approval of a short sale offer | 12/13/2007 |
Q: I have made an offer on a short sale property that the owner has accepted. The offer is now going to ...
A: CRAIG-- With Short Sales, because the Seller's acceptance is subject to the Lender's--and perhaps ...
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| foreclosed home | 12/12/2007 |
Q: can i get my home back after foreclosure, i live in md
A: MAUREEN-- I think you're referring to what's called the "Right of Redemption," and is best ...
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| The buyer needs to move in befor closing! | 12/10/2007 |
Q: Some one buying my house and she got the final approval for a FHA loan. She needs to move in before ...
A: NATE-- In my "former lives" as a Licensed Realtor, Appraiser & Mortgage banker in the "Private ...
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| Investing, Debt & Mortgage Qualification | 12/7/2007 |
Q: I recently started real estate investing. I’m closing on my 1st investment property in a week. I’m ...
A: Alicia-- With the Real Estate market AND Mortgage industry in such a "state of flux" as it is there ...
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| Home Buying in Chapter 13 | 12/4/2007 |
Q: How are you? Well me and my husband file a chapter 13 in July of 2005. We need to know how we would ...
A: Stacey & Jackie--I'm fine, thanks; how are you? You'd feel really great if you could owned your own ...
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| 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--The current high rate of Defaults & Foreclosures on "Sub-Prime" Mortgages made over the past ...
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| Foreclosure sale possibility...? | 12/1/2007 |
Q: My question is simply this....can a family member purchase my property at the foreclosure sale? I am ...
A: Jeff--My previous answer still stands; I still feel you should seek legal assistance & advice, and ...
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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-- Say "Hi" to Liz for me, will you? Thanks! No, FHA won't participate in a "Half Ownership ...
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| Foreclosure sale possibility...? | 11/27/2007 |
Q: My question is simply this....can a family member purchase my property at the foreclosure sale? I am ...
A: Jeff-- I don't know about "family members" in general, but,I suggest that before your wife makes any ...
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| FHA loan and Co-borrower | 11/26/2007 |
Q: My boyfriend is interested in purchasing a home for 150,000. It is well below it's appraisal value ...
A: Liz-- THIS IS AN ADD-ON TO THE ANSWER BELOW! You didn't say anything about you & the Boyfriend ...
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| HOA / Redemption Period | 11/19/2007 |
Q: I'm in Minnesota. Who is responsible for paying the HOA monthly dues during the redemption period ...
A: JEFFREY-- This question, sent to Kip, has been sitting in the Question Pool for some time now & I ...
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| Foreclosure with mortgage that has MI? | 11/18/2007 |
Q: Kip, I am facing not being able to make my payments and not being able to sell my home due to ...
A: ROBERT-- Kip, like Elvis,"has left the building!" And your question has been sitting in the ...
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| bank wouldn't approve short sale - facing foreclosure | 11/18/2007 |
Q: We hope you can shed a little light on our problem. We got scammed into purchasing three investment ...
A: Ty--This is NOT a question that can be answered by ANYONE here! You need to find an ...
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| Broker Revenue? | 11/13/2007 |
Q: I cannot seem to locate the dollar amount of the mortgage broker industries revenue per year for ...
A: TIM--How much money did Mortgage Brokers make per year--including Loan Origination Fees and/or Yield ...
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| 2 mortgages | 11/13/2007 |
Q: I have an investment property I do not want to lose, but I am near the end of being able to carry ...
A: MARY-- You didn't send this question to me, but I've seen it sitting in the Question Pool for quite ...
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| loan add on/quit claim | 11/11/2007 |
Q: I want to quit claim one of my four income properties to my daughter and her husband, but keep the ...
A: Dan--I just read your "Feedback" & then read my "Answer" to you again! I wish I'd re-read my ...
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| XFERRING CONSTRUCTION LOAN TO PERM | 11/1/2007 |
Q: Summer of 2005 I signed a contract with a builder to build a house in southwest Florida. Builder ...
A: JOANN--You ARE in a BAD situation, aren't you? The best advice I can give you is this;contact a ...
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| first time home buyer | 10/30/2007 |
Q: my name is luck and im a first time homebuyer, I'm looking for a 2 family house in nyc, but I'm ...
A: Luck--$20,000? I think you're confusing Closing Costs & Downpayments! A Buyer's loan & closing costs ...
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| first time home buyer | 10/29/2007 |
Q: my name is luck and im a first time homebuyer, I'm looking for a 2 family house in nyc, but I'm ...
A: Hey Luck, back again, huh? Glad to see you're still seeking help with your Real Estate needs! Yeah, ...
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| What to do when I want to relocate? | 10/27/2007 |
Q: I am thinking of relocating out of CA in late 2008 to early 2009. What are my options for the ...
A: Terence--The only other Options I can think of are both "Last Ditch" kinds of actions! (1) Your ...
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| What to do when I want to relocate? | 10/26/2007 |
Q: I am thinking of relocating out of CA in late 2008 to early 2009. What are my options for the ...
A: --The options you listed, foreclosure, buy-out, sell, etc. are certainly all possible, but except to ...
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| refinance in current chapter 13 | 10/24/2007 |
Q: I want to know would I be able to refinance while currenlty in chapter 13. Would I get a good rate, ...
A: Sharon--If you have been on Chapter 13 for over a year, have made your payments to the Trustee as ...
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| first time home buyer | 10/21/2007 |
Q: my name is luck and im a first time homebuyer, I'm looking for a 2 family house in nyc, but I'm ...
A: Luck? To get the best mortgage for you will take more than just "luck!" There are almost too many ...
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| mortgage | 9/27/2007 |
Q: If someone has a credit score of 660 and has a very poor debt/income ratio and refinances her ...
A: Someone with a relatively high credit score such as a 660, but whose debt-to-income ration is ...
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| refi a purchase | 9/27/2007 |
Q: In a few weeks I will be purchasing my first home.I have negotiated with the bank to get the ...
A: Trajah-- I enjoyed our telephone follow-up to your first question, and am pleased to provide you ...
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| refi a purchase | 9/18/2007 |
Q: In a few weeks I will be purchasing my first home.I have negotiated with the bank to get the ...
A: I'll answer with how I'd approach this scenario--and what I would & wouldn't do. First off, I ...
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| Shopping for a Loan after a pre approval? | 8/30/2007 |
Q: Hey Nick, Read a couple of your answers and thought you'd be a great person to ask about this. I ...
A: Shawn-- I'm not Nick, but somehow this question came to me--so here goes! First off, be aware that ...
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