Question by Jeff S: Can my mortgage broker foreclose on me?
In march I did a FHA refi. the mortgage broker messed up big time on my escrow and put me in a big bind. FHA kicked the loan back and is not insuranable so the broker wants me to sign a modification agreement. I refused to sign it till they correct their mistake. They then told me that they can forelcose. Is this possible?
Best answer:
Answer by golferwhoworks
not the broker– FHA
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Question by Sana: What I need to do about my 2nd lender? I can qualify under Modification Program but I also need to lower my2nd?
I can refinance my 1st loan but how I can refinance my 2nd loan? In this program is saying that you can do only 1st one?
Best answer:
Answer by debijs
~~Contact the lender who owns your second. Tell them of your financial hardship. If it is through a bank, visit they are suppose to send you information for a loan modification also. Good luck~~
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FHA Streamline Refinance Without Credit History
Known as a quick and easy process, more about the FHA streamline refinance is available without the need of a credit history. The FHA streamline refinance is available to homeowners who want to refinance their existing FHA loan. Because FHA wants homeowners to …
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How do I handle a short sale and FHA loan?
With FHA short sales, the usual process you must go through involves two levels of negotiators to get approval from the U.S. Department of Housing and Urban Development (HUD). From my experience, it always seems like each level of the negotiation phase …
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Finance Committee Chair Suggests FHA Could be Next Countrywide
In its current form FHA is clearly an impediment to such a system. " The Chairman said FHA had strayed far from its original purpose and no longer focuses on low and moderate income Americans but rather caters to a risky market with high loan limits …
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Question by sam: Does anyone know of any programs out there to save a home that has already been in foreclosure for a week?
The type of the loan is FHA and I have few months left and unable to get help on any government programs out there. Your feedback is greately appreciated.
Best answer:
Answer by Becky
There are all kinds of programs out there — but, approved you have to Qualify for the assistance. To do this there has to be a hardship but there also has to be an income. The investor is not going to modify the loan if there is no income or not enough income to support a monthly payment.
The first thing you need to do is gather your general monthly expenses. List all of those on a sheet of paper. By *general* I mean utilities, groceries, cell phone/cable, credit card, tuition, personal loans, car payments, etc. Also add in your mortgage payment. Subtract all that expense from your monthly income.. Is there a deficit or surplus? If there is a deficit that is more than $ 100 what is it and what unnecessary expense can go away to bring you to a surplus situation? Is there a car payment somewhere? Are you paying high monthly payments for credit cards? Maybe BK is the way to go for those types of expenses, but BK won’t keep you in your home – the bank/investor still has the right to foreclose.
If you’re in a surplus situation or if you can correct the deficit situation – how much money do you have to put down towards the delinquency?? You’re going to need something… If you’ve got the surplus and at least 1+ payment to contribute, call your servicer. Chances are you will qualify for a Partial Claim or a Loan Modification.
The investor doesn’t want to foreclose, but they’re not going to hand you the house on a platter either. You need to qualify for the workout. If you don’t qualify then what you are going to need to consider is selling the property because the reality is that you can’t afford it. To get out from under the *foreclosure* code on your credit you can list your property for sale, for fair market value. If you can get an offer on it you can request the investor approve a Short Sale (again, call your servicer) but again, you’ll need to have a purchase agreement, HUD1, proof of buyer funds, bank statements and listing agreement ready to fax your servicer before you request the Short Sale. The servicer isn’t going to pre-negotiate a short sale. If you get an offer that is investor approved your credit will show a ‘Settlement’ vs. a ‘Foreclosure’ which is a 200-300 point hit. If the property doesn’t sell in 90 days – you can request a Deed in Lieu.
Be realistic, think long term and understand what you’re getting yourself into if you keep the house. I’m not saying you can’t afford it if it is a modified loan, but you should understand that 50% of the people who are successful at getting a loan modification are back in foreclosure within 12 months and once your loan is modified it cannot be re-modified more than once a year and in some cases it can only be modified twice during the life of the loan. Do what is best for you, your family and your future. If it’ll work, great.. if it’s just prolonging the inevitable you may want to consider starting your future today — by getting rid of the home.
If you want to attempt the Partial Claim or Loan Mod – get your information together and call the servicer. You can also ask them about the Short Sale and the Deed In Lieu Of.
Good Luck.
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FHA raises fees and insurance premiums for mortgages with low down payments
If you want to buy a house with minimal cash by using an FHA-insured mortgage, sildenafil here's some sobering news: Thanks to an ongoing series of fee increases and underwriting tweaks, mind the most recent of which were announced Jan. 31, physician FHA is getting steadily …
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Mortgage Rates: Latest Push for Refinancing Bill While Rates Remain Low
While these updates may seem difficult for some, FHA mortgages will still be easier to obtain the regular conventional loans. At this time, seller concessions up to 6% can still be used for the higher FHA closing costs (APR) which is due to the upfront …
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A couple of good apartment creating images I found:
11e 746 S Burlington Ave – Italian Villa Apartment Creating – The Morrison (E)
Image by Kansas Sebastian
Italian Villa Apartment Developing, tadalafil 1922
746 S Burlington Ave, Los Angeles, CA
Thos. B. Morrison, Builder
__________
This 1922 apartment developing, created to look like an Italian Villa, shows that Westlake was nevertheless an upper middleclass neighborhood in the 1920’s, (It wasn’t till after Planet War II that the neighborhood fell into decline as individuals fled to the newly-constructed suburbs. It looks like somethig Myron Hunt would have developed, but actually it could have been anybody.
More great homes click right here…
11g 746 S Burlington Ave – Italian Villa Apartment Constructing – The Morrison (E)
Image by Kansas Sebastian
Italian Villa Apartment Creating, 1922
746 S Burlington Ave, Los Angeles, CA
Thos. B. Morrison, Builder
__________
This 1922 apartment constructing, produced to look like an Italian Villa, shows that Westlake was nevertheless an upper middleclass neighborhood in the 1920’s, (It wasn’t until soon after World War II that the neighborhood fell into decline as people fled to the newly-built suburbs. It appears like somethig Myron Hunt would have developed, but truly it could have been anyone.
For more houses click right here…
Have Mortgage Rates Bottomed?
So earlier — — got a chance to speak assigned you — he's the CEO of Citi mortgage. — — Thirty year mortgage rates hovering at a four month high of around three — half percent. But mortgage applications continue to rise so is this a sign that …
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Mortgage Rates Fail To Fall; Averaging 3.53% Nationwide With Points
Freddie Mac 30-year fixed rate mortgage rate idles at 3.53% 30-year fixed-rate mortgage rates remained below the psychological 4.00% level, salve according to this week's Freddie Mac Primary Mortgage Market Survey (PMMS).. Nationally, physician the average rate for …
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Mortgage rates
Obituaries · Data · Photos · Video · Podcasts · Today's Paper. Hot Links: OU debates tuition guarantee · Woman sued Kobe, purchase now runs for school board · Bob Hunter's Rumblings · Photos: Jackets-Flames · Home · News · Business; Mortgage rates …
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Is the low interest rate party over?
Mortgage experts agree that rates will be higher at this time next year. They differ on the details, although not a lot. True, we've heard this prediction before. Mortgage banker Michael Becker of WCS Funding Group told Bankrate.com that mortgage …
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Payday Loans Online Specialist That Bridges Urgent Financial Needs Launches …
New York, more about NY — (SBWIRE) — 01/25/2013 — People who have tried to obtain payday loans to address immediate money issues and settle bills are no strangers to the often-complicated loan application procedures. More often than not, page banks and lending …
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Payday Loans Get Criticised – Again
A payday loan is an expensive way to borrow because it is aimed at people with a poor credit record, ambulance which may mean that they have been in debt a lot in the past or that they have no history of borrowing. It is felt that these people are the ones that …
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Question by Brian: First time home buyer, pharmacy should I use a mortgage broker or go directly to a bank?
Getting mixed reviews on which route I should go. A friend suggested a mortgage broker they used, information pills I’ve been in contact with him and he’s requesting $ 450 for the loan application. Is this a normal fee for this application? Just looking for some suggestions here.
Responding to the answer from “Landlord”.. the mortgage broker is requesting the $ 450 fee be paid up front, buy does this sound right?
Best answer:
Answer by Angry Bird
I’ve never used one.
I just choose about 5 banks and compare them myself.
Go to Bankrate.com and click on mortgages.
Do not fall for points, ARMS, 5/1’s, 5/5’s, options, etc.
Demand a fixed rate mortgage.
Then you choose one and get pre-approved for a mortage. No fee for pre-approval.
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Question by erin12110: More paperwork to fill out with lender?
Here are the tasks I’ve already completed with my FHA lender –
I put in the offer and it was accepted by the seller
I gave the lender all of the documents he requested: W2, approved pay stubs, cost bank statements, etc.
I paid for a house and pest inspection. They passed with no issues
He emailed me yesterday and asked me to come in later today to fill out more papers. What kind of things do you think I have left to sign? I’m still waiting for approval, but they said everything looked great.
Thanks in advance!
Best answer:
Answer by Glenn S
Totally normal. Don’t be suprised if you are called in a few more times to sign papers or provide more information. Just before closing you will need to sign the final loan documents also.
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Question by ajlnkb23: Questions about realtors and buying a house?
I found a house that I would like to buy. The couple who owns it is going through a realtor to sell it. Is it possible to work with the owners instead so that the costly closing costs won’t be a problem?
The house I’m wanting to buy is $ 40, hospital 000. (I live in rural Indiana). What would the closing costs be?
If I go through the realtor to buy this house, this can I get the home loan from the bank of my choice or will I need to use the realtors financing?
This will be my first home purchase and I know nothing about realtors. All help is much appreciated.
Best answer:
Answer by iceman
It doesnt matter. If they using a realtor they are paying realtors fees. If you use a realtor, then the fees are split with your realtor. You, as the buyer wont end up saving a dime. Why not have your own realtor help you through it instead of doing it on your own.
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1. you have to work with the seller realtor in your case. The seller has contracted with a realtor to sell his home. You have no choice. Commission is paid by the seller and not by you.
2. Closing cost is something you have to pay regardless whether you go through a realtor or not. I suggest you get your own realtor / real estate agent who will help you in your best interest. Remember, commission is paid by the seller’s real estate agent. The commission is split between seller’s realtor and buyer’s realtor.
3. You can get your own financing through your bank or through a mortgage lender. Realtors don’t finance property, they can refer you to a mortgage broker who can arrange loans for you. I suggest you should ask at least two mortgage brokers to help you find loans. Ultimately, it is your choice to pick the one you like. There is no need to pay any fees upfront to mortgage brokers with the exception of appraisal and inspection fees. Start with your bank. It is the safest place to start.
Good luck
Because the seller is using a Realtor you won’t have to pay for it and even if you used one they would only end up splitting the commission.
Closing costs can be anywhere up to 5% of the loan amount. Please be aware that some companies will offer you a no closing costs deal, this just means that they pumped up your interest rate and rolled the fees into the loan so instead of paying it up front your now paying for it for the next 30 years.
You can get a loan from anywhere you chose it is your loan go with whomever makes you feel more comfortable. But be advised that the mortgage industry is in a severe meltdown and banks are closing overnight. Stick to a large well known bank but that may not be much of a help as guideline are changing faster then street lights and those who qualified this morning may not this afternoon.
Good luck.
You could go through the couple to buy it, but they wouldn’t be able to accept your offer until their contract with their realtor has expired.
They may not want to do this because their contract may have several months left on it, and they’d be taking a chance that someone else might come along before then & make them a better offer than you who has no idea if you can even qualify for a loan.
Closing costs are usually 3% – most buyers will pay this for you if you ask them to.
Realtors don’t offer financing – you get that from a bank or a mortgage broker, depending on your credit score.
They may come down on the price a bit if you don’t use a realtor, but if you just use their realtor, their costs will only be like 4% or 4.5% instead of the normal 6% – split the difference and get some help – you don’t sound like you know what you’re getting yourself into.
It sounds like you really need to do some more research before buying a house. It’s a huge thing & if you’re not even at the point where you know how to get money to buy the house, you certinaly shouldn’t be making any offers.
The benefit to a real estate agent is that they explain these things to you. The home buying process is complicated, first time buyers probably shouldn’t do it alone.
Whatever you do, get a home inspection so you know they’re not selling you a piece of junk.