AbileneTxen asked:


My husband and I are trying to get a home loan (we only need 20,000) for a home we are looking to purchase in TX. This would be our primary home. My husband’s score is 573 and we need to get this done as soon as possible. We have a small dp to put down (1,000 or so), any advice?

Harry

Jessica asked:


home? The 1st mortgage is current I owe them $250k. The property value is only $215k. The 2nd lienholder are “private investors”; and they have sent me a trustee sale notice which has no opening bid. I matched the recorders office instrument # and it belongs to another property which is not even my property! to me it seems like they are faking the notice of trustee sale becuase it is not recorded? I have been getting advice out there and Ive been told I can file a bankrupty ch13. What to do ? help? Can they foreclose even though my 1st mortgage is being payed current ? and plus there is no equity?

ps I stopped paying because I couldt afford to pay these private investors anymore an interest rate of 13%.

also the property is in California, LA county

Marcia

Mr. Anonymous asked:


Yesterday I got a letter from my bank, they are offering me to pay about half of my second mortgage loan and saying that, if I do it, “my loan will be considered payed in full”. They also say they will give me an IRS 1099-C form for the amount forgiven.

I have never been late in a payment but I have a terrible loan (balloon), I don’t trust my bank and I was considering refinancing soon (it might not be possible as my loan is higher than what my house is appraised for).

Should I take the offer? Will this inflate my income and kill me at taxes time? What questions should I be asking? Is it as good as it seems?

Professional advice is very welcome.
Ok, the answers up till now seem really good but I want to put a little bit more detail to see is it can help me get even better answers:

First Loan:
$189,000 30 years (5 years interest only)
6.5% APR for the first 5 year, then it will go up

Second Loan:
$45,000 30 years fixed
13% APR
***offered to pay only $20,000 to pay it off***

My loans total: $234,000
My house is now worth: about $220,000
My mortgage bank is Aurora Loan Services, just do a search for their company name online and you will know why I don’t trust them. I called them today and they said there was no more information that I could get, just the letter, that’s it. They were kind but not helpful at all and I have only 30 days to take the offer and send my money order… because they will not take a bank wire or any other more secure kind of payment.

Franklin

Mom of 2 great boys asked:


I’ve asked this question before about campers, trailers, permanent sites at a camping ground in South Carolina.

I am doing alot of research here and many of my feedbacks have been negative about any bank or financial institute even considering a 2nd mortgage or loan to purchase one of these so called trailers in a campground.

I also am getting negative feedbacks on the resale value on these structures.

Anyone know, or how to go about looking for a reputable lender in South Carolina? I am in North Carolina and my broker does not know anyone nor does he have any advice for me on this situation. He told me to check in South Carolina.

So, here I am asking you.

Any help will be greatly appreciated.

Wilma

Brian K asked:


Here is the run down; A friend bought a home in 1980 for $45,000, he put $15,000 down. The mortgage was perfect for over two decades, the payment was not even $300 a month. he thought the mortgage would be over in 2010. Within the last 5 years things have made a turn for the worst. His wife has done things to the mortgage and he does not understand what has been done, nor is he being told what has happened. Essentially, the mortgage debt now stands at $73,000 and the past two years has paid very little off the total debt, it seems all that is being paid is interest and a small amount at that. So what has happened, what has she done? What amount likely was taken out in a Equity Loan and was a refinance done? What can I tell him to help him and what can be done. This is in New York State as well.
She did trick him into signing docs once, he is a man who doesnt know english well and just goes to work everyday, this is all he has known for the last 35 years. Now he has this BIG problem at age 63 and wonders how to fix it.

Mike

Dispirited asked:


I am 20 yrs old I bought a duplex 4 months ago for 147,600 its appraised at 148,000 so I got it at top dollar. I got financing on 80/20 80%@7.5 adjustable rate (will go up in 2 years guaranteed) and 20%@10.75 fixed rate. I will be paying interest for the first 2 months. I am losing $200 on this monthly w/ tenants living there. It’s suppose to be my primary residence. Refi penalty for the 80 loan is $3600 and no penalty for 20%. So my question is I got a loan on stated income, I figured I am losing $200/month*24=4800 in 2 years interest only from my own pocket. If I refi now $3600 penalty and maybe $3000 closing cost (estimation) so that’s $6600 loss which I can live with 6600-4800=1800 difference I can live with that. But if I refi 30 yr fixed rate I have very low income i am a college student can I get possibly better rates to lower my down payment, I want to refi 0% down fixed 30yr rate is that possible? I want some advice plz I don’t want to go bankrupt in 2 yrs when rates go up!
I’v been reading lately on the internet about
the dangrous 0% down ARM loans mortgage companies
give out so easily, I thought I was just a lucky one
pft, no way, I got caught into it. But I want to keep
the property I don’t want to sell. Are my numbers correct
or am I just a bad dreamin investor wannabe? My credit
score when I got the loan was 700, I’v been paying
everything on time so it should have gotten up there
I hope I can get the fixed loan. I deeply appreciate
your advice. Thank You in advance

Ron

bela429 asked:


I originally applied for a loan and was able to qualify for only 70k since then I have made a few changes such as pay off some furniture I had financed and paid off my car loan and now I am looking to try again and my dad wants to gift me his 10 acres of land he owns if I pay off 1,200 so I want to do what is best either keep the cash as a down payment if its not gonna make a difference or pay it off and hope it makes me look better to the lender? Any advice that will help me get a better chance of getting approved for a better loan will be much appreciated, Thank you! by the way I’m looking for homes in the Hesperia area
I was wondering if having the land in my name take away the chances of getting the new homeowners credit?

Derek

louie d asked:


I live in CA, will the bank go after me of my wife’s unpaid mortgage, I did a quit claim in our house, I am not in the mortgage loan, Will I face any legal recourse for putting quit claim? Can I buy another house, this time more affordable. Which way should we go, foreclosure or short sale? Pls give a sound advice….

Stacy

bruno_rs asked:


hey all,

i’m a 21 year old college student majoring in music (production/recording). i just purchased my 1st home cash/outright.
i lost my mom in 2001 when i was 13 and used the modest life insurance policy she left for me to purchase the home. after losing my mom i moved in with my grandmother and lost her in 2004 after a year long battle with cancer. she left me a 1400/mo inheritance which i have been using for my education and related expenses. this $ is from her interest in a family business and will continue uninterrupted until her siblings sell the 2 commercial buildings they own and rent out. unfortunately i am a silent partner with no voting power and/or the ability to borrow and/or cash out of my interest in the co.

i have 100% equity in this property and its TAX ACCESSED value is 200k. just before i purchased the property i bought (cash/outright) 50k of landscape equipment and will be self employed/full time in the spring of 09. my education is almost complete…1 more semester and will continue on a part time basis. at this moment i have 10 weekly customers (800/wk or 3200/mo) and am looking to increase that # to 20-25 by spring. my property will also generate income…it consists of a 4br house, 2 br cottage, 2 car garage and is zoned “village commercial”. with this zoning, there is an option to rent part or all of the property to certain types of business… pottery shop, general store, real estate office, bar/restaurant, etc. i have a couple ready to sign a contract for the cottage (1200/mo) and 2 roommates to share the house with me (600ea/mo). i also have the option to rent out a small commercial suite on the 1st floor of the house (1000/mo). my long term plan is to use this (comm) space for my professional recording studios… not ready ($).

although i do not “technically” have a declared income (yet), can i get a 100k loan using my property as collateral? moreover, can i use the rental, inheritance and landscape as income NOW, or how long do i have to wait to “technically” be considered a landlord and/or small business owner? i know i can handle this loan without any problem just with what i make right now. sad thing is… had i closed just a few months prior, it would have been “rubber stamped” by any bank and/or mortgage co. the way i found the property right up to the closing was done unconventionally… i am UNAFRAID to think and/or act out “outside of the box”. any information and/or suggestions will be greatly appreciated. hope all is well. have a good one.

Florence

Dispirited asked:


I am 20 yrs old I bought a duplex 4 months ago for 147,600 its appraised at 148,000 so I got it at top dollar. I got financing on 80/20 80%@7.5 adjustable rate (will go up in 2 years guaranteed) and 20%@10.75 fixed rate. I will be paying interest for the first 2 months. I am losing $200 on this monthly w/ tenants living there. It’s suppose to be my primary residence. Refi penalty for the 80 loan is $3600 and no penalty for 20%. So my question is I got a loan on stated income, I figured I am losing $200/month*24=4800 in 2 years interest only from my own pocket. If I refi now $3600 penalty and maybe $3000 closing cost (estimation) so that’s $6600 loss which I can live with 6600-4800=1800 difference I can live with that. But if I refi 30 yr fixed rate I have very low income i am a college student can I get possibly better rates to lower my down payment, I want to refi 0% down fixed 30yr rate is that possible? I want some advice plz I don’t want to go bankrupt in 2 yrs when rates go up!
I’v been reading lately on the internet about
the dangrous 0% down ARM loans mortgage companies
give out so easily, I thought I was just a lucky one
pft, no way, I got caught into it. But I want to keep
the property I don’t want to sell. Are my numbers correct
or am I just a bad dreamin investor wannabe? My credit
score when I got the loan was 700, I’v been paying
everything on time so it should have gotten up there
I hope I can get the fixed loan. I deeply appreciate
your advice. Thank You in advance

Jessie