BestInMortgage.com Post Your Mortgage Question Find mortgage expert in your area
You are not logged in. Login here. Not a user? Sign Up
Email: Password:
 
Search by Mortgage Terms: Ask My Question


Search: "First"

Pages:  1 
 
 2 
 
 3 
 
 4 
 
 5 
 
 6 
 
 7 
 
 8 
 
 9 
 
 
 

Asked 08/17/2006 01:20 pm CT (Kingston, PA)

First, let me begin by saying that I am a loan officer, working for a broker in PA. I have encountered perhaps the ugliest loan scenario in my five years in the business. I know this service is intended for consumers, but I have no idea what lenders can do this loan - if any, so any advice will be greatly appreciated. I have a client who had trouble with her finances, so she filed for Ch. 13 BK in March 2005. Little over a year later, she is presently about to lose her house due to the fact that she got behind a bit on her payments to her Ch. 13 BK Trustee. She was constantly getting behind - and not paying the trustee on time - so the Ch. 13 BK was "dismissed," and she was more or less booted from the BK due to her defaulted payments. She spoke to her BK attorney - not her trustee - and he told her the only way to save the house was to first refinance and pay off the mortgage. Then, she would attempt to file for a Ch. 7 BK so the trustee and the secondary creditors could be paid. The LTV is 90%, and she is still not caught up with her payments. The loan can go full doc. The LTV is high, and that's assuming the house will make value come appraisal time. Mid score is 553. Foreclosure procedings have not yet started. Help! Michael Peeler Loan Express 570-718-0230 phone 570-718-0233 fax

Keywords:
                            

Michael, Your challenge is the LTV vs the credit score. You might be able to swing 80% if the lo...

[ Total Answers: 1 ]

 
 

Asked 08/16/2006 05:33 pm CT (Maynardville, TN)

Our primary residence has a mortgage set up on the 85-10-5 scale. We have a first mortgage for 85% of the loan and a second mortgage for 10% of the loan with 5% down. We purchased 6 months ago. We are very interested in purchasing a second home of lessor value, but don't know if a new loan is possible for us. Our credit is very good/excellent, but we do not have a down payment for the second home purchase and would like to finance it 100%. Is this even possible? Thank you!

Keywords:
                        

There are 100% financing options available for 2nd homes, but it usually makes more since to leverag...

[ Total Answers: 2 ]

 
 

Asked 07/25/2006 05:58 am CT (grand rapids, MI)

my mom who is retired, wants to sell her home to me her son. She has cosigned a loan with my brother for his second home. He filed for bankruptcy on his first home several years ago. Can I get CLEAR title on my moms home, if I buy it? Can she sell it?

Keywords:
                

Hi Mark, I am Grand Rapids based and can help you with your situation. My number is 616-915-6067...

[ Total Answers: 3 ]

 
 

Asked 07/16/2006 07:53 am CT (toledo, OH)

hi, my husband and I bought our first house about 10 months ago. On the day of closing we found out that I was pregnant with our third child- a little unexpected. Anyways, we purchased the house knowing we would be comfortable with our payments because we both worked full time. During the pregnancy I had to cut my hours down in half then I had an unexpected c-section which put me further out of commision from work. Now the baby is 3 months old and we have already taken one house payment and spread it out over 9 months. However, we are so behind on everything that i'm not sure what to do. Would we have an option of a second morgage to get back on track? The house was appraised at 11,000 more than what we bought it for. Furthermore, our rate was 5.85% can we refinance at the higher rate to get extra funds? Please help with any suggestions.Thank You

Keywords:
                                

Kristi, Jeff's answer is good, but I would consider selling before you put yourself in a worse si...

[ Total Answers: 2 ]

 
 

Asked 07/11/2006 09:07 pm CT (Humble, TX)

My girlfriend, her daughter, her sister and her sister daughter went and purchase a home only in the name of her sister. They have been in this home for a period of 4 yrs. The value of it when they first bought it was $3369,000. The mortgage payment was $3,500 a month. My girlfriend sister is a license realtor. They have had their home up for sale for the last two years and now the finally have sold it. My girlfriend sister comes to her July 6, 2006, last thursday and tells her that everybody in the house has to be out of the house by this coming Friday July 14, 2006, and said she sold the house for $318,000. and that they would have to pay the taxes on the house , which she said was $5,000 (get real) I know taxes on this house is not no $5,000, when you are paying $3,500 a month house note. Also she said that what she got for the house and the monies all four put down for house is far less than what she had left to divide for them all. "NO, body isn't a FOOL, I know that once you sell your house you have more than week to move out and find you another home, apartment & etc. Plus they don't even have money toput down on them apartment or anything because, of a surprise attack. PLEASE, GIVE ME AN ANSWER TO THAT I CAN HELP MY FRIEND. SINCERELY,----bigmoma

Keywords:
                    

Hi Mary, One question that immediately comes to mind, if the house is on the market for 2 years...

[ Total Answers: 2 ]

 
 

Asked 07/06/2006 08:07 pm CT (providence, RI)

say a house is worth $200,000 and you owe $170,00 on the first mortgage, and you have a second mortgage for $20,000 and a third mortgage for $20,000. if you sell the house for $195,000 and pay off the first and second mortgage, what happens to the third mortgage

Keywords:
                

As Mr. Krause alluded to, If the reason you are looking to sell the home for below market has someth...

[ Total Answers: 4 ]

 
 

Asked 07/03/2006 04:08 pm CT (Modesto, CA)

I am a loan specialist myself, but I have a question. I have heard that there are loans available for first time home buyers with a FICO score as low as a 520, as long as they are going full doc. Does this sound plausible to you? And if so, do you know where I would have access to a loan like that? I would greatly appreciate any information you may have. Thank you much and have a safe and happy 4th!!! Amanda Buchanan Loan Specialist California Home Loans amanda@eloanexpress.com

Keywords:
          

Hi Amanda, Right off the bat the 1st thing coming to mind is FHA, no score is needed. Sometimes ...

[ Total Answers: 1 ]

 
 

Asked 07/03/2006 11:06 am CT (Royse City, TX)

Parents have a house on 2.5 acres and are still paying mortgage. they want to sell the back acre to my brother. they want to know the first steps through their mortgae company if this can be done at all..

Keywords:
            

Danny, 2 things need to happen. 1st you need to make sure your mortgage company will allow you t...

[ Total Answers: 1 ]

 
 

Asked 06/05/2006 12:55 pm CT (Arlington Heights, IL)

Hello My fiance and I are buying a home for the first time. We both have outstanding debt and was wondering if there was any way that we could roll that into a mortgage? If not, is there any option that we have for that? Thanks!

Keywords:
      

I'm not sure where your credit stands, but, if you have excellent credit, and are willing to take a ...

[ Total Answers: 3 ]

 
 

Asked 05/30/2006 07:41 am CT (Ocala, FL)

Does a home equity loan (or second mortgage) affect your current LTV? Or is your LTV based only on the terms of the first mortgage? Basically I need to know if you are not currently paying MIP, if you take out a home equity line of credit, does that put you in at a higher risk bracket and cause you to have to pay MIP?

Keywords:
                      

No. Your current mortgage will not be affeted when you take out a HELOC (Home Equity Line Of Credit)...

[ Total Answers: 1 ]

 
 

Asked 05/17/2006 05:34 am CT (johnston, RI)

I have a home with 3 mortgages, the first mortgage has a balance of 272,000 the second is for 35,000 and the third is for 25,000, the house appraised at 308,000. all three mortgages are with different lenders. i am having a hard time paying all of these, what would happen if i decided not to pay on the last mortgage for 25,000?

Keywords:
                      

If you decided to stop paying on any of them, you'd first off do a LOT of harm to your credit score,...

[ Total Answers: 1 ]

 
 

Asked 05/15/2006 07:12 pm CT (peekskill, NY)

what types of mortgage loans are there for first time buyers with not so decent credit?

Keywords:
              

Good question Susanne, There are a lot of programs out there for someone with that situation. I ...

[ Total Answers: 1 ]

 
 

Asked 05/13/2006 04:21 pm CT (ocala, FL)

my credit score is a 550 after my divorce. I have a charge off he was awarded to pay. as of now I have 1 account in good standing. could I get financed for a first time home r buyer with a decent interest rate

Keywords:
                  

Hello. My name is Matt Stafford. Unfortunately the answer is no. Right now you could not get a good...

[ Total Answers: 3 ]

 
 

Asked 05/11/2006 04:58 pm CT (Tifton, GA)

I am purchasing my first home. Why would I need to sign a form 4506-T if I have already provided my complete tax returns to the mortgage company?

Keywords:
          

The 4506 is used to get a copy of the tax return you filed with the IRS. Directly from the IRS. They...

[ Total Answers: 3 ]

 
 

Asked 04/23/2006 05:44 am CT (Beaver Dam, New Brunswick)

Can I finance land along with new home construction? Or do I need to own the land first?

Keywords:
    

Yes you can buy the land with a construction loan program. There are a few ways to do it....

[ Total Answers: 2 ]

 
 

Asked 04/17/2006 05:40 pm CT (owensboro, KY)

hi, me and my husband had to file bankruptsy almost 3 years ago due to our divorces. We have since been able to restablish our credit. Our credit score is good, we are looking into trying to buy our first home. Would we be able to get a decent nice home with little or no money down? thank you, Lorie

Keywords:
              

Though a bankruptcy will stay on your credit for up to 10 years after discharge, MOST programs prett...

[ Total Answers: 1 ]

 
 

Asked 04/04/2006 03:01 pm CT (birmingham, AL)

My wife and I are first time homebuyers. She has 680 credit score and I have 702. The motgage company said our interest rate would be 8.6 because we have not been at our jobs long enough..we both only have 3 months on the job,but my wife is a recent college grad. They said we would have to do a stated income loan. Is this true?

Keywords:
                        

They are speaking about the programs they have available to you in house. You should shop around. Th...

[ Total Answers: 2 ]

 
 

Asked 04/02/2006 12:26 pm CT (elkton, MD)

HI, MY SITUATION IS: I JUST CAME TI THE USA 5 YAERS AGO, FOR THE LAST 3 YAERS I HAVE MY OWN BUSINESS, MY ANUAL INCOME IS AROUMD 100K , MY FICO SCORE IS 560.I JUST PURCASE FINANCED FOR A CAR IN FEBRUARY SO MY SCORE HAS DROPED.I WOULD LIKE TO BUY A HOME ( FIRST TIME OWNER) NO MORE THAN 250K.I DO NOT WANT TO LIVE IN THAT HOME FOR THE REST OF MY LIFE.ALSO I DON'T HAVE TO MUCH IN SAVINGS BUT BY THE TIME I WOULD BUY I THINK I WOULD HAVE AROUND 20000$.I AM THINKING OF BUYING IN THE NEXT 3-4 MONTHS.MY QUESTION IS:WITCH MORTGAGE IS THE BEST FOR MY SITUATION? I ALREADY CONTACTED A MORTGAGE EXPERT BUT I MUST WAIT UNTIL NEXT WEEK TO MEET HIM.SO I WANT TO NOW FIRST WHAT TO EXPECT AND I WOULD REALY APPRECIATE YOUR ADVICE IN THIS MATTER.I FORGOT TO MENTION THAT I AM 30 YEARS OLD. THANK YOU VERY MUCH. DELIA

Keywords:
    

Hi Delia, There are quite a few factors involved to determine which mortage product would be best...

[ Total Answers: 3 ]

 
 

Asked 04/01/2006 01:00 pm CT (Lafayette, LA)

I am taking the first steps into buying a home. I've enrolled in score watch with both Equifax and Citi for about 4 months now. I've been monitoring my credit a lot. My score dropped from a 607 to a 475 in one year, because of 2 collections and a past due on my credit card that only has a 250 credit limit. My score has improved, but it is only at a 556 and the lowest with Experian is 534. I know that by the time that I am ready to buy a home, which would probably be in July that I will have at least a 600 again. But I was just wondering, I have only been on my job a year I make $649.12 Salary every two weeks, plus commisions and bonuses usually an extra $250 a month after taxes and I receive child support in the amount of $307 a month. I also have poor history in 2000 gateway filed a judgement against me and it is in the amount of $3,100. I haven't paid it and don't know if paying it would even help my situation. In July when I am ready to purchase my home I will have about $8,000 to put down and for closing or what not. What am I doing right or wrong to prepare for this and worst case scenarion my credit score don't get to 600 what are my chances and with the income that I have what would be the best mortgae that I would be able to afford?

Keywords:
                                  

Simone, it seems to me you are on the right track as far as trying to clean up your credit. However,...

[ Total Answers: 1 ]

 
 

Asked 03/28/2006 07:14 pm CT (birmingham, AL)

My wife has excellent credit ,and my credit is only fair. We both make close to 30,000 dollars a year and we are first time home buyers. How will my credit affect our mortgage approval?

Keywords:
              

Your credit can affect your options if you want 100% financing you with need a 580 or better (midd...

[ Total Answers: 2 ]



Pages:  1 
 
 2 
 
 3 
 
 4 
 
 5 
 
 6 
 
 7 
 
 8 
 
 9