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Search: "Appraisal"

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Asked 08/23/2009 11:10 am CT (Germantown, TN)

My daughter and her husband are separated - he left the house about 4 months ago. He has not given her any support since he left. They have a house with a loan of approximately $322,000 - a mortgage payment of $2,200 principle and interest only. The tax appraisal on the house is near the load amount. Taxes and insurance would add approximately $500 more per month. She has been laid off from her job and has applied for unemployment - should draw about $230 unemployment pay plus $1500 per month child support ($750 after 9 more months as the oldest child will turn 18). Husband is self employed but tells her that his business is down and he is now only drawing one pay check per month ($500 net). He also works part time and makes approximately $1,200 per month. Medical insurance for him and my daughter currently comes out of the part time money ($100 per month). He has told her that he will take her off the insurance in December. He also just purchased a new care through the clunker campaign. My daughter's name is on the deed to the property but not on the mortgage. She has managed to keep the payments current until this month but she can no longer pay the full amount. When she contacted the mortgage company regarding a loan modification she was told that they did not qualify because they were not behind on their payments. She was told that she should try to refinance and try to sell the house even if it was a short sale. Husband wants to let the house foreclose - she does not - he has not agree to put it up for sale. Questions are: 1. Does he have to agree to put the house up for sale or can she do it on her own? 2. Does foreclosure affect her credit? 3. Does she have any obligation to pay the mortgage payment? He continuously tells her that she is as responsible for the payment as he is since her name is on the deed. 4. The loan company told her that foreclosure proceedings would not begin until the payments were three months behind. Is that true? In other words, if she makes a partial payment, say $1,000 per month, will the house ever go into foreclosure? She wants to do the right thing but needs whatever assistance is available to her - what are her options? This is a case of someone not being able to afford the amount of money that was loaned to him.

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Patricia, If, in fact, your daughter is not on the mortgage then she is NOT responsible for the mor...

[ Total Answers: 1 ]

 
 

Asked 04/25/2008 08:23 am CT (Margate, FL)

I'm interested into buy a house in Broward (Florida) that doesn't have the appliances. It doesn't have the refrigerator and the stove but i have (own) those appliances in my apartment that i can take them with me. Can i still get a loan? or the bank (appraisal) will have a problem with it. Thanks

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Johanna, This would not be a problem. You do not need t an addendum. Im a lic. loan officer in fl...

[ Total Answers: 3 ]

 
 

Asked 03/30/2008 02:03 pm CT (evansville, IN)

I have about 60K in debt and I see these homes for 60-70k under appraisal..I make good money and could pay off my debt over 5 years,but i was wondering.If I found a home for 60-70k under appraisal could i get a loan for the appraisal value to buy the home and pay off my own debt,too. thanks

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Asked 03/27/2008 11:12 am CT (Pensacola, FL)

I'm divorced but I have been living with my ex in our house for over a year trying to sell it. She wants to refi the house in her name but the appraisal came back less than what we owe. At the time re did the refi the house was valued at $240K we currently owe $192K and the appraisal came back at $185K. Because of the divorce neither of have the money to put down for the down payment. I want my name off the house so I can purchase my own home. My ex wants the house and has already been approved for an FHA loan but the appraisal is too low. Does anyone have any idea how we can work this out. I need my name off this mortgage.

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Asked 03/22/2008 04:42 pm CT (marshfield, WI)

I had tried to get a house though mortgage experts, had signed papers for the bank and we were pre qualified for the loan, 2 days before closing they told me and my girlfriend that we werent accepted because i am on a commision based income, 2 weeks later i got a letter stating i am liable for the 325 dollar appraisal fee. i looked through the papers and it did not state i am liable for this. am i liable for this bill or what can i do to fight it?

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Asked 03/10/2008 03:17 pm CT (Waleska, GA)

We are trying to refi our existing mort. Original truth and lending forms were received and returned 1/28/2008. Due to delays on appraisal, insurance verification, 2nd appraisal due to error on original, all at no fault of our own, we are now being charged for a rate lock extention. We have signed and returned all requested forms and or docs with-in same day. There is no way we're at any fault for the need of extention. Should we be liable for this fee? Our credit scores are in the high 700's.

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If it's truly no fault of your own, I'd politely request the broker/lender do the right thing and ea...

[ Total Answers: 1 ]

 
 

Asked 02/13/2008 07:49 am CT (Fort Wayne, IN)

We refinanced our house December 7 2004 we received an adjustable rate mortgage. I tried to refinance it last month to lock in the rate to a fixed rate .The banks said we owe more than its worth.We had it appraised December 2004.Is it possible that they used faulty or incorrect appraisal information. The interest rate increased last month to the higher rate.Would we qualify for the HOPE program or mortgage bailout

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Doug, though it is possible that the original apprasial was in error, but more likely your market ma...

[ Total Answers: 1 ]

 
 

Asked 01/16/2008 06:39 pm CT (Peoria, IL)

Getting my first time house, can you borrow more money than the house sells for to do updates and repairs to the house??The house is selling for far below the appraisal value of the house.

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Yes you can. There are a variety of loan programs depending on where you live and what it is that yo...

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Asked 12/29/2007 10:34 am CT (Gallatin, NY)

My daughter and her husband purchased a home in 2004 for $148,000. They refinanced in February 2006 for $275,000. Washington Mutual had an appraisal done at that time and appraised the property at $275,000. The mortgage was in my son-in-laws name only. He had poor credit at the time. They got an 80/20 mortgage the larger at 8 1/2 % and the smaller at a rate over 10%. The larger rate will go up in May. I have an excellent rating so in order to help them I went to Washington Mutual to try and refinance the house in my name using my ratting so they could afford to keep their house. I was told that I needed to have my name on the deed in order to refinance the house. My son-in-law had me but on the deed with rights of survivorship. This was done so when I died they would own their home and it would not go into my estate. Washington Mutual did an appraisal for me in August of 2007 and they now say the house is only worth $190,000, therefore they would not give me a mortgage. To complicate matters my son-in-law died unexpectedly 12/13, at the age of 47. My daughter can not afford to pay the mortgage and I can’t get one for a more reasonable rate because they say it is not worth the $274,000+ still owed on it. To make matter even worse the freeze the government put on the balloon rates only applies if you live in the house. The mortgage is in my son-in-laws name but he is dead. My daughter and her 3 children (her 3rd was born prematurely shortly after my son-in-law died) live in the house but the deed is now in my name (because of the right or survivorship clause) and I do not live in the house. I thought about letting the bank foreclose on the mortgage and then attempt to buy it back when they auction it off. The person I spoke to at the bank (WAMU) claims that even though the mortgage is in my son-in-laws name, I did not sign any papers assuming responsibility for the mortgage, and the mortgage was entered into before my name was on the deed that if they foreclose on the mortgage it will affect my credit ratting. I have no idea if this is true but can not understand how it could be. I have also been told about a short sale as a possibility of getting out of this mess but the mortgage has to be in arrears before the bank will consider this. That would hurt my credit ratting if what I have been told is true. I guess my question to you is, is there any solution to this situation. My daughter really would like to keep the home she and her husband made for their children if possible. My daughter and her husband purchased a home in 2004 for $148,000. They refinanced in February 2006 for $275,000. Washington Mutual had an appraisal done at that time and appraised the property at $275,000. The mortgage was in my son-in-laws name only. He had poor credit at the time. They got an 80/20 mortgage the larger at 8 1/2 % and the smaller at a rate over 10%. The larger rate will go up in May. I have an excellent rating so in order to help them I went to Washington Mutual to try and refinance the house in my name using my ratting so they could afford to keep their house. I was told that I needed to have my name on the deed in order to refinance the house. My son-in-law had me but on the deed with rights of survivorship. This was done so when I died they would own their home and it would not go into my estate. Washington Mutual did an appraisal for me in August of 2007 and they now say the house is only worth $190,000, therefore they would not give me a mortgage. To complicate matters my son-in-law died unexpectedly 12/13. My daughter can not afford to pay the mortgage and I can’t get one for a more reasonable rate because they say it is not worth the $274,000+ still owed on it. To make matter even worse the freeze the government put on the balloon rates only applies if you live in the house. The mortgage is in my son-in-laws name but he is dead. My daughter and her 3 children (her 3rd was born prematurely shortly after my son-in-law died) live in the house but the deed is now in my name (because of the right or survivorship clause) and I do not live in the house. I thought about letting the bank foreclose on the mortgage and then attempt to buy it back when they auction it off. The person I spoke to at the bank (WAMU) claims that even though the mortgage is in my son-in-laws name, I did not sign any papers assuming responsibility for the mortgage, and was entered into before my name was on the deed that if they foreclose on the mortgage it will affect my credit ratting. I have no idea if this is true but can not understand how it could be. I have also been told about a short sale as a possibility of getting out of this mess but the mortgage has to be in arrears before the bank will consider this. That would hurt my credit ratting if what I have been told is true. I guess my question to you is, is there any solution to this situation. My daughter really would like to keep the home she and her husband made for their children if possible. My daughter and her husband purchased a home in 2004 for $148,000. They refinanced in February 2006 for $275,000. Washington Mutual had an appraisal done at that time and appraised the property at $275,000. The mortgage was in my son-in-laws name only. He had poor credit at the time. They got an 80/20 mortgage the larger at 8 1/2 % and the smaller at a rate over 10%. The larger rate will go up in May. I have an excellent rating so in order to help them I went to Washington Mutual to try and refinance the house in my name using my ratting so they could afford to keep their house. I was told that I needed to have my name on the deed in order to refinance the house. My son-in-law had me but on the deed with rights of survivorship. This was done so when I died they would own their home and it would not go into my estate. Washington Mutual did an appraisal for me in August of 2007 and they now say the house is only worth $190,000, therefore they would not give me a mortgage. To complicate matters my son-in-law died unexpectedly 12/13. My daughter can not afford to pay the mortgage and I can’t get one for a more reasonable rate because they say it is not worth the $274,000+ still owed on it. To make matter even worse the freeze the government put on the balloon rates only applies if you live in the house. The mortgage is in my son-in-laws name but he is dead. My daughter and her 3 children (her 3rd was born prematurely shortly after my son-in-law died) live in the house but the deed is now in my name (because of the right or survivorship clause) and I do not live in the house. I thought about letting the bank foreclose on the mortgage and then attempt to buy it back when they auction it off. The person I spoke to at the bank (WAMU) claims that even though the mortgage is in my son-in-laws name, I did not sign any papers assuming responsibility for the mortgage, and was entered into before my name was on the deed that if they foreclose on the mortgage it will affect my credit ratting. I have no idea if this is true but can not understand how it could be. I have also been told about a short sale as a possibility of getting out of this mess but the mortgage has to be in arrears before the bank will consider this. That would hurt my credit ratting if what I have been told is true. I guess my question to you is, is there any solution to this situation. My daughter really would like to keep the home she and her husband made for their children if possible.

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Asked 12/19/2007 08:50 am CT (Randolph, NY)

Why is it impossible to refinance an ARM of 11.1% (!) while we're updating the wiring, plumbing, insulation, etc.?Doesn't it make sense to look for a lower mortgage payment in order to have more money to complete the remodel? What do we tell the Appraiser when he sees drywall and insulation? We've already paid the $300 for an appraisal and are afraid we'll lose it when he sees the house. We only have drywall and painting left to do...thanks.

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Hello Deb - It is not impossible at all. I've done a few refinances when work was in progress with ...

[ Total Answers: 2 ]

 
 

Asked 10/16/2007 01:35 pm CT (whitesburg, TN)

we are trying to refiance our home, the loans people are having a hard time finding a place compatable to ours that has sold. is there any way we can get our place refianced just with and appraisal? when we bought our manufactured home and put it on ou 13 + acres it appraisaed for 200,000. can you help me find and asnwer to my problem. thank you

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Asked 06/07/2007 01:30 pm CT (Panama City Beach, FL)

I am trying to close on a property,but we cannot get a loan because the appraisal says,it needs to be fixed ($40.000) to make it liveable.I think that amount is way too much.Since the house on sale "as is",we can't fix it before closing,but we need the loan to buy it,but no one give loan before it is fixed.Please help.Thank You

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Peter, some lenders will allow for an escrow account to be set up to make the repairs. Also, others ...

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Asked 03/21/2007 03:34 pm CT (cape coral, FL)

What recourse do I have if we obtained a refinance loan and found out after the loan was closed that the appraisal used to get the loan was actually on a different property? We want to sell our home but we have found out that the value of our home is much less than our current mortgage.

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In addition, seek legal advice as the servicer of your loan (the company receiving your payments eac...

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Asked 03/20/2007 01:01 pm CT (Princess Anne, MD)

Do mortgage companies refinance without doing an appraisal?

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Many 2nd mortgages do not require appraisals either, instead using the taxable value or some multipl...

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Asked 03/08/2007 02:07 pm CT (Montgomery, AL)

we are in the process of getting a mortgage and the mortgage company promised us one rate and a closing date and now has com back and changed the closing date to the day I have to be out of my currect house and also the rate is 2.60% higher than was first stated, can I get out of the deal with out losing my Good Faith Deposit? I know we will loose the $400.00 appraisal cost. I am just thinking I would hate to loose the other.

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Asked 01/22/2007 02:14 pm CT (newark, CA)

The mortgage broker I was working with but whose loan I decided against refuses to give me a copy of my appraisal that I paid for but she ordered. Is it legal for her to do that?

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Well I am not an attorney But my understanding is that she ordered the appraisal and has the rights ...

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Asked 01/22/2007 02:09 pm CT (newark, CA)

The mortgage broker I was working with but whose loan I decided against refuses to give me a copy of my appraisal that I paid for but she ordered. Is it legal for her to do that?

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You absolutely have the right to a copy. There have been some changes with how the appraisers releas...

[ Total Answers: 2 ]

 
 

Asked 01/11/2007 11:51 am CT (YARDLEY, PA)

I OWN MY HOME AND HAVE NO MORTGAGE PAYMENTS..MY CREDIT RATING IS AAA WITH NO BAD MARKS. I THINK I NEED WHAT THEY MAY CALL A BRIDGE LOAN..SOMEONE SAID GET A HOME EQUITY LOAN, IT SAVES YOU MANY FEES AND APPRAISAL FEES..I NEED 400,000.00 IF I DON'T HAVE MY HOUSE SOLD BY THE TIME I MAKE SETTLEMENT IN THE NEW HOME. I WOULD NEED 100,000.00 IF I SOLD AND SETTLED WITH MY PRESENT HOME PRIOR TO SETTLEMENT WITH NEW HOME..I EXPECT NO LESS THEN 400,000.00 NET FOR THE SALE OF MY PRESENT HOME AND NEED 500,000.00 FOR THE NEW HOME...I ALREADY PAID 25,000.00 IN DEPOSITS FOR NEW HOME..WHAT DO YOU RECCOMMEND

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Hi Al, Here is a good article about Bridge Loans. Just cut and paste the following link into your we...

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Asked 12/06/2006 04:26 pm CT (Reno, NV)

My broker calls me on a regular basis with loan deals. I have refused all ARMs and No interest offers, but this new one has me thinking. Because I am a customer of his, he is offering the same loan I have now (30 year fixed w/ escgrow accounts) w/ a lower interest rate that save me $100 a month. There are no refinance costs or appraisals, and my loan amount is not supposed to go up at all unless there are interest costs from the current mortgage holder. He says this is just a service he offers to his clients that have refinanced with him before. My questions are simple: 1) What is the catch, where does his company make their money? 2)Does it hurt my credit to keep refinancing or my ability to get financing? 3) What questions should I ask to identify possible hidden fees and charges?

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Dear Gina, What you have been taught about mortgage lending, including the rate and fee type of t...

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Asked 11/20/2006 11:08 am CT (Tucson, AZ)

Does the buyer or seller normally pay for the appraisal of the property?

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Debra, This is negotiable between the buyer and seller; however, under current market conditions an...

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