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Search: "Contract"

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Asked 12/19/2009 03:06 am CT (Duluth, MN)

On May 17th, 2001 we entered into a contract for a construction loan with a local bank. We were going to clear ground, build a full foundation, and move our upscale mobile home onto a 40 acre parcel that we had purchassed (and paid for) a couple of years before. We were told that at the end of the construction loan term (90 day\'s) that it would be turned into a 30 yr. mortgage and insurance and taxes would be escrowed into the monthly payment. When we went in to sign the paperwork after the construction was finished and the home was moved onto the property, we were told that they were unable to secure a mortgage, but that they would carry a note for the total amount owed. At that time we were told that they would only carry the \"note\" for a period of twenty years, and that it would not include insurance or taxes. The \"truth in lending\" paperwork showed (at the time the construction loan was approved) that it would be a 30 year term and that they were \"able\" to service the loan. We were caught between a rock and a hard place, and were forced to accept their \"new\" terms as we did not have $125,000.00 in cash to pay off the construction loan which was now due! Although the payment\'s were quite a bit higher, we were able to make payments for several years, and every year they would continue the note. Lately, because of the lack of wok due to the economy we have fallen behind several times in our payment\'s, but have alsway\'s been able to catch up. 3 months ago, we received a letter in the mail after being only 27 day\'s late, that they would begin forclosure proceedings if we did not catch up our payments. We did, but are now living under the pressure that we will lose our home if we are late even a little bit late. They refuse to help us or even work with us. Is any of this even legal?

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Asked 05/04/2009 05:00 pm CT (Fort Worth, TX)

hi i just got laid off 2 weeks ago and i have some money saved up , i want to buy a house cash and rent it out. can i refinance the house if i have no job but i can provide the rental contract?

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Hi Tony, You would need to show two years rental history in order to use the income in your debt ...

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Asked 05/03/2009 11:25 am CT (Atlanta, GA)

Hello, i bought a property through a land contract from someone in Seattle, WA --I Live in Atlanta, GA and the property is in Fairmount, ND i have paid the seller off, he answered me when i paid it off, now he will not call or e-mail me back, where should i hire an attorney. Thanks, Tom

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This is a legal matter and you should be tallking to an attorney. If you do not have one call a loc...

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Asked 04/28/2009 04:37 am CT (Atlanta, GA)

Hello, i purchased two lots from a seller on e-bay in North Dakota, we have a land contract, i have paid all money to him, now i cant get him to send my deed, what should i do.

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If ou have a land contract that spells out the terms and you have met all the terms...then you will ...

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Asked 04/12/2009 06:15 am CT (Anderson, IN)

Should I be paying Insurance on a house that I'm buying on contract without my name on the policy. Please let me know what to do because I think somethings not right because he won't put my name on his policy.

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The insurance on the home you have under contract should be in your name. If you rented an apartment...

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Asked 04/08/2009 03:12 pm CT (Anderson, IN)

I'm buying a house on contract, and for the past two years i've been paying his insurance. He told me if anything happened to the house he would sign the check over to me. Should I be paying this or is this a scam.

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James, Generally, you would pay for renters insurance but the home owners insurance would be paid...

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Asked 04/03/2009 07:59 pm CT (Brentwood, NY)

I applied for a mortgage and was pre approved .My question by any chance last minute can the deny the loan?I will not be making any purchases or make any late payments on anything. Some people say last minute contract does not go through. What does this mean?

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Ana, Were you Pre-Approved by a bank or broker? If you fax me a copy of your initial pre-approva...

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Asked 01/30/2009 11:20 am CT (, TX)

I had only one payment left on my mortgage with Celink. I phoned and asked them for a payoff amount and they verbally added approximately $200 in charges and fees to the payoff amount and refuse to send me a Satisfaction of Loan unless I pay these charges. These fees are not listed in my contract and I have never been notified of such fees in the past. Once a loan is paid in full isn't a lender required to send a Satisfaction to the borrower?

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This is normal, you will find that your interest fees are paid a month in arrears, therefore, when y...

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Asked 12/16/2008 06:18 pm CT (Albany, NY)

I purchased a home at a real estate auction with a 10% buyers premium. My bid price was $80,000 making the total purchase price $88,000 with the 10% buyers premium. I had to give a deposit of $5000 the day of the auction (earnest money). Now I am approved for a loan with a commitment letter but the bank will only finance the bid price of $80,000 instead of $83,000 which I owe the seller. They also want an addendum to the sales contract to state the total purchase price is $80,000 instead of $88,000. They say the buyers premium is a cost to the borrower. Most real estate auctions have a buyers premium. Is this right what this bank is doing, do most banks include the buyers premium for total purchase price like my contract is written?

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Asked 07/09/2008 06:35 pm CT (Ragley, LA)

We ordered a new mobile home. The seller has changed the price on the home twice. Now the home is on our land and the seller is trying to change the price again. Can he do this? Our home also has water damage and mold due to the manufacturer not tightening our water lines in the house properly. Can we send the home back without hurting our credit or am I stuck with a 115,000 home full of damage that no one will come fix?To top it off the seller hired contractors to due the improvements for the land and went over the cost we agreed on in writing. My runners have cracked and the contractor won't fix it, but wants full payment.Now my wall is cracking due to the crack in the concrete. What are my rights?

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Asked 04/17/2008 10:19 am CT (ELK GROVE, CA)

My brother who lives in Elk Grove, CA purchased a house a few years back, then he decided to purchase a second house with the family money. I believe the interest on the second house is fixed. I am sorry, I don't know about the details. All I know, he and the whole family are really pressured due to work and finances. He hasn't been able to refinance the house due to severe real estate problems. He was thinking to give the house to the bank, but as you may know, he will still owe money to the bank and we will lose everything. Are there any creative way for us to be helped? Do you have any suggestions? He is thinking to move to the first house where we had a tenant. The tenant will move house soon, and they are going to move in and he is planning to give the house to the bank. As far as I know he still will owe money to the bank because they will respect the contract which was signed a few years back, even though the purchase price is very low at the moment. If you have any suggestions, please let me know. Regards, nasi

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One option might be to do what's called a "short sale" of the home where the lender might approve a ...

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Asked 03/25/2008 10:45 am CT (Greer, SC)

How does Fannie Mae Regulations effect my mortgage loan? I was getting 80% financing on a home in Greer, SC (for my daughter) - and our contract with the seller stipulated the Seller pays closing costs. Halfway through the process, the loan person contacts me and says "Fannie Mae has changed their regulations," and all of a sudden I have to pay $2K in closing costs. (This was two weeks ago.) Do you think this is legal and valid? I wasn't financing through Fannie Mae. How is this allowed to happen? He wanted me to sign an addendum to the contract and everything - agreeing to these terms.

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Asked 02/14/2008 06:30 pm CT (Houston, TX)

We are trying to purchase a home that is a foreclosure maybe a REO- the construction was never completed -so there isn't a CO- a bit left to complete. The realator suggested a construction loan and at that time we were told that we could include a fence and a pool in the construction loan we have never thought there is $50k remaining inside of work to complete. Now that we have been told that the pool would be a seperate loan - how can we finance without a construction loan - or does anyone sell a construction loan for less than 50k, or can we put $50k into an account and lock it with only the lender able to draw to a contractor to complete the construction and the pool? We have good credit and rental properties free and clear but we do not want to offer collaterol - our debt to equity should be really good we don't have a lot of debt and we have equity in our current home of around 100k.? Please advise asap

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Molly, depending on your down payment (ltv, or Loan to Value) many construction loans will fund not ...

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Asked 02/14/2008 07:10 am CT (nogal, NM)

the mortgage broker gave me a good faith estimate before the contract was signed anouther one when signed and now 10 days to closing a $650 lender fee showed up raising my cost to close. any recourse?

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Hi Dee, There isn't much you can do for recourse except switch your loan to another lender. What I ...

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Asked 01/24/2008 05:42 am CT (houston, TX)

if my ex finance and I purchased a home together and both names are on the mortgage. Bought house in 2005 and he has moved out in Aug 2006. can I take him to court for breech of contract since he has not paid his half of the loan

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Asked 01/08/2008 06:03 am CT (portland, OR)

i have a friend w/bad credit and a bankruptcy due to a divorce--she did work 45 yrs and has a good pension and neary max soc sec DISABILITY which will be "grossed up" she wants to buy a house on a owner contract with me as a cosigner(i havw good credit and a conv mtge)she said if i cosign and do a "quit claim ?" asap then i have no risk if she cannot keep up with the payments to the owner/seller for the first 5 yrs NOR if she is unable to secure conv financing to balloon him out in 5 years??I do not want to impact my good credit nor be responsible in any way for the home she wants to buy pls advise thank you

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Asked 11/30/2007 10:53 pm CT (pittsburgh, MI)

My wife and I are currently looking to close on loan quickly. We will be relocationg to a different city and the property we are purchasing is located there. However, in order to close on the loan quickly (as we are in a hurry to close), the broker told us that he would file it as a second home and not a primary place of residence so that we would not have to do a job verification at the new place. We both have jobs that are currently in negotations at the new location, although we do not have our official contracts yet, but this definitely will not a problem as we will be receiving the final contracts within the next month or so. The broker thought this would slow down the loan process or may not be able to close on time if the lender/bank may require this employment verification letter. And since we need to close on a tight schedule, he wanted to make sure we could close the loan on time. Although we will be working and also have ample funds to pay for the loan regardless if we didn\\\'t work for a month, I\\\'m a little worried about this since this home will be our primary place of residence. The broker told us that after the loan is closed, we could just let the bank know that we had decided to make it our primary place of residence and there would not be any problems. Is this true? Is this something we need to be concerned with? What problems could potentially arise in this situation? We would appreciate any thoughts or words of wisdom.

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Hi there, If the home is going to be your primary residence, then your application should state t...

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Asked 11/30/2007 07:02 am CT (Thornton, IL)

my seller wants me to quick deed the property back to him,he pledges to make all mortgage payments until he\\\'s ready to quick deed.what kind if contract to we sign? is this legal?

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Proceed with EXTREME CAUTION!!!!!! To give you good advice or an opinion I will need a lot more inf...

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Asked 10/24/2007 08:27 pm CT (new york, NY)

We have been approved to close by the bank but now the seller has a judgement lien against the property. What is our recourse and what if seller backs out of contract?

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Asked 10/13/2007 06:35 am CT (Butler, TN)

I'm at the end of my first year of a ARM mortgage. I financed 237,000 at 9%. My payments are 1,777.50 monthly. I was told by my lender to wait 2yrs before refinancing or I would en cure high penalty's. Everything I've heard or read is telling me to refinance now. I can't find in my contract what my penalty's will be. I have a baby on the way and funds are getting tight. Any advice??

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More than likely you have a 2 year pre-pay on your loan. It could make sense to refinance anyway if...

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