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Search: "Process"

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Asked 09/15/2009 07:45 pm CT (Alexandria, LA)

I was recently told when attempting to refinance my home including a second mortgage, that the second mortgage had never been recorded with the courthouse and that the courthouse had no record of it. In order to start the subordination process with mortgage 2, i first have to figure out this \"not recorded issue\". Where do I start and how do you fix this??

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Asked 08/14/2009 09:03 am CT (St. Paul, MN)

i am in the process of buying a house. My husband owns a house and the loan is under him only, I am not on the loan but I am on the title. Will I still qualify for an FHA loan?

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Maybe- If the loan is not an high loan to value FHA and you qualify for both payments, you might be...

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Asked 02/04/2009 01:18 pm CT (Scottsdale, AZ)

I am in process of refinancing my 10-yr adj @ 6% (6yrs left) because my equity has dropped significantly but I still have more than 20% equity. My new rate will be 5.75% although I'm trying to get 5.5% (it's a twin). I have credit score average of 800. I'm wondering if I should wait to see if I can get 4.5% on refinancing that they are talking about with the stimulous money. I am not someone who would be defaulting -- just trying to ge into a 30-yr fixed. I'm concerned that if I refinance in 2009, I would not be able to apply for this if i becomes available to me. Any ideas? Thanks, Kip

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I'm not sure what your loan amt is but if it's below $417k, market rate should already be below 5% a...

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Asked 01/13/2009 09:15 am CT (Cleveland, OH)

I am in the process of buying a house from someone who started to gut and remodel. The kitchen cabinets and sink have been removed and the main bathroom has been gutted. The owner bought from the bank and was just going to fix up and sell. I want to buy before he fixes up so I can save money and repair as needed. The loan officer I spoke to told me that the kitchen and bathroom have to be in working condition and the house has to be liveable before I could get a loan. I would be buying the house as-is. Is there any truth that these would have to be fixed before I could get a loan? And I would be living at home until the bathroom and kitchen would be remodeled. Can you give me some direction or if I should choose another lender?

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Asked 10/29/2008 10:56 pm CT (New Orleans, LA)

Hi! I am new to the whole mortage game.. My Husband And I are trying to purchase our first home. We are very low income, however we have the ability to put down at least $20,000. He has had steady employment history for the past 2 years but he has ABSOLUTELY No credit history. I have gathered four sources of alternative payment history for a 12mo. period with no late fees (entergy bill, car insurance, phone, and a hospital insurance policy on our oldest son) I was employed with the same company for over two years but have been unemployed since I left the clinic I worked in to stay at home with our premature newborn..whom is now 8 mo.'s old. I have credit, however it is very low at this time due to the last statement mentioned. I am in the process of paying all my debts off. My mid score is 520 at the time :( We applied for an FHA Loan and an Urban Development but we where turned down due to my husbands change in employment (although it was for the better monetary wise) and for no savings are proof of alternative payment. My Husbands monthly income is $1920.00. Our only monthly bill is 250 for car insurance and 263.15 for 7 more months for our eldest sons tuition. The home we are trying to purchase is $129,900.00 with seller to pay $4,000.00 in closing costs. ANY advice etc. would be greatly appreciated.

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Lauren, it is possible to to be approved for a loan if you have no credit. The situation has to be t...

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Asked 10/29/2008 10:11 pm CT (Sacramento, CA)

I want to buy a home that is being sold as a bank owened property.. it is through a realestate co. I am in the process of trying to sell my first house but this is a short sale on the other ... I dont have money for a down before sale and they wont do a contingant. could I get a second morgage to cover it? we owe 141,000. ( worth 160,000-180,000) on my home now, the other home is only 92,000. we could afford both morgages untill the sell of first but like I said no money for that down... and how to get anouther loan still oweing on first. what are my best options??

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Hi Crystal, It appears by how you describe your situation that you may think about receiving a Gift...

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Asked 08/07/2008 10:07 am CT (Ann Arbor, MI)

My husband and I are looking to purchase a property that is listed as Bank owned. The asking price of the house was recently reduced by $20,000 and the property is vacant. But it also says that it is a short sale. How can it be both? and where does that leave us in the negotiating process?

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It cannot be both. Who are you negotiating with on the purchase? Drew 248-356-3739 x301 x205...

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Asked 05/29/2008 10:11 am CT (Baltimore, MD)

I want to refinace my house to get caught up on bills but I\\\'m not able to becasue of my credit. I wanted to do a QuitClaim Deed to add my mother so that she could refinace. I was told that because she is not on the original loan I could not do that in addition to her not living in the house. Is any of this true? I was told this after the agent got all our info and processed it. He knew she didnt live with me from the beginning and also that I was the only one on the loan.

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Asked 04/28/2008 05:21 am CT (cincinnati, OH)

my husband and his ex wife bought a house when they where married that was is in 1994. they been divorced since 1998 ,he left her the home because of there son and she was to take over the payments his name is still on the morgage we just found out it is in process of foreclosure. we decided that we would like to have it... because this has messed up his credit and has stopped us from buying are own.. what would be his chances in getting the home.

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Asked 04/14/2008 09:24 am CT (Concord, NC)

My husband and I recently tried to refinance, after having a bad experience with another mortgage company who promised to help us with a refinance after we accepted an 8.5% arm to help clean up our credit. After the six months, we returned to the mortgage company to start the refinance process which was to be free of charge the second time around. (this was a big joke) The company would never return our calls to start the new refinance. I went online and got a copy of our credit reports and my husbanand I had a score of 650-700 depending on the reporting agency. This was a great improvement from where we were when we did the original refinance 6 months prior. We did some research online and decided to try for a FHA loan. Everything seemed to be running on course. We had an appraisel done and the house came in way above it's value. The company that we were working with told us that they would not order the appraisel, if they were not confident that they could get the loan approved. I am self-employed and my husband works for a company. They had no problems sending out loan paperwork with a 7% interest rate and PMI. We refused the loan and explained that we were not desperate to refinance. They came back and with new loan documents with a 6.7% interest rate and a one time PMI fee, but had tacked on various other points that made the closng cost $10,000. They have since contacted us and told us that they cannot do the loan because my husbands credit score is too low and his dept ratio is too high. I understand this but I think they should have made this decision before we paid for the $350 appraisel. Since I have had a profit loss in my business, they could not consider my credit score or income. Are there any loans that I can look into as a self-employed person.

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It's a typical scenaro for self-employed individuals to have difficulty documenting their income. Th...

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Asked 04/09/2008 01:46 pm CT (Orlando, FL)

My fiance are in the process of looking for our first home and he has really good credit and my is not as good(mid 6's) if i am not able to get on the morgage can I still be on the house title?

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Yes, you can be on the title. In addition, because you are in the State of Florida, once you are mar...

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Asked 03/27/2008 06:14 pm CT (Jacksonville, FL)

My husband and I got divorced. The divorce decree stated I needed to get a mortgage to refinance within 90 days after the final decree. I did get a mortgage. In the process of getting the mortgage I found that my ex had me taken off the mortgages, first and second. He quick deded the property over to me and I am now in the process of getting a warranty deed onthe property. I want to refinance the first mortgage without the second mortgage being involved. I never signed any papers to be taken off the mortgages. I don't know how he did that. Can the second mortgage still hold the property as collateral since he took me off that loan and the property has been quick deeded to me?

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Asked 03/25/2008 10:00 pm CT (Laguna Hills, CA)

My husband and I bought a condo 2.5 yrs ago with a 2 yr fixed rate and had planned to refinance in hopes of getting a better rate. Due to the market crashing we are unable to get a decent rate and are now paying on an adjustable rate. My name is only on the title and not on the actual loan. My husband and I were wondering if it is possible to get my name off of the loan and foreclosing under his name. He has a BK on his record that's about 4yrs old. My credit is pretty good and I would like to keep it that way in hopes to buy a house in the future. We didn't put any money down and have nothing to loose. We've been paying close to $3000 per month for a 1 bedroom 895 sq ft condo and it' just not worth it anymore killing ourselves to pay something we can't start a family in. What would be the process if it is possible? Please advise. Thanks

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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 02/28/2008 04:44 am CT (houston, TX)

I an currently paying over 1400 a month in rent. my credit score is low just over 500. although I was recently able to purchase a new bmw and plasma tv in my own name over the last 6 months. I have a dismissed chapter 13 (dismissed with prejudice) due to a change in state from where I filed and paper work not being filed timely by my lawyer. I more over 76k. I am in the process of paying off the remaining items that weren't paid through the chapter 13. do I even stand a chance at getting a mortage? I would be a first time home buyer and looking at price range between 190-160k condo.

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Work on paying off your existing debt before getting into a whole messload of debt w/ a new mortgage...

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Asked 02/26/2008 04:52 pm CT (houston, TX)

I am in the process of selling my home in a minority area of Houston that has been plagued with foreclosures and short sales. Unfortunatly, most homes aren't even covering the loan amount in the sale and I'm worried. I will be relocating to another city and must sale. However, I have credit score of about 700 and have never been late on a payment. How will this effect me for getting a house within the next 2 years or a car? Is it possible for a credit score not to drop 80-100 pts? Is moving to another city due to family even considered a hardship? I can't afford to pay for 2 places at 1 time, so if they don't approve me for a short sale, the house will probably go into foreclosure? Do you know of a home advisor, CPA, attorney that doesn't charge a huge fee to discuss my specific financial situation in Houston? Thanks.

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Protect your credit score w/ your life if you can. Consider offering it as a lease option where the ...

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Asked 12/10/2007 03:30 pm CT (newbedford, MA)

hi im wondering if i can obtain a mortgage with this situation: my most recent tax return reflrcting my newly opened business starting 2 years ago stated only 20,000 I am making much more money now and Im looking to buy a home i have my heart set on that is asking only 119,000 my parent own multiple homes and are willing to co-sign AND pay half of my mortgage for me. with this information do u think iam able to obtain a mortgage with a very reliable co signer using my last tax return? and also during the interview process is the cosigners income combined with mine to look at the broad range of income put together ? thanks

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There are a few options and ways this can happen. The best thing to do is call my office 401-349-312...

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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 08/28/2007 08:03 am CT (Hemphill, TX)

I am a mortgage processer at a bank in Hemphill, Texas. We have to wait 5 days after we receive a flood determination before we can fund a home equity or home improvement loan. Why do we do this and where did this rule come from?

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Asked 08/06/2007 08:41 am CT (San Antonio, TX)

I bought a house in Dec. with my boyfriend but they only put my name on the morgage since his credit was so bad and when we split up he left and left me to pay for everything knowing that I couldnt handle it by myself. So I got renters in there to help out and I moved back to Austin. This seemed to be working fine but now they are already behind on a payment and I went over there to pick up some stuff since im still in the moving process and they are quickly destroying the house. The carpet is already ruined, they smoke inside, the garage smells like something died in it and the lawn is becoming over grown. I tell them to address these issues and they say they will but they do not. I really just want to get out from under the house and start over but if they are ruining the value of the house faster than it can increase. I could sure use some advice.

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