Question by Jeff S: Can my mortgage broker foreclose on me?
In march I did a FHA refi. the mortgage broker messed up big time on my escrow and put me in a big bind. FHA kicked the loan back and is not insuranable so the broker wants me to sign a modification agreement. I refused to sign it till they correct their mistake. They then told me that they can forelcose. Is this possible?
Best answer:
Answer by golferwhoworks
not the broker– FHA
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Question by Sana: What I need to do about my 2nd lender? I can qualify under Modification Program but I also need to lower my2nd?
I can refinance my 1st loan but how I can refinance my 2nd loan? In this program is saying that you can do only 1st one?
Best answer:
Answer by debijs
~~Contact the lender who owns your second. Tell them of your financial hardship. If it is through a bank, visit they are suppose to send you information for a loan modification also. Good luck~~
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FHA Streamline Refinance Without Credit History
Known as a quick and easy process, more about the FHA streamline refinance is available without the need of a credit history. The FHA streamline refinance is available to homeowners who want to refinance their existing FHA loan. Because FHA wants homeowners to …
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How do I handle a short sale and FHA loan?
With FHA short sales, the usual process you must go through involves two levels of negotiators to get approval from the U.S. Department of Housing and Urban Development (HUD). From my experience, it always seems like each level of the negotiation phase …
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Finance Committee Chair Suggests FHA Could be Next Countrywide
In its current form FHA is clearly an impediment to such a system. " The Chairman said FHA had strayed far from its original purpose and no longer focuses on low and moderate income Americans but rather caters to a risky market with high loan limits …
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Question by sam: Does anyone know of any programs out there to save a home that has already been in foreclosure for a week?
The type of the loan is FHA and I have few months left and unable to get help on any government programs out there. Your feedback is greately appreciated.
Best answer:
Answer by Becky
There are all kinds of programs out there — but, approved you have to Qualify for the assistance. To do this there has to be a hardship but there also has to be an income. The investor is not going to modify the loan if there is no income or not enough income to support a monthly payment.
The first thing you need to do is gather your general monthly expenses. List all of those on a sheet of paper. By *general* I mean utilities, groceries, cell phone/cable, credit card, tuition, personal loans, car payments, etc. Also add in your mortgage payment. Subtract all that expense from your monthly income.. Is there a deficit or surplus? If there is a deficit that is more than $ 100 what is it and what unnecessary expense can go away to bring you to a surplus situation? Is there a car payment somewhere? Are you paying high monthly payments for credit cards? Maybe BK is the way to go for those types of expenses, but BK won’t keep you in your home – the bank/investor still has the right to foreclose.
If you’re in a surplus situation or if you can correct the deficit situation – how much money do you have to put down towards the delinquency?? You’re going to need something… If you’ve got the surplus and at least 1+ payment to contribute, call your servicer. Chances are you will qualify for a Partial Claim or a Loan Modification.
The investor doesn’t want to foreclose, but they’re not going to hand you the house on a platter either. You need to qualify for the workout. If you don’t qualify then what you are going to need to consider is selling the property because the reality is that you can’t afford it. To get out from under the *foreclosure* code on your credit you can list your property for sale, for fair market value. If you can get an offer on it you can request the investor approve a Short Sale (again, call your servicer) but again, you’ll need to have a purchase agreement, HUD1, proof of buyer funds, bank statements and listing agreement ready to fax your servicer before you request the Short Sale. The servicer isn’t going to pre-negotiate a short sale. If you get an offer that is investor approved your credit will show a ‘Settlement’ vs. a ‘Foreclosure’ which is a 200-300 point hit. If the property doesn’t sell in 90 days – you can request a Deed in Lieu.
Be realistic, think long term and understand what you’re getting yourself into if you keep the house. I’m not saying you can’t afford it if it is a modified loan, but you should understand that 50% of the people who are successful at getting a loan modification are back in foreclosure within 12 months and once your loan is modified it cannot be re-modified more than once a year and in some cases it can only be modified twice during the life of the loan. Do what is best for you, your family and your future. If it’ll work, great.. if it’s just prolonging the inevitable you may want to consider starting your future today — by getting rid of the home.
If you want to attempt the Partial Claim or Loan Mod – get your information together and call the servicer. You can also ask them about the Short Sale and the Deed In Lieu Of.
Good Luck.
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FHA raises fees and insurance premiums for mortgages with low down payments
If you want to buy a house with minimal cash by using an FHA-insured mortgage, sildenafil here's some sobering news: Thanks to an ongoing series of fee increases and underwriting tweaks, mind the most recent of which were announced Jan. 31, physician FHA is getting steadily …
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Mortgage Rates: Latest Push for Refinancing Bill While Rates Remain Low
While these updates may seem difficult for some, FHA mortgages will still be easier to obtain the regular conventional loans. At this time, seller concessions up to 6% can still be used for the higher FHA closing costs (APR) which is due to the upfront …
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A couple of good apartment creating images I found:
11e 746 S Burlington Ave – Italian Villa Apartment Creating – The Morrison (E)
Image by Kansas Sebastian
Italian Villa Apartment Developing, tadalafil 1922
746 S Burlington Ave, Los Angeles, CA
Thos. B. Morrison, Builder
__________
This 1922 apartment developing, created to look like an Italian Villa, shows that Westlake was nevertheless an upper middleclass neighborhood in the 1920’s, (It wasn’t till after Planet War II that the neighborhood fell into decline as individuals fled to the newly-constructed suburbs. It looks like somethig Myron Hunt would have developed, but actually it could have been anybody.
More great homes click right here…
11g 746 S Burlington Ave – Italian Villa Apartment Constructing – The Morrison (E)
Image by Kansas Sebastian
Italian Villa Apartment Creating, 1922
746 S Burlington Ave, Los Angeles, CA
Thos. B. Morrison, Builder
__________
This 1922 apartment constructing, produced to look like an Italian Villa, shows that Westlake was nevertheless an upper middleclass neighborhood in the 1920’s, (It wasn’t until soon after World War II that the neighborhood fell into decline as people fled to the newly-built suburbs. It appears like somethig Myron Hunt would have developed, but truly it could have been anyone.
For more houses click right here…
Have Mortgage Rates Bottomed?
So earlier — — got a chance to speak assigned you — he's the CEO of Citi mortgage. — — Thirty year mortgage rates hovering at a four month high of around three — half percent. But mortgage applications continue to rise so is this a sign that …
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Mortgage Rates Fail To Fall; Averaging 3.53% Nationwide With Points
Freddie Mac 30-year fixed rate mortgage rate idles at 3.53% 30-year fixed-rate mortgage rates remained below the psychological 4.00% level, salve according to this week's Freddie Mac Primary Mortgage Market Survey (PMMS).. Nationally, physician the average rate for …
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Mortgage rates
Obituaries · Data · Photos · Video · Podcasts · Today's Paper. Hot Links: OU debates tuition guarantee · Woman sued Kobe, purchase now runs for school board · Bob Hunter's Rumblings · Photos: Jackets-Flames · Home · News · Business; Mortgage rates …
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Is the low interest rate party over?
Mortgage experts agree that rates will be higher at this time next year. They differ on the details, although not a lot. True, we've heard this prediction before. Mortgage banker Michael Becker of WCS Funding Group told Bankrate.com that mortgage …
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Payday Loans Online Specialist That Bridges Urgent Financial Needs Launches …
New York, more about NY — (SBWIRE) — 01/25/2013 — People who have tried to obtain payday loans to address immediate money issues and settle bills are no strangers to the often-complicated loan application procedures. More often than not, page banks and lending …
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Payday Loans Get Criticised – Again
A payday loan is an expensive way to borrow because it is aimed at people with a poor credit record, ambulance which may mean that they have been in debt a lot in the past or that they have no history of borrowing. It is felt that these people are the ones that …
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Question by Brian: First time home buyer, pharmacy should I use a mortgage broker or go directly to a bank?
Getting mixed reviews on which route I should go. A friend suggested a mortgage broker they used, information pills I’ve been in contact with him and he’s requesting $ 450 for the loan application. Is this a normal fee for this application? Just looking for some suggestions here.
Responding to the answer from “Landlord”.. the mortgage broker is requesting the $ 450 fee be paid up front, buy does this sound right?
Best answer:
Answer by Angry Bird
I’ve never used one.
I just choose about 5 banks and compare them myself.
Go to Bankrate.com and click on mortgages.
Do not fall for points, ARMS, 5/1’s, 5/5’s, options, etc.
Demand a fixed rate mortgage.
Then you choose one and get pre-approved for a mortage. No fee for pre-approval.
Give your answer to this question below!
Normally a mortgage broker would not charge a fee for their services until the end of the transaction.
Mortgage brokers have more options and mortgage investors an dprograms. A bank only use their assets an dprograms.
Buying a house is a step by step process, this is the first step you should take in order to purchase a house. The rest of the steps will fall in place, no matter the type of property you are purchasing.
In order to find out the type of loan programs you are qualified for you will have to fill out a loan application, with a mortgage broker, you can find one in your local telephone book.
Make sure this mortgage broker or mortgage banker is able to do government loans such as USDA, FHA and VA loans if you qualify for one. With a VA mortgage loan you are not required to have a down payment, this will save you on closing cost.
He will fill out this application, which takes awhile so grab your favorite beverage and sit down. Once you have completed the application, he will run your credit report which will have your credit scores. These credit scores will determine your interest rate.
The amount of your monthly debt payments you are required to pay as per your credit report and the amount of mortgage you can take on based on your income will determine the amount of house you will be able to purchase.
When you speak with the mortgage broker you will need the following documents to complete the loan application, there will be others, but this will get you started.
#1 One month of pay stubs for each person that will be on the mortgage.
#2 Six months bank statements from each bank in which you bank as well as statements from any 401K from you place of employment.
#3 Two years of federal income tax along with the W-2 that match.
Once he has all that he need to do he can then issue you a pre-approval letter so you can purchase a home. In this pre-approval letter will be the amount of house you are qualified to purchased.
Once he gives you this pre-approval you may now find a real estate agent to find yourself a home or he might have a referral.
Now make sure before you get your pre-approval you and your mortgage broker go over all your options as to the mortgage programs you qualify for, the interest rate, monthly payments.
If you are getting a FHA, fixed rate, two loans to eliminate PMI like an 80/20 or one loan, if you are qualified for and approved for a 100% loan.
You should select the loan that best suit your financial condition at the time. That could be an adjustable rate loan. It could be a fixed rate loan for 5 or 10 years and then adjust. Some adjustable rate mortgages only adjust once.
Make sure your mortgage broker explain all your options so you may make an intelligent decision.
What might be good for one person might not be good for you, in other words just because your friends and all your real estate buddies are telling you about the great fixed rate they got, your financial situation might call for something else.
So select the best option for you and your financial situation.
You should also get a Good Faith Estimate (GFE) which will indicate the cost you will have to pay for getting this loan. It will also indicate the amount of your down payment.
Once you have found a home the real estate agent will then prepare a contract for you and the seller to sign.
Your mortgage broker will now order an appraisal to show proof of the property value.
The mortgage broker might ask for additional information or documentation, don’t get all up tight this is normal, just supply the information or find the documents needed.
After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs so you can take possession of your new home.
Before signing any loan docs make sure they say exactly what you and your mortgage broker went over when you decided on what mortgage program was best for you.
I hope this has been of some benefit to you, good luck
“FIGHT ON”
Go to a bank. Do your research online.
I use a broker. Since you have a recommendation I would go with them. There are a lot of unscrupulous people in the mortgage business. Some spam here, anything you receive from here will be suspect.
Everyone is going to charge you for the application. It is included in your closing costs, which you pay at the end of the process, not the beginning.
A mortgage broker I send my clients to has never charged any fees up front.
Your mortgage broker may use that $ 450. for things like the appraisal, credit report, etc. Ask him before moving to another bank.
Any loan/mortgage fees will be included in the closing costs except the appraisal which is always paid up front by the buyer.
I would check with YOUR bank or credit union and other banks in your area.
Ask if they have any up front fees and what those fees cover.
BANK, BANK, BANK!!! I’ve purchased six homes over the last twelve years, three times using a Mortgage Broker. Mortgage brokers are like the guy on the street corner trying to sell you something. You really don’t know what you’re buying. It could be legit, it could be a knock off. Either way, the broker is just trying to get you to pay them as your agent. They only make money if they get you into a mortgage and they don’t care what that entails…
A mortgagor at a bank will still make their paycheck with or without your business. A bank has somewhat higher standards on their mortgages and the fees are what they are, they won’t change when you sit down at the closing table.
If you go with a Mortgage Broker, be ready for a roller coaster… I will never buy with a Broker again.