When my lender goes to sell my loan to another company so that they may gain more capital to lend more money. This first right of refusal gives me 30 days, upon being notified by the lender that they are interested in selling my loan at a discounted price, to find the financing to purchase the loan from the lender. Its been done but I just can’t find the freakin form I need or a lawyer that is aware of this advatage.
Dec 282011
Me and my husband went bankrupt in 2004 due to the purchase of a camper that water damage, etc. were also still has a long history, but was advised by our lawyer that is the only way out of it war.Ok – that we were kind of looking at the houses around our area and have been approved by a company with an 8% interest with a Fannie Mae mortgage already. Another company has offered 7.75%. Do you think that because the rates are down, we may lose interest or do we fall into a slice of a higher risk? We have a house that was on the market for almost a year and begins to $ 199 900 and was found now reduced to $ 159 900. The House in the $ 188,000 assessed when it was purchased in 2005. I was just wondering if it is 20% more we looked, we could also pay in addition to PMI, our payments. Any advice is welcome those who are familiar with. We’re not – we have a camper – is like going back in and buy a car – you can do in one day is not 30-45! HELP, I looked online and see where the office of the assessor’s tax home valued at $ 178 000. The house is 2300 square feet and is located in a subdivision important. I think it’s a good deal for what the house will now be reduced. It sold in 2005 and sold for $ 179 500. I talked to the dealer this morning and told the lady to go to Texas, while she is seated freely and they really need to get out of it soon.
Dec 262011
Hi,
I am in the process of re-financing my mortgage on the property that I have bought two years ago. I have received the below email from the re-financing company. I see in HUD statement that we have Title Insurance at the time of closing. Also, title search has been done. Is the title insurance different from Owner’s policy? How bad is this?
FYI, I have had a lawyer, RE agent when I bought this property.
Also, please let me know what kind of insurance should I be taking going forward? Thanks for all your help.
We are trying to clear the first mortgage from title but the property was owned by PREVIOUSOWNER. Can you please find out if CURRENT OWNER(myself) purchased an owner’s policy at the time they purchased the property from PREVIOUS OWNER. If they did purchase the policy we will need a copy of it.
So the title insurance and owner policy are two different things. I see only title insurance in the HUD statement when I purchased the house. I dont see owner’s policy. Am I doomed?
Hi, my friend purchased a 6-plex. now we both want me to manage everything for him and share income 50/50 and also own it 50/50. currently his name is on the title and on mortgage but we will pay everything 50/50 incl mortgage and share rental income 50/50. we have a good agreement about all the details. PLEASE NOTE: After we sign the agreement my lawyer will define that my corporation owns 50% of the property! my friend of course has no problem with that. MY QUESTION is: is there a re-finance risk? the mortgage is due for renewal in 5 years. As mentioned, currently only his name is on title. what information will the bank have when we renew? will my company owning 50% of the property be visible to the bank? will it affect re-financing or as long as we paid the mortgage on time they will have no problem renewing?? (especially if value of property increased?) THANKS.
Dec 092011
I owned my home and a fraudulant mortgage company screwed us but my lawyer helped us to keep it by finding an investor to buy the house BUT now we rent it. And the contract is up it is going on the market.
So I need a mortgage company to buy with no money down so i can stay here. Lived in my home for 20 years do not want to give it up.
Dec 072011
By baggage I mean a line of credit..hefty debt there. A mortgage, a car, personal and shared belongings in a fully elaborate house. Both signatures are on the house, line of credit, credit cards, joint accounts, and we share a business/accountant/tax payments. My husband let me know last night that he wants me out of the house by the time he gets back from his business trip…three days from now. Can he realistically expect me to be out? What should I start to do now? Pack? Call a lawyer? Should I demand to be paid 1/2 for the house first? How long should I wait before contacting the bank and what to tell them? I am puzzled but have seen it coming for a year or more.
Dec 062011
Bank “A” refinances my house, and misplaces my first three monthly payments, carrying me 90 days late for a year. I dispute and send receipts and proof numerous times. Bank “A” is seized by government, and after 3 months, the Mortgage is given to Bank “B”. I continue to make payments as scheduled and on time, but now Bank “B” says I am 90 days late also. I show them my receipts, and they say, “If your disputing your history, stop making payments until we straighten it all out. I then receive notice from Bank “B” that they intend to foreclose unless I pay them 20k. Another division of Bank “B” then offers to make a Mortgage Modification loan of 20k to bring me current, which includes me paying for the first three payments again. The Modification loan is interest free, but it is tacked onto my current loan raising my payments about $ 100 per month over length of the loan.
It seems the easy thing to do is take the Modification Loan and come current and then try and refinance under better terms…but am I accepting the fact they lost 3 payments that I made, or can I still dispute this legally? Do I have other/better options? Do I hire a lawyer and continue to dispute, hoping for a day in court eventually? Whom do I look to for expert advice when funds are limited. I am currently serving in the Army (over 21 years now) and also wonder if there is some type of Veteran Assistance? Any assistance would be greatly appreciated. Thanks for your time and input.
Quick Facts:
I live in Newport News, Virginia in the house in dispute. This house is my primary (and only) residence. My wife and three children live with me. My Home of Record is Florida. I do have the option to retire from the Army, or continue to serve 5 more years. Thanks again.
As Gorkbark was gracious enough to suggest “This sounds bogus because no bank would advise you to stop making payments until they straighten it all out” I might add that actually its the law. While a mortgage is under dispute the borrower has the right to stop payment. Now I don’t know if the law is local or Federal, but the bank did refer to it when I was told to stop paying.
All right I know its a little long but if you could just take a minute to read any advice would be helpful.Two years ago me and my husband and or 2 kids moved to VA to be a part of my mother- in- laws business. We were under the impression that everything was going ok and they needed my husbands help because the company was growing so fast. They owned a home that my family moved into and within a month my in-laws had it appraised. It was appraised for $ 400,000. So they decided to remortgage the house to get a loan for the company. They did not qualify due to all their personal debt so my husband signed and they co-signed. It ended up not working out up there for us so me and my family moved to TN and for a year they have paid the house note moved back in and all was well. Recently they called and said they were selling the company, the IRS was taking all the money from the sell, they had taken out a 2nd mortgage on the house without my husbands signature but the bank was under the impression that the paperwork was being faxed to him to sign – we had no idea this was going on. They want us to file bankruptcy so that they walk away , I think we need a lawyer but I just dont know where to start. Any thoughts???
All right I know its a little long but if you could just take a minute to read any advice would be helpful.Two years ago me and my husband and or 2 kids moved to VA to be a part of my mother- in- laws business. We were under the impression that everything was going ok and they needed my husbands help because the company was growing so fast. They owned a home that my family moved into and within a month my in-laws had it appraised. It was appraised for $ 400,000. So they decided to remortgage the house to get a loan for the company. They did not qualify due to all their personal debt so my husband signed and they co-signed. It ended up not working out up there for us so me and my family moved to TN and for a year they have paid the house note moved back in and all was well. Recently they called and said they were selling the company, the IRS was taking all the money from the sell, they had taken out a 2nd mortgage on the house without my husbands signature but the bank was under the impression that the paperwork was being faxed to him to sign – we had no idea this was going on. They want us to file bankruptcy so that they walk away , I think we need a lawyer but I just dont know where to start. Any thoughts???