We recently put a bid on a home that is in short sale and has been in short sale for 7 months now. There is a total of three offers, my offer being the highest. We were recently told the first morgage lender already accepted the short sale and set there payoff but we are still waiting to hear back from the 2nd morgage lender? Does anyone know how long this can normally take and what the process is from there to closing? Thanks for any info. you can give!
Thanks for all responses! The answers I hear is what I’m afraid of. I have asked the same questions of, what the amounts of the two loans are and what lenders are holding them, but don’t get answers. All i get is the total of the two loans is $ 199,000. It is listed at $ 175,000 & our bid is $ 170,000. Its a very nice home and we have looked at over 20 other homes but none compare to what we are looking for. Just hoping it will come through for us! Any suggestions to help the process along?
I was hurt really bad got a staff infection. I have been in the mortgage business Mon 10 Before applying to refinance, but my mortgage company said I was 140 000 head, and they would not be hard on my loan. All I needed to do was to set the rate, so I do not lose at home. but all attempts she always said, perhaps, for my house and 20 years of my life I worked for lost. Now they are all banks are still recorded, but no one seems to get the full picture. that banks could do that all e only by reducing interest rates, if honest people like me went to the bank before I had to pay is not a problem can be avoided. I could my payment, but when it came to 11% I could not. I told the bak Mon 10 before, but because I 140,000 at its head sank said no. that was my bank, and should be acted, and now they sell the house and I paid for 221 000 500 000 60 000, and upgrade planned. and I lost everything because you have no equity. they would not fund. But now, banks are still on bail money and alll consumer debt, but the reality is there becauce error alll the market turned, and they should be open locked in their loans to prevent that. And yes, he may have encouraged its brokers to sell to modulate people to earn more money from their customers. You should alll in prison simply to encourage such behavior. If someone is willing to continue trying to help these people?
I know that APR is higher than simple interest rate, becuase they add cost of borrowing, etc. What I am not sure about is, how do they calculate APR. Secondly, does a higher APR means higher montly payment? Or is it just higher upfront cost. Is the PMI included in the APR math?
Please give an example, comparing 2 different loans with same simple rate, but differnet APR. Thanks
Im trying to buy land and build Apt complex in DR I have the site in mind but does anyone know any banks of mortgage companies that gives loans for such. If not does anyone know how I could raise $ 120000 to get this project going. Pls dont give me advice on not doin international business lets stick to the question.(not being rude but…) Thanks in advnce
The mortgage company said we had to pay a judgement that was on his credit. This was the only problem. We paid $ 7,000 to settle the judgement. The loan was cleared to close on Dec. 3. Yesterday, they said that Chase Bank could not get pmi on the loan because his credit score is too low. His score has dropped 30 points since the beginning of the process because the mortgage company keeps changing banks and each bank pulls his credit. Now they say the only option is to come up with another $ 3000 as a down payment so that pmi won’t be required. We were supposed to get 100% financing through Freddie Mac. We can not use any of our money in the bank because a certain balance is required for the loan to go through. Also, we can not borrow the money or it will make our debt to income ratio too high. The seller is selling for 35000 but the contract says 50000 so we will have money left to pay someone back. Are there any type of (1 week) loans that won’t immediately show up as debt on credit?
I was wondering what are the chances of our financing falling through…Im so nervous I have heard about peoples loans falling through whne they go to the underwriter. We are working with a mortgage company that their loans are locally processed, underwritten, and closed by their company. We were told by the branch manager that we have nothing to worry about, but that doesnt help. We were pre-approved,found a house,made an offer had it accepted,locked in at 5.5%, gave the earnest money, had the inspection and appraisal done,had our funds verified, had our employment verified, the title company called and said we needed to get home owners insurance so we did that also, we havent had any changes to our credit, havent bought anything big, my husband has been in the Army Active duty for 15 years so he has steady employment, he had his identity stolen and we have been working to get it cleared up, his score is only 605… If it matters we are in Oklahoma state and are using my husbands VA loan…Im so nervous what are the chances of it falling through?
Hi – I bought my house 2 years ago with 100% financing, I did a 80/20 loan. Both loans are fixed the first at 6.5% and the 2nd at 9%. I got a statement in the mail from my credit card company (chase) stating I can do a balance transferee at 2.99% until the loan balance is paid off. So would it be a good idea to transfer my 2nd mortgage onto the credit card?
Thanks
What are the most important points to state ?
Older friend of mine is working with her mortgage company to retain her home and make lesser payments.
She has had increased medical/medicine cost and unexpected car and home repair costs she had to borrow money to take care of.
In 3 months these loans will be paid in full,but she is now 4 months behind on the house mortgage payments .
What do the companies look for and are most likely to see favourable and as a good risk to re-finance ?
Is there % rate they take into consideration as to having adequate income ?
Her income has dropped from when the mortgage started as she is now on disability.
Her medicine costs are going to stay high even with insurance.
Here’s the situation– we put a deposit to purchase a new home with a prominent builder last november. The builder prequalified us and told us we would get 100% financing with their mortgage company and said that if we used their mortgage company there would be an incentive. After the home was built, we were sent loads of loan papers that were ridiculous. It was obvious we could not afford the mortgage. The builder resorted to all kinds of ridiculous loans that i have never seen, and forced us to go with these loans. The builder took months to find other lenders that could lend us money to buy the house. If we did go with the loan we would have to foreclose the home in a matter of few months obviously. So, i think the builder qualified us even if we couldn’t afford it and are threatening to take back our deposit. Is it possible to get our deposit back, maybe atleast some portion of it?? This happened in california. Thanks!!!