I am looking for someone who would like to make some money by financing me for a home,and selling it to me on a land contract.I have 4 to 5 thousand to put down.I am not willing to work with any mortgage company or bank.Please contact me asap at [email protected] if you think you would like to assist me.I will be glad to chat with you any time!!
Jan 012012
I have a buyer for my house. She has a title company and mortgage company and is very familiar with “creative financing.” She was to purchase my house but with a 6 month closing date. She would like me to sign over the title. She would pay the mortgage for 6 months and refinance. She says that most banks look for 6 continous months of payments before financing. All this would be on the contract. In return she would pay full price for my house(15K is in equity) and pay about 15K cash. 7.5K upfront and the other 7.5K when I close. She is basically taking over my debts minus 15K. Only concern is handling over my title to her.
I have never heard this before. I have bought and sold a few homes but this is very new. Is this legal? Can she sell my house if I still own the mortgage? Is that a lein that must be paid first? Any thoughts? Any help would be appriciated.
I was appointed administrater for 120 days. Will the mortgage stay in her name and I continue to pay it (from rent). or will the mortgage company force me to re-finance it. I would not qualify for a mortgage–Also I currently own my home also in Florida. I could not take on the debt even if I qualified.
Jan 012012
I got a letter in the mail from Metro Finance (my mortgage is through CountryWide) saying that our FHA home loan is due for a payment reduction.
It reads, “Additionally, as a part of this FHA payment reduction an din conjuction with the American Recovery and Reinvestment Act of 2009, you will not have a payment for a minimum of 30 days from your participation date”
I called them, and they said this was not a refinancing offer… There are no fees involved, and all I have to do is sign the paper they send to me in the mail.
Is this for real? Is FHA really reducing loans, and if so, why wouldn’t I go through my normal mortgage company?
I mean, it would be nice to have my payment reduced by about $ 50 a month like they are saying, but I don’t want to lose my house in the process!
FYI -
I called Countrywide (my mortgage company), and they said that a lot of people have been getting letters like this. The lady I talked to said, she’s not sure why these companies are sending the letters… they must be getting some sort of financial kickback, BUT….
it was partially true. That act mentioned in the letter will reduce payments for people with FHA loans (like myself). Countrywide just hasn’t gotten around to sending out the letters yet. The lady told me, the letters will go out on April 4th, and my mortgage payment will automatically be reduced through them.
There’s no need to get a 3rd party involved.
So, I don’t know if it was a scam or not, but I don’t know what their intentions exactly were.
Either way, I’ll be patient and wait until April.
Dec 312011
About three years ago, I refinanced my parents’ home, partially for a better interest rate, but also to get away from the practices of Bank of America.
Approximately two months ago BOA, bought-up my mortgage company, and I am once again back to the forces of evil.
Then I read this article in the LA Times;
http://www.latimes.com/business/la-fi-bank-america17-2009oct17,0,4906039.story
The “convince” fees alone have made me start shopping again.
Can someone please tell me why we would allow a company to operate like this? The government, ok, maybe, but a taxpayer financed Privet Company?
Dec 312011
How come the Clinton campaign is being run by a lady who made 200k sitting on the board of a failed mortgage company that used finance tactics that Clinton allegedly opposes?
And how come the Clinton camp released a memo saying she just joined the campaing in February, but she has been working for Clinton since she was first lady- as her chief of staff?
curious, is it possible that her relationship with Hillary was the reason she got the position to begin with?
Is she qualified in the mortgage industry to have gotten a board seat without her relationship to Hillary?
Dec 312011
We fell behind on our mortgage. After talking with the mortgage company about our finances they will not consider a loan modification as our monthly expenses exceed our take home pay. They recommended we consider short sale or if that fails a deed in lieu. We both have jobs, just too many expenses. We are meeting with a realtor next week but have a question about it. The mortgage co. said we shouldn’t send them payments because they would be rejected as it won’t be enough to cover minimum due. The realtor said we don’t want to have a bunch of money sitting in the bank and we can’t just withdraw a bunch of money cause they will question where it went. We will be paying off other bills but still have money left. They know we get paychecks and can’t really hide the money. They have already told us the won’t consider loan modification. We are not in preforclosure yet. He also said we should not do minor repairs to the house. Any advice on how we should handle this.
They have already returned payments to us because it wasn’t for the full amount to bring the loan current. We were going to try loan modification but that would make our payments higher than the current. We sent them 2 months worth of payments but even with that as of today we would be 2 months behind so she said they will most likely return that payment & we will get a pre-foreclosure notice. The lady I spoke with a supervisor and trust me, if you’ve ever dealt with Countrywide you’d know they are a bunch of idiots & this lady was the first person out of probably 10 people we talked with that actually helped! She was the only one who went thru everything and explained it all. I don’t want to go into details on those issues. But yes, because we won’t be paying a mortgage we will have extra money and we will pay off other debt. But we don’t want to have a bunch of extra cash lying around for them to come after us for more. If this makes sense.
Charles, thank you for your help. You touched on good points. We are already in default (as I said above), we have talked to the mitigation dept. We have had payments returned and have been informed most likely what we sent them a couple weeks ago will be returned. Once we are able to pay off all other debt we will have enough money to afford the house payments, but come next year we’ll have a child in college so any extra money will go towards those loans. I just wanted to make sure what this realtor told us was true. You have been a great help Charles. Thanks!
i have a Mobile home fiance through a mortgage company in san antonio texas and that company is stating that there is a law here in texas that i must have an escrow acct. The property that the mobile home sits at is n ot financed with a bank and they did not require an escrow acct
Dec 302011
If I own a parcel of land, and wish to purchase a new mobile home to put on that land, can I use that land to finance the purchase of the mobile home? If this is possible, does the lender (mortgage company, or whatever) then hold the full value of the property until the loan is paid in full, or do they maintain a lein on the land for the borrowed value? Also (pending whether or not this is possible in the first place), would this scenario help to lower the interest rate on the mortgage?
Dec 292011
It’s probably been asked a million times, but HOW DO I GET INFORMATION ON ALL FORECLOSED PROPERTIES? Is there a website I can see all properties, and if so, how would I buy one? Would I be able to get one financed through my mortgage company? Is there a bidding war for it? How does it work?
I want the most home and features for the least amount of money. (Doesn’t everyone?) Do you think I can find a $ 250K home for under $ 200K? And I’m in Texas, so $ 250K gives you a great home.