I live in the state of Texas. I am attempting to modify my mortgage loan to get caught up on payments. I have been notified that there is a judgment against my husband who has a very common name. It is from a vehicle finance company (Ford) we have never done business with. I have been to the county clerks office to get some information on it. It is clearly not my husband. It is almost impossible to get a hold of the mortgage company (wells fargo) to get some answers. The negotiator working on my case wants this forms stating we are cleared within five business days. I am lost!! i am not sure what to mail him since the county clerks office states they can not give me anything stating we are clear since the judgment is not clear. I was told to get a “not me affidavit” I do not know where I can get one. Could someone please give me some advice so my anxiety can go away, lol. Seriously thanks!
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 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
My wife and I had approval on a mortgage loan and the day before closing she lost her job which meant that the finance company wouldnt continue with the loan.Will we be responsible for paying anything at this point or is it just a matter of the realtor getting us to sign a release from contract?
Withou about 20% down payment? Would this be very hard to do? What is also an ideal income range to make this kind of deal. I know that it has become much harder to get a mortgage these days so I was wondering under what conditions one could buy a $ 730,000 home with 20% downpay or is this nearly impossible today in CALIFORNIA?
With all of the on-line tools that appear to exist to create a ficticious business (web pages, efax, etc, etc…), how does a lender verify a small company actually exists when verifying an application for a mortgage loan. Specifically Mr Jones, indicates that he works for X small company and provides realistic looking proof of employment of recent employment by XYZ company.
I am thinking about selling a piece of property and holding the paper myself. I have verified:
1. via credit report that the person has excellent credit history with a score in the low 900′s and his only debt is his existing home mortgage.
2. via bank and brokerage, that the person has substansial financial means, but VERY LITTLE current income
3. the open question is that although the person has a history of greater than 10 years of very good salary (150-500K/year) he did not work (he indicates by his choice for over a year) until very recently (just less than a month).
4. My preference was not to hold the paper on the property so I asked him why he did not just go get traditional mortgage financing and pay me out. He indicated that the bottom line was he tried but even with his credit and work history that the current lending guidelines will not allow him a mortgage soley because: a) his current income is from a small company and for less than one month…
5. He is putting up 40% in cash (as he offered to the mortgage lenders) and based on his bank, brokerage, and retirement accounts he would have enough to pay his current home loan for years and pay this new note for years without ever working a day.
So my bottom line is….I am suspicious of why a traditional mortgage lender would not lend money to him and I wonder if they know something I do not about his current (new) employer.
Your insights/expertise would be greatly appreciated. Thank you
I guess what I want to know, is how would those that make a living off of making mortgage loans look at this. How would they investigate, or would they investigage, the ‘employer’ given everything else is pristine (I only wish my financial situation was as positive as what I have verified on his). It brings me back to why wouldn’t they loan him the money?
Hello, I’ve recently made a home purchase and will be closing on my new home in about three weeks. Since my credit score wasn’t high enough to qualify me for a conventional loan, but income was, the builder’s finance company was able to approve me for an FHA loan since it was also my first home purchase. My question is I’d like to put a pool in, I live in Arizona and it’s a necessity in this state 
and was wondering if there are any stipulations as far as the amount of time I have to pay on the loan before I can pull a 2nd mortgage on it or refinance it to get some of the equity and put the pool in and make a few upgrades to the home?
I need assistance answering this question, please help.
You take out a 30- year $ 100,000 mortgage loan with an APR of 6% and monthly payments. In 12 years you decide to sell your house and pay off the mortgage. What is the principal balance of the loan?
Thank you,
va
I just bought a house for 442,000 it was a bank owned. the bank agree to pay 10,000 of closing cost and I’ll pay the rest.My loan officer asked for a check of 8,122 made to her company to cover the rest of the closing cost. I asked why the check was under company, she said that the bank that finance the house didn’t want her salary to be included in the closing cost. She told me not to worry because I was getting money back. After scrow closed I called her because I got the scrow stament of a total of 7,456 of closing cost. I called scrow and they told me that I should not make any check to any body but scrow and if she wanted to be paid she should do it thrue scrow I went to the bank that finance the house and they told me the same. After 3 weeks she finally called me back to tell the 8,122 is for her and her company and I’m not getting any many back. Is this legal, what can I do?Why she didn’t included in the closing cost? and the bank that sold the house only pay the 7,464. Help!