Can someone please explain to me how Bank of America is allowed to operates with our money?

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?

Can my name be put on a home deed by way of a quick claim deed if I am unemployed?

Dec 312011
 

Me and my parents have decided to purchase a house together that we could not otherwise afford to purchase separately. I am selling my home so that I can pay my share of the mortage loan in one lump sum payment to my Dad prior to purchasing the home for use as a down payment or shortly after the purchase of the new home, directly to the mortage company, depending on when my closing takes place, and be done with my financial obligation on the mortgage while they finance the other 2/3 of the remaining cost of the home themselves. I am currently unemployed. I have asked that my name be put on the deed to protect my 1/3 investment in the home but my Dad says my name cannot be on deed initially because I am unemployed right now.
Firstly, is this correct? Is it not possible to have my name put on deed right from the start since I am paying 1/3 cost of the home in 1 lump sum payment?
Must I secure employment to get my name on deed? Is that the only way?
To first poster. QUICK claim deed, not QUIT claim deed. Although, maybe I am confused on the terminology. I just want my name on the deed so that if parents pass on. I can sell the home to recoup my 1/3 equity.

Are there any legitimate mortgage places in the Farmington, New Mexico area that might refinance a house?

Dec 272011
 

My mom has been trying to find a place to refinance our house. Our contract with the current owner is up in June. It’s a $ 280,000 house (at least that’s what my parents paid when we moved here). It only appraised at like $ 267,000 on a recent walk-by appraisal.

Everybody my mom has tried to contact tells her that she doesn’t make enough income. She was told that the only way she could get it refinanced is if I myself added my name to the deed and added my income to hers. But I need credit in order for that to work. And I have NO credit. I can’t even get a freakin’ credit card because everyone turns me down (how does ANYBODY build credit if every card company turns them down? You gotta start somewhere).

Everyone tells my mom that she can’t afford this house and that she should put it on the market for sale and get into a cheaper house. But we all love this house. We feel peace and safe here. We have privacy. No troublesome neighbors around. I myself have more luxary at this house than I’ve ever had in my life. Not to mention, we own SO MANY THINGS that the thought of moving KILLS us! Everybody that tells us to move away doesn’t realize how much stuff we own (and we do NOT want to get rid of most of it). And none of us are in good enough health to handle all of that heavy lifting and packing.

I just wish there was a finance company that would be willing to help us. We’re desperate and out of options and time.

Forclosed home. When the house is sold, how long till we have to leave?

Dec 252011
 

I have lived in the same home for 35 years. My parents bought the home new. I guess the home was “re-financed” several times. The house was sold on February 14th. I think another mortgage company/bank bought it. How does the process work? When will we have to leave. I am very distraught. Thanks for any advice.

Closing on a new house in DC – do I need an attorney to review the docs?

Dec 242011
 

My fiancee and I are closing on a house in Washington, DC on June 20th. We submitted our offer through our real estate agent and it was accepted. We have financing lined up as well as a title company. My real estate agent says you don’t really need an attorney to review the documents you will sign at closing, because the title company provides a “settlement attorney” who is neutral. But my parents say I should definitely have an attorney who represents us to review everything to ensure our interests are covered. According to our agents, most of the conditions of the sale are already governed by the contract we signed to make the offer – at closing we will just be moving money around, and signing papers that bind us to certain terms with our mortgage company. I’m guessing this varies by jurisdiction. Thanks for any help…

House/Financial advice… Please help!?

Dec 142011
 

We have two houses in Jacksonville. One is for sale and the other we are going to have to evict the tenant because they have not paid rent for 3 months. We are currently living with my parents in Tampa because of my husbands job. What would you do? I would like to foreclose on both houses, but I know that hurts your credit really bad. We are paying both mortgages which equal to a littler over 2 grand a month. Plus we just had a baby in November. Would you hold out to see if Obama will sign something about homeowners and foreclosures? Would you foreclose because how bad can it hurt your credit anyways in this kind of economy? We just struggle finding renters that can take care of the property and not trash it, especially when we are not in the city to keep a good eye on it. Any advice would be helpful. Thanks!

Buying a house, his parents keep getting involved?

Dec 082011
 

My boyfriend and I are buying a house together. I love his parents, just as mine love him and everyone gets along very well.
Here is the problem..
The original plan was for my boyfriend to move into a rented three bedroom house with two of his good friends. Then, he decided he was just going to buy a house and rent out two of the rooms to his friends. He asked me to move in with him as well, and I offered to help pay for the mortgage since we could get a larger one this way. His parents are very excited for us to be moving in together.. but it seems maybe a little bit too excited. They are telling us which area of the city to live in, they are telling us what is a good deal and what is not (my dad knows a lot about houses and renovating, he has rebuilt our entire home and offered to do any renovations for us) and they seem like they want my dad to stay out of it..
I appreciate any advice that our parents have to give us, since neither of us have any experience buying a home, but the only problem is we are not really receiving a lot of advice, it feels more like instructions. They are insisting that we go to their bank, when my boyfriend and I already go to the same bank and were hoping to stay with them. They are constantly emailing us listings of houses that we can’t afford. When we tell them that we can’t afford a house that expensive, they suggested that I sell my car so we would have more money each month! (it’s a brand new car, so I am still making payments. I need my car to travel for work, and my boyfriends car is standard, which I do not know how to drive.) They also told us not to rent out to our friends, because we will want our privacy. They are now expecting us to tell our friends they have to find another place to live.
I know this is long, I am just looking for advice on how to politely tell his parents, or get him to tell them, that we appreciate any advice but this is up to us, WE are the ones that have to live in and pay for the house.
Deborah:
His parents constantly call me their daughter-in-law. They tell all their friends we are getting married.
My boyfriend and I plan to stay with each other, neither of us know if we want to get married (at all, not just to each other), but we are going to see how things work out down the road.
As for the bank loan, our bank and their bank have offered us the same interest rate, but they still think we should go with their bank.

Should i buy an apartment while in university ?

Dec 082011
 

i will be 21 when i start university in Glasgow (uni of Glasgow) next september and im thinking of buying my own place while studying there. i just want to know if you its a good idea and can you give me some advice.

im planning to buy a place worth about 250,000, i dont want to stay in halls because there will be a lot of little kids crazy and getting drunk, ive done this and over it now im an adult not a kid and wont be able to live there with them.
instead of playing £500 a month on halls im thinking of using that money to pay my mortgage, if i cant afford to pay on my own, parents can chip in plus i could get a house mate. i dont know if the bank will give me a mortgage and i dont know what i need to get one, any advice and what do you think ?

when getting a mortgage do i need to pay 10-20% worth of the property’s, cant i get a mortgage without paying a lil in advance ?

after i finish university if i stay in the city(i live in London) i will keep it and get a job there but if i move back to London i will sell it and pay the mortgage all in once and keep the profit from the property if i sell it for more then i bough it for.

Can they take my family home because of this?

Dec 062011
 

My mom has been in the hospital for two months, and I don’t know when she’ll be out. She had a diabetes related infection and had a leg amputated. Right before she went in she was going to pay the taxes on her house. When I went to pay her mortgage they wouldn’t let me; they said the mortgage was in mitigation and they couldn’t give me any more information because I was not her. Since the mortgage payments were up to date at that point the family is assuming the mortgage is in mitigation because of taxes owed. I think its ridiculous if the bank won’t tell me if that is what the issue is so I could just pay the taxes and keep the mortgage up to date so she actually has a place to live when she gets out. Before my father died my parents both worked very hard and were responsible with the mortgage for 30 years. I’ve tried getting a power of attorney done so I can talk to the bank but my mother is on such strong pain medication I don’t know if her signature would be valid at this point. Given my mother’s situation can the bank just take her house because she happened to get sick before she was able to pay the taxes – taxes I would pay if the stupid bank would let me? Does she have no legal recourse?

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