 Landlord refused to give me deposit! HELP!!!!? |
| I moved from NY to TX in 8/07. My landloard in NY still refused to give me my $1200 deposit. I called + email. He keep postponing it. Now he don't even answer my call + email!!!! It's ... |
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 Question about buying a flipped house? |
The seller bought the house in april 07 for 91,000.00
They maybe put 10,000 into fixing it up and now want to sell for 134,900. Is this justified? Can I lowball and get a much better price?
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 I rent and have modified my apartment will i be fined? |
| the place was a wreck so i took the doors off the cabinets and painted everything white to make it look nicer. i feel it makes it much better but am worried the owner will charge me or evict me. i ... |
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 Closing Gifts? |
I want to get feedback on what you would expect from a Realtor as a closing gift when you purchase your home. Thanks
Additional Details
wow great answrs...I am shocked at your gifts! I ... |
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 What U.S state has a good asian population besides California and New York? |
| and is a good state to live in lol ...that has entertainment (major) industries such as record labels etc....and a good nightlife...safe....and good quality of life?im not racisis or anything but its ... |
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 We have been living in a apartment for months on a 13 month lease? |
| We want a house because of a new baby coming. Our rent is $580 a month for 500 or so square feet, is that a bad deal? How can we break the lease. The lease says if we do we must pay 200 plus the 580 ... |
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 If my landlord does not pay his mortgage with the rent money I give him? |
What rights do I have if I were ever to be evicted?
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Sorry, I should have added that they bank may want to repossess the property. Nothing whatsoever to do with me ... |
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 Do you think UK property prices are unreasonable esp. for single people who want to buy property on their own? |
If you are earning minimum wage or just a bit more and want to live in an area where you feel safe, it's almost impossible to be able to afford property by yourself, don't you think?
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 Are there any creditors that will lend money to a person with a low score...to buy a first property? |
| My credit isn't strong at all.....I can pay a mortgage...just don't have any money for a down payment....Help.... |
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 Does anyone know of any fiance companies that would give 100% financing for a low credit score? |
Additional Details
Thank you for your answers.I did try lending tree but the company they sent me to wants 10,000 down.... |
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 Closing on a house at 10am tomarrow morning!!!? |
| I sign all the paper work tomarrow at 10am.,,is there a chance the bank will run the credit reports again on closing day? Its sunday now and all banks are closed....Friday I got the call that all the ... |
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 Do I need to open a business bank account if i want to rent a property out? |
| I'm in the process of buyng a flat to let out, but am unsure of how best to keep finances of the venture clear. I am not intending buying any more properties, just the one to act as a back-up ... |
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e_s_p | Does the amount you pay for mortage every month increases overtime? |
my parents just bought a home that they cant even afford (700.00 in san francisco),the mortage payments will be 10 thousand dollars every month for 30 years,which i think is totally crazy,i am sure they wont make it,and will lose the house,they dont even make 5 thousand a month,and they had to borrow money from every relative available to put down the down payment (100 thousand dollars),the house is gonna be many times more expensive than the actual price,does anyone know if the monthly payments can increase without notice? can anyone tell me if there is a way of backing out from this deal without losing the down payment they put on the house? please help! my parents are in deep **** |
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jimatusm
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25 + years as a mortgage banker=
The only way they can "get out of it" at this point is if they have not already closed. A couple of things they can do if they haven't:
If there is a mortgage contingency they can get out of it by being declined by the lender. It's not hard to do, just tell them that they can't provide some of the documents being requested.
If there is a home inspeciont contingecy in the contract they can get out of it if anything is sub-standard on the house they are purchasing. You need to have the Realtors cooperation, but it can be done.
No, the payment can't just go up. The property taxes and homeowners insurance can and will, so they will end up paying more eventually.
Zip me an e-mail at jimatusm@yahoo.com if you need more help.
Jimmy |
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Amanda H
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1) if you already bought a house you cant back out now. ....the deed is signed. If they only have a purcahse and sale agreement they can-- but they may lose the earnest money/downpayment.
2) House payments do not go up over time as long as its a fixed rate mortgae. However, the TAXES do go up-- and if they are paying this in their monthly payment, it may be adjusted once a year.
They need to sell ASAP and get back what they can out of the deal. |
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T J
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They should pay a lawyer $100 to look at whatever they signed. If they haven't closed, they can get out - they just might lose a deposit.
Mortgages can go up if they are adjustable rate mortgages. That said, I don't see how you can spend $10,000 a month for a $700,000 house. The only way I can possibly see it is if the mortgage is about $5000/month (possible) and the taxes are about $5000/month (theoretically possible in S.F., I guess).
I don't see any bank qualifying them for that kind of loan, though. How do you buy a $700k house on a $30k/yr income? It ain't gonna happen. |
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bostonianinmo
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First off, the payments on a 600,000 note at 6.5% for 30 years is about $3,800 a month. Assuming that the interest rate is fixed that won't vary. Taxes and insurance would add to that and can vary over time but $10k a month sounds like a stretch.
No, there's no way to "back out" of a closed deal. Nor should there be. And if they only make $5k a month it's not likely that they would ever have been approved for the loan. Methinks that you don't have a clear picture of your parent's finances. |
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kja63
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1. Your parent's business is none of yours.
2. No bank would lend your parents the money for a mortgage they could not afford.
3. Mortgage payment on a 700,000 house for 30 years should never be $10,000 per month. The would mean they are paying 3.6 million dollars for their 700,000 house. Interest rates on mortgages are in the 6% range.
4. Mortgage interest rates on a fixed interest loan never go up. However, property taxes, school taxes, insurance, etc... go up almost every year.
5. Mortgage interest rates on a variable interest loan can increase every year up to the cap stated in their contract. |
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hannah
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if they have a fixed interest rate, the mortgage will not increase, it will remain the same for 30 years. but if they have other arrangement then it may go up or down.
if their interest is fixed but the real estate taxes are escrowed into the mortgage payments, then the mortgage will likely go up every year since taxes tend to increase.
bottome line, if your parents only make $5k a month, then I'm not sure how they can afford the mortgage even if the mortgage doesn't increase.
good luck. |
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timmytoes
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Your figures don't quite add up right.
There are a couple of different types of mortgages out there & a couple of different things that can make a mortgage payment change with time.
An Adjustable rate mortgage has an interest rate that changes with the time & economy.
A fixed rate mortgage carries the same interest rate despite changes in the economy.
Insurance & taxes are variables that are often included in mortgage payments, causing even a fixed rate mortgage change in terms of the monthly payment.
Have they closed on the home?
If so, there is no backing out...they can try to sell & hope to break even.
If not, then they would lose all of their good faith money should they decide to back out.
Please look at your parents choices & motivations and try not to make these mistakes when you venture out into the world. My parents made foolish choices like this & we lived a life a gypsies. When I was ready to buy a home & went to get pre-qualified they 'pre-qualified' me for a house two times the amount then I had chosen as the max for me. They said 'but, you can afford this much.' I laughed & said ' Hey now, you don't have to live with me, I do & I know how much I want to spend.' I bought a home much lower in price than I qualified for & am so grateful now that I have taken a 75% paycut to work at a place that I love. |
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ravensgirl
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if they have an adjustable rate mortgage it can go up. not to mention property taxes go up all the time. they should try to rent out the house for awhile get the amount they owe on it lower and then refinance so the payements will be lower. you should never buy a house you cant afford. it will destroy your credit. and if they happen to go into foreclosure they will get their home taken away from them and any money they put into it will be lost. i suggest they sell or if they really want to keep the house do the renting option. |
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fabrat1
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You sound like my kids. When my wife and I built this house it was so far over the edge that it must have looked impossible. It was really tough for a couple years. Fortunately income goes up and the mortgage doesn't. Now 6 years later, we're in fat city again and glad we did this. Maybe they will be fine. |
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lovingclementine
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It depends on their loan. An adjustable rate mortgage will increase at times - mine has gone up $60 in a year. I'm shocked that they qualified for this loan in the first place - but they will loose the downpayment if they back out. |
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alig
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The mortgage should have a fixed rate, so the monthly payment will be the same unless they refinance the house at some point. |
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tos72727
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The payment stays the same, but the amount applied to the interest and then the principal changes. The majority of the first few years of payments go to the interest only and then gradually the payments are applied to the principal. Tell your parents to sell the house. Even if they sell it at a loss, they can protect their future credit. |
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