 How to resolve foreclosure? |
Where do I start...
Ok, My boyfriend foreclosed on a house about 2 years ago now after trying to sell it for about 5-6 months. This all spiralled from losing his job when his company shut it'... |
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 Mortgage question? |
Is there a fee to get a mortgage loan?? I know there's interest but any other fees associated? Also, do interest rates usually increase in the summer?
Additional Details
EDIT: We ... |
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| Neighbours want us to remove fencing on our boundary so they can get access- Do we have to do so? |
| the people who own the plot of land next to us want us to remove our fence at the back of our garden to give them access. They have a right of access in the burdens of our property. The fence has ... |
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 Selling my House? |
| I own my house outright, but am planning to sell it. How long after the buyer closes escrow will I get my check. And since I will be moving to another city. How much time will that give me to look ... |
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 What should or can I do about a Bad (low) appraisal on my house? |
| OK, so I wanted to refinance my mortgage. Everything was going fine, even for having a lower credit score. The closing was set, all we were waiting for was the appraisal. Well, when it came in, it ... |
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 Mortgage company asking for copy of 401-K statement? |
| I've been approved for a loan, but the lender wants a copy of my 401-K statement. I've never had a lender ask for this before and I don't believe this is any of their business. They ... |
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 Why would two apartment complexes give me different responses about my credit on my application? |
| One apartment complex I applied to came back declined because he said I had "major credit issues", and another place I applied to said my credit came back "perfect". So, I ... |
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 My husband & I only got $600 for economic stimulus instead of the $1200 we qualified for. Why were we shorted? |
| The stimulus is supposed to be $1200 for married couples who make less than $75k/year. We even did the calculate feature on their website and were told to expect the $1200. However, in our checking ... |
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 A potential renter is interested in a rent to own lease of a rental property I own ? |
| Typically what percentage or amount of the lease to own option is used as building down payment monies. Any resources for what to include in one of these lease to own agreements ?... |
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 What to do after you serve a 3 day notice to a tenant that won't pay rent? |
| I have a tennant that hasn't pay her rent i already gave her a 3 day notice what should i do ... |
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 Bought a house, Old occupiers left items in it, been 5months now they want it back.. What are my rights? |
| Bought a house 5 months ago, The previous occupiers left a few items behind, and an order came through for them. I didnt have contact details and assumed they would be round to pick the items up! H... |
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| How do i get a house with $10,000.? |
| My credit score is about 520. I owe $5,000 total in credit. Is there anyway i qualify to get a house in or out of ny without having to pay off the 5,000 on my credit report.... |
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 How do i find out the owner to an abandoned house? |
there's an abandoned house that is really interesting.
i went in there one day and
the house was FULL of stuff.
BAGS and bags and bags of clothes shoes books alcohol. etc
u ... |
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 Can a person really sue my grandfather and win??? |
| an ex tenet who was evicted is now sueing my grandfather for un returned security deposit. well that sounds nice but you cant take money from social security or his pention right? please provide your&... |
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 Is it legal for a landlord to allow two separate beauty salons to operate out of the same building? |
| I am the owner of a beauty salon and have been operating out of this same building for the past seven years without any problems. Recently, the landlord rented the storefront next door out as a ... |
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| Where does a single mother with decent, steady income, yet no so perfect credit begin to get a mortgage loan.? |
I have been trying to repair my credit for the past few months so I may purchase a home with no money down. How can I go to a closing with no money down?
Additional Details
I have been ... |
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 Landlords, apt mgrs, please read. move out question.? |
| Lived in the apartment 2 years. Originally had a roommate. He left a couple months ago, just picked up and left one day. I found out I was moving 1400 miles away. It was a very quick decision. I gave ... |
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 Urgent Renting Question? |
| If I have been renting an apartment for 10 years, and next month (July) I am planning on moving around 10th-15th, my landlord still requires us to pay the entire month's rent when we only want ... |
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 What to do if you can't be flexible on the price of your house? |
| My husband and I are putting our house back on the market. The price we have it at breaks us even. We won't make money and we won't lose money. That means we don't have an flexibility ... |
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kcir926 | NEW home buyer question?? |
Im looking to purchase a new home if i find a house selling for 80,000 but worth 100,000 can i get the loan for what the house is worth so i can have extra money to take care of other things???does this work??? |
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Digger
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There are a few mortgage products like that allow you to get cash above asking price to use for repairs/renovations, but they are very difficult to qualify for and most lenders won't even offer them. Ask around for an FHA 203K loan.
Purchase loans with cash back for other things, no. Your best bet would be to buy the house now for $80k and refinance in one year for $100k (unless you're in Texas).
Good luck!
Edit: Loose Change is 100% wrong. |
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Jason F
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the bank will usually only lend on the lesser of the purchase price or the appraisal. so if the appraisal says $100k but the price is $80k, they will probably base your loan amount on the $80k. there are a lot of programs that lend you 125% of the purchase price and all that stuff.
the best thing to do is to get a loan at 80% of the price and then get a second loan for as much as you can. that way you should have to pay mortgage insurance.
the second loan will have a higher rate though. shop around |
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acermill
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No, it does not work. In this mortgage climate you will not find a lender who will write a mortgage for more than the purchase price of the house, plus perhaps a few additional percent to cover closing costs.
Of course, you can apply for a HELOC after you purchase the property. |
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Expert Realtor
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No. You can ge a loan for the LESSER of the sale amount or the appraisal amount.
How do you know the property is worth $100K? Always....consider the source from which it came. |
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Go Kings Go!
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Well by any other name, it is termed a Home Equity Loan. This is a loan above and beyond the value of your home that you use in order to upgrade and fix up your property. That is, if you can manage to find one off the bat (80K purchase worth 100K). People usually own their homes for a couple of years before qualifying for one since the price they buy it for doesn't appreciate that fast. But if you find one, more power to you. |
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Jbon
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You can take out a home equity loan if your mortage is less than the fair market value of the house. I am not sure of you can do this when you first buy the house. |
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yourmtgbanker
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In a purchase transaction, the lender will only lend up to the purchase price of 80,000 not the appraised value. After you close on the 1st mortgage and it is in your name you could then apply for a home equity line or home equity loan which would be based on the appraised value. There will be questions from underwriting as to why the home was sold 20,000 less than the appraised value. Many loan programs want a list of improvements that have been completed since the purchase. So you may need to wait a while after obtaining the 1st mtg. |
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G-gnomegrl
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of course. Jump on it sounds like a great deal. If you think there will be lots of people trying to buy that particular property you want to offer a higher price, because of couse the seller is going to go with the best offer. If you can find a real estate agent or an appraisor they could probably help you figure out how much the property is worth then go from there if you're not sure where that estimate came from.
First you need to get prequalified (this is where they check your cretid score based on your credit history and such)though, so shop around for lenders see who has the lowest interest and with the number of forclosures there are these days I would suggest trying to go for a fixed interest. When you find the bank, get pre approved which is the bank giving you an "ok" we will loan you the money. Then submit your offer to the seller of the property.
good luck hope it helps, if you have any other questions feel free to shoot me an e-mail. |
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stephnybaby
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yeah i think so but if the money u have isn,t enough u can get to work more |
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Loose Change™¢
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Yes, it is very common to roll over, say, credit card debt into a home loan, or get a loan for over the home price for home improvement, or whatever you want. As long as you qualify for the $100,000 loan, the bank doesn't care what you do with it. They just care about how much interest they can make on the $100,000 and your ability to repay the loan. Since you will be making a downpayment (maybe 20%) the collateral of your home will more than cover the risk for the bank if you default. |
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