Mortgage Forums

Mortgage Annonymous :: RE: Remortgage

Author: Greg Phillips
Posted: Thu Jul 02, 2009 8:03 pm (GMT 0)
Topic Replies: 1

Your son can accept the money as a gift from you on several loan programs. So, it is possible.
_________________
Greg Phillips

HomeIBlogIMessage Board

Advertising :: RE: Testing

Author: Greg Phillips
Posted: Thu Jul 02, 2009 8:01 pm (GMT 0)
Topic Replies: 1

It worked..?? lol
_________________
Greg Phillips

HomeIBlogIMessage Board

Loan Talk :: RE: Final approval question

Author: Greg Phillips
Posted: Thu Jul 02, 2009 7:56 pm (GMT 0)
Topic Replies: 3

What type of loan are you doing? Where are the down payment funds coming from?
_________________
Greg Phillips

HomeIBlogIMessage Board

Loan Talk :: RE: Is this a valid alternative to getting out from underwater??

Author: Greg Phillips
Posted: Thu Jul 02, 2009 7:54 pm (GMT 0)
Topic Replies: 7

You likely would have to qualify for the new loan with both payments included in your debt to income ratio due to no equity in your current home. They also will likely not use any income received from the property you are exiting because of this.

The banks know people are going to attempt this already.

But, you still may qualify and be able to make it work.
_________________
Greg Phillips

HomeIBlogIMessage Board

Loan Talk :: RE: For those in the business, what�s the consensus on MDIA?

Author: Greg Phillips
Posted: Thu Jul 02, 2009 7:44 pm (GMT 0)
Topic Replies: 3

Yes I do fall asleep reading it. Lucky for me I can have the company tell me what to do instead of trying to figure it out myself.

If they want us to follow this then they might as well make us become attorney's because hardly anyone can interpret the legal jargon.
_________________
Greg Phillips

HomeIBlogIMessage Board

Loan Talk :: RE: Need a home loan!!

Author: Greg Phillips
Posted: Thu Jul 02, 2009 7:39 pm (GMT 0)
Topic Replies: 3

Do you have good credit? Do you know your credit score? Have you sat down and created a budget for your new home purchase?
_________________
Greg Phillips

HomeIBlogIMessage Board

Loan Talk :: RE: Need Help!!!

Author: Greg Phillips
Posted: Thu Jul 02, 2009 7:37 pm (GMT 0)
Topic Replies: 5

Try 1-888-885-HOPE. It is a non-profit mortgage assistance company designated by the government to help homeowners.
_________________
Greg Phillips

HomeIBlogIMessage Board

Loan Talk :: RE: HELP! Suggestions needed badly!!!!

Author: Greg Phillips
Posted: Thu Jul 02, 2009 7:34 pm (GMT 0)
Topic Replies: 2

Why are you struggling? Is it your house or your other debts?
_________________
Greg Phillips

HomeIBlogIMessage Board

Loan Talk :: RE: HELP! Suggestions needed badly!!!!

Author: m2c
Posted: Thu Jul 02, 2009 1:47 pm (GMT 0)
Topic Replies: 2

Obviously your numbers �don�t compute� (80% not equal to $191,200; hard to arrive at you balance on second mortgage; and hard to believe real estate taxes aren�t in the payment total you gave) but I�ll assume your post is not a spoof.

It�s hard for a loan officer to have a lot of sympathy for a borrower with a 19% housing debt ratio. Admittedly this might be higher if you�re paying real estate taxes directly but still within the �no sympathy� range.

Essentially what you are, perhaps, considering is called a �strategic default�. This term has been making the rounds since the publication of a paper by Guiso, Sapienza, and Zingales was brought font and center by an article in the Wall Street Journal on the 26th. You may wish to read this paper and can access via the Journal article or via http://www.financialtrustindex.org/

The drop in value is just slightly over the point at which virtually no one would throw their morality (and credit rating) to the wind but you may fit into the racial, age, or education level parameters which seem to increase moral laxity. In any case this paper will provide some insight into the consequences of �strategic defaults�.

If you are located in a "walk away" state, e.g., CA, you may want to consider this option but it will have devastating consequences on credit availability and cost.

If your first mortgage is held by Fannie Mae, you might "look" at DU refi plus which would just get you there under the new 125% criteria. Cost is VERY heavy and your APR would likely be around your current note rate. The second mortgage appears to be your main concern and it would still be there under this alternative. Not much relief but you'd pick up some cash flow by recycling back to 360 months.

Advertising :: RE: Lower Your Mortgage Payment/Balance- Possible Cash Refund

Author: m2c
Posted: Thu Jul 02, 2009 12:23 pm (GMT 0)
Topic Replies: 1

You ought to invest in �spell check�. Also if you�re holding yourself as an �expert�, you ought to use correct terms � principal balance. For that matter what is a �principle rate�? Also, I think you�re referring to VII B of RESPA not �section 6�.

Given the above, think I'd pass on the free consultation.

Loan Talk :: HELP! Suggestions needed badly!!!!

Author: sarahpeterson
Subject: HELP! Suggestions needed badly!!!!
Posted: Thu Jul 02, 2009 12:18 pm (GMT 0)
Topic Replies: 2

Hello,

I bought my house in 2005 with an 80-20 loan for 100% of the cost. The price at the time was 238,000. First loan is for 191,200, 360 months at 6.2%. Second is 15 year balloon for 45,197.08 at 9.25%. The monthly payment is 1700 total, with home owner's insurance.

What's killing me is that Zillow (I know it's not 100% accurate, but it's an estimate) says the house is now worth 197,000. I have never missed a payment, and have great credit. What should I do??!???

I also have a good income (107,000/year), but things aren't looking good. There's only 10 years, 8 months left on the balloon too.

I'm not even sure what my options are, any suggestions??? What should I do with this "toxic asset"?

Any help is greatly appreciated!

Thanks,

Sarah

Advertising :: Lower Your Mortgage Payment/Balance- Possible Cash Refund

Author: debthealer
Subject: Lower Your Mortgage Payment/Balance- Possible Cash Refund
Posted: Thu Jul 02, 2009 2:31 am (GMT 0)
Topic Replies: 1

COMPLETE MORTGAGE RESTRUCTURING
WITH SETTLEMENT

Do You Or Anyone You Know, Struggle With Their Monthly Mortgage Payments?

You Can Be Current with Monthly Payments Or In Foreclosure/Default

Primary Mortgage Or Investment Properties Qualify

No Credit Is Needed

Do You Owe More Than Your Home Is Worth?

8 Out of 10 Mortgage Loans Have Federal Violations

Are You A Victim Of Predatory Lending?

Are You Aware of Your Rights As A Homeowner?

You May Qualify For A Cash Refund

*** You May Be A Victim Of Predatory Lending Practices And Due A Home Mortgage Restructuring. One That You, The Homeowner, Can Afford.

Services:

Mortgage Fraud Expert Attorney with several years experience in Compliance Review
Audits, will conduct an extremely thorough review of your home loan to detemine if
your lender has acted in Complaince with RESPA, Local , State and Federal Regulatory
Guideline. The initial document review is FREE OF CHARGE. Once it is detemined
that you may have been a Victim of deceptive lending practices or any other type of
Mortgage Compliance issues and should you move forward with the service, a complete detailed report , Forensic Mortgage Loan Audit, will be assembled based on the findings. An official written request will be issued to your lender, on your behalf.

Most lenders will have little choice but to Settle immediately, once they review the documented �Qualified Written Request�, with the detailed report that is sent to them, breaking down our Expert Findings.

THIS SERVICE IS COMPLETED BY AN ATTORNEY , START TO FINISH!

Note: Section 6 of RESPA ( Real Estate Settlement Procedures Act) requires a Lender
to acknowledge a �qualified written request� within 20 days and Lender must try to resolve the issue within 60 business days.

POTENTIAL OUTCOMES

Principle Rate Reduction and Fixed
Principle Balance Reduction
Monthly Payment Reduced and Affordable
Forebearace Period / Payment Relief Period
Stop Foreclosure
Credit Correction (pertaining to the loan/mortgage)
Cash Settlement

PLEASE CALL TODAY FOR A FREE CONSULTATION AND
LOAN REVIEW

(724) 382-4600

or

Thedebthealer1@gmail.com

Loan Talk :: RE: Need Help!!!

Author: debthealer
Posted: Thu Jul 02, 2009 2:24 am (GMT 0)
Topic Replies: 5

A good step you may now want to look into is an attorney conducted loan audit that will assist with a good modification to help you in this situation.

Good Luck to You

Loan Talk :: RE: Need a home loan!!

Author: Finbar
Subject: Re:Need a home loan!!
Posted: Wed Jul 01, 2009 7:48 pm (GMT 0)
Topic Replies: 3

I think that it would be the best to consult a financial expert that deals in home loans for this kind of a query. But, as far as I am concerned I would consider your credit scores as one of the most important aspects for taking a home loan. Having good credit scores is essential to get a home loan. If you have low credit scores, then there is credit repair for home buyers that can help you get those in a better shape.

Loan Talk :: RE: For those in the business, what�s the consensus on MDIA?

Author: m2c
Posted: Wed Jul 01, 2009 1:56 pm (GMT 0)
Topic Replies: 3

Problem is that this �brave new world� will be upon us very soon and I�m confused as you right now. Fortunately there are more lawyer interpretations on the Internet now.

So far my leanings are :
� The $100 tolerance in 226.22(a)(4), 226.18(d)(1), and 226.23(g) or (h) will apply in addition to the standard 0.125%. This is worrisome since we many times do not know the title company�s closing fee unit the preliminary HUD 1 is provided.
� The 3-business day �waiting period� for under disclosure could effectively be 6-business days (new definition �days�) if the new information is mailed � 3 business days for presumptive receipt plus another 3 business days. I got this from any Internet attorney�s review and missed it completely with the verbiage in the Federal Register.

My fear is that we could easily stub our toe unless there�s a plain English statement on MDIA. My gut reaction is to either vastly overestimate prepaid finance charges or handle all transactions under refinance format � sign documents and final disclosures and then fund 3-business days later.

If a lock date is �blown�, I always have the standard � �they�re from the government and they�re here to protect you�; that�s why you rate increased.