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Partially Answered Questions (Total: 496)

What is a GFE? Where can I find the FDIC Bank Watch List? What is the best type of mortgage to try to obtain for first time home buyers when buying a home in todays market? Will the lowest interest rate always give me the lowest monthly payment? I was preapproved for a loan 6 months ago. I didn't buy a home then. I am ready to go ahead with the loan but I heard it is harder to get approved for a home loan now. Will the economy affect my approval? If the Fed is @ 2% why is a 30 year fixed over 6%? How can I get approved for a home loan if I get pay in cash and don't have proof of pay stubs? Is there something I could do? My home loan was sold from one mortgage company to another. The secondary loan company has some really bad reviews online. I just don't feel comfortable about what is being said about them. What are my options? Does a short sale always work? If not, is a foreclosure the only next step? Can a second mortgage lender foreclosure your home? If you are selling your home and the buyer is getting an fha loan, what do they require of the seller as far as the condition of the house? If the house was in need of repairs to qualify for an fha loan, what would be some specifications that they would have?Such as windows, doors for example. My mortgage lender says that they will not do a deed in lieu unless I go through the short sale process first. Is this true? Won't they accept it, it I just threaten to go ahead with the foreclosure process? How many mortgages can I have on my credit? I am going into forclosure. Can I still list my home with a Realtor and try to sell it ? Is it legal for realtors and lenders help a buyer pay the 3% down payment on a FHA loan? What happens if I have an ARM and my interest rate is higher than what the Fed rate is currently at? Will my mortgage payment go up or down? I have not missed a payment or been late with my first mortgage. I have been ill and out of work and could not pay the second mortgage. Can they go before the first and start to foreclose or just put a lien on my property? I want to refinance my home but the bank told me that I can't do it because the appraisal came low, appraisal $310,000, loan $297,000. What can I do? Thank you. I have a rate lock on my refinance for 5.5%, but because we had issues with the fha appraisal that delayed us, we may lose our lock. The broker is now stating she can extend the lock without costing us interest. Is that even possible, or is she just buying time? If I want to sell my home, does my mortgage have to paid off immediately or can I keep the same mortgage and secure it with another piece of property. This new purchase will have a value much greater than my mortgage. (I will be purchasing it with my fiance who will be covering the remainder) Where do you find out about identity theft attempts? Is "UNVERIFIABLE INFORMATION" a valid reason to deny a mortgage? On the lender's Statement of Denial, this option was typed in under "other" as the reason. This does not seem valid to me. thank you. I was recently approved by a lender to purchase a home. Now I saw a home I like better. Can I still use this lender to buy this other home even though it is not part of this institution? I would like to buy a bank owned house that needs some work. I want to buy the house for $100,000 but take out my mortgage for $118,000 and get back at closing $18,000 so i can make the repairs that is needed. Is this possible and how can I make this deal work. What is a "seller carry back" and how is it implemented in a motrtgage transaction to reduce the capital outlay for the buyer of the property? For instance, the lender wants 80% LTV, the buyer comes up with 10% down and asks the seller to carry back the other 10% down. What's the proces and how does it all work? If you sell your vacation home after having it for 4 years and you buy another vacation home which you use all the proceeds from the sale, do you have to pay capital gains on the money you made from the sale? My nephew and his fiance are in the process of purchasing a home. They intend to have only her name on this home so when they decide to purchase another home he will qualify for a First time owner program. Can this actually happen? Our home was foreclosed on, when it went to auction it was sold, the amount paid off the loan completely leaving a remainder amount of money in an county account. I received a letter from the county saying I could claim the remaining funds. The mortgage company filed a 1099? Is this legal? I have a wage garnishment and was told I couldn't get a mortgage with that occuring. Is it possible to get a mortgage with this? Is the person negotiating my short sale required to have credentials to do so? Is it considered fraud if they do not? We are in the loan process for buying a house and my husband just got laid off of work today! will this affect the loan going through? I am closing on a house I am building in 6 months from today. How early can I lock in a rate? Regarding PMI, is it always wise to pay 20% down to avoid paying this? I have a mortgage which I am only making interest payments on. How long do i have to take before I refinance? I have a mortgage on a property which includes 2 acres of land. Can I sell off a piece of the land? How does that affect the mortgage? If I currently have a mortgage with Wachovia and want to renew do I have to be living in the house that I am remortgaging? I owe $750,000 on a house that is now worth $300,000. What can I do? What is REO? What is 10 yr ARM libor? How does the mortgage rate affect the amount you pay long term? I bailed one of my friends out of foreclosure by loaning him some cash. He promised to pay and he didn't. I put a lien on his property for the money he owed. Two months later I come to find out that the lender is foreclosing his property. What will happen to the lien I put on his property? Will I get paid back? HI, I have heard of a refinace mortgage, with the same lender, that forgos many fees, such as appraisal, etc. ..what is the name of this type of loan? I inquired with a loan officer about refinancing my home mortgage. Within a day I got a call from an appraiser to set up an appointmet. The appraiser came out and appraised my condo but I never got the loan. Now, four months later, I'm getting a "past due" notice from the appraiser saying I owe $350. Is this legal? Do I have to pay it? I basically owe more on my house than I can sell it for. I can no longer afford to live in it. How can I get out without ruining my credit? I have an 80/20 loan now. I want to buy a new house. My present home will only sale for the 80 part. Can I pay the 20 part with the new home balance? If I sold my home via a short sale to avoid foreclosure and I had an FHA loan, will I be able to get another FHA loan? How many days late (15, 30) does a payment have to be before it is reported as a negaive payment by the creditor, to the credit bureau? HI everybody, I'm looking to become a private mortgage lender in California. My question is what do I have to do in order to loan out my private lenders' funds to borrowers. Do I need to get a mortgage broker's license or can I just hire a broker and use his license? Do I need to get a securities and exchange license if so how do I go by getting one? Or should I just lend out the money, close with my closing company and not worry about it? Thanks, Mike What will happen to my mortgage if the holder (Countrywide) goes under? What will happen if you pay extra on just the principal balance of your mortgage loan? Is it true that you have to own a home for three months before you can sell it. Is there an average percent that banks will take on a foreclosed home? I have base board heat. It is making loud clanging noises. It comes and goes. Sometimes only one big clunk. What is this? What does ETAL,ET,UX,and TE stand for when looking under current owner tax records for your city or town? What documents are necessary in a for sale by owner transaction? Will banks consider it a hardship if my income went from 30k per month to $2,000 per month because business has been slow for the last 6 months? I am a real estate agent, and I am representing a client whose property is going through a short sale. There are two questions: 1. Can I buy this property? 2. Can I still representing myself and my client? What is the first step in selling our house ourselves, after we have found a buyer? What is the referal Fee, for Non US realty Companies, that refer clients to US Realty Companies? When aquiring a loan for investment property what is the loan percantage - can you get 100% loan on a investment property? What does the rental statment "$1.00 per square foot" mean related to monthly payments in commercial space. Is that a dollar psf every month or for the year divided by 12? How long does it take once your loan gets sent to underwriting to get an official approval? I have a negative amortization note on my current residence and need to sell my home. Should I try refinancing before listing my home? We are thinking about building an addition onto our Manufactured home. We will be using a contractor. Will this increase the value of our home or because it's an added on to Manufactured home, decrease the value? Our investment property meant for a quick flip can no longer be sold because of the market. A no-rental clause keeps us from renting it currently. It's unlikely that we'll be able to refinance (to ditch the no rent clause) due to the reduced value to mortgage amount. We need to rent to recoup losses, but this would be mortgage fraud with the current contract. What are the possible consequences of doing so? If you are married, do you have to apply for a mortgage in both names? In other words, can just one name/credit be considered? Is there a way to find out how much my neighbor paid for their house? Is there a way to read the meter to tell how much power my house is using? Resently I bought a house with a rental unit attached, We paid in full. The DEED OF ABSOLUTE SALE is in process to be recorded, but the seller is still insisting to collect the rent of the rental unit, because the DEED OF ABSOLUTE SALE hes not been processed. Question: Whom is entittle to the rent? If someone is paying the mortgage on a property but is not on the loan or the title, do they have any legal rights to the property? What is the formula to figure out how much house a buyer can afford? 2 times the yearly income or 3 times the yearly income? We purchased a house that had been vacant for a year. When we viewed the property, the kitchen had all new applicances and the MLS listed it as an "all new kitchen". We even had written into the contract that all applicance stay (including the refrigerator). However, after we closed and before we moved in, someone had swapped all the applicance out for older ones. My question...is this legal? And if not, what is the statue of limitation? I want to do a short sale on my house. I owe $260K. My father wants to offer $130K. The bank says that if I sell it to my father and still live in it, they will sue him for fraud. Is he not allowed to rent to anyone he pleases. How long till I can buy it back from him and not get sued? Is there a time limit to this? How is the finance charge figured out on the truth-in-lending disclosure statement? I saw something about a green mortgage on the Today Show. How do you make a mortgage green? What is the difference between a short sale and deed in lieu? Do I have to tell my mortgage company that I am renting the property? I've been notified by my mortgage company that I have an escrow shortage and owe money. How does this happen? What does it mean when there is a listing that says "looking for back up"? My realtor has indicated that these properties aren't available, but why would the listing still be up? How much higher of a intrest rate should I expect to pay with a 10% down and not a 20% On a refinance of a residential mortgage can the borrower determine which title company to use? Are Banks legally able to sell an REO for more then the defaulted amount? If so where do the profits go? Is there any way for me as an agent to negotiate the purchase or even just view an REO with a bank prior to it being listed with an agent? I have a friend who thinks that mortgage brokers charge more fees than a bank would. I have to think banks are making money when they fund a mortgage just the same as a mortgage broker. What is the difference in the way mortgage brokers and banks make money off of my mortgage loan? What are the typical mortgage lending fees one would expect to pay when getting a loan? Will the mortgage company finance a house sold by owner,with no agents involved. I have a strong refi borrower but the appraisal is a problem. It's a log home with no comps in the area. The appraiser wrote up a supplemental addendum trying to support the property. Two lenders have already turned this loan down because of this. Any suggestions? Is there really such a thing as a refinance with no closing costs? Before closing, can I purhase something such as a new car? Can you quick deed a mortgage to someone even if the loan is not payed in full. In a short sale will the seller make any money off of the short sale? My husband and I own three homes, two of which are in both names. One of the homes is solely in his name (deed and mortgage). My questions to you is: if my husband were to die, am I responsible for this particular mortgage? What type of loan would a person need to apply for if they have bad credit? If you are current on your first mortgage and fall behind on the second mortgage, can the second mortgage company foreclose on your house? My Real Estate Finance Prof. (CA. JC) recently said an LLC cannot buy property. True? Can a real estate agent buy a home and represent himself as the selling agent? If a spouse dies and the mortgage is in their name, wow can you get the lender to change the name to the surviving spouse without refinancing the whole thing? What is a 5/1 option arm? I’m trying to read the MBS charts you have been posting in the blog. What does 95-26 mean? And I see the change col, and understand the -9 is or +9. But what is ‘+0-26’ ? If you can post a weblink to get this info, that would be great. Is there a "best" time of the month to make a principal only payment on a mortgage to maximize the long term savings ? I've lived in my home since 1997. I have an adjustable interest rate. Now that rates are down can I lock in for a fixed rate or do I have to refinance? Why are short term ARM's and the 30 yr. fixed mortgage rates so close in comparison. When usually the short term ARM's have much better rates? Am I correct in believing there are two types of PMI insurance, one is annual and can be dropped after you have (78%) equity in your home with the other an up-front insurance for the term of the loan? I own my own business and of course find every deduction there is possible to have as an expense. Do the mortgage companies go by gross income or adjusted after all deductions are made? If I have a payed off house under my name and its been a few years since I payed it off, could I ever be considered a first time buyer again? Can you do the owner finance or lease for someone else if you still owe a mortgage on the property? Can a house be sold as a "short sale" to a relative? I'm thinking about refinancing my home because of lower interest rates. However, I refinanced my original mortgage just a few months ago, can I refinance again? When? Since home mortgage rates are tied to the bond market (both national and international), how will the rates be affected by the news this morning that European and Asian stock markets have plunged because of the US market? How closely tied are Mortgage Backed Securities and stock markets? Is it safe to assume that mortgage rates are going to jump up? Are refinance rates the same as purchase mortgage rates? What exactly is a HUD 1 Form? Is it common practice for us to receive 2 HUD1 statements at closing. We got 2 when we closed, but we didnt know it until some time later. The $ amount due to seller changed. Was that legal? What are the criteria to qualify for a loan modification? Why are mortgage rates going up in the past 10 days if the fed lowered rates? If a property is co-owned, can one person list the home as a primary residence while the other lists it as an investment property? What's the easiest way to find out what I would qualify for? How do Fed rate cuts affect mortgage rates? How do mortgage rates work? How are they set? How do rate caps on an adjustable rate mortgage work and what is the difference between initial, periodic and lifetime caps? What is the purpose of the Conference of State Bank Supervisors (CSBS)? My husband and I are @ 85% on our home so we were told we would not be able to do a cash out refinance (to get some liquid assests we need). Is there any other alternatives to getting access to some of our home equity without selling our home? Can I obtain a mortgage with a felony, and no credit? Can a person have more than one IRA bank account, (Traditional or ROTH)? And if so, is there any financial gain by doing this? What happens when you let your home go into foreclosure? Is the APR required to be the same size print as the advertised rate? I was approached by a company that automatically creates pdf flyers of Realtors (that I can designate) listings each week. I pay a fee to the company they email me the fliers then I deliver them to the Realtors. The fliers are co-branded. Is this a RESPA violation? Am I entitled to request an "payment activity report" from creditor to include all current balance, interest payments, principal payments, late fees, ect.? How and when is the heloc principal paid back on this Mortgage Acceleration? I own(ed) my property free and clear. I took out a mortgage for about 20% of the value of the property. Would the loan be classified as a refinance or a closed end home equity loan? If a borrower exercises their right to rescind, what is actually rescinded? What is the difference between a 2/28 ARM and a 2/1 ARM? I am trying to find a lender who is qualified to answer and address questions about the new FHA Secure and who,in fact, can do the loan. What is the best loan option for this scenario? I own a residential property that I have a mortgage on & want to purchase a new home but keep this one as rental property. Is there a loan out there that can combine both mortgages into one payment? Is there something I can buy similiar to a "snake" to clean out a dryer vent? I am seeing a lot of lint on the out side vent, and I want to clean it out before something serious happens. How is the prime rate and fixed rate determined? I recently started a job as an outside mortgage originator in New Jersey. I was wondering if anyone had any ideas that of how I could get my name out there and get some potential leads? I built a two story home about a year ago, but I have some concerns with the second story floors popping and cracking. They came back and put screws in some areas of the floor but it has not resolved the problem. Can something be done to correct this, or is this a problem that I should be very concerned about? Could this be a flaw in the construction, or is it something that can be fixed and how? Can you do a cash out on an investment property if it is currently listed for sale ? What is mortgage insurance? We paid off our home appproximately six months ago. We are now thinking about adding on two rooms to the home, doing some remodeling and adding a detached garage. What type of loan will do this? What responsibility would a co-signer take on? Can a co-signer opt out of a contract after a year or 2? Should I pay off my mortgage or invest my extra money? Is it legal to get a house using my income and someone else's income even though my name is going to be on the mortgage and their name will not be on the mortgage? We want to sell our home ourselves, to save money. Do many people purchase homes this way? If not, then why? I have an adjustable mortgage that is changing every month. With the new law I call the lender to request for information. I was told to send a hardship letter requesting to lower the payment comparable to what I have now. I need help on how to write a hardship letter. Thank you Can you go to a university to get your real estate license? Where do I find details on rules on dividing up property into smaller lots? I am looking at 28 acres that has been zoned for division but I do not know the rules surrounding it and not sure where to being looking. What is the formula for adjustable interest rate? What is a bridge loan? How does the mortgage application process work? Could someone please explain mortgage amortization? Does any one know of any FHA Lenders that will allow 60 or 90's in past 12 months. Absolutly perfect before. Have a few compensating factors. We recently closed on a mortgage on November 28. On November 30, my spouse lost her job and shortly after, a the mortgage company conducted a re-verification of her employment and discovered that she lost her job. What can happen in this case? What can the mortgage company do? We are still very capable of paying our mortgage, but can we lose the house? What is a hybrid HELOC? When homes are refinanced and there are delinquent taxes on the property are the taxes paid at the time the refi close or are they transferred to the new lender? Where I can find mortgage portfolios for sale? What is a bpo? Can you have multiple realtors when selling your home? If so, how does this work? And who would get the commision? What happens if you are approved for a mortgage and before going into underwriting your job cuts your pay? Can you still qualify? When buying a home, what should the percentage of repair and maintenance costs be compared to price of home? How does a foreclosure affect my credit score? How often do creditors report to the credit bureaus? What happens to a mortgage payment when someone dies? what happens if we're 2 months behind paying our mortgage? If I can no longer afford another adjustment on my ARM, can I renegotiate my current mortgage interest rate with my lender ? When I make my house payment the part of the coupon that I send with it says any additonal money sent is applied to principal or other. What does it mean OTHER? I applied for an FHA loan with a lender and was denied. Shouldn't I have received a deniel letter and reasons for denial in writing. The lender gave me a verbal No. I ask for it in writing and they are giving me a very hard time. What should I do next? Thank you and I await your reply. Should I lock my mortgage rate and how does a lock work? What is mortgage fraud? What are the current mortgage rates? Is it ok to have two agents showing you properties? I really need to find something ASAP and need them to work with my schedule. What happens when one finds the house we buy. Does the other realtor just cut their loses? Why is income the most important factor in underwriting a loan? Is there a disadvantage to making extra mortgage payments to principal only? I own rental property that I have a mortgage on. I want to put it under an LLC but mortage companies are reluctant to deal with LLCs. At the same time, I want to open up a line of credit etquity to do upgrades. I want to protect my personal assets in the event of a liability situation but my husband and I are willing to take full responsibility for the debt. What do you suggest that I do. I do not have good credit but my fiancee does. When we marry, if we are to buy a house together or refinance his current house, will my credit affect our interest rate? Where do I find the best Commercial lenders, for best rates and terms? What happens when an ARM interest rate adjusts? What is the difference in a fixed rate mortgage and an adjustable rate mortgage? So how do you lower the balance on the interest only line of credit? What is a net branch license? My adjustable rate mortgage is about to reset to a higher rate, what should I do? What is the difference between fha and conventional loans? Can you attempt a short sale on a house that is under construction and you can not finish it? Could you give me some brief information about reverse mortgages - pros and cons. In a short sale where the mortgage is insured by FHA or VA, can the lender file judgement for the deficient balance? Can a negative amortization mortgage be paid off at any time without prepayment penalties? What is APR? I'm an agent in VA. My seller bought new with $85K down + closing costs. He is in Sort Sale negotiations with RELO. His deficiency is $85K. Does the loss on the sale offset the income from the 1099 he'll receive? Name the three most used credit repositories? I made down payment on house. Do I have any equity in the house? When negotating a short sale and submiting a preliminary HUD-1 of closing cost estimate, should the payoff on the HUD-1 be the total amount due or the loan balance? Where can I find short sale leads? Please explain how software can help with lease administration? I heard that Bush signed a bill that releases people that do a short sale from paying taxes on the forgiven debt. Is this true? How do I verify someone's mortgage license? Which is better when applying for a mortgage, lower your income to debt ratio by paying more each month or to save a larger down payment and keep your monthly payments lower? Am I entitled to know why my offer on a particular house was refused by the seller? I'm going through 2 realtors (the "seller's" representative and my "buyer" representative) and I feel as though my offer wasn't even presented since it was actually more than the seller wanted and someone else's offer was accepted. If a Real Estate Agent opts to sell their own property via a short sale, will that agent who owns the property be able to collect a commission upon closing? How do I report RESPA violations? How do I get my ex-wife's name off of my mortgage? I have 2 mortgages on a property. The property is now foreclosed. The highest bidder on the auction sale is the 1st lender, what happens to the 2nd mortgage? Can the 2nd lender demand payment or can garnish wages from the debtor? Any tax consequences? My fiance and I purchased a home about 2 months ago and now have broken up. What can I do to remove my name from the mortgage without selling the house? In other words, she wants to keep it but I do not. If I am asked to find a buyer for a piece of property, and I am not a realtor, can I legally accept a referral fee from the seller. For example, say the land owner is asking $100,000, and I find a buyer for $115,000, can I do that with the land owners approval? What does it mean when someone says commercial paper in relation to mortgages? Is it possible to borrow more than the value of the home for upgrades? Say you want to borrow 10k more to upgrade the kitchen, are lenders able to do this? What is a teaser rate mortgage? How do I get info to a direct person at a bank for REO packages? I want someone that can get me a package deal. I have investors that have POF and LOI but I need someone that can perform. How long after a mutual recission of a contract do you get back your earnest money? Does the mortgage company HAVE to 1099 us on our short sale? Is it a law? What is the difference in a 1099 and a 1099A? What is a principle balance on my mortgage? I am stuck in a adjustable rate mortgage and unable to refinance due to not enough equity. Can I sell my house to my wife who is not on the loan and who would be a first time buyer in order to get a better rate? After an extension for closing has been agreed upon by sellers and buyer(executed), is it legal to prorate taxes and assestments back to original closing dates? Which is cheaper, to use the sellers agent or for the buyer to use their agent, with regards to buying a home? How is my credit affected if i co-sign on a loan for a family member? Can a person convicted of a felony in Arizona get a real estate license in Oregon? I submitted a bid for a house in New Jersey that is owned by a bank in Illinois. Do they have a required amount of time to respond? I am in a common law relationship and we are both on the title/mortgage. How do I transfer the home/mortgage into my name? In all of the talk about the Mortgage Meltdown I keep hearing about the ratings agencies may be to blame. What do they have to do with all of this? How do you get out of an upside down loan with out short sale? We have just puchased a new house which has a 30-yr Fixed loan. But our old house which we planned to sell did not sell. I am now stuck with 2 mortgages that I cant afford. I am thinking of getting a 5/1 'Option' ARM of $249K on the OLD house. I plan to refinance after 3 yrs. People tell me its a very risky loan. What do you advise. What should I watch out for. How do I calculate how many steps I need to build? We closed on our home on August 3. At closing we received a Note, First Payment Letter and First Payment Coupons showing the first payment as October 1st. Our loan was purchased by a secondary lender on September 5th. We received a notice that the firstpayment was September 1. The lender is stating that a HUD-1shows the correct date, but there is not a date on that.Can the lender move up our first payment date a whole month when all of the documentation from closing states October 1st? Can a lender go ahead with a foreclosure knowing that I am going to try and short sale the home? My 1st mortgage payment is 2 months behind as I have been waiting this long to hear from the lender to see if they would negotiate my loan which was my first choice. Thank You When is the deferred interest on a negam loan deductible for federal income tax purposes? What is the difference between fixed-rate mortgages and subprime loans ? I have had 3 mortgages in one state, I have currently moved to another state in which I have never had a mortgage. Am I considered to be a first time buyer? What is the difference between the prime rate and the discount rate? If my mortgage is due on the 1st of the month and the past due amount is due after the 15th, what happens to my credit or loan if I make my payment 2 or 3 days after the 1st? Where can I find REO Listings? Particularly companies like Countrywide, Wells Fargo, Bank of America, Wachovia, Washington Mutual, Fannie Mae? I live with my in-laws. They own the house but I pay the mortgage. When the house is sold can I claim the money that I payed? Define "As Is" regarding a real estate transaction. Does that include the termite clause? In a 1031 exchange, is the tax burden satisfied (forgiven) from the exchanged property once you have lived in the new purchased property long enough to be non taxable (on the capital gain)? How does "Rent-to-Own" work for real estate? I want to find the best mortgage rate and the least amount of fees (including YSPs). Do I have to pay for an appraisal to get this information (good faith estimate) from multiple lenders/brokers? The reason I ask is because I have been told that an appraisal from one lender cannot be given to another lender. So I do not want to pay $350 to multiple lenders just to find the best rate. Plus, the recent changes in the mortgage industry seem to favor lenders over brokers. I've begun the process of getting a mortgage and the companies I've contacted now seem to want a prepaid fee to "lock-in" the offer rather than provide a good faith estimate. Is this some kind of a scam? The companies are well known companies, but I'm a bit hesitant to give anyone my credit card number without fully understanding what's going on. I recently won a grand prize in a contest for a “Dream Home” of sorts. The home is valued at around $350,000. My goal is to sell the home, use part of the profits to pay down my existing home loan and use the remaining to purchase a vacation home. Will I have to pay capital gains if I re-invest the profits into my existing primary residence and a vacation home? Are there any tax implications? Any help would be much appreciated. Where can I find houses in foreclosure in my area without paying for this information? I have an adjustable rate 1st mortgage and a fixed rate 2nd mortgage. I need to refinance the 1st to a fixed rate. My home value is less than my combined loans. Will the appraisal be a problem? What is the the affect of a foreclosure on your credit? My ARM loan is due to adjust in February 2007. If the Federal Reserve cuts interest rates, how will it help me? How does someone new to house flipping find investors? Is it better to rent or own a house? I need an example of how the interest on a construciton loan is determined and paid. My construction loan interest rate is 7.75% and I understand that during the constuction phase I am to pay the interest on the amount dispersed. So does that mean that I will own 6 months interest (6 months is the amount of time I have to get the house built) paid over the 6 month period based on the dispersed amount or draws? What is the conventional mortgage? Is a NINA loan considered a conventional mortgage? I'm facing foreclosure and was offered a lease-buyback by an investor. Can some explain this? Can you defer a mortgage payment? What are the advantages and disadvantages to bankruptcy vs. foreclosure? What is a home equity loan? How do I get the equity out of my home? What is impounding a loan? What is the purpose of the new FHASecure program announced by President Bush? We want to refinance our home but the closing fees are so high. Is it possible to find someone to just buy our current note? I have a 5 year fixed mortgage rate at 5.25%. It will expire in March 2008. So I would like to know what will change about my mortgage rate and will the bank notify me before the due date? I own a residential 2 family home that is zoned for small business use( hair salon ). My question is if I refinace my current mortgage could I apply for an owner occupied mortage seeing that I own and work in the salon inside the building? Where is it written that the lender has to pick the appraiser as opposed to the borrower picking/hiring an appraiser? Where can I find a list of mortgage companies that have closed as a result of the mortgage market meltdown in 2007? I just checked my free credit report from Experian. The report stated I had taken out a mortgage in January 2004, which I didn't - someone got one in my name. How can I search to find out what mortgage institution has a mortgage in my name? How do banks or mortgage institutions make money by selling my mortgage? Can someone explain what is going on with this current credit crisis? I'm familiar with tracking the 10 year bond rate, however someone said that Mortgage Bonds also have a direct relationship to Mortgage Interest Rates. What is a Mortgage Bond? Under what "Name" are bonds listed under? Where can I track Mortgage bond rates and yields? How will bankruptcy help me save my home from foreclosure? My mortgage company takes out my mortgage payment automatically by bank draft every 2 weeks. I don't mail the payment, they simply take it out of my account. I notice, when I examine my monthly bank statement, that they don't take the money out of my account until 2-4 days after my account. Doesn't this add to my finance charges? What do I need to do - insist that they take it out on time? What happens to my current mortgage if I split my lot and sell half of it? Do you mortgage double wide mobile homes? How does a 2 28 Adjustable Mortgage Rate work? What if I signed a mortgage agreement with my fiance but we are now breaking up? I'm married but my name is not on the house. If my husband dies would I get the house? Short Sale FAQ's What is a short sale and how do they work? What exactly is an option arm? What is an Alt-A loan? What is a no ratio loan? What is the difference between a unrepresented buyer and a represented buyer? What happens to additional money paid on a pay option mortgage? I was told that it would be applied to the principal and I could, if I choose to, pay off the loan more quickly. Example: Loan amount is $250,000 interest only option minimum payment $800. If I chose to pay $1,200 int and principal amt, does the additional $400 really reduce the principal amt or am I getting the wrong info? And what happens in the following years if I make the min payment at any time? I'm hearing alot of news about how mortgages are packaged and sold to Wall St. How does this work and what is this all about? If I owe less than 50% of the loan of my old house, can I use it as a collateral to borrow money to purchase a new home instead selling my old home ? If I want to form an LLC to buy rental property 50-50 with a friend, how do I get the best mortgage loan possible for the LLC? How does a person sign an unpaid mortgage over to another person without having to refinance the home? What is the criteria for proof that you used a second home as primary residence? What is the difference between a HELOC and a HELOAN? We made the mistake of cosigning on our daughter's loan. Her husband got laid off, the payments fell behind, they kept out of foreclosure, but we want off the loan NOW. Is this even possible? Can a mortgage company select your homeowners insurance company without you signing a document with the insurance company? What is the all time low mortgage interest rate on loans such as a 30 year fixed, 15 year fixed? For first time home buyers, which option is better: Paying off all or most of your debt and having less than 20% down payment, or having 20% down paying and having higher debt? Is a borrower required to pay for a title search, if they did not request it and if mortgagor ordered one before a commitment? What are mortgage acceleration products? If we have equity line of credit is it better to payoff 2 car payments instead of paying 3 different interest rates? Thanks If I am the sole proprietor of a small business and apply for a home loan, what does the lender use as verification of my income? The Schedule C? If so, what figure? What is a "liar loan"? How do you find an agent experienced at handling short sales? Does a buyer pay a real estate agent commission? I'm looking for lakefront homes in the Lake Norman, NC area. What are my options? What are my options for golf course homes in Lake Norman, NC? Are short term debt obligations factored into the size of the loan you qualify for? I have 12 months left on a car loan and I am trying to decide if I should just pay it off in full now. Where are original real estate abstracts filed? Have you heard of straw buying and if so is it legal? Where can I find the information stating the LENDER is responsible to pay for a appraisal that was ordered thru them? My wife and I are both in our 70's and looking at a reverse mortgage. We have two questions: 1.Who is liable, if the value of our house drops below the amount we have borrowed on it? 2. What is the definition of "net sale proceeds" as used in the Limited Liabilety clause which says, "Your liability under the Plan is limited to the net sale proceeds from the sale of your property"? Where and how does a person search out and apply for private mortgage financing? Any suggestions on what to look for? How do I figure out how much equity I have in my home? How can I find out what a piece of property sold for in Chicago IL? Who are the major subprime lenders? Are there mortgage rates as low as 1% out there, and if so, who qualifies for them? How do I find homes that are being auctioned from IRS fees due? When making an offer on a house, do all agents require a $500 signing fee? Up to what percentage of your income should be spent on housing? Is there a formula to follow? How do you find out if a wall is load bearing? Should we give our Realtor a Thank you card or gift after closing? Is the foreclosure price at an auction based upon what is owed for property taxes? What is a construction perm loan and what are the pros and cons? What is an 80/20 zero down mortgage? Why should I use it? No Income/No Asset verification - Is it possible to own a home WITH equity via NI/NAV loan program? Can you tell me more about this type of loan? If a house if selling for $450,000 do I request a loan for the entire amount of $450,000? How long does it take for short sales to get approved? Is a short sale still an option if the foreclosure has taken place? What is a "Demand Feature" on the TIL (Truth In Lending)? If a person gets paid with w-2, can that person still qualify for a stated program? As a first time home buyer with less than perfect credit am I more likely to get better rates at an online company or at a local bank? If a home is in both mine and my husbands name, can a refinance loan only be in one person's name...or must it be in both? Does the seller move on the day of closing and if not how long can seller take in moving once the contract is complete? What do I do if I get turned down for a loan? What are credit scores? What is the difference between a good credit report and a bad one? What is in my credit report? What do I have to disclose as a seller? What is the difference between list price, sales price and appraised value? If I default on my mortgage but do not want to lose my home, is there a repayment program I can ask my mortgage company to work with? How does a mortgage lender decide the maximum amount of money I can borrow for my home? How are mortgage rates related to the 30-year treasury and 10-year treasury? What fees are associated with refinancing a home loan? How do mortgage brokers make money? What should I look for/avoid when searching for a mortgage broker? What is the difference between a mortgage broker, banker and lender? What are B, C and D paper loans? What is the difference between a conventional and jumbo mortgage? What is a reverse mortgage? What are sub-prime loans? What is an interest only loan? What is a hybrid loan? What is a VA loan? What is an FHA loan? What is included in each mortgage payment? When does an ARM make sense? Why do lenders ask to see recent paystubs? How important is the loan term? How much downpayment is required for a home loan? What will a lender look at when I apply for a mortgage? What are debt ratios? How does seller financing work? What are some ideas to help sell a home in a buyers market? What is escrow? What is dual agency? What is the difference between a listing agent and a buyers agent? What should I look for when selecting a real estate agent? What is the difference between being prequalified and preapproved for a loan? What are the advantages or disadvantages to homeownership? My husband and I purchased a home in August and now we need to sell it. Someone offered to take over monthly payments and asked us to sign an Agreement & Declaration of trust document. Is this a good idea? If I received a good faith estimate on a new home, how long will the interest rate stated on the estimate be good for? What is steering? Can a loan officer only direct you to one program if there are numerous available for a first time homebuyer? How does short sale affect your credit? How would you go about finding out how much a specific house sold for? What is RESPA? I am selling my house FSBO. How can I get my listing on MLS? Is a 4506 form required for a NINA or SIVA ? What is the time limit, after purchasing a home, the buyer has to repair any NON-mentioned problems in a home? Example: Noted on city water/sewer, Reality - septic sytem. Who pays for the home appraisal, the buyer or the seller? If a home is appraised well above the purchase price can this equity be used towards the loan down payment? Can you refinance or get a home equity loan on a house that is currently for sale? What is a flip tax? Can a convicted felon obtain a real estate license? Under what circumstances can a person with a felony conviction obtain a saleperson license in real estate in the State of New York? Can you renegotiate the purchase price of a home anytime before the close of escrow? What is included in closing costs? How do you sell a home buy owner? If I find a home that is not for sale, how do I find out if their interested in selling? Are mortgage companies required by law to send monthty statements and payment coupons? How do you form a homeowner's association? If I'm renting a house and the house is sold to another owner, is the original rental agreement void? How can you get the bank to buy your house back instead of foreclosing? What is a balloon mortgage or balloon payment? What does it mean to abstract a commercial lease? Do I need a commercial real estate license to sell commercial space? Our business has multiple leases - What advantages will a good lease management software package offer? I've heard in the news recently that lenders are targeting their sub-prime marketing efforts towards minorities. Why is this? What is a truth in lending disclosure statement? What should I do to be prepared for my real estate closing? How can some programs such as Carlton Sheets claim that you can buy real estate with no money down? What is a good faith estimate? How much house can I afford? What is loan to value ratio (LTV)? Where can I go to find hard money construction loans? What makes up a seller's property disclosure statement form? What is the purpose real estate closing attorney? What does it mean to get cash back at closing? What is an assumable mortgage and how does it work? I live in a home where the mortgage is held by my mother-in-law because of our credt but we have always made the payments. Could we assume the mortgage? I am looking to buy a new house and I would like to know what qualities make for a good home resale value? What marketing advantages does a real estate blog offer to real estate agents? What does it mean to buy down a mortgage? What are mortgage points? Do you need a high school diploma to become a real estate agent? What is earnest money and is it possible to get a refund? Can you explain a "single party listing"? I would like pros and cons about "cost plus 10%" construction loan when building a new house. What does NNN (triple net leased properties) mean in a commercial real estate lease? Is easement law the same in every state? How do you calculate payment shock? What is wholesale real estate? What are some ways to go about ending your private mortgage insurance early? What are private mortgage investors? What does it mean to recast a mortgage? What are the differences between Warranty Deed, Certificate of Title, Final Judgment Quieting Title, Tax Deed and Quit Claim Deed? Is the capital gains tax on a second home different than normal captial gains taxes? How does renting with option to buy actually work? We have a buyer for our home. He wants us to raise the selling price of the home by $55,000 dollars and show that amount in the closing costs. He has been qualified by the bank for our price + $55,000 - that way he can have some cash for himself. We are ok with this offer as long as we get the price we want. Can we do this? What options are available for down payment assistance for my home purchase? Does the seller have to be present at the final walk through? Should they be? Where can I go for help with mortgage foreclosure? Will a lender provide a mortgage if the property being purchased is appraised under asking price? Do you have to pay closing costs or can you add this into your mortgage? A loan banker told me that he locked a loan for me. Am I legally obligated to this loan and/or mortgage broker? What are capital gains on a house sale? What is buy to let landlord insurance? Why would a mortgage broker overstate the original purchase price on the refinance papers? What are some questions to ask a Realtor when buying a home? I am planning to build a new house. What are some questions to ask a new home builder? Is it true that when you apply for a mortgage that credit bureaus sell this data to other brokers as 24 Hour Mortgage Inquiry Leads? Is a down payment generally determined by a percentage of the asking cost of a property? If I'm a buyer, should I find my own real estate agent or have the listing agent as my representative? How is an earnest money determined on an offer to buy property since you still need to come up with a down payment? Can I add someones name to the deed if they are not a co-borrower on the mortgage? My husband is a contractor with an unverifiable income (no 1099s, no tax returns for full income) but I am a W-2 employee. Is there a way for us to avoid an NVI loan and have both full incomes considered? Who pays for an appraisal, the seller or buyer? What is a mortgage pre-payment penalty? What is the quickest and easiest way to transfer complete ownership of a house to a person's spouse? In Florida we receive our real estate tax bills for 2005 in November 2005 and are due by March 2006. If I paid them in January 2006 can I still take the deduction on my 2005 return? Can a home buyer back out of a contract after closing on a loan and the funds have been given to sellers? Can a property manager raise rents without owner's consent? I do not have a real estate license. Is it against the law for a realtor to give me a percent of his commission for referring buyers to him? I signed an agreement to sell property yesterday, and I have changed my mind about it. What do I need to do to get out of the agreement? I am interested in purchasing 2 abandoned properties. How do I go about buying this property? How do I best estimate moving costs? I'm looking to sell my mobile home, how can I best determine the value? I would like to learn more about commercial real estate in my area. What is the best way to do commercial real estate research? If a counter offer is made on a contract signed by the buyer and the buyer refused to sign the counter offer, what is the status of the original offer? Can someone define and explain 99 year lease? Is there such a thing as an interest only home equity line of credit? In real estate, what are 1031 exchange properties? I watch shows such as "Flip This House" and it makes flipping homes look easy. What is the downside to house flipping? How do house auctions work? How should I go about researching credit report errors? What's the deal with these mortgage loan companies that advertise "bad credit no credit okay?" How do I start a biweekly mortgage reduction plan? Is there a difference between a home equity line of credit (HELOC) and a home equity loan? Is it possible to use a home equity line of credit for business purpose? What are no doc home loans? What is a stated income mortgage program? What is a yield spread premium? When there is a foreclosure and the sale of the property brings more money than is owed against it, who gets the excess? Whats the best way to find construction jobs in areas such as New Orleans that were affected by Hurricane Katrina? Who is Ben Bernanke? I am interested in investing in new issue fannie mae bonds, where can I find more information? What exactly are mortgage backed securities and what companies offer them? Can you tell me how I can go about finding real estate seminars in Canada? I would like to remodel my home, should I use remodeling consultant? Do you have any advice or ideas related to small space bathroom remodeling? What are mortgage leads? How do I apply for a contractors license? My mortgage company sold my mortgage, what does this mean? Home much will it cost to have a professional stage my home? How do I fire my real estate agent-realtor-broker? What is FIRREA? What is a land trust? What should I do if I have a bad real estate agent or realtor and I want to make a complaint? I would like to know more about what it takes to be your own general contractor? What are the options I have to stop foreclosure of my home? What is broker reciprocity? What is the best way to buy delinquent mortgages? What is a loss mitigation specialist? What is a Real Estate Investment Trust? How can I find some good real estate investment courses? I saw an ad for something called an Inverse Mortgage. Can anyone explain to me what this is? What is involved in moving a house and how much would it usually cost to move my home? Is it true that some home builders now use video cameras to document the homebuilding process to prevent lawsuits? What are the advantages and disadvantages to investing in tax lien certificates? What factors effect your fico score? Where can I find current loan rate for 40 yr fixed rate mortgage? Is it better to buy your next home first or sell your existing before you buy? What is considered to be a good credit score? How much commission does a real estate agent make on each home sold? What are the benefits of interest only mortgages and why are they so popular? What is a "piggyback loan"? What is a housing affordability index? What are the pros and cons of home equity loans? What are the tax implications on home equity loans? Who is the FDIC and what functions do they perform? What drives changes in mortgage rates?