Entries from Searchlight Crusade tagged with 'lender requirements'

Low Asking Price on Unfinanceable Properties

At any given time, I will usually have at least one set of clients who really need to consider a condo or townhome who nonetheless have their hearts set on a single family residence. I agree to include single...

Why Do Lenders Sell Mortgages?

When and Why does a Mortgage Company Sell your Current Loan to another Mortgage Company? Lenders sell their loans because the lender can make an immediate premium of anywhere from 1.5 percent to four percent by selling your loan...

Issues with Family Transfers of Real Estate

We live in (A California city). In a 2 bedroom 1 bath home on approximately a 20,000 Sq. ft. lot. It is easily worth 500K to 600K with a current mortgage of $116,000. The mortgage/Title is in the name...

Mortgage Loan Rate Locks

One of the most true sayings in the mortgage business is, "If you can't lock it right now, it's not real." But many mortgage providers will play a game of wait and hope. They tell you they have a certain...

Getting Another Mortgage Loan After A Short Sale

Our home isn't worth what we owe. So say you were just an average person selling and buying a house, meaning you put your house up for sale, get a contract to purchase on it then go put in offer...

Impound Accounts Facts and FAQs

I've seen a fair number of questions on impound accounts in the last several months. An impound account, also known by the confusing term escrow account because the lender is holding it in escrow, is money that you give the...

Manufactured, Modular, and Site-Built Homes: How Lending Practices Drive the Sales Market

Many people are unaware how profoundly lending policies influence the market for residential property and the various kinds of housing and methods of construction. So I am going to go over the various gradations in available loans for various types...

Automated Underwriting In Pre-Qualification or Pre-Approval Letters

It has become a trend for real estate agents who think they're being "smart" to require an automated underwriting approval. These are automated underwriting programs from Fannie Mae and Freddie Mac saying that Fannie or Freddie will buy the...

Undisclosed Short Sales

What happens if a home you signed to purchase goes into foreclosure before the closing date? We were supposed to close on a home four months ago. On the day of closing we get a call from the seller's...

What Do I Do If My Loan Falls Through?

"What do I do when the loan falls through" That depends upon when it falls through and what situation you're in. If you're in a refinance situation, you generally keep making payments on your old loan until and unless...

Lenders and Insurance Proceeds

The question that inspired this was can a mortgage company use the flood insurance claim money towards homeowners mortgage loans? This is equally applicable to every other form of insurance on your home - earthquake, regular homeowner's insurance, and any...

Deficiency Judgments: Recourse Loans vs. Non-Recourse Loans

do mortgage companies usually seek a deficiency judgment on home foreclosures Depends upon whether it is a recourse loan or not. A recourse loan is one where the lender can come after you for any excess amount of money you...

Short Sale Negotiators and the Interests of Potential Buyers

I am seeing a very disturbing trend these past few months. Rather than do the work they should be doing, listing agents are treating the entire short sale process as a kind of "Black Box", delegating the negotiations with the...

They Told Me Not To Make My Loan Payment

I've heard this story, in all of its variations, at least hundreds of times. Someone will send me an email and say "They told me not to make my loan payment because I was going to skip one. So...

There Is No Fairy Godmother for Loans

Really. I know that most people who read that title are replying "no kidding" but you would be amazed at how many people act like there is such a fairy godmother. I got an email yesterday that said, basically, "Help...

Cash Back From The Seller to the Buyer in Real Estate Sales

A while ago I dealt with a very disturbing phone call from a would be client. He was very happy with the way I found bargain properties, and wanted me to find him such a property. All very well and...

Buying Investment Property - An Example of the Issues

My aunt is going to move to a new condo and wants to sell her old one. I would like to buy her old condo as an investment and rent it out (as I am already a home-owner). This...

The Measurement Unit For Desirability Is Dollars

I have been asked by more than one person how to measure desirability of real estate objectively. Fortunately, the Phoenicians did all the hard work for me three thousand years ago when they invented money. Precisely what that measurement unit...

Can Someone Be Added to an Existing Mortgage?

Got a search for that, and it occurred to me that it is a valid question. The answer is yes. The degree varies. You can simply contact the bank to make yourself responsible for payment. They are usually happy to...

Restricted Sale Property: Very Difficult to Find A Loan (Even harder to find a good one)

This is a warning to those who purchase restricted sale property. I've gotten a couple of calls for refinancing these in the past couple months, and I've never covered this subject. A restricted sale property is one where the...