This is one of the biggest issues with my local real estate market. Because the San Diego market has very high demand and limited supply of property, prices are high. A reasonable two bedroom condo runs around $200,000. A 1200...
what happens if partner refuses to pay his half of the mortgage? The lender will hold you each responsible for payment in full. That's the long and the short of it. You both agreed to the loan contract, and...
A couple years ago, I took a look at a lender owned property a few miles from my office. It was ugly. I mean ugly. The yard was a mess, there was a deck that was rotting. The facade looked...
This is a pure scam throughout, but it's legal as far as I know. I'm not going to go into more details than I can avoid. The universe knows there's enough people pulling this right now, but the bad guys...
When things went south in the real estate market, I saw more changes in the lending industry in a few months than the previous five years. But those changes mostly restored us to the place we were a few years...
This is one of those things that trips up people to buy a house or refinance it: student loans. First off, Form 1003, the Federal Uniform Residential Loan Application has the following relevant questions on page 4, among the...
Hi, Dan! I just came across your website and you strike me as the type of guy who has answers for our situation: My husband and I built our home 2.5 years ago. We took out a second mortgage...
pfadvice talks about debunking a money myth and perpetuates one of his own. He took issue with someone refinancing to lower their monthly payment, insisting instead that the term of the loan was all important. His point is understandable in...
How do I keep my home after filing bankruptcy. The Mortgage company wants to foreclose? I want to know if there is anyway to keep the home even after filing chapter 7 bankruptcy. I want to know if there...
HI, My name is DELETED and my husband and I are searching for a way to get out of our Negative ARM loan before we get upside down. Our problem right now is our loan to value. Our loan right...
One of the things I hear a lot is that people are getting cash in their pocket from a refinance rate where there is no rebate. "I'm not paying any closing costs!" they proudly tell me, "The bank is putting...
Many people have no clue how qualified they are as buyers, or borrowers. There are two ratios that, together with the credit score, determine how qualified someone is for a loan. The first, and by far the more important, is...
One of the standard arguments I hear about Negative Amortization and Option ARM loans is that they "give the client the option to make a smaller payment if they need to." This so-called "Pick A Pay" benefit is a real...
(This is a reprint originally from December 2005. I have reasons for reprinting it even though these loans are not currently available) My article on Option ARM and Pick a Pay - Negative Amortization Loans is one of my most...
(This is a republish of one of the first articles I wrote back in early summer of 2005. Everything I wrote then still applies. I am grateful that lenders have for the most part, stopped offering these, as they were...
what happens if partner refuses to pay his half of the mortgage? The lender will hold you each responsible for payment in full. They don't care who pays; only that they get the full amount every month. That's the...
Good Evening! My name is DELETED and my wife and I recently signed papers to purchase a property from DELETED in DELETED, CA. After our options, their lot premium, and the elevation charge, the house is listed at 425,000....
(This article was originally written in August 2006. The market and loan rate figures have changed, but the basic information is the same, as is the conclusion) Okay, you might expect a Real Estate Agent to have a post with...
The question every good loan officer hates is "What is your lowest rate?", usually the first thing in a phone conversation. People think that this sort of rate shopping is going to help them. The fact is that it almost...
I found you on the Web after doing some research for my parents regarding short sales and foreclosures. I appreciate your straight talk regarding the whole loan and real estate process which I know they find incredibly intimidating. Right...
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