Why doesn't real estate just sell for the asking price instead of having to go thru all the paper work...? Wouldn't it be easier to just put a price on it and sell it for that price? We don't...
Hello, I've been reading your website for awhile now, and have found it very helpful as I'm learning to navigate this crazy loan process! I had a question I was wondering if you could write about/answer. We currently have...
Minorities get higher rates. They add that the fact minorities are more likely to borrow from institutions specializing in high-priced loans could mean they are being steered to such lenders or that some lenders are unwilling or unable to serve...
Most people tend to shop for a mortgage based upon the payment. They figure the lowest payment will be the cheapest loan. This is the way most people make banks rich. Because they are looking for the loan with the...
Every so often, someone who thinks they're a wit sends me a copy of The Rules For Relationships According To Women. Unlike those rules, which might have been funny around the time Nefertiti was a debutante, there are very few...
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...
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...
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...
If you use an RSS reader, you can subscribe to a feed of all future entries tagged 'payment'. [What is this?]