Entries from Searchlight Crusade tagged with 'cash'

Negative Equity and Short Payoff Scams

Saw a sign driving: "Negative Equity? Sell and Get cash!" Notice that it doesn't claim that you can do so legally. I saw another of these signs on the way to the office this morning. When things are going sour,...

Debt Consolidation Refinance - Doing it Wrong vs. Doing it Right

There's a lot that gets written on this subject, mostly by loan officers looking for business. Well, don't think I'm not looking for business, but not with this post. Or if anybody calls me because of this, at least I'll...

Sourcing and Seasoning of Funds

People sometimes ask, "Why should the lender care where I got the money for the down payment? I earned it, it's mine - cash is cash!" They're right as far as they go. In general, the lender doesn't care...

Lenders Holding Your Money Hostage

My lender told me that there is an application fee? He said an application fee of $250 and then we'll need the appraisal fee and of course we'll need an inspection. Does all this sound legit, is there always...

The Self-Fulfilling Prophecy of Lender Fear

Most people, particularly first time buyers, want 100% financing or as close as they can get. Actually, most first time buyers don't have a down payment and couldn't put a significant down payment (5% or more) if they had...

Games Lenders Play, Part I: Misleading Advertising to Get You to Call

I get the same junkmail and spam most of you folks do. They don't know who I am when they send it out. It's just that I know what's going on behind the scenes with this stuff. So I thought...

Mortgages and Reverse Mortgages (RAMs) after Retirement

"Should People in their sixties take out a mortgage?" The short answer is "Not if you don't have to." Now if I suddenly vanish, the explanation will be that the loan industry put a contract out on me. Success...

Facts Of Life On Buying and Selling "Without an Agent"

I saw your article on on Searchlight Crusade about exclusive buyers agents and I have a couple follow up questions pertaining to my own situation that I am hoping you could shed some light on. I don't have any...

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...

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...

Should I Buy A Home? Part 1: Preparation

I am considering buying a home, although I have not made up my mind on the subject. This is not due to indecision, but rather due to a lack of necessary information. There are many factors to be considered...

Why Do I Have to Pay For The Appraisal When I Canceled Escrow?

I got an ill-mannered complaint email about how an evil loan officer from another company ordered the appraisal without waiting for the inspection to be done, and it turned out there was a minor problem that the seller likely could...

Assuming Seller Concessions On Loan Quotes

I recently received an email asking about a Good Faith Estimate on a $200k loan. The person asking my opinion attached the actual "estimate" to the email. In addition to a point of origination and a point of discount...

The Lender's Rule of Mortgage Payments

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...

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...

What is the Best Investment Vehicle To Save For A Down Payment?

I just moved into a rental house with an option to buy. I figure I can probably save up around $40-45k for a down payment in three years. how should i save? The Roth IRA tax loophole for first...

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...

Reserves for Real Estate Loans

Thanks again for the terrific posts. I've learned more about mortgages in the past two months than I ever dreamed I might. I am looking to buy my first home soon, and have myself in a good credit position...

Mortgage Foreclosure and Taking of Other Assets

if our house is being foreclosed, can they take our retirement or make us sell our cars? we both have (1-2 year old) cars that are paid off. Can they take our cars or make us sell them to...

Seller's Failure to Disclose a Pending Assessment

I am about to close on a condo unit. At the last minute, we received the resale document from the management company. All units are being assessed a one time charge of $3000 due in full Nov. 1 for roof...