Query by brightnbewildered: Does it matter who my mortgage lender is? Or just lowest costs?
We’ve contacted one broker who had the lowest rate on Bankrate.com a single “upfront” broker a buddy had employed and the bank loan officer our realtor wanted us to use.

Certainly, the application charges, etc., are distinct. But they’ve already disclosed the costs (no points) on the Great Faith Estimates. Is there any other sneaky business we must be watching out for? Is it safe to lock in a low rate from a broker we pulled off the world wide web, or are there other aspects to think about? The world wide web broker has been very professional and quite diligent, so i’m inclined to trust his company to do a good job of moving along toward closing (in 6 weeks) but we’re inclined to go with the guy that somebody else we know has really utilized…

Just questioning if there are any downfalls to deciding on an unknown broker. Yes, we know the mortgage will be resold right away, but do we care?

Best answer:

Answer by Jen
I hate to say this, but usually “pals” or prior associates do not constantly give a client the greatest deal. IF you can get a lower ratewith an additional organization, who you get it by means of is immaterial at this point. Most organizations sell there loans so in a couple of months you will most probably have an additional mortgage lender, so who you use today will not matter.

I have found that if I shop around I have gotten far better rates on my own due to the fact the “unknown” vendor desires my enterprise, whereas my “friend” is searching to make the most money he can from me.

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Question by jazzy jay: if a individual files bankruptcy a second time immediately after 6 years and nevertheless get a mortgage loan?
also can a individual preserve a car they just got financing for. this individual has been in an out of the hospital and that is the reason for getting to file bankruptcy once more attempting to catch up following being off operate for extended periods of time it has become really hard to catch up

Finest answer:

Answer by nabdullah2001
If you filed bankruptcy the second time no you can’t get a mortgage since your credit will be tarnished for a lengthy time. You’re too high of a threat to be a candidate for a mortgage or loan.

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Question by Angela: Is there such a thing as a “combined mortgage”?
I need to refinance my mortgage out of the ARM I have ASAP. My father is also interested in refinancing his home to a lower rate as well. He has been talking with a Broker about a “combined mortgage” (I have never heard of this, I am also in the mortgage business).

I originally thought the man will be doing the refi on my fathers home, taking cash out, and paying off mine, but he says this isn’t the case. There will be a “ghost lien” placed on my property and each of us will be making payments to the loan…can someone explain this process? I’ve never heard of it.

Does this even exist? What are the pro’s and con’s of combining our mortgages (as far as property taxes and interest payments goes) and will this affect my credit and income tax deductions? Am I better off refinancing on my own?

Thank you!

Best answer:

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Chain of Blame: How Wall Street Caused the Mortgage and Credit Crisis

• Finance Mortgage crisis banking

An updated and revised look at the truth behind America's housing and mortgage bubblesIn the summer of 2007, the subprime empire that Wall Street had built all came crashing down. On average, fifty lenders a month were going bust-and the people responsible for the crisis included not just unregulated loan brokers and con artists, but also investment bankers and home loan institutions traditionally perceived as completely trustworthy.Chain of Blame chronicles this incredible disaster, with a spec

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Question by Richard P: Would you do business with this bank (PAS) Wells Fargo Home Mortgage?
Letter from Bank on an Offer I made on a Forclosed Property:

Multiple Offer Disclosure
“If you fail to execute and return this document, we will not consider your offer.”

Dear Buyer:
We are involved in a multiple offer situation on the above property.
Premiere Asset Services (“PAS”) will entertain and consider all offers in the following manner:
1. All offers must be in writing; no verbal offers will be accepted.
2. The Listing Agent must receive your best and final offer no later than the close of business ____. Delivery of such offer may be via facsimile.
3. The following terms and conditions shall be applicable to you and to any offer you wish to submit:
a. PAS shall have sole and absolute discretion to accept or reject any offer received. PAS is not required to accept any particular offer, regardless of its terms. PAS has the absolute right and discretion to reject all offers.
b. Subsequent to the receipt of offers, PAS shall have the absolute right right to deal directly with any broker and or one or more offerors to further negotiate the terms and conditions of any offer. In so doing PAS shall have no obligation to negotiate or communicate with each and every other offeror or with any of them.
c. In accepting an offer, PAS shall make its decision solely on such lawful factors and criteria as it, in its sole judgement, deems appropriate under the circumstances. Priice is but one factor to be considered.
d. Under no circumstances shall verbal communications between an offeror and PAS or any agent or broker constitute or create an obligation on the part of PPAS to sell a property to anyone under any terms.
e. The acceptance of an offer shall be considered upon the subsequent execution by Buyer and Seller of a written contract of sale setting forth terms satisfactory to PAS. PAS shall have no obligation to sell the property unless and until such written contract is fully executed.

Please sign below to acknowledge your understanding and acceptance of this process and return this form to ______ no later than the time designated above for the transmittal of offers. Failure to transmit such acceptance may prevent us, at our discretion, from considering any offer you may wish to submit.

UNDERSTOOD AND AGREED
________________________
, Buyer

“If you fail to execute and return this document, we will not consider your offer.”

Link to Premiere Asset Services (“PAS”): http://www.pasreo.com/pasreo/public/content.do;jsessionid=962E071D006C575F8DAC7B7D181ADBD6?pageID=2000576
I have not found one bank in Virginia that is putting out this disclosure until after they have put the price far below its real market value and taken many offers. They intentionally do this to start a bidding war between buyers if possible. If they get only 1 offer, they do it to see if they can get the one seller to bid against themself. They have excess inventory and they are not releasing it on the market except for a few at a time, so it keeps the prices up. They can afford to do this because of the money the American Taxpayer paid to bail them out. The bailout to allow them to screw the public more. How do you know if there are even other bidders? Maybe you are the only bidder on a house. Only a fool would bid against themself. Don’t you see that this disclosure is 100% one sided and it is not to the benefit of the consumer? It is there to allow the banks to screw the consumer.
This is only typical as long as consumers allow it to continue. It is in no way fair business practices.
If the bank wanted to “Do what’s right”, they could set a “minimum offer acceptable” and a set up a disclosure that stated the playing field is level among buyers and the best legitimate offer will be accepted. If they are under time constraints they could pre-qual the buyers.

Best answer:

Answer by HarmonyFLResales
yes, I would. This multiple offer disclosure is typical of most banks. Sometimes, the form is given up front before there are multiple offers.

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Question by theatregeekextreme: Need a to find a mortgage lender – bad credit (600s) – 1/3 down payment?
History: My husband and I have purchased two homes Contract for Deed. One is entirely paid off (originally $ 30,000) and one has 6 payments left (originally $ 26,900). We have a small lot loan that started at $ 15,500 and has been paid down to $ 4600. My credit is about 610 – I have some delinquent accounts and old writeoffs. My husbands is about 620 – he rarely if ever used credit and has some very very old writeoffs that we are currently getting removed as they are more than 10 years old – but that will take awhile to get accomplished.

We cannot seem to find a mortgage. We found a wonderful home and put in a contingent offer for $ 29,900. We have around $ 11,500 to use as a down payment. Our income is over $ 70,000 annually. We can’t get financing. We have tried regular banks and the local credit union. Our issue is 1) my poor credit and 2) my husband and I both started new higher paying positions so the banks are understandably concerned we may lose our income. That said – we currently run a successful rental business and anticipate using our current homes for rental income of more than $ 900 a month.

So – are there any suggestions of banks or mortgage brokers who can work with this situation. I’ve tried a few online lenders who’ve told me my loan amount is too small for them. When we offered to roll our two houses and lots into one big real estate re-fi we were told “we don’t do that kind of work”. The credit union turned us down because of the lack of work history.

I’m stumped – and I HATE to lose this house. We could honestly afford to buy it outright if we had an extra 2 months – but as it stands I have 10 days to secure financing and to notify the Seller to cancel the purchase, and only until April 13th to close (or face a $ 100 per diem charge).

Any suggestions would be much appreciated.
Re: savings but accounts in collections – the accounts went into collections many, many years ago. We wiped out all our savings after a period of unemployment. We obtained new, steady income (higher than before) in October and have been replenishing our emergency savings. Our plan was to use our savings to pay off debt and purchase a newer used commuter car since my husband now has a 1hour commute – however we found out our current house was FULL of LEAD and our baby (1 year) was diagnosed with lead poisoning. So the immediacy switched to finding a home without lead paint. Thus the accounts in collections but $ 10,000 in savings ($ 7,000 of which is our tax return money)

To the person who said get a job…we do have jobs – excellent ones – but given that we were recently unemployed the banks are hesitant to lend based on our income.

Best answer:

Answer by Angry Bird
Banks will never make mortgage for amounts this small.
And even so, you may need to put down 30% since it’s rental property.
Also, you will have to both show tax returns with steady income.
Also, negative items on your credit reports need to be paid off.
Hard to believe you have over $ 10,000 in savings, but have accounts in collections.

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Question by Bethy: What happens if one person declares bankruptcy but there are two other co-owners on a mortgage?
Home is co owner by all three parties on paper. Home is mortgaged, and due to actual estate market place amount owed is still higher then the value of the house. 1 person is about to declare bankruptcy. How will this influence the other two, and the mortgage?
In New Jersey, co owners can’t afford to purchase out the third individual.

Best answer:

Answer by wizjp
Up to the judge. If the three can’t agree, the judge will most likely order it sold.

What do you think? Answer below!

Question by ARTY: If a person is unable to get a Mortgage loan due to bad credit and, existing debts…….?
Will the interest rate still be high when the existing debts are paid off and, finally is eligibly for a Mortgage loan?

Best answer:

Answer by Realtyyoudefine
If the person is able to qualify for a mortgage, they will pay high interest rates and need a lot of cash for a down payment.
The rate does not automatically change when the credit is repaired, because you have agreed to a mortgage with certain terms.
However, once your credit is more desirable you can always refinance the loan to get the most favorable interest rates available at the time you refinance.

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Question by tnt: is there any spot that will give you a mortgage loan immediately after foreclosure and chapter 7 bankruptcy?
would like to hear from individuals that have done it

Finest answer:

Answer by jack jack
FOR CHAPTER 7 Unfortunately YOU HAVE TO WAIT 7 YEARS , OTHER THAN Auto DEALERSHIPS THEY WOULD Never ever APPROVE Without A COSIGNER THAT HAS Good CREDIT.

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Question by mnt. dew: getting mortgage loan with bad credit?
okay, so i have bad credit, but have alot of money. and i my boyfriend an i are looking at buying a house. i am having trouble getting preaproved. my boyfriend has good credit but no “proof” of a job because he works under the table. so my question is does anyone know like a good company to go thorugh that will work with me becuase i don’t have the best credit?

Best answer:

Answer by KC
Loans like you are asking for are exactly what created the financial mess we are ALL in today- worldwide. Institutions offering loans to people with bad credit or people with unverifiable credit. Why do you have bad credit?….what ever the answer is exactly why you can not (and perhaps should not) get a mortage loan today. Try coming up with 30%-50% of the value of the property you are trying to buy and you may find a mortgage broker who can get you both financed as you will have sooooo much to lose they wouldn’t believe you would blow off this debt too.

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