Financing in 95823 : Advice

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Debbie Reinh…, Real Estate Pro in El Dorado County, CA
Debbie Reinhardt answered:
I have a large equity loan ($110,000) that puts me under water by approximately $50,000 in my principal place of residence. Have you heard of equity
Hi Judy,
I'm not aware of any 2nd lenders who are reducing the principal balance of loans as of yet, other than in short sales (where the lender(s) agree to let the home be sold f ... more
0 votes Share Flag Thu Aug 15, 2013 Financing in Sacramento
Ute Ferdig -…, Real Estate Pro in Newcastle, CA
Ute Ferdig - Atty. Negotiator answered:
Loan modification for second home loan
Hi Monika. You mentioned that you were told that the loan would not be considered for a loan modification because it's a Freddie Mac loan. I think you received misinformation. ... more
0 votes Share Flag Wed Oct 28, 2009 Financing in Sacramento
Paul Andres, Real Estate Pro in Sacramento, CA
Paul Andres answered:
What does the "total estimated funds needed to close" mean? We are purchasing a home at 175k with FHA. We are prepared to pay 3.5% as down
Marty, your initial deposit is the portion of the 3.5% down payment required for FHA. In addition you will have buyer side closing costs. Depending on how your purchase contract is writ ... more
0 votes Share Flag Sat Nov 14, 2009 Financing in Sacramento
David Baker, Real Estate Pro in Des Moines, IA
David Baker answered:
What is a bank drags its feet to nullify a locked in rate? Even if the consumer has done all that is require
Unfortunately, I deal with this very often. As a consumer, it is important to know if you are working directly with a lender, mortgage banker or mortgage broker. Once you know who pla ... more
0 votes Share Flag Thu Aug 13, 2009 Financing in Sacramento
Sue Archer R…, Real Estate Pro in Tampa, FL
Sue Archer Reynolds answered:
how does a short refi affect your FICO score?
For the months that you are late, it will be reported.

If you keep all other items on your credit paid on time, you will have less of a hit than if you are late on credit cards as w ... more
0 votes Share Flag Mon Jul 20, 2009 Financing in Sacramento
Elizabeth We…, Real Estate Pro in Sacramento, CA
Elizabeth Weintraub answered:
we haven't missed a payment, we are upside down on our house, rate set to adjust. what can we do that will be?
You can try for a loan modification and, if that doesn't work out, attempt a short sale. Many people think that they have to be in arrears or have a notice of default filed before they ... more
0 votes Share Flag Tue Jul 21, 2009 Financing in Sacramento
David Chambe…, Other/Just Looking in Saint Petersburg, FL
David Chamberlain answered:
Can we pull cash out of a rental that we just closed on? Also is there a way around the 4 mortgage rule?
If you just got a loan on that rental, you need to look at your mortgage docs to see when you can refi. You will probably owe a fee if you refi to soon.
0 votes Share Flag Mon Jul 20, 2009 Financing in Sacramento
Ed Favinger, Real Estate Pro in Folsom, CA
Ed Favinger answered:
Loan for 220K for 4 plex in citrus heights
Angela...

Naw.. you're not hopeless... you're just lacking some information...

If you haven't already, I'd hook up with a loan guy that is familiar with income property...

If ... more
0 votes Share Flag Sun Jul 19, 2009 Financing in 95841
Rob Spinosa, Real Estate Pro in Mill Valley, CA
Rob Spinosa answered:
I went thru a divorce and owe 250,000 on 1st @ 6.3% and a 2nd 84,000 @ 9.1%..My income is now half due to
Don't Panic Soon,

E-mail me and I will send you a flowchart of options available to distressed homeowners.

Rob Spinosa
rspinosa@mortgagemasterinc.com
0 votes Share Flag Tue Sep 15, 2009 Financing in Sacramento
Jacob Varghe…, Real Estate Pro in San Jose, CA
Jacob Varghese answered:
Mortgage company asking married couple for separate applications?
I may be wrong, but I have never heard of anything like this.
0 votes Share Flag Mon Apr 1, 2013 Financing in 95835
Marty S, Real Estate Pro in Irvine, CA
Marty S answered:
Who has successfully sold and financed a 203k streamlined home and loan? Any regular 203k success? Thanks.
I've had some success with these. I don't know what it is, but as far as the loans go, I've been pretty lucky.

I am a Loan Officer. If I can be of assistance, please let me know.

... more
0 votes Share Flag Thu Jul 16, 2009 Financing in Sacramento
Ute Ferdig -…, Real Estate Pro in Newcastle, CA
Ute Ferdig - Atty. Negotiator answered:
Does anyone know of any lenders in the Sacramento area who do not require title seasoning.?
As far as I know the seasoning requirement is for FHA loans only and even that can be overcome with proper documentation, which you as the investor/seller may or may not want to provide ... more
0 votes Share Flag Tue Sep 29, 2009 Financing in Sacramento
Rhonda Burge…, Real Estate Pro in Smyrna, TN
Rhonda Burgess answered:
What should I be wary of when using a loan mod company, Pro City Mortgage? Is there a down side to loan mod?
You should be wary because a lot of these companies simply do not deliver what they promise. Before you pay this company any money, call your mortgage company and talk to someone in th ... more
0 votes Share Flag Thu Sep 24, 2009 Financing in Sacramento
Sue Archer R…, Real Estate Pro in Tampa, FL
Sue Archer Reynolds answered:
Does a loan modification negatively impact credit scores?
First, don't rely on zillow for the valuation on your home. If you read through their own comments, they claim to be up to 25% off of the actual price in some areas.

As for your orig ... more
0 votes Share Flag Thu May 21, 2009 Financing in Sacramento
Anthony Lomb…, Real Estate Pro in 95605
Anthony Lombardo answered:
Is it possible to claim rent on a previously owner-occupied home as income when applying for a new mortgage?
If your new loan is an FHA loan, you can use rental income IF you are moving for work... You need a signed lease agreement with at least 1 year left on it AFTER you close your loan, and ... more
0 votes Share Flag Thu Apr 16, 2009 Financing in 95814
Alex Amaro, Real Estate Pro in 95818
Alex Amaro answered:
Why are people running around like chicken little, screaming the sky is falling? All the moneylost in peoples
Why are people screaming that the sky is falling? Well, at the risk of sounding condescending to some, these concepts of banking, finance, economics that you have a grasp of are not co ... more
0 votes Share Flag Sat Jun 6, 2009 Financing in 95831
Matthew Tetl…, Real Estate Pro in Michigan
Matthew Tetloff answered:
Any lenders doing Fannie or Freddie rehab loans?
Flagstar Bank can. US Bank had a program alos but not sure if they still have it.
0 votes Share Flag Thu May 21, 2009 Financing in Sacramento
Lori Lewis, Real Estate Pro in Bethlehem, PA
Lori Lewis answered:
I have been receiving lots of mailers regarding a FHA streamline refinance. I finally called one the other
NOPE! We do them all the time. Streamlines are great!!!!!

Your rate will be a little higher because the broker needs to pay the closing cost from the yield spread the bank pays the ... more
0 votes Share Flag Fri Jun 15, 2012 Financing in Sacramento
Anthony Lomb…, Real Estate Pro in 95605
Anthony Lombardo answered:
Equity line of credit question
Hi Joanne,
Short answer is - no, one party can't take out an equity loan without the other's permission. If two family members own a house, both would have to approve the equity loan ... more
0 votes Share Flag Sun Jan 25, 2009 Financing in Sacramento
Erin Stumpf, Real Estate Pro in Sacramento, CA
Erin Stumpf answered:
I have good credit score and excellent history, seeking to buy a home in either elk grove, sacramento or
Good morning! I highly recommend Marlena Olson with the Vitek Mortgage Group in Sacramento. She can be reached at 916-486-6931 or molson@teamvitek.com. Vitek is a direct lender, and ... more
0 votes Share Flag Tue Jan 13, 2009 Financing in Sacramento
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