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21225 : Real Estate Advice

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  • Home Buying11
  • Home Selling1
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Activity 21
Sat Jul 8, 2017
Kylieminugh79 answered:
Wed Sep 21, 2016
SY answered:
My experience is that in a refi any escrow refunds are simply extra dollar amounts that you borrowed, but probably shouldn't have. In an example, if an old loan had impounding with $4000 balance for taxes and insurance, your new loan will likely be increased by $4000 to start a new impound account with $4000 balance. Eventually you will get $4000 refunded from the former lender, which is money you borrowed in the new loan to fund the new impound account.

You have 2 good options. If you can get a better return on your investment elsewhere, put it there. If you can't get a better return, use it to pay down principal, decreasing your interest expense over the life of the loan. Less favorable options are to keep it at a lower interest rate (savings or checking account) or spend it, in which case you are paying interest on that over the life of your loan.
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0 votes 1 answer Share Flag
Fri Aug 5, 2016
Faulknerm69 answered:
Yes have any one found out who I can contact to let know that I was done wrong on this same situation today. I was talking to a loan officer and he told me to wait until he go threw the UW to get the commentment letter that way we won't have no snags. But when me and the processor didn't see eye to eye. They went back and put a car that they had took off my debt ratio back on there and said I would have to get my name off the car I order for them to do so. I've done everthing they say to do. I think the bent a couple of rules to get me in there but since me and the processor didn't see eye to eye he made them go back and put the car that I was a co sighn back on my ratio. But we discuss that before they approve me. Just tell me who can I call to discuss this with about how well Fargo done me , but want to offer my appraisal money back ... more
0 votes 17 answers Share Flag
Mon Apr 4, 2016
Mail answered:
My previous mortgage lender was US Bank. They told me that they ship out the escrow refund check 20 days after the loan is paid off in full. This information is current as of April/2016. ... more
0 votes 8 answers Share Flag
Wed Feb 24, 2016
Isaiah Y. answered:
It's very possible. If certain factors change from time of pre approval to time of closing. Home Loans For All just put out an article titled "8 Ways To Not Mess Up Your Mortgage Approval". Go check it out then talk with them and they'll find you multiple lenders that are ready to work with you. ... more
2 votes 14 answers Share Flag
Wed May 20, 2015
Aaron Hopkins Sr answered:
To research a properties owner, you must either have the address or name of owner. You can use either of these websites to find this information:

State Dept of Taxation and Assesments for Tax record.

http://www.dat.state.md.us/sdatweb/real.html



Md Land Records for deed information.

https://mdlandrec.net/main/
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1 vote 1 answer Share Flag
Wed May 6, 2015
answered:
Yes they can because at the end of the day those taxes are real and it's your responsibility to pay them. The escrow account is just a vessel used to pay them.

If there is too much money in the escrow account then the will periodically re-evaluate the payment and refund any overages to you. If a bill comes and there is not enough, then they will raise your payment and bill you for the shortage.

Even though they f'ed up in sending you the $2500, the fact of the matter is that a bill came due and taxes and insurance are the owner's responsibility even if you have an escrow account.

Like Tim said, fighting them is futile.

In hindsight, if the refund seemed fishy - I'm sure you didn't think your taxes went down $2500 from one year to the next - you could have called and the lender might have spotted the error then. But that's probably something to just keep yourself aware of in the future.

Hope this helps!
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0 votes 3 answers Share Flag
Sat Apr 25, 2015
USMortgageRanger answered:
It will depend on the reason for the denial that the other Lender gave you. Its now up to you get a new approval and move fast so that HUD does not put the home back on the market. Send the approval letter along with the Underwriting Approval to your Agent ASAP.

Good Luck
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0 votes 1 answer Share Flag
Fri Apr 17, 2015
answered:
Some banks/lenders will "net" the current escrow balance from the payoff of their loan. This is simply a way of refunding the escrow account balance to you immediately at the time of payoff instead of waiting 4 weeks to receive it in the mail. This will help you when refinancing because the new lender has to collect enough within the new loan to establish a new escrow account. Let's say that you are doing a no cash out refinance to payoff a loan with a payoff balance of $200,000 and there are no points or lender credits. In this example, in order to bring zero cash to closing, the lender would have to add the title and misc fees of say $2000 plus they would have to collect 6 months of your taxes and insurance to fully fund a new escrow account to the loan amount. Let's say that his amount would be $1800. In order to bring no funds to the table, the new loan amount would have to be $203,800. Now, if the lender being paid off allows you to "net" the current escrow balance of say "$1500" from the payoff balance then your new loan amount would only have to be $202,300. You receive the refund of your escrow account either way, it is just how you receive it. You either have a new loan of $203,800 and receive a $1500 check in the mail a month later or you have a new loan amount of $202,300 from the start. I hope this helps ... more
0 votes 6 answers Share Flag
Mon Apr 6, 2015
Susan Derosier answered:
There is a way to get a loan without a credit score. Lenders can use the bills you are paying to get the information they need to give you a loan. I can get you in touch with some good lenders that will do this for you.

Susan Derosier
Keller Williams Flagship of Maryland
1111 Benfield Blvd, Ste 250
Millersville, MD 21108
410-736-2573 - cell
410-729-7700 - office
sderosier@kw.com - email
sderosier.kwrealty.com - website
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0 votes 1 answer Share Flag
Fri Nov 7, 2014
Kevin Mayhew answered:
If you are referring to monies that were placed into escrow to insure that work was performed on a property you are in the process of purchasing or selling, the answer is yes. You should not be receiving a check, money placed in escrow is usually held by the settlement agent and paid to the contractor who is providing the service. The settlement agent has a responsibility to both the buyer and seller to insure the fund are paid to the appropriate party upon successful completion of the work.

I hope this addressed your question regarding escrow of funds.
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0 votes 1 answer Share Flag
Fri Feb 7, 2014
answered:
Hello, You are in a tight situation, but with an experienced lender there may be a way through it. Not all deposits are dis-allowed you just have to be careful to document properly. I would need to know a lot more about your situation in order to advise you intelligently. Feel free to reach out to me at your convenience. My contact info is posted below as a "reply" tagline or you can utilize my web link to chat directly with me live. ... more
0 votes 6 answers Share Flag
Tue Dec 10, 2013
Marlene Paisley answered:
I like Akil's answer best. I'd add to deal with your lender and agent. If the deal may tank due to DTI; they should know how to re-direct you. MOVE FAST!! Word on the streets is that Fannie/Freddie will be streamlining DTI max to 43% in Jan 2014. DON'T DRAG YOUR FEET WHATEVER YOU DO!!

Best of Luck,
Marlene
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0 votes 5 answers Share Flag
Tue Nov 27, 2012
Akil Walker answered:
Hi Brilyn


I am assuming your DTI (Debt to Income ratio) went up or something popped up on the credit. I would recommend you obtain a second opinion from another Loan officer.

Good luck ... more
0 votes 10 answers Share Flag
Tue Nov 27, 2012
John Sullivan answered:
If you were denied, I would recommend you stop by the Convention Center Nov 29-Dec 3. Neighborhood Assistance Corp of America (NACA) is hosting an event where they will be able to help you. Their program for home buyers helps people prepare for home ownership including setting up a savings plan, correcting credit defects and assisting you in becoming qualified in every way. They offer people who complete their program the opportunity to get into a home with the lowest acquisition cost including interest on the loan, (as of 11/25 their rate was 3.375%) elimination of junk fees from lenders.
Once you complete their program if you are interested in having a Certified Exclusive Buyer Agent represent you, contact me and I'll show you how I work with my clients to get them the best price and terms for the home of their choice.
John F. Sullivan
Buyer's Edge Co., Inc
john@buyersagent.com
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0 votes 20 answers Share Flag
Fri Jun 22, 2012
Ahmad Rozegar answered:
Thobile,
The best way to know if and when you can reapply to purchase a home is to find a loan officer who you feel comfortable with to pull your credit report and advise you on this. Be wary that you don't want to jump from one loan officer to the next because each time your credit report is pulled it can affect your score too. So it is important that you find a loan officer that you can build a good relationship with because that loan officer will give you advise just in case you are not ready yet....they can tell you what steps you need to take to get ready and they will walk you down the path to becoming ready to purchase. Once you are there you will need to find a real estate agent who will help you find your dream home. Please let me know if I can be of assistance! ... more
0 votes 9 answers Share Flag
Sat Aug 6, 2011
Mario Valone answered:
Here is the MTA light rail website. There is a link with the map on it, so you can take a look at it and determine which stop is best for you. If you are driving to the metro, the map will also tell you which stops have parking.

http://mta.maryland.gov/light-rail
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0 votes 4 answers Share Flag
Tue May 3, 2011
answered:
Has anyone introduced you to Home Buyers Scouting Report? This Site is private, you can not only review properties listed for sale but also receive data on sold properties in your search field. If you would like to be signed up free of charge feel free to contact me directly. I hope that this helps. ... more
0 votes 4 answers Share Flag
Thu Sep 30, 2010
Marci Yankelov answered:
I have done a lot of section 8 and have a contact at Section 8. Contact me and I will give you his info. He has bought me and my clients GREAT tenants. He will walk-thru and advise your clients on the best plan of action to get the highest section 8 rent! ... more
1 vote 6 answers Share Flag
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