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Financing in 14221 : Real Estate Advice

  • All34
  • Local Info1
  • Home Buying14
  • Home Selling4
  • Market Conditions1

Activity 28
Mon Aug 31, 2009
Fred Griffin answered:
You need to see a Real Estate Attorney for Legal Advice.

Have the Attorney review the Mortgage, the Deed, and the other Legal Documents to ascertain what needs to be done.


A change of ownership may trigger a Due on Sale Clause in the Mortgage.

In many States, a change of ownership may also incur Transfer Fee Taxes, Documentary Stamp Taxes, and other Taxes and Fees.


Again, see a Real Estate Attorney.


Best wishes to you,
Fred.
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Wed Jun 24, 2009
Philip Caulfield answered:
The first thing you should do is gather all written documentation together and review it. See if any promises were made that have been broken. Has your financial situation changed? If so, you may have provided documentation to them that caused them to change their underwriting decision. ... more
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Wed Apr 15, 2009
Pushpa Gunatilake answered:
Hi Valerie,
I am a Real Estate Broker in Buffalo area. I am dealing with some lenders for my clients. If you contact me, we will be able to discuss about your situation. I have a confidence that I could help you for your real estate need.....
Hope to talk to you soon....
Thanks
Pushpa
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Tue Aug 11, 2009
Dominique Ressurreicao answered:
Although your fico score is 620 there are plenty of loan options for you to utilize. I would really like to speak with you about these options to see which loan would meet your needs. Please email or give me a call.

Thank You,

Dominique Ressurreicao
Co-Branch Manager
American Pacific Mortgage
559-892-6812
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Wed Apr 23, 2008
Richard Thomas answered:
Sandy,

I work for a correspondent lender and no it is not another name for sub-prime. There are no inherent risks in dealing with correspondent lenders. Basically what a correspondent lenders is, is a mortgage company that funds the loan initially then sells the loan to a "National lending company" i.e. Countrywide, Wells Fargo, Suntrust etc. The advantage of using a correspondent lender is (1) you generally get more personalized service then if you walked into a bank and (2) they will shop all of these National lenders to get you the most competitive rate. If you walked into your bank you would only get the rate they offer.

The lender you are working with already has the sale lined up with the National lender because during the loan process they have to adhere to that lenders specific guidlines in order to complete the transaction. So your lender may have already mentioned that your laon will be with "National Mortgage company A" which is normal but your closing docs will have the correspondent lender's name on it.

Good Luck with your transaction!
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Tue Mar 4, 2008
Julie answered:
Hi Stanley,

Nice to see someone here from my neck of the woods. You say you just finished school? I wondered if you had anyone in your family who might co-sign for you? I am not a mortgage professional but I don't know what kind of program you can get without disclosing income. And, if you could I would worry about what the interest rate would be. I know an excellent mortgage specialist in your area, if you would like to contact me I will send you her number. ... more
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Fri Jan 4, 2008
Anne answered:
As a recent first time homebuyer I asked that question a million times about the area I was looking to purchase my house before I finally got an answer...no one "seemed" to know. I don't know what the big secret is...Anyway, I do have some advice for you. Erie County Planning and Development does offer awards to qualifiying first time home buyers if you are looking to purchase in a municipality that DOES NOT offer a grant on their own. I don't know if Kenmore has such a program, you could call them directly and ask. Also, Belmont Shelter Org. was a very helpful resource and they offer free first time homebuyer workshops that was very informative ( I was required to participate for the Erie County grant funds). I also participated in some "fthb" seminars that were offered by mortgage companies as another infor resource, they were listed in the homebuying supplement in the Buffalo News.

My most important piece of advice is to seek out the grant programs first BEFORE you choose a mortgage lender or broker. My grant program was very specific as to which lender I could use as well as the contact person. If you do not meet every piece of their criteria, you will be denied assistance.

My other piece of advice is to do your homework. Keep asking questions, research online, make tons of phone calls, don't give up. Most realtors won't lead you towards grant funds because they extend the closing of the sale and they want their commission quick, quick, quick. Most mortgage lenders won 't offer you information on grants either because they may reduce your actual mortgage, thus reducing their commissions. Get real with the fact that your agents are not working for your best interest, they are in it for themselves. You are your own best advocate.

I have to honestly say that my first time homebuying experience was pretty spectacular. Everyone I dealt with was fantastic, especially with Erie County and Belmont Shelter Group. I think it helped that I came to play the game armed and educated.

GOOD LUCk and post again if you have anymore questions.
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Mon Nov 12, 2007
Brett Dunne - DayBreak Group answered:
Wayne:

Here in S.CAL. I just listed and rented out a condo for a client. The owner stated all of the costs in the contract that were to be paid by the renter...and no others.

Here in CA most of the renters do not pay HOA for it is included in the rent. Some owners will include a clause in the lease agreement (if more than one year) for an annual increase in rent AND a pass-through on any additional increase in HOA's.

Good luck!
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