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Financing in 46858 : Real Estate Advice

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Activity 3
Sat Oct 22, 2011
Mary Sherer answered:
Not sure who NACA is. If you need financing, a good person to call is Mona Lill with Polaris Home Funding. Her contact information is as follows:

Mona Lill
Polaris Home Funding Corp.
3914 New Vision Drive
Fort Wayne, IN 46845
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Tue Feb 23, 2010
Hi Charlie
Although in theory having consistent guidelines that everyone needs to conform to is very desirable, the execution of this seems to me to be off.

The toughest part of it for me has been that costs on the new GFE are a "worst case scenario" as opposed to what the costs will actually be at closing. There are some items which are normally paid for by the seller here in Michigan, such as transfer tax and owners title insurance, that have to go on the GFE.

It takes a lot of effort to explain this to the borrower and not make it sound like you're trying to pull a fast one on them :) It makes it even more important to work together with their realtor to make sure our customer understands. It also makes it imperative that we touch base with the title company early in the process to have them provide the borrower with ACTUAL costs.

I think this creates more work for ethical lenders who've always disclosed things properly anyway. It's just a shame that we're forced to work more to make up for those shady lenders who've relied on the old bait and switch.

Just my two cents...I'm interested in seeing what others have to say
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Mon Jun 2, 2008
Tony Grego answered:
Good question but options are limited. Even though they have split up in the eyes of the bank they are still responsible for making payments on time.

The only way to remove would be for the ex-to refiance in his own name. Now I know you say the payments are late if he can doucment his income and has a good reason for late payments he may be able to qualify for FHA.

Either way each month he pays late effects your girlfriends credit and with guidelines getting tighter and tighter she is headed for trouble down the road.

Let me know if I can be of any more help

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