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Financing in 68136 : Real Estate Advice

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  • Home Buying1
  • Home Selling3
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Activity 11
Sun Apr 14, 2013
Don Tepper answered:
Sounds as if your problem is with your ex, not with the refinancing process. You say she refuses "to provide the pay off amount on the mortgage." Well, if she's refusing to do that--the first step--sounds as if she's certainly not going to cooperate in the further steps necessary. So--and I'm not a lawyer, so this isn't legal advice--sounds as if she's in violation of the divorce decree. If she's refusing to provide the payoff amount and she's the only one on the mortgage, there may not be much you can do short of getting the court to order her to provide the amount.

On the other hand, it's understandable that she isn't going to voluntarily remove her name from the title. If she did so, you'd own the property and she'd still be on the mortgage. Yes, I understand that your intent (per the stipulation) is to refinance in your name, so that both the title and the mortgage are in your name. But it's not in her interest to remove herself from the title while she's still on the mortgage.

What makes you think that if you came up with $150,000, that she'd allow the mortgage to be paid off? In fact, since you can't get the payoff amount, what makes you think that the figure is $150,000?

If she's willing to sell, I could see an investor buying it from her, then reselling to you. That's an expensive way to do it, both due to the two closings and because the investor is going to want to make a profit from the transaction. But that's certainly doable. There's money out there--called transactional funding--that allows an investor to borrow money for a purchase and then (either the same day or within a couple of days) sell it to someone else. The money itself will cost the investor several percentage points--let's say $3,000. Then the investor will want to make a profit--let's say $7,000. So that's $10,000 plus whatever fees are charged in California for each closing.

The catch there is that she's going to have to agree to sell to the investor. And I keep coming back to her failing to provide the payoff amount. Is she doing that just to cause trouble? Or does she not understand the process? If it's not understanding the process, then the investor might have a chance. If she's just trying to cause trouble, then you may have to have the court compel her to act.

And one totally unrelated issue: Reverse mortgages are seldom a good idea. They have huge up-front costs and all sorts of catches. If you've investigated the subject and really feel comfortable with it, fine. But if you're just trusting someone who's told you it's a good idea, you really need to investigate that further. Check with your accountant or tax planner for more details.

Hope that helps.
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Thu Jul 18, 2013
Shaukatali Kadibhai answered:
Try this lender. I have had excellent results for my buyers.

David Krichmar

Mortgage Banker/Broker #293883

Schmidt Mortgage Company

Approved MCE Instructor



For More Mortgage Info Follow me at Dave's Blog is Voted the #1 Mortgage Company in Houston, Texas. 2010
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Mon Dec 17, 2012
Does your certificate of eligibility say how much your disability income is, or do you have a disability award letter from the VA yet on how much you will be receiving in disability income? Do you have sufficient assets to cover your payments between now and when you will start to receive the disability income?

Shane Milne | Lending in all 50 states | NMLS #81195
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Mon Sep 24, 2012
Ron Thomas answered:
If you've know about the Lien for 13 years, why haven't you done something about it?
Did it occur to you to contact the person/company that placed the lien?

Good luck and may God bless ... more
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Sun Jul 24, 2011
When you refinance an appraisal is needed most of the time, but it is just between you and the lender, it does not get forwarded to the county.
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Mon Aug 8, 2011
Monica Lang answered:
I would suggest Bank of the West. I own a home in Omaha & purchased a 2nd home in California. They handled the sale very well & even had the closing done at my home!
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Mon Nov 16, 2009
Hi, Brianne

You can do 1 or 2 things:
1.) Inform the appraiser of your improvements and your neighborhood's rising value and see if both will make a difference in your own home's value. If so, he/she can update their appraisal accordingly upon by pulling new comps and coming back out to your home for a reinspection. They may charge an additional fee to do so however.

2.) FHA appraisal are good for 6 months. Afterwards, another one can be done. Given the appraisal is 4 months old already, and depending on your improvements and if your neighborhood continues to rise in value, you may just want to wait and order a new one in the hope of getting an even greater value. But this market is unpredictable at best, and you could get hit with a couple of short sales in your neighborhood in the interim as well. Food for thought and I hope this helps.
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Mon Nov 16, 2009
Richard Lecinski answered:
If the appraisal has been done its done and you most likely have already paid for it. It really means nothing at this time if you are not going ahead with the refi.
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Thu Apr 30, 2009
Julie May-Smith answered:
I understand your desire to get your ex off of your existing mortgage. It sounds like you are doing the right things. I assume you are working with a lender (who ordered the first appraisal). They can guide you as far as interest rates and what you and your girlfriend qualify for. You're smart to make improvements on the home as well. Can you hang onto the house for a bit without worry that your ex will make an issue of it, or do you need to get her off the loan asap? I had a girlfriend keep her ex on her mortgage for 5 years with the agreement that when interest rates went down, she would refinance and get his name off. Maybe it would give you time for your house to go up in value a bit more? Just some thoughts.. ... more
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Sat Mar 21, 2009
Julie May-Smith answered:
Shawn, me it's not cool that the lender who you refinanced through didn't tell you that they put you into a conventional loan. Everything should have been disclosed when you refinanced. Is it bad that you are in a conventional loan? No. You can still refinance a conventional loan. I would contact your lender, ask what options they have available and make sure you don't have any pre-payment penalties on the loan they gave you. And ask questions so that you know what you're getting. ... more
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Sun Jul 15, 2012
Dean Uhing answered:
I understand your question being in a similar situation. The mortgage is a contractual agreement between the borrowers (you and your ex wife) and the bank. There really is no reason for the bank to take your ex wife's name off the mortgage; as this makes one other person liable for payment of the debt. You would have to pay off this loan either by cash or refinance. Check with your lender or attorney if there are any other possibilities.
I'm curious what difference does it make to you that your ex wife still appears on the mortgage? She quitclaimed the property to you so she no longer has any title to the property yet she continues to bear an obligation to pay off the debt. She should be the one to be asking this question.
Or were you ordered by the court to pay off the mortgage? Is this why you said you "have to finance"? If this is a divorce decree situation, it is best to visit with your attorney who handled your divorce.
If there is no legal responsibility to refinance or pay off the loan, why not just leave things the way they are and keeping making your loan payments.
Also check with your tax consultant to make sure you have the benefit of deducting taxes and interest. I would think you would since the title is in your name and your mortgage is recorded.
Good luck.
Dean Uhing
Prudential Ambassador Real Estate
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