609 posts tagged with mortgage.
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What can be done to make Chapter 13 less horrible for a human creditor?

We are not a bank, but hold a secured note. (Complex details inside) Days before the sale, the debtor just filed Chapter 13 bankruptcy. What can we do to maximize our chances of getting either the property or the loan/lawyer fee amount soon? We were counting on this for a lot. Also, please help me not get taken for a ride by a lawyer that I'm not sure is acting in our best interest, and not panic. [more inside]
posted by corb on Oct 12, 2016 - 13 answers

How to refinance a mortgage?

I am 8 years into a 30 yr mortgage, with a fixed rate that is about 1.25 to 1.75 points above where rates are now, so it seems like a good time to investigate refinancing. What are the problems and issues I need to watch out for? [more inside]
posted by anonymous on Oct 7, 2016 - 14 answers

Low appraisal for mortgage refinance

We are trying to refinance our mortgage, and the appraisal came back low. Now our loan to value ratio is lower than expected, and the closing fees are higher. We don't feel like the appraiser did his job correctly (more inside for details). We are pretty sure a second appraisal would come back much higher, but the cost of the appraisal is about the same as the increase in fees. What should we do? Have you successfully contested an appraisal (is such a thing possible)? If not, can we use this low appraisal to request a lower assessment on our property taxes? [more inside]
posted by one_bean on Sep 24, 2016 - 4 answers

Would this amount of mortgage be a bad idea for someone with my income?

I'm looking into buying a house for the first time, and I need opinions on whether the amount of mortgage I'm looking at is a bad idea. [more inside]
posted by monologish on Sep 15, 2016 - 43 answers

How to help a senior who can't find a job

My friend Jenna (alias), a 62-year old woman, very smart and capable, lost her cashier job of 30-some years about a year ago. She's freaking out and has asked me for help. Now I'm freaking out! [more inside]
posted by cartoonella on Sep 15, 2016 - 24 answers

Can we get a home loan when my partner works in the marijuana industry?

My partner is employed by the management company that oversees the operations of a (legally operating) medical marijuana facility in a city in CA that allows and regulates it. We have been turned down for a home loan that we would otherwise qualify for easily, because his job is illegal in the eyes of the federal government. Is this a lost cause or might there be some lender who won't care about this?
posted by tumbleweedjack on Aug 29, 2016 - 12 answers

How to be gracious about not owning a house?

Everyone I know has bought a house. Every one of them has bought a house because they received an inheritance or a massive influx of cash via other familial mechanisms. I do not have a house or an inheritance. How to deal with this? [more inside]
posted by socksister on Jul 18, 2016 - 42 answers

Buyer's remorse: buyer breaches real estate contract

What are the consequences for breaching a real estate contract on the buyer's side? [more inside]
posted by anonymous on Jun 14, 2016 - 9 answers

Home improvements during rentback period tax deductable?

We just purchased a house and are renting back to the previous owner until August 1st. There are a fair amount of improvements we want to make to the house. Can we deduct the expenses on our taxes as as we have a valid rental agreement with the owner? [more inside]
posted by lattiboy on Jun 1, 2016 - 3 answers

What do I do with my parents and their weird divorce/mortgage situation?

My mom cant pay her own bills after her divorce and me having to pay hers is slowly driving me crazy because I've lost my freedom and flexibility. We have a weird mortgage situation that essentially expires in 2 more years, but I want to resolve it sooner than that so I can move into a new apartment and just feel less stressed. What do I do? [more inside]
posted by nodebunny on Apr 25, 2016 - 14 answers

Mortgage refinance - ethical dilemma

Is it ethical to go with the best deal on a mortgage that is NOT through a broker even when my broker did a bunch of "free" work that opened up this opportunity? [more inside]
posted by smurfzambo on Apr 8, 2016 - 8 answers

How are overseas assets and debts evaluated for UK lending?

As it says up top, I'm wondering how foreign assets and debts are viewed for mortgages in the UK. Details after the jump. [more inside]
posted by robertthebruce on Apr 7, 2016 - 4 answers

Should we refinance to drop PMI payments?

Should we refinance our (relatively) freshly bought home? [more inside]
posted by furnace.heart on Apr 7, 2016 - 9 answers

Is there such a thing as a legitimate credit fixer?

My Realtor steered me to a mortgage broker, who in turn steered me to a credit fixer. I am suspicious. [more inside]
posted by intrepid_simpleton on Mar 29, 2016 - 15 answers

Housing Refinancing 101- Options in NYC or NJ for a NYC home?

Am looking for loan to refinance a paid off, income generating house I have inherited with two brothers. The aim is to get 1/3 of the value to buy out brother M, so it will become co-owned with my other sibling. More inside! [more inside]
posted by TenaciousB on Mar 24, 2016 - 4 answers

Can I sell an easement on my property?

My property's title has an easement onto my neighbor's property for a right of way through the neighbor's property to my property. I don't need this easement to get into my property, although I do occasionally use it. My neighbor's property has been purchased by developers and they would like to buy back the easement (pay me to extinguish the easement) in order to develop across the easement. This seems straight-forward, but selling a portion of my property would seem to violate my mortgage agreement. Would it? [more inside]
posted by anonymous on Mar 9, 2016 - 13 answers

Saving to buy a house strategies

Soon we will be completely out of debt and are considering buying a place in the mid-distant future. What is the best strategy investment and tax-wise to save up for a down payment? Any tips or tricks? Low hanging fruit? [more inside]
posted by srboisvert on Mar 3, 2016 - 9 answers

Cautious Lenders: Conservative Appraisers?

Do cautious mortgage lenders tend to use appraisers that value properties on the low end of the spectrum? [more inside]
posted by baseballpajamas on Feb 8, 2016 - 3 answers

UK mortgage questions

I've got a slightly complicated question about mortgages in the UK... [more inside]
posted by derbs on Jan 19, 2016 - 3 answers

Living together but financially absolutely separate? (Canada)

I was wondering if anyone has any advice to impart about managing finances on an absolutely separate basis as a live-in couple. Specifically, if one person wants to pay for the mortgage with no financial help from his partner. [more inside]
posted by analog on Jan 13, 2016 - 14 answers

How do I apply for a mortgage refinance?

I've always been told to shop around for a mortgage. I have one and want to refinance, so what does shopping around mean? Is that still good advice? [more inside]
posted by fireoyster on Jan 10, 2016 - 12 answers

good idea / bad idea?

Should we ask our bank for a consolidated loan after they turned us down once before and now hold our mortgage? [more inside]
posted by anonymous on Dec 30, 2015 - 4 answers

Wanting to buy a house in a tough market

Since I recently moved back into the parental home and started a full time job that I love, I'm finally in a position to save some money. According to the news, the housing market is starting to cool, so I'm considering saving up for a house. But is there actually any way that I would be able to manage this in my situation? Details inside. [more inside]
posted by kinddieserzeit on Dec 5, 2015 - 20 answers

What type of professional can advise me on selling my house?

I bought my first house a few years ago, with the help of a mortgage advisor. Now I'm starting to consider moving to a different city (where I would rent a place), but I need some professional help in analyzing my mortgage situation. Also, I know the house needs some repairs and cosmetic fixes, so I'd also like to get professional advice on how to handle those issues (basically, how much should I spend to make the house sellable). [more inside]
posted by neushoorn on Dec 1, 2015 - 3 answers

We're going to be new home buyers and we have some downpayment questions

My wife and I are buying a house and our possession date is on December 4. My brother is my lawyer who will close the deal on the house. We're driving up from Regina to Saskatoon this weekend. This is our first house. He sometimes thinks he's given clear instructions when he hasn't and he'll end up blaming us for not reading his mind. My brother said I need to bring my cheque book, but he wasn't willing to answer why he needs the cheques. My wife and I are assuming that they're for both processing fees and for the down payment. If they are for a down payment too, should my wife and I move our money from our non-chequing accounts to our chequing accounts? Or will my brother only need void cheques, so that he can then obtain from funds directly from all my accounts at a later date (my tax free savings account and my chequing account, my wife's separate accounts)? Will it also be fine to have two cheques for the down payment (one from my wife and one from I)?
posted by DetriusXii on Nov 25, 2015 - 16 answers

Pregnant! Should we step back from buying this house we've dreamed of?

We were getting close to making an offer on a home — but the house was a lifestyle upgrade, not a necessity. This month we found out a kid is on the way (whoo!), and we're trying to decide if the house is still doable, or if we should save our pennies for the little person-to-be? [more inside]
posted by anonymous on Nov 15, 2015 - 22 answers

Does FannieMae consider wage deduction (garnishment) a hardship?

Wells Fargo has required that I fill out a Uniform Borrower Assistance Form because my wages are being garnished for repayment of credit card debt. Is this considered a reduction in income outside of my control?
posted by qsysopr on Nov 10, 2015 - 2 answers

First-Time Home Buyer: Mortgage Question

My wife and I signed a contract for a home we love in Port Washington, New York. It's exciting and sort of terrifying. We have a pre-approval letter from a bank, but we probably won't actually get our mortgage from the bank that issued the letter. It's the first time we've ever bought a house (-- it's the first time we've ever bought anything bigger than a breadbox --) and we need to get up-to-speed on how to compare offers from different banks and make this decision wisely, instead of by the seat of our pants. Please point us to good resources online and offer us advice. Assume we know nothing (because we really don't know anything about this sort of thing). We plan to put down between 20 and 25 percent, and, of course, we'd like to get that lowest interest rate and lowest closing costs we can. Thanks!
posted by thursdaystoo on Nov 6, 2015 - 14 answers

How do I know if it's a good idea to refinance?

I own several houses which I rent out. I frequently get "pre-approved" offers to refinance the ones that have mortgages. How do I know if it's a good idea, and what's the best way to go about it? [more inside]
posted by cmoj on Oct 21, 2015 - 7 answers

This house stinks. Help us keep it anyway.

We are trying to avoid foreclosure on a house that we love, but has significant issues that we may not be able to afford to fix. Namely, moisture damage/mold. Are there risks in asking the mortgage company to help? [more inside]
posted by anonymous on Oct 17, 2015 - 11 answers

How does the holder of a second get paid in a refinance?

YANML, and YANMBroker. I need a reality check. I tried to google this but I'm not sure what terms I should be searching for. Let's say you've loaned money to a business in exchange for a second mortgage. Now said business wants to refinance both their first and second, and needs you to sign a deed of reconveyance to satisfy the new lienholder. In this circumstance, is it normal to sign off on the deed before you're actually paid off? [more inside]
posted by bricoleur on Sep 29, 2015 - 3 answers

Unhappily Forged

I purchased some property a couple of months ago. One of the documents recorded with the county doesn't match the document I have (that I walked out of closing with). I think the Notary forged my signature after the fact. What should I do? [more inside]
posted by shew on Sep 26, 2015 - 6 answers

Unintended consequences, mortgage refinance edition (USA)

I would consider refinancing both my mortgage and my HELOC (which is reaching the end of the drawdown period next year). However my income has changed since I originally qualified for the loans, due to a more freelance work situation. If, while exploring my refinancing options, my current lender becomes aware of my less reliable income could that cause me problems with the existing loans? [more inside]
posted by jindc on Aug 31, 2015 - 3 answers

First time homebuyer loan

First time home buyer. Totally confused and stressed out! I was pre-approved for a loan that includes a CalHFA down payment assistance loan. (I'm in California, natch, Alameda County). We went into contract last week and now my mortgage broker is asking me to collect a bunch of paperwork and she told me I need to do an educational class for my CalHFA loan. So I start researching these loans a little more closely, and I think I'm over the income limit. Now... What? [more inside]
posted by anonymous on Aug 25, 2015 - 3 answers

First time buyer at 51 years old

I need a bit of advice on the wisdom of buying a shared ownership property at the age of 51 years old. I live in London. [more inside]
posted by blokefromipanema on Aug 25, 2015 - 5 answers

Timing for an IRA Distribution for First Time Homebuyer Purchase

"Consult your tax advisor about your particular situation. " Hmpf. As if everyone has a tax advisor at their fingertips. So... I thought MeFi would be just as helpful. :-) After lots of thought, we would like to take an early distribution from an IRA for the downpayment on a house. Anyone here on MeFi have any experience with or specific knowledge of this type of distribution? Not looking for advice on whether we should or shouldn't do this; we have a pretty good nest-egg and believe this distribution is for the right reason, at the right time. [more inside]
posted by funfunfun on Aug 1, 2015 - 5 answers

Mortgage Question

I am thinking about buying a house. I have a great salary but essentially have no money to use as a down payment because I have been focusing on paying off student loans from grad school. Am I eligible for a loan when I could only put down maybe 5% of the purchase price? Again, with my salary i can support a fairly big loan I just do not want to wait the year or so it would take to save the down payment. Any thoughts or advice would be greatly appreciated!
posted by frednorton on Jul 27, 2015 - 23 answers

Should we use large portion of retirement savings to pay off mortgage?

The problem: We built a cob (monolithic adobe) house 15 years ago which we initially financed and refinanced. It is a one of a kind house and there are no other adobe homes in the area. Since the big mortgage debacle, underwriting guidelines have changed with regard to comparable homes and we cannot refinance our own home, nor could anyone else secure financing to purchase it. [more inside]
posted by lzw on Jul 24, 2015 - 18 answers

PMI on FHA loan. How do I kill it with fire?

I am attempting to figure out what it will take to drop the PMI from my mortgage payment and, wow, the internet is really leading me on all sorts of wild goose chases in attempting to figure out what the actual criteria are. Loan details within. [more inside]
posted by JimBJ9 on Jul 15, 2015 - 10 answers

Should I buy it? House edition

I have been wanting to buy a house in my city for several years and am finally in a position of stability (financial and otherwise) to do so. This is exciting! I want to make sure pursuit of this particular goal does not foolishly jeopardize other long-term goals, and need some help sussing out genuine rational concern from irrational fear of commitment. [more inside]
posted by ista on Jul 14, 2015 - 5 answers

Should we buy this house?

We're house-hunting in the craziest market ever - SF Bay Area. Will you help me think this out? [more inside]
posted by latkes on Jul 13, 2015 - 23 answers

is there any way to buy 2 houses at one time?

Is there any way to maximize credit/income by purchasing two houses at one time without the bank knowing about it? And is it legal to do so? [more inside]
posted by soooo on Jul 9, 2015 - 13 answers

House has been inspected. Can I bail on my offer?

Hi, MeFi. So I put an offer on a house, and it was accepted. But after getting the results of the inspection, I'm having second thoughts. Details below. [more inside]
posted by schooley on Jul 9, 2015 - 34 answers

Loan conditions drastically changed, how to mitigate?

I'm very close to closing on my first home. I went with Chase when I shopped around as I like the service the banker provided. Today the banker told me the I don't qualify for a conventional loan and only for some kind of in-house loan where Chase is solely responsible for the risk. This increases my closing costs anywhere from $3000-5000. Is this normal and is there anything I can do about it? [more inside]
posted by iamisaid on Jun 15, 2015 - 13 answers

Home buying & appraisal

Does the lot size play a significant role in home appraisal? [more inside]
posted by asra on May 19, 2015 - 8 answers

Mortgage repayment

Why would someone not pay off their mortgage? [more inside]
posted by gorcha on May 19, 2015 - 13 answers

Quasi Mortgage / Refinance Application Scam?

My wife and I awoke to a bunch of emails (and now calls) from mortgage companies responding to "our" request for information about a refinance. The calls and emails are frustrating in themselves, and, of course, it's off-putting to think someone has done something untoward with our information. Has anyone else experienced this? Details inside. [more inside]
posted by Admiral Haddock on Apr 20, 2015 - 5 answers

How old is too old to buy a house?

For various reasons, I'm in my late 40s and my husband and I still rent. I'd like to buy a house (well, an apartment, actually) eventually, but am wondering if it's too late to do that now and I should just resign myself to renting. [more inside]
posted by holborne on Apr 2, 2015 - 15 answers

Ex is getting the house, need legal help in Denver, Colorado

My ex and I are trying to figure out how to transfer the house to her without me losing all of my equity. Unfortunately, she can't afford to just buy me out, and can't qualify for a new mortgage on the remaining loan balance if she's got a loan to me as well. I'm looking for recommendations on finding a lawyer to help vet a legal agreement, and any specific legal methods for making this happen. This is in Denver, Colorado. [more inside]
posted by hackwolf on Mar 31, 2015 - 11 answers

Best web sites / banks in NJ to use to get pre approved for a home loan?

Looking to get pre approved for a home loan as a first step. Could you recommend a few good banks & web sites. The home purchase would be in central NJ. Would prefer to get this done over the phone / online. What is typically considered a good interest rate for someone with very good credit these days?
posted by r2d2 on Mar 22, 2015 - 4 answers

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