todd c asked:


Hi we thought we would be living here for ever, so last year we were approached by someone telling us our home was valued at 300k. we decided to refinance with this assumption they even had a apprasier come out and evaluate the property. At that time we owed 240k on the home and used the excess to pay medical bills. We bought the home for 250k two years ago. Now we have to move, we want to get closer to my wifes parents, and a appraised value is now at 250k. so we are short of 50k…………, someone told me it was illegal of them to appraise my property at 300k last year is that true, i told me realitor that situation he told me the property should have never been valued that high.

Alex

martha33 asked:


The prêt is of l& #39; d&amp purchase; #39; a house or to refinance not to fix in place.

Terry

rjain15 asked:


My lender is giving my 5K back for a mortgage of prime minus one for few months and then he will refinance. He says that I will get huge incentive and then he will refinance at almost no cost.
Any comments or suggestions… ?

Hazel

queen4one asked:


I have a 3-year ARM but terms of it is about expire before the 3 years. I want to refinance. Will the new law that recently passed help me?

Ramon

Morgan Kennedy asked:


Home foreclosures have become a huge problem as of late. Many people can’t even afford to pay their credit card bill much less a house payment. It has even become harder to get a reasonable home loan due to the economic crunch. This is why some homeowners have turned to the mortgage short sale. The problem with this line of thinking is that it could negatively affect your credit score. Keep in mind this is only an alternative to filing bankruptcy or going into foreclosure.

You may ask what a mortgage short sale is. Well the answer to this is quite simple. A mortgage short sale is the sale of a persons’ property when the owner is financially strapped. The home is sold for much less than the standing mortgage balance. The money gained from this sale is then used to repay the lender or home mortgage company. The lender accepts this partial payment and releases the borrower from their mortgage. This is a more beneficial deal for a lender than a costly foreclosure. The problem is not all lenders will accept a short sale or any type of discounted payoff. The other problem is that not all borrowers or even all properties will qualify for a mortgage short sale.

There are several different options at the borrowers’ disposal and the mortgage short sale is just one of them. If you happen to run into any type of financial difficulties you should ask your lending institution about forbearance on your mortgage. A short sale mortgage is utilized when the borrower has longer lasting financial difficulty. You can also use a deed in lieu of a foreclosure or you could try a short refinance as another option. Something else to keep in mind is that there could be drawbacks if you decide to purchase a mortgage short sale home.



Maureen

Deby asked:


We have land with approximately 25000 equity in it. Owe 7500 and want to use the equity towards the purchase and pay the land off and refinance it with the mobile home loan. but due to my brother having his 35 year old mobile home on my property I am having a problem finding a lender that will do this. His home is in his name and is not part of the appraisal on my property. Our credit scores are approx 540 to 600 not sure of the exact figure. Does anyone know who can help us?
We wish to purchase a 2006 or 2007 new mobile home from a dealer.We have land with approximately 25000 equity in it. Owe 7500 and want to use the equity towards the purchase and pay the land off and refinance it with the mobile home loan. but due to my brother having his 35 year old mobile home on my property I am having a problem finding a lender that will do this. They want us to split the property into 2 deeds. Due to zoning restrictions we cannot do this. His home is in his name and is not part of the appraisal on my property. Our credit scores are approx 540 to 600 not sure of the exact figure. Does anyone know who can help us?

Phillip