creditdispair

We planned on waiting the whole year time frame for the appraisal, so it will be a brand new one, so I need to know if the 'year time line' starts when the initial appraisal was completed or when the mortgage was actually opened. One can no longer just have PMI removed from the FHA mortgage, like we have, as far as I was told when we signed at closing. Even if the equity reaches 78%. So this is why we want to refi sooner, rather than later to a hopeful conventional so there will be opportunity to remove PMI in the future, even if we don't have the equity to start the mortgage off without PMI (or is it called something different with a conventional?). As long as the rate is compareable, I'm even OK if the payment increases slightly in order to save money over the long run of the loan.

All great advice, thank you very much! We have done most of the work ourselves, except we hired a union taper to skim coat the walls because they were in really bad condition when we tore the paneling on top down, and we obviously hired someone to install the granite. The only things we have receipts for are the appliances and the materials we used to complete any of the other jobs. My husband is a plumber, so he did all those updates himself. The current mortgage is about $12000 under the recent appraised value. I thought I had read somewhere that there had to be 78% paid off the mortgage vs appraisal value to be considered for no PMI, but I will certainly be happier that it is 80%! So if the appraisal needed to increase by 27000 to accomodate the approx $39000 to make it under the 80% ratio, the only thing that would be helpful is to increase square footage? I was shocked that the home was appraised so low at the time, but happy because it helped us achieve the acceptance of our low offer. Houses with the same square footage and same 'town tax appraisal value' have recently sold for 20-30 thousand more than ours. Our town appraisal is $297000, although I know that has nothing to do with relation to mortgage appraisals. And our insurance company values the replacement of the home at $320,000 because of the unattatched full bath/kitchen cabana that we have with the inground pool. I guess I'm stuck too much on achieving a higher appraisal, which probably won't happen unless the housing market starts climbing in price again. I will continue to work on my scores, as I am aware of the conventional need to have above the 740 for optimum rates. But couldn't we refi to another FHA if the equity was there with the same rates (pending that they stay around the same?)

We have a new FHA loan 4.25% 30 year which we only put 3.5% down, so we have PMI for the length of the loan. We would like to refi as early as possible to remove PMI but I want to have all my information ahead of time and in order before jumping in. I want to make sure that I understand some information. Do you need to wait one year from the closing date to get a new appraisal? Or one year from the original appraisal date? Our appraisal was completed in May, but we closed August 16th. Our mortgage is currently $196,200, home was appraised at $209,000. We have invested $20,000 in work including ripping out damaged wood paneling and replacing with new sheetrock, w/crown moldings, and new lighting fixtures. New stainless steel appliances (does this count in the appraisal? the original stove was 1962!) Changed orange laminate to granite counter tops, replaced hardware and sink faucet to stainless, bathroom update replacing everything except tub, and plan to refinish the old worn out hardwood floors prior to the next appraisal. We are hopeful that the new appraisal comes in 22% over our current mortgage so we can remove PMI. Is that the only thing that needs to occur? And does anyone have experience with what actually increases the appraisal besides adding living space? Our debt to income ratio has decreased since the initial mortgage was opened and credit scores have climbed from 640's to 680's by paying down some of the debt. I am hopeful they will improve further because of the continuing of paying down debt. For the record, we started in the 520's, with multiple collections and NEVER thought we could get a mortgage! It took 18 months of hard work and dedication, but it was worth every penny/second!

How high does your FICO score need to be to be considered for the best auto loan rate? Are all banks different with their lending criteria? I ask because my husband would like a new 'used car' such as a Nissan Maxima 2010 w/37000 miles that we recently looked at, and he will be taking out a loan on it. We have been searching local credit unions, including the one he banks with, and we keep finding a low rate of 2.9% for cars 2010-2012 and want to know how likely it is to obtain a rate that low. I guess I should fill out an app for him here to see what you think of his ability to obtain financing?

That is great news nachocredit1!!! Congrats on your victory!

I know this isn't a mortgage topic question, but could someone direct me where to ask it?! I would like to change my screen name, I realize that someone else has almost the same name and I feel bad, as if I copied when I was brand new, because I didn't think to make sure there wasn't similiar ones. Is this possible?!

We have placed an offer and are under contract with a Fannie Mae owned property that also has a tenant. We placed our offer FEBRUARY 2nd and we are still waiting for the tenants to leave. Our contract w/our mortgage is FHA backed and states the tenants MUST be gone prior to closing, as it is owner occupied in financing. The Fannie Mae bank has been handling the eviction process, which is almost to the point of a court eviction with the sheriff placing a lock. Rhode Island is a 'tenant' state, therefore these tenants have been reading up on the laws and peeling off as much time as they can living rent free. If you have the time, which I think you said you are short on, and really like the property, try to come to an agreement with the bank, and include a clause that you can back out if the tenants aren't out by the time of closing. But if they make you responsible for the eviction I would RUN. It can be costly, including the repairs needed for a destructive tenant, and you are responsible for any security deposit refund if they leave the property in pristine condition. (I am not an attorney but have been receiving advice from one and this is what he has stated about RI laws.) It is a very long wait process, but if the tenants leave our property in good condition, we will have gotten a wonderful deal on a house we could have otherwise never afforded. And we are in a month to month lease, so we can stay in our current house as long as we need, we are fortunate in that sense.

Yes, this was the case I cited. Read through and see if the original company that they are reporting on falls under one of these that were part of the case. Then you can copy the case number, and cite the portion pertaining to you. I'm not 100% sure that this is what in fact led them to delete, It could have been because I have disputed with them multiple times and they were just sick of me, lol! But persistance can pay off too! Good luck! This was my last collection reporting, finally I feel so CLEAN, lol!!!

Thank you! I'm going to type up my letter now and see if this route helps me getting this sore off of my reports. This is the method I took and I had a deletion from my final report in 28 days!

I had an account with Midland that was listed as a charge off on all three reports. This item was scheduled to fall off my reports in Nov of 2013 but I am in the process of buying a home and this would need to be paid ($2,600) for the closing to go through. I disputed online (I know, not the best choice) and cited the recent ruling in the dispute comment that stated Midland was not allowed to report on collection accounts such as Aspire, which mine was. Transunion and Experian removed rather quickly! Equifax took 28 days until I had the updated notice that the item had been deleted from my report! What a great feeling, especially since they were only willing to settle for $1700.

I'm quite sure the property manager of this property is somewhat of a pushover, probably why these tenants were given so much freedom in this situation. One of the tenants is a nurse that works 11p-7a so she would always say no, when a showing was requested, stating it would interfer with her work schedule. I was actually shocked that I was able to get back in after the initial showing to have an appraisal and inspection completed.

The house was listed originally at $279,000 but the tenants would never allow the realtor in to show the property. After so many days I guess Fannie Mae drops the price by a percentage, my realtor said. By the time we were finally allowed in to look at it the price listed was $159,000. We wanted to get the $6000 covered at closing so I put in an offer of $164,000 (so really we are getting it for $158 or 164-6). I spoke with the realtor this morning, he said that this is all with the attorney for his company now. As I stated earlier, the tenants have to be out prior to my closing being set, this is listed in my conditional approval, and in the contract that I signed with Fannie Mae. So I will not have to pay for anything. Nor will I have to deal with it. Just keeping updated by the realtor so I know what's going on, and that the legal process has started. He said that they were served the 30 day notice April 4th, will have to be out by May 4th, and if not a court date should be issued within 15 days for the eviction. Then the tenants have 5 days to appeal if they decide to. Does this sound accurate? Now that the process is with the attorney we will NOT be offering them any money. They were offered $3000 to move in November, and they refused it. I am in RI, rent can be as high as $2800 for a house that size, but I am 1 mile down the street in a larger house, and only pay $1300/month. They can certainly find something more affordable under $1000/ month even in my same town. I really don't care where they go, I just want them out, and wanted to know what the longest time frame to expect was so I could give my own land lord some type of notice, she only requests 45 days, but I'd like to let her have as long as possible.

By the way, I thank you all so much for your expertise and advise so far!

Filter, this house is listed by Fannie Mae. Both my realtor and the mortgage banker stated that fannie mae will give precedent to an 'owner occupied' bid, especially if it is the highest one. I was told The cash offers were from contractors and investors who would have renovated and flipped, and the realtor didn't tell me this until 3 weeks after my offer was accepted so I don't think he was gaining anything by saying it. I only offered $5000 more than what the asking price was, but that is still well below what the market value of the home is. The FHA appraisal came in $20,000 over what the asking price was. In 2006, of course the inflated prices were around, the appraisal was in at $460,000. Other comparables in the same neighborhood (our current neighborhood) are going for around $250,000-$300,000. So we find it a great price at $164,000, plus $6000 at closing. This is why we are trying to hold out. Does anyone have a recommendation if WE, meaning my husband and I, should offer $$ through the realtor to get these tenants to move? I wouldn't be willing to give much, but wouldn't that us a better chance at them causing less damages and leaving sooner?

I emailed the property manager/realtor to tell him I need the confirmation that a court filing has been completed, and that this is in the court process at this point. Not a bank submitted note for request to vacate. Once I hear back I will update what our plan is. My fingers are crossed that this will go appropriately, but I have a feeling I will be canceling the contract this week.