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bkinco

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  1. Is it possible to obtain a cash out re-fi on a rental property these days? I've read about 50 posts today and in some cases, it looks bleak, but in others... Situation: Rented since purchased four years ago; documentable via lease and bank statements. Conservatively worth $110,000 (documentable via sales on same street w/in last 60 days and they didn't have new AC and roof like ours does;-) $18,000 remaining mortgage, want to re-fi to $75,000, taking cash to pay off a student loan and remaining mortgage on primary residence. No other debt. Six months reserves and $ to pay closing costs in bank already. Income is more than enough to cover both houses, even without counting the rental income. DTI, including both homes would be < 29% Mid FICO scores (post bankruptcy 14 years ago) 812 and 822 Is it possible? Or would we be better off to pay mortgage in full and then pull whole new mortgage? Any guidance appreciated
  2. We purchased our home in Florida in 2006, and of course it is now worth about 60% of what we originally paid, even though we got a good deal at the time. We have an 80% loan at 7% which is tied to LIBOR, so we anticipate that will be going up in the future. We have a fixed 20% loan at 10% interest rate. We have managed to amass a fair amount of money in the past couple years and now need to decide the best way to dig out of the 80/20 hole. We have the funds to pay off the 20% loan completely but since that loan is fixed, I'd really rather address the ARM first if at all possible. (If we are careful, and are allowed to just re-fi the first with an FHA, we would have 1. the difference between what we owe on the first and the current home value 2. 3.5% down, 3. 3% in closing costs. My questions are: 1. The same lender holds both the first and second, so will this be helpful with subordination of the second? 2. The lender makes FHA loans. so do we try through them first? 3. Can we even do a 3.5 down on a re-fi through FHA? 4. Will 3% cover FHA closing costs? ( Taxes and insurance prepaids will be minimal, since the house is worth so little now.) 5. Does "declining market" status affect the mortgage insurance? How so? Thanks for any help you can give. BK
  3. So, from the way I read things, if the LIBOR is at approximately half of what it was 6 months ago, and my ARM is tied to the 6-month rate, then my mortgage will go DOWN??? The mortgage company can't change their margin, right, and the rate is down, right??? Or am I just completely reading the whole thing incorrectly? I mean, we re-set once already and my rate went up, even though I think the LIBOR was actually down from when we closed. Anybody out there able to lead me through this? I'm obviously reading this wa-a-a-a-y wrong. Thanks BK
  4. A little history...Filed medical-related BK in 2004; health and finances fairly well recovered now. So, a week a go I took a tumble. Woke up unable to walk. Thought leg possibly broken; needed to have it checked out but it was a Saturday, so my Dr. not available. Very responsibly looked up, through my insurance provider's site, nearest urgent care, as did not want to use ER unecessarily or pay ER deductible! Seen at urgent care, paid $75 co-pay at time of service. Checked site today to ensure the Dr. filed claim. They did and it's been processed. Remainder of bill I am responsible for: $128.00. Now, let's add this up: Insurance premium for this month $386.00(Coverage thru employer) Urgent care co-pay $ 75.00 Patient remainder $128.00 Prescription 1 co-pay $ 15.00 (no generic available) Prescription 2 co-pay $ 10.00 (generic available) TOTAL OUT-OF-POCKET MEDICAL THIS MONTH $614.00 Yes, I have the money. It's just that I keep hearing all this horrible stuff about the uninsured. Well, at these rates, being insured sure isn't all that helpful. Last month was much better: Insurance premium for last month $386.00( Coverage thru employer) Spouse saw Dr. for sore throat $40.00 co-pay to see reg Dr. Spouse got strep test $10.00 lab co-pay Prescription co-pay $10.00 co-pay (generic) Presc. didn't work/ penicillin injection $10.00 co-pay for injection TOTAL OUT-OF-POCKET MEDICAL LAST MONTH $456.00 You can just bet that at the end of the year, we'll be just under the mark for being able to deduct our healthcare costs, too! Sometimes I just want to give up! Think I'll just go take my Percocet
  5. Closed mortgage in February. YEAH! In our closing papers it said that the loan was being sold immediately to another mortgage company. We were told to pay our first, (due May 1) and subsequent payments to the second company. We were even provided with two coupons for the second company. We paid these first two payments well in advance of the due dates, but when we had not received any statements or coupons by the time the third payment was due, we called the second company. They claimed they had never heard of us (although, by then both checks had been cashed.) We went ahead and made the third payment, against our better judgement, and that check was also cashed. Now, when the next payment was due, we were not real happy. Wrote a nasty letter saying that since our checks were being cashed, but they were claiming they never heard of us, they'd better tell us where our money was going. Next thing we know, we receive a letter from yet another company telling us that the very first company had just sold our loan to them and that we should start, immediately, paying them. We've now paid them three payments--in fact we paid the payment that is due Oct 1, already, but we keep getting late notices and now this bogus paper about us not having insurance. (We paid an entire year's insurance at closing, and have the policy to prove it.) I have a feeling, because we were financed following bankruptcy, that we've been scammed to a ridiculous level, because this latest company will NOT tell us if they received our earlier payments from the second company. Nothing is on our credit report, except the last two payments to this latest company. Where to turn? Who can help? I just hate to think that we sent several thousand dollars in payments and they count for nothing. Do I just need to get a lawyer? Any advice appreciated.
  6. Friend is panicking, trying to re-fi. Is this okay? I think I see junk, plus how does this help her, other than her estimated payment increase will only be $52.00 Basic situation: 3 yr ARM @ 3.75% coming due next month. Payment will adjust upwards minimally $109.24, max $186.00. Good credit, but broker says expected equity is not there. Was planning on appraisal at $165,000, broker says likely to come in at $145.000. Money very tight! Broker is suggesting: 5 year I/O 80% @ 5.87% 20% @ 9.05% This will make payments go up total of $52.00 per month Loan Amount $112,500 801 L/O .750% 843.75 802 803 Appraisal 325.00 804 Credit Report 50.00 809 Tax related service fee 60.00 810 Processing Fee 500.00 811 Underwriting Fee 595.00 812 Wire Transfer 17.00 FLOOD CERT. 12.00 1101 Closing or escrow Fee 150.00 1108 Title Insurance 500.00 ENDORSEMENTS 80.00 1201 Recording Fees 150.00 Esitmated closing costs $3282.75 Interest for 5 days @ 18.3594 91.80 Tax reserve 9 mos @ 81.25 $731.25 Total estimated prepaids $823.05 Total estimated settlement charges $4105.80 Payoff $118.065. New first mortgage (blank) Loan $112,500. Subfinancing $10,000 Closing $3282.75 New 2nd mtg closing $205 Prepaids $823.05 Total funds to you $124.05
  7. Thanks Marv! A Toyota TL will look nice on my CR, post-BK...
  8. Dealer says will finance through them. What is known about them? Thanks.
  9. Finally found the Tier info I was looking for regarding Toyota. Besides the FICO, what else would put you into or out of a tier?
  10. Hi Marv and/or anybody else in the know... I searched, but can't seem to find much info on Toyota. (If I missed it, just point me in the right direction please.) I need to know the Toyota tiers. Was told a 682 Beacon (ae) is a tier 4, but could be pushed to a tier 3??? Seems wa-a-ay off to me. Could it be a tier 3? or even a 2? Any input appreciated. Thanks!
  11. bkinco

    Appraisals

    Actually, we just had an appraisal done (FL) on a property we wanted to buy, and we knew the seller was WAY out of line in the asking price, so we were hoping the appraisal would come in somewhere in the correct range. The seller originally said he would sell for appraisal price. Well, in this part of the country, appraisers are definitely minding their p's + q's. Even though ALL of the houses for sale in the area are priced in the same range, the appraisal came in more than $20,000 below the asking price! That's because what has actually SOLD, as opposed to what is for sale, has all been around $20,000 less than what the homes are listed for. Sellers just haven't caught up to the fact that the market has tanked here... Anyway, once the seller got the appraisal info, he decided against selling. (Even though he would have made roughly a 75% profit from his original purchase three years ago because up until this year, the values were skyrocketing at an incredibly inflated rates.) So, we're still renting and looking...
  12. I have to say that United has done an INCREDIBLE job throughout my very extended illness. There are things that are a pain, like needing to get referrals for the specialists, and needing pre-authorizations for surgeries, etc. but these are common to HMO's. What has been great as a patient is that most of my providers are linked to them via a computer system, so bills are in AND PAID within a couple weeks. I keep track of everything via the United website, so I know what to expect in terms of co-pay billings, etc. You DO need to watch out on the prescription end of it. My meds are some serious stuff, and because they are not run-of-the-mill, but "tier 1" I end up with a $30 co-pay per prescription, not just the normal $10. For me, that's about $180 a month in prescription co-pays verses $50 a month. (You can get a little cheaper with their mailed prescription program, but once it was stolen from my mailbox, I decided the $5 per was not enough of a savings to continue the mail program.) On the other hand, all my labs have been free of charge to me, and I am at the lab twice monthly! From a patient point of view, they really have been very smooth to work with, including things that are a little out there, like continuing lab work, and ongoing physical therapy. They have never, to my knowledge incorrectly processed a single one of my claims, and I have, literally, hundreds. That said, my primary doctor just told me she is discontinuing her relationship with them because they are apparently, as noted by cotter, a royal pain to deal with from the provider point of view. I haven't started looking for a new primary that accepts them, so I don't know how prevalent the "providers don't want to work with them" is. Hope this helps.
  13. Inconsistencies are common across reports from anybody outside of actual paper reports from the individual CRA's. (I've even had a couple instances where the online report and the paper report from the same CRA differed!) It is well worth the time, $$$, and effort to get paper reports from each individual CRA.
  14. bkinco

    West Asset

    Bump on behalf of OP

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