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Everything posted by bkinco

  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 closin
  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 a
  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: $128.0
  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 thir
  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
  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


    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 bee
  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 so
  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
  15. You've got plenty going for you. First, though, did you receive any kind of paperwork/receipt when you turned the cable box in? That would be a natural first line of defense.
  16. bkinco


    Long story short... Included mortgage in BK 2 years ago. Was listed as such on all CRA's. OC sold mtg to another company POST-DISCHARGE. 2nd company put negative info on reports, so we complained to CRA's (2 deletes, 1 "remains"). Last month, wrote directly to the second company, saying "you're in violation of BK injunction, take your entry off of this CRA." Update: Saw serious score drops on recently pulled FICO, so ordered individual paper reports from all CRA's. This is what's on them ALL now: Second company still on the one CRA report. OC now no longer noted as IIB, on ANY re
  17. bkinco


    Sorry for the double post!
  18. My realtor told me that it's not unusual to offer about 10% off these days, here in Florida, AND the seller will often pay buyer closing costs. She said inventory is up about 130% from last year. As of this month, 3 houses in my neighborhood (brand new construction) have been for sale for an entire year. 3 more for more than 6 months, and the rest at least 3 or 4 months. I also saw an appraisal which say homes are selling at 8% below list price and are on the market 3 - 6 months. I figure the appraisal is on the conservative side. The reality in my neighborhood is that NOTHING has sold (actual
  19. "My question - How will this effect are chances of getting financed. Will morrtgage guys consider the house as let go in Dec 2003 (which are CRS are showing) or Sept 2005." So, y'all are saying that that the mortgage is considered gone in the bankruptcy, and the foreclosure AFTER the bankruptcy doesn't count as the date????? I'm asking because my bk included my house in Jan 04, but the FC wasn't complete until Sept 04, and I've been told I have to wait until two years out from the sheriff's sale!!! It's important that I get a completely accurate answer on this one! Thanks, BK
  20. bkinco

    Florida again

    Thanks for the info, guys. Home is in Hernando County, and everybody is telling me I will end up with Citizens anyway, but I'm still shopping.
  21. bkinco

    Florida again

    Looks like I may finally be buying a home in the next month-three months. Can those of you who've closed in FL in the last few months please post your HOI amounts? So far, I'm being quoted $1800 - $3200 on a $200,000 home Any chance of doing better than that?
  22. We're kind of in the same boat--trying to figure out how to negotiate. Our LO (from CB, actually) agrees that we need to get an appraisal done to figure out the actual value of the house we want to buy. (It's the one we're renting.) It's a $350 investment that may save up to $30,000. In our case, we're in a market that has gone completely flat, as far as actual sales. Oh, there are still plenty of over-priced places on the market, but with more than 10% of the houses in the area on the market, only 3 sales have occured SINCE THIS TIME LAST YEAR. And every month, I see drops of about $5,000
  23. Had similar situation. Mortgage company purchased my mortgage, which had been included and discharged in BK7. 2nd company foreclosed, which was their right. What was NOT their right was to put false information on our credit reports, along with a report of the foreclosure. Am awaiting info back from the BK Court now. Clerk said it may not be necessary to re-open BK, judge may just write a letter. If I do re-open BK, it's a slam dunk for SERIOUS sanctions. Not yet sure about any damages...
  24. Don't necessarily be discouraged. Same thing happened to me last month--received an unchanged copy of credit report within days of initial dispute. At 32 days from dispute, received updated report with a couple of the baddies gone. (And one remains, with false updated information!) Wait out your 30 + 5, or 45 + 5 (if off of free report) and then if nothing shows as investigated, demand deletion via another letter to them which includes copies of your postal receipts. Good luck!
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