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cedski

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Everything posted by cedski

  1. I'm not going to state a position one way or the other on MERS. Here is what I will say. At one point in time several counties in several states during the boom where so far behind in recording that it took 2-3 months to get recordings done. If lenders required the recording be completed prior to funding a loan those borrowers would be stuck in limbo till it was completed OR the lender would have to carry the loan on their books till it was recorded and could then be sold. In the second case it costs the consumer a lot more money because the lender is not going to absorb the carrying costs for the loan with out passing it on to the consumer. This is especially true when it comes to warehouse lenders. 20/20 hindsight is just that. I will bet that anyone who is out there bashing the MERS system at some point in time probably benifited from it.
  2. Here is a list of private lenders Private lenders
  3. This theory is a bit overblown. Anyone who "took a beating" and stayed in is about back to pre 08/09 values ... and if they continued contributing they are ahead. Just as in 1987 and 2001 if you keep your allocations and contributions intact you ultimately are fine. Anyone invested in equities needs to understand that there are significant risks in doing so. The actual problem is with those who were downsized out/laid off or otherwise became unemployed and were forced to start drawing from the accounts to live on. The beating I am referring too is in the value of the home they own.
  4. This thread will be closely watched refrain from making political comments.
  5. What this article does not take into consideration is that many of the baby boomers took a beating in the market over the last couple of years and may not be as eager to sell a home which has lost value and then try and fund a retirement out of a devastated 401k. I wouldn't put much faith in this paper because of those simple facts.
  6. What part of Texas are you in? In Dallas Middleberg Riddle and Ghianna or Black Mann and Graham or Pierson Patterson. Morton Baird is down in the San antonio area and Gregg and Valby are in Houston.
  7. Steering is a RESPA violation. Unless it's in the actual purchase contract for the house you can't be forced to use a particular title company.
  8. make sure you get the lien release
  9. if you are writing off LLC losses on your personal tax returns it will show and count against you.
  10. As long as you have filed your homested exemption a judgement won't affect your home. Technically under TX law even if you sell the house you can keep the proceeds from the sale and those are protected for up to 90 days from garnishment. I am not of course an attorney but it's not something i would be concerned with.
  11. Let me address a couple of things that jump out at me in this post. and the repiles 1. To the OP...you state your scores are just under 700 however your signature line reflects a discharged BK and one set of scores under 600 and the other under 700 so is this a joint application? If it is then your broker is correct you need to work on your scores. 2. A 90 day late AFTER a BK probably won't be approved on a manual underwrite. You would need an automated approval. 3. The new GFE requires the broker disclose ALL the compensation they are making on the transaction unlike a bank which still doesn't need to disclose the back end profit
  12. Property taxes in TX tend to run at about 2.50 per every 1,000 in value. The value is based on the county appraisal not what you paid for the house. You can dispute the county appraisal however. Keep in mind that the seller will be paying the taxes on a pro-rated basis through the day you close. I did not see the owners title policy and in TX it is usual and customary for the seller to pay it as well. It may be in the total from the 2010 GFE box. There isn't an easy way to show a credit from the seller on the new GFE for something like the owners title policy.
  13. What you are asking the lender or broker to do actually creates a liability for them. Under the new GFE laws with the RESPA reform that went into affect on January 1st. the lender is responsible for and is held accountable for the numbers on the GFE.. So if the lender changes his fee's on the GFE and lists the title company YOU chose as the prefered vendor then the lender is accpting responsibilty for the title company fee's and if those fee's change the LENDER not YOUR title company has to re-imburse you. Having said that I would not send out a new GFE with another title companies fee's on them. Luckydriver I can appreciate your position but from a purely neutral stand point if all the fee's being reduced belong to the title company a new GFE is not needed nor required. Since the GFE does not actually show cash to close then simply taking the pre-lim HUD the title company provided and manually making the changes to the IFW would be the easiest way to see your final numbers.
  14. What you are asking the lender or broker to do actually creates a liability for them. Under the new GFE laws with the RESPA reform that went into affect on January 1st. the lender is responsible for and is held accountable for the numbers on the GFE.. So if the lender changes his fee's on the GFE and lists the title company YOU chose as the prefered vendor then the lender is accpting responsibilty for the title company fee's and if those fee's change the LENDER not YOUR title company has to re-imburse you. Having said that I would not send out a new GFE with another title companies fee's on them. Luckydriver I can appreciate your position but from a purely neutral stand point if all the fee's being reduced belong to the title company a new GFE is not needed nor required. Since the GFE does not actually show cash to close then simply taking the pre-lim HUD the title company provided and manually making the changes to the IFW would be the easiest way to see your final numbers.
  15. There are far to many variables to answer this question. Can you give a bit of break down as to the terms of the transactions like down payment and purchase price.
  16. Like another poster mentioned a tax lien may supercede. However the company that holds the first mortgage can do what they want. they do not need permission from the other lien holders to sell the house. If the liens in 2nd,3rd etc want to excercise then they have to buy out the liens in front of them to force a higher sale.....that is the only way it works.... when you purchase a home the 1st lien holder has to release and any liens behind it are automatically released other than a tax lien and or possibly an HOA lien..so make your offer and the title company will clear it and give you clear title.
  17. Is this house being built and sold by a builder? It doesn't sound like it. It sounds like a foreclosure on a constructino loan and financing will be extremely difficult if not impossible because chances are you won't be able to find a title company willing to insure. I say this because of the potential for mechanics liens to be placed. Generally speaking when construction projects are foreclosed on mechanics leins come out of the wood work...the selling bank may be willing to finance it but that is more than likely then only option.... My suggestion would be to pass...
  18. The caveat is that if you are in a state where it is usual and customary for the seller to pay for the buyers title...TX is like that.....the seller doesn't have to pay yout title fee if you choose your own settlement agent....just something to be aware of.
  19. As of January 1,2010 the new law concerning RESPA does not allow for ANY change to bucket 1(which includes loan orgination) it is a ZERO tolerance field. The only exception to that is if the orgination is expressed as a % and the loan amount changes. Long nd short they either honor the lock or you go someplace else....a float down will not be available expired locks are always worse case scenario. Meaning higher rate or lock extention cost....unless the loan is flipped to a different investor which may require another appraisal.
  20. cedski

    GFE Review

    What is the interest rate? Most lenders use a 3rd party for tax transcripts and they all charge for the service.
  21. Did you complete a loan application? If you did you may have an issue regardless of the status of the jusdgement. Section 8 question D on your 1003 addresses whether or not you are being sued OR are party to a lawsuit if it wasn't disclosed and you didn't disclose the terms of your settlement as part of your debt you may have already committed mortgage fraud.
  22. In todays enviroment we are seeing a lot more credit unions writing mortgages. A few have been known to have some additional conditions....here is the catch with use may credit unions. A lot tend to use whats called a CUSO(Credit Union Service Org.) So the CU that you or may not actually be underwriting your loan. Check with your CU and ask if they underwrite directly in house or use a third party.
  23. Texas is a recourse state so yes they can come after you for the difference.
  24. Check with your local community bank or CU. With scores like that chances are that will be your best option. I'm in TX and work a lot with community banks and there are several who would do that loan. You would want to talk to the chief lending officer or some one with a title along those lines.
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