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Ankh

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  1. Ankh

    Buying a house

    Technically, that's not true. Appraisals are not influenced by what the current home is selling for, only by what comparable homes have sold for. That being said, it's not uncommon for appraisals to come in right at the sales price. Personally I attribute this to appraisers being content with "hitting the mark" and not having to put in too much effort, but that's just my opinion. It's also impacted by the fact that the listing agent is pulling comparable sales as well so they usually have some idea of how to price the home. Also, comparing salesprice to salesprice will not work. There
  2. Also keep in mind that you may be stewing over this for nothing. FHA has maximum loan amounts. I haven't seen your tax returns, but unless you write a bunch of stuff or you have a stupid amount of consumer debt, your 2006 income (without any increase) would probably be sufficient to purchase a home that fits within the FHA limits. This is a perfect example of why it's a good idea to sit down with a mortgage professional early on in the process. If you give someone the opportunity to look everything over you may find that you have no worries at all.
  3. Generally speaking, most lenders will expect you to pay off the judgment. That being said, it is up to the individual lender. A few lenders will allow a judgment to go unpaid as long as 1) it doesn't affect title and 2) you've been making payments on it for an extended period of time under an agreed upon repayment plan.
  4. Ruthie, It sounds like you and your husband have given this a good amount of thought. I'm sure you know that a foreclosure can affect your ability to buy a home for a minimum of 3 years and probably longer. But, again, it sounds like you've already weighed that information with the rest of what is going on. Ask your lender about a "short-sale". This is where the lender agrees to settle for less than the amount that is owed on the home. The main advantage to this is that you don't have the potential of still owing money AFTER you walk away from the home. If you allow a foreclosure, and
  5. My comment was dealing strictly with the OP's question about the lender placing a lien on the land. Obviously getting thrown out on the street is a big deal and obviously there could be serious consequences such as a judgement.
  6. More than likely there is nothing that the lender can do if the mobile home sits on leased land (outside of taking the home). As you indicated, very few lenders will lend on a mobile home on leased land (commonly referred to chattel loans), but there are some. Feel free to PM me if you would like a referral to one if the cousin wants to at least explore the option of buying it. If you let the home go it would probably show as a repo (it is considered personal property...like a car...not real property), but many lenders in the future may look at it the same as a foreclosure. However it
  7. Ankh

    Addendum

    It really depends on the context in which it is being used, but generally an addendum is something that is added to an existing document. For instance, you may sign a contract to purchase a home, but then you decide to ask the seller to pay closing costs for you. The seller agrees. You aren't going to draft a brand new contract, you're just going to add an addendum to the existing contract. Does that answer the question?
  8. Not generally...not in this market. Prior to the last 6-12 months there were lenders that allowed the use of one score (if you only had one) and lenders that would allow you to use the highest score. Those were mostly Sub-Prime programs and I don't think any are left. I think the best option left is the FHA program because it's not credit score driven.
  9. Maybe my eyesight is failing (I do have an eye appointment tomorrow), but I don't see where your earnest money is on the GFE. I see the builder credit towards closings costs: But I don't see where they are giving you a credit for $3661.00 which you indicated you have already paid. IF this is the cause (and I am often stricken with mental illness so it may not be) then your actually cash to close would be $2239.74 ($5900.74 - $3661.00). Did I miss something somewhere?
  10. Although this deals with a mortgage I think your question would be best answered over in the credit forum. The first step would be to either get GreenPoint to put in writing that they can't report the foreclosure or figure out a way to record a verbal conversation with them (check state laws on this). The previous conversation with them means next to nothing because there is really no proof that it ever occurred. I don’t know all of the ins and outs of the law concerning active duty foreclosures, but if what you are saying is correct, the folks at the credit forum can advise you of the g
  11. First off, I am certainly in favor of assisting consumers that have found themselves locked into a mortgage that they can’t afford. However, there are always two sides to every story. While a few homeowners may have found a way to temporarily circumvent the foreclosure process, the long term effects of a ruling like this can be substantial. Restricting the manner that loans can be sold on the secondary market can ultimately end up in a lack of available funds or more restrictions being placed on potential homebuyers. As it is, the mortgage industry is going to see severe changes in t
  12. Hmmmm.....it's a little tough, but not impossible with a good letter of explanation and some supporting documentation. If I was the underwriter I would want to see a copy of his transcripts to show he was in school plus any documentation from his past employer or the unemployment office saying he was laid off. If he isn't going to start his new job until the first of the year I would have him consider getting a seasonal job through the holidays (to alleviate further job gaps). It's helpful that his new "job" is one that is not easy to walk away from and there is sufficient conflict going
  13. Cedski is correct (although I have seen the "14 day rule" proved wrong many times). But also keep in mind that it's not just the inquiries themselves...it's the impact that they have on your scores. I have seen someone's credit score drop by more than 50 points with just ONE additional credit pull (inquiry). Of course, the lower your score to begin with, the more of an impact a single inquiry can have. It's always a good policy to keep inquiries to a minimum when you will be looking at buying a home in the near future.
  14. The rate at which points buy down an interest rate difer from one lender to another and from one rate to another. Here is an example from a ratesheet: RATE POINTS 5.875% 0.125% 5.750% 0.500% 5.625% 1.000% 5.500% 1.875% 5.375% 2.375% You can see that it costs 0.125 points to get a rate of 5.875%. It then takes 0.375 points to get from 5.875% to 5.750%, an additional 0.500 points to get to 5.625% and yet another 0.875 points to get to 5.500%. If I looked at another lender the difference between rates would probably be similar, but not identical. In my example paying a point w
  15. If you add your husband to the loan then any debts solely in his name will be added to your DTIs (assuming you are in a non-community property state...if it's a community property state this will happen regardless). Primarily a lender is looking for a 2 year history of stable income. That doesn't mean that it has to be all at the same job or even in the same field (though that does help). If he has had large gaps of unemployment he will need to explain those in order for his income to be used for qualifying purposes. Can you provide a few more details on what makes his job history so poor? Tha
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