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Everything posted by CallMeJo

  1. if the irs audits you, they can view your mortgage documents from the bank & automatically prosecute you for either mortgage fraud or tax fraud. mortgage fraud is 30 yrs. tax fraud is 20 yrs.
  2. Legally, any private party can sell their property to whomever they choose with any stipulations they choose, unless it is a violation against sex, race, etc... Any private party is not allowed to place add-ons requiring that the buyer use another 3rd private party.
  3. wow, just because we disagree on 1 thread, you don't have to get mean. people are entitled to their opinions, Steve.
  4. a broker may not have the best rates, if that's the case. you might want to try a CU, as most of their rates for par FHA are showing 5.75% today on their websites.
  5. 6% seems a little high for today. I would shop around.
  6. In the states where a verbal rescind is not legal, then neither is a verbal acceptance. A seller would have to prove to the escrow company that their offer was received before the rescind. Unless it is certified mail, then it's not possible. My family and I have worked with a couple of investors for well over 20 years now. This possible multiple acceptances has NEVER happened in that time. A good REA makes all the difference.
  7. Honestly, if she was telling the whole truth and this was a stated loan where the broker made up an income without the husband's input (since she wasn't even on the loan), then I'm sure she wouldn't be using a new moniker (newbies - 3 posts; when she's used creditboards in the past). Perhaps if she named the broker, then the broker could prove the fault lies with the borrower & she wouldn't be a victim anymore (as much of one you can be when you sign the mortgage dox with your own free will).
  8. You keep saying this. Why? If you were trying to protect others, you would surely tell exactly who this person is. I agree with Cedric. There is more to this story.
  9. Why? A simple phone call to say "the previous offer is rescinded" takes less than a minute. In your years of RE, have you ever heard of someone having received multiple acceptances on offers that wasn't the result of a bad REA who didn't make the calls that needed to be made? I haven't. As long as you have a knowledgeable and competent REA, you're fine making multiple bids. If your REA is lazy and unproductive, then I wholeheartedly agree with you. do not place multiple bids.
  10. it was the title. Can I place multiple bids??, my realtor says no
  11. You'll need to wait till 11/2009 for a FHA loan........and be able to provide tax returns......so i would focus on showing more income in 2008 and then file early in 2010 so you have 2 years of good tax returns. I'm trying to think outside the box to get the loan processed immediately. Here's what I was thinking: Amending the 2007 tax returns to reflect a higher AGI Showing assets of $100K in a business checking account to demonstrate financial health By the way, my middle fico is 680 Do you have any ideas to assist in getting this loan processed? With the foreclosure (120 day late), your only option is hard money, Which means 35% dp +.
  12. If his REA tells him he CAN'T do multiple bids, & he CAN, then his REA is LYING to him & that, for me, is enough of a reason to get a new REA. No matter what state he is in. Multiple bids is legal in every state in the country, so therefore, he CAN do it.
  13. Lenders have never had the burden of telling people what they can afford for a loan. Lenders decide what they are willing to lend. They do not care if you want to buy a car, or have retirement funds, or save for an emergency or even pay for groceries beyond water and bread. Lenders decide what they will lend. You decide how much of that you want to borrow. Report your broker. While law enforcement is sometimes willing to go after constant and flagrant abuses of the law, it is much less likely that they would prosecute your husband for fraud. Although they certainly can.
  14. OOOOOOOOPPPPPPSSSSS!!!!!!!!!!!!!!!!!!!!! Sorry, everyone. I meant, No{COMMA}, lenders get to choose their own guidelines for FHA. What a difference a comma makes!
  15. No lenders get to choose their own guidelines for FHA.
  16. cedski, what if you had a string of 120 days late but the lender never began foreclosure proceedings? The house was sold BY THE OWNER soon thereafter. Does the underwriter still consider that a foreclosure if it's seen on a buyer's credit report? Thanks. a 120 day late is considered a foreclosure......with or with out a lis pendens being filed. That's what I thought. Assuming I had a credit score of 680+, down payment of 10%, 2008 self-employed earnings of $140K before deductions (possibly $70K after deductions) and verifiable assets of $100K............would I be able to get a stated income loan today? when was the 120 day late? why stated? what was 2007 earnings after deductions + depreciation? what is the purchase price?
  17. It depends on the state......if multiple offers are accepted at the same time.......chances of this happening while rare......can occur and if they do........you may have entered a legally binding contract. While I've never heard of it happening, a good REA would be able to send out multiple email/voice mails before you could have 2 acceptances. OP sounds llike he needs a new REA.
  18. Actually, that's wrong. You can place multiple bids if you want. If 1 offer gets accepted, then you need to have your REA rescind the others. If your REA doesn't know what this is, then get a new REA.
  19. Hey everyone. I have heard that buyers are paying for appraisals now even before making offers. Is that true? Why? Is that an insult to the seller? Or just someone covering their pants? Just curious. It's a little strange. I've never heard of it here, but I'm assuming you're in one of those areas that was overpriced by 40%+? Personally, if I thought a home would not pass an appraisal to begin with, I'd move on to the next one?
  20. It depends on how your contract is worded, but it is important to remember that a financing contingency is not necessarily the same thing as an appraisal contingency. For example, the sales agreement in use where I work in PA has a financing contingency where the buyer states what sort of loan they expect to get (i.e. conventional, FHA, etc.), the minimum term (i.e. 30 year, 15 year), the maximum interest rate they will accept, the loan amount, and the lender they expect to work with. So, for example, if there is a spike in interest rates and it goes up so that the buyer can no longer afford the payments, they are protected. The appraisal is done by the bank to protect them from lending out more money than the house is worth. The key is that the appraisal is connected to the loan amount, not the contract price. As long as the appraisal comes in at or more than the amount the bank is lending, they quite possibly will approve the loan. When lots of people were doing zero down loans, this wasnt an issue, since the contract price was the same as the loan amount, so if the appraisal came in low the loan would not be approved. Now that people are making down payments there is the potential for unhappiness. Consider this scenario: The contract price is $100,000. The buyer is making a 20% down payment, so they are borrowing $80,000. The appraisal comes back at $90,000. The appraised value exceeds the loan amount, so the bank may still approve the loan. Therefore, provided all the other conditions stated in the financing contingency (maximum interest rate, etc.) are in line, the financing contingency is fulfilled. My broker was concerned about this enough to require all agents to submit separate appraisal contingencies with all of our offers. Again, it depends on how the contract you use is worded, but I see many people who assume that if the appraisal is low they can just get out, when that may not be the case. Doug But this only applies if OP is putting down at least $14k. Also, personally, if I were in OP's shoes, had agreed to put down at least $14k, & this were not a $1 mil home, then I would walk away from contract & dare seller to sue to close. Most people only put max 1-2% down as earnest. If you can save $14k by losing $2k, then I'd take the chance.
  21. APY = annual percentage yield = actual rate with all fees/compounding/etc... included APR = annual percentage rate = actual interest rate applied to amount of loan/deposit/etc... all GFEs will include both. normally, you are quoted the APR when mortgage rate shopping.
  22. is your DTI ratio with the housing payment high? front-end DTI - total monthly housing debt / total monthly gross income back-end DTI - total monthly debt / total monthly gross income if you don't know how much you'll have for a housing payment, guess the max you're comfortable with. @ $5000, I'm guessing your SL payment (even if she doesn't pay) would be around $75.
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