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    Cincinnati Ohio
  1. By my calculations that is an effective interest rate of just a little under 14%. How is that a good deal for the borrower. I have said for years that as an industry, we are putting some folks into homes that maybe we shouldn't. This might be one of those cases.
  2. It is very common, in my experience. Lenders can always (with few acceptions) hold the borrower responsible for any deficiencies.
  3. Yes it can be done....but you will eat up some equity in doing so. Why do you need to wait?
  4. A lot depends on the broker andyour particular situation etc. You don't have to necessarily pay us out of pocket, but sometimes it could be necessary.
  5. A land contract refi usually needs 12 months seasoning. What is the date on the land contract? Is it recorded? Not all lenders require that it be recorded. Do you ahve 12 months canceled checks?
  6. What is the job outlook situation like? If you were able to refi and didn't have a mortgage payment for a month or maybe two, would you be able to keep ontrack? You have the scores and the equity to do something, but I would want to know that you would be able to maintain and not get back into this situation.
  7. Can you be more specific? Value/amount owed, scores etc? There are a ton of factors, starting with your credit report. If that mortgage line is marked as 'foreclosure initiated' or not. Give us more detail so we can try to help you.
  8. The NOO inverstors that I am familiar with are changes guidelines faster than you change socks. That being said I think there are a few lenders that will allow that LTV full doc and maybe stated or no ratio. I'd have to look at the current guidelines to be sure.
  9. The property determination is in-put from the LO. There is no way an automated system can determine what type of property you are buying. You income is also in-put by the LO or user. Interest rates might have increased a little but no way near what you are being told. I hate to make accusations, but.........I hope you got a kiss at least.
  10. The tax lien has affected your scores. As long as it's been paid, it doesn't really have a direct affect on anything else.
  11. I agree we need to clean up, but I'm in Ohio and there are 3 different versions of 'preditory' lending laws. All I'm saying is to define the term properly.
  12. I would suggest trying to make it on time if possible. That being said, I'd probably try to make it a week earlier than the 30th so it gets posted on time.
  13. I have no problem with increased punishment for fraud as long as 'fraud' is defined. There are several definitions of fraud out there. As with 'preditory' lending.
  14. In several markets, the price of real estate is declining. You might be in one of those areas. The seller might have had a realistic idea of the value 6 months ago. But now the value has declined.
  15. How long have you owned it? Make sure that you don't run into a pre-pay penalty issue. As far as qualifying, you should be fine. Make sure you save enough to justify the closing costs etc.
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