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sjca

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  1. A variation of this would work like this. Father can sue son in civil court for breach of oral contract to make payments and for all amounts owed to the father. Once judgement is entered have it reduced to a summary judgement and file lien on vehicle. Repo the car to settle the judgment. This would work in California but not sure in other states - best to consult an attorney. I also would purchase comprehensive and collision coverage on the vehicle until it is repossessed! Don't allow the CU to force place insurance. You can buy it yourself for a lot less than they will change you!
  2. HERO loans are not really mortgage loans. The funding comes from the County and the county "loans" the homeowner the money. The repayment is a line item on the property tax bills and is billed twice a year on the property tax bill. If you fail to pay the tax bill the remedy for the county is a tax lien sale after the 5 year default date. HERO loans do not show as a lien on the property so it does not "have" to be paid back with refinance or second mortgage proceeds. The homeowner can repay the HERO loan anytime to lower their tax bill. Clarification: HERO loan is not a lien in the mortgage sense but it is a property tax lien on the title just like school bonds, city street levies, etc.
  3. US Bank loans up to 95% on a fixed rate 2nd in California. Penfed CU loans 90%; BofA and Wells Fargo all loan up to 85%.
  4. Park it illegally in a big City. It will get impounded. Don't respond to the notices and it will get sold by the municipality. Lien holder will have option to redeem. If they fail it will be gone forever!
  5. We recently put our home in the heart of Silicon Valley on the market. In 3 days we got four offers all significantly over asking. We countered all four offers advising that there were four offers and asking each to provide their best and final offer. Three came in significantly over their initial offers and were all three "all cash". Two were investors - one from China and one from India. We selected the young couple who were first time buyers and only putting down 20%. We did this because we liked them. They wrote a nice letter outlining why they loved our home and why they wanted to live there. They provided photos of themselves and their recent wedding. They made a good plea for why we should choose them over the investors.They were not the highest offer but within a few thousand of the highest. Don't give up. You will find the right house at the right time. Maybe you need a more creative realtor?
  6. Thank you for the response. Yes, that is the rider - except it is a fannie mae owned loan. I contacted Fannie Mae and asked permission to rent the property out on a long term lease. They said to put the request in writing and that it is likely they will give written permission. If they don't I am prepared to either pay the loan off in full or refinance the loan (at a higher rate) to an investment property loan.
  7. Background: More than three years ago I purchased a second home in a resort town. I mortgaged it after putting 20% down at 3.125% fixed for 30 years. I signed a second home rider as part of the mortgage documents. I have used the property exclusively as a second home for more than 3 years. This week I closed on a larger home in the same resort town. I financed it as a second home and signed a second home rider as part of the loan documents. Question?: Can I now rent out the older property or as written in the terms of the second hand rider would I be in loan default? Would the lender require me to refinance the property with an Investment loan? The home has increased in value nearly double what I originally paid so refinancing would be a possibility, except I don't want to give up the 3.125% rate.
  8. My mortgage with a small local credit union allows it. As a matter of fact they contact me every time rates drop and I sign a one page mortgage rate modification agreement and they lower the rate. It is a jumbo loan and it is held by the credit union. I do not think that Fannie Mae nor Freddie Mac allow this. That said it never hurts to ask. All they can say is no. Good luck.
  9. I'm sure you already know that it is illegal to drive without insurance. I know its expensive but if you couldn't make the payment then you shouldn't have been driving without it. You really have no leg to stand on. If the insurance company said that they spent $13k to fix their insured's automobile then they did. If your coverage was in force then you would have nothing to worry about. It would be your insurance company battle to fight not yours. They will sue you for the $13k. If you don't pay then you will have a judgement against you for that amount plus costs. Also if you haven't already, expect a "driving without insurance" charge along with a possible suspension of your license depending on your state laws. Luckily no one was injured or it would be a hell of a lot more than $13k. Good luck to you. That said there is still a statute of limitation on lawsuits. The insurance Company in MD has limited time to file a lawsuit. Their claim against you is for property damage and they have three years from the date of the accident. Statutes of Limitations in Maryland Cause of Action Statute Personal injury: 3 years Md. Code Ann. Cts. & Jud. Proc. § 5-101 Product liability: 3 years Md. Code Ann. Cts. & Jud. Proc. § 5-101 Property damage: 3 years Md. Code Ann. Cts. & Jud. Proc. § 5-101 Slander: 1 year Md. Code Ann. Cts. & Jud. Proc. § 5-105
  10. They might be referring to the credit for state taxes paid against your federal income. You can either deduct the state income tax or sales taxes that you paid through out the year. Since Texas does not have a state income tax you could deduct the sales tax paid. It is a credit against income and it is deducted when you file your 2016 federal return (between Jan 2017 and April 15, 2017).
  11. How old is the judgement? If it is beyond the statue of limitations in your state for judgements then you may not have to pay it. If it is not past statue then as others have said start negotiating with who ever now owns the judgement. In California a judgement is collectable for 10 years unless before 10 years it was renewed and then it could be collectable for an additional 10 years. You can google the question: How long is a civil judgement collectable in your state????
  12. Rates are at the lowest they have been in most of our lifetimes. The market expects rates to go up at some point. These super low rate products that adjust very quickly represent a lot risk for the lender. In an abundance of caution most lenders are not taking on undue risk. Going for a 5/1 in my opinion appears to be the best rate and risk combination in the current market for both borrower and lender alike!
  13. sjca

    No doc loans

    Yes but they are not as easy to find as they once were. Compass Bank in California makes them. They are called portfolio loans. A good mortgage broker should be able to find them as well. They will require a lot of documentation and they will require the business to have existed for at least two years. Tax returns will need to reflect the income to qualify and you will need at least 6 months reserves in most cases.
  14. A Grant deed is appropriate in California to transfer title. California does not use warranty deeds under any circumstances.

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