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Everything posted by bernsten69

  1. Thanks all. I'm going to pass on this property and look to a conventional purchase more in my range in 2021. (I have my eye on something in the $550 range). I'm not 26, I'm 40 and expect to make equity partner in a few years, which will more than double my income. My down payment died in the markets earlier this year. (yes yes, it should have been more conservatively invested, etc.) My wife also spends 1/2 of my damn income, so we can't save anything after taxes. I need to cut her off. (the plan was to recover the 5k she is spending every month on garbage, cut up her credit card, and use
  2. What is the harm in borrowing from a 401k? I end up paying myself interest back.
  3. I'm looking at a Jumbo mortgage, purchase price of 745k. I have 50k, can take out 50k from a 401k loan. Thus, I need either a jumbo loan or conventional + 2nd mortgage. Credit scores of 800+. Annual income of 350k+ Can anyone recommend whether it is better to get a conventional + 2nd mortgage vs. a jumbo + PMI? I am thinking I want a 15 year with a low rate, no points, minimal closing costs. Also, can you please send me lender recommendations? Bankrate is showing no jumbo mortgages with less than 20% down. I'm not looking to get gouged with massive origination/b
  4. I am looking at a foreclosure and need to do either a full 203k or hard money purchase. I have heard nightmares about the 203k approval process and wondering if anyone can share their experience. Also, please message me a recommendation for a 203k or hard money lender that you used for your foreclosure in Illinois. I am NOT interested in solicitations from mortgage brokers - I need customer recommendations because, apparently, 90% of the LOs who do 203ks don't know what they are doing and cause massive problems for everyone. This is for a house in a high value area, so we are talk
  5. Does anybody have experience with a purchase through McGlone Mortgage Group? If yes, can you please PM me. Thanks!
  6. I am ready to buy and have Fico8s of EQ: 800+, TU:800+ EX: 714(refuses to remove over 7 year old settlement). I am being driven crazy by shopping for a mortgage. Are there any mortgage brokers out there that charge a fixed fee ? I've been on all of the websites, called up lenders for rates, and the ones that have the "best rates" all have an origination charge which is "set-off" against a lender credit. I really don't know if I trust these companies, which have been suggested by many of the "loan search engines" online. Here is what I am looking for: 15 year, conventional, $424,
  7. OK, So I'm ready to buy - trying to get this charge off removed this month. I now have $45k, will be 50k by the time that I buy. Quick question - if I can get the 20k charge off removed (due to 7+ years on), will a mortgage company still pull the complete file and refuse to lend without paying it off? I am well past the SOL, and I am not paying it. Also, can anyone recommend a lender that has reasonable requirements for a Jumbo loan? I am hoping to buy a place listed for $539k, but will probably get it down to $510k. That leaves me with a $460k non-conforming. I don't have reserves
  8. I am looking to buy in 2016. I have ~$30k saved at the moment, intend on buying in the $350-$425k range. I have a 20k charge off outstanding from 2010 - lost my job at the time. I also have settled a $10k charge off from 2010 for less than the face amount. I also own a property that I am currently renting (owe $74k, worth around $100k). I have never missed a payment on it. My scores are in the 680-700 range. My wife had a chapter 7 in 2010 as well, but she has no current source of income (stay at home mom). I make $200k+ a year. I am basically looking for advice on
  9. I'd really appreciate any help that you can give me. If you know a Lawyer in Chicago who handles collection negotiations and is very good, I would prefer to just pay somebody to deal with this, so I'd appreciate a referral. My situation: For the past year I have been unemployed and been unable to pay any of my debts. I stupidly did not file chapter 7. I had one CC debt of ~$20k and another of ~$17k. I also forgot to file for an additional deferment on my student loan a few months ago. Anyway, I haven't answered the phone when the creditors called and didn't respond to any of
  10. I have a well paying job ($160k/year), but after getting out of lawschool, I was saddled with: $40,000 in credit card debts and around $55,000 in student loans. I never consolidated my student loans. I have a Penfed CC at around $19k (and around 5.99-10.99 fixed APR), a horrible MBNA CC with $14k on it at 28%, an Elan CC at around 22% with 4k on it, and an Amex card at 19% with 2k on it. My utilization is basically 100%. I stupidly got an expensive apartment, which costs $1700 per month, and I own a vacant house that needs around $3k of work done on it to get it into condition to rent out
  11. What I did was put together a packet for prospective lenders and talk directly to the underwriter if I could. I printed out copies of my credit reports from Myfico.com. I also included Cashflow statements, Income statements, and a balance sheet. I additionally included proof of income(paystubs), proof of assets etc. I stuck this all together in a nice packet at Kinkos with tabs and bound in a nice little binder with page numbers and a table of contents. I made 10 copies, walked into 10 different local big branch lenders, and dropped it off. I made them sign confidentiality waviers as well
  12. I just bought a house in IL, and I'll be going to law school this year. I qualified for the ~$18,000 in federal loans for "qualified education expenses," ie room & board etc. It's a 3/1, and I'm renting out 2 of the rooms(I'm living in the 3rd). I have a full scholarship, so all of the money should be earmarked for living expenses, rent, etc. My question is, can I use some of the procedes from the student subsidized and unsubsisized loan to pay down the 2nd mortgage? (subsidized loans don't accrue interest until I am out of school) How should I disclose this? Does anydbody have any
  13. I recently went to a mortgage broker and they suggested the following program: They would attempt to get a mortgage for me with the highest rate(the points above par would goto them as commission). Then, they would refund me a portion of their comission(probably 50%) in a check at closing. Then, 6 months later, I would refinance and do the same thing again and again, keeping monthly costs very low. They also said that they would pay closing costs every time I refinanced after the first. They claimed that this was a way to lower payments. IE, say I have a 7% interest only mtg. (but i coul
  14. No, I had an offer that I thought would be accepted. The only thing I have against brokers is extra fees and massive numbers of credit pulls. Sorry for not being really clear. Agent thought my offer would be accepted too. But, some big cat who loved the property put in a huge bid. Thanks, Sam B
  15. DOH! I didn't read the FAQ. Sorry guys! The seller had a person overbid me by leaps and bounds, so I am off of the hook. However, are there any good resources out there on where to find some place that can do Rapid Rescoring? Or am I back to making a list of lenders and calling on down the list? I'm making offers on properties, so I need to get the process started... Thanks, Sam B.
  16. LOL! I forgot the most important part: I'm looking for a 30 year conventional with 10% down. 20% down is possible, so run both please. I'd rather not pay PMI, so an 80/10 might work. Thanks, Sam B
  17. I'm in the process of purchasing a $91,000 property in Urbana IL. I have signed the sales contract as "myself and/or assignee". I need to cosign on the loan with my father. My income(proveable) is $24,000 and my father's income(proveable) surpasses $200,000. He has $15,000 left on his 1st mortgage that is on his ~$700,000 house. His scores are in the mid 700's and mine are(were ~640, but just paid of credit cards so it should be ~700). Due to the purchase document, I must be on the mortgage application, or otherwise I am in default(People have recommended having my father be the sole mor
  18. Help! I need to apply for a mortgage, and I just paid off my CC balances(I was maxed out). I had the CC companies fax me statements on their letterhead with my account numbers. Does anybody have a way for me to get my CC balances updated on my credit reports? They don't update until the first and I am required to submit an application next week due to a Real Estate Purchase Contract. Does anybody have fax numbers that I could fax this info to or numbers to call up the credit bureau's? HELP!!! Thank you, Sam Bernstein
  19. I know this isn't a REI forum, but this is the first time I am going to buy a house. I am going down to Champaign, IL this sunday to look at two houses. I'm taking a friend who worked in construction for years, so he should be able to point out any major defects. However, I wanted to ask if anybody has a really good house inspection checklist for me to run over when I look at the houses. (i'll put a contingent house inspection clause in the offer.. and hire a real inspector after the seller accepts) Also, does anybody know if I need a termite inspection in the middle of IL? Thank you.
  20. Patelco and Penfed did pull EQ. I understand that it matters where you live for which reports they pull. I live in IL, so they pulled EQ. I dont' know about anywhere else. Anyway, I declined the counter offer. I'm going to pay off my debts in 3 weeks. Any suggestions on how to get my credit up as fast as possible? Thanks Sam B
  21. Well, I just came into a windfall of money and I'll be able to pay off both of my Credit cards in 3 weeks. However, I was wondering how best to improve my credit rating given this. I am in the process of looking at a $51k house that I want to buy. I have enough cash to put 5% down, even after I pay off my debts. How do I get my tradelines and credit reports to update after I payoff my cc's as fast as possible? Also, are there any temporary ways to boost my score when I apply for a mortgage(I'll be looking in the mortgage forum soon). Anyway, my income is around $2166/mo after tax, so I ho
  22. huh? I was just trying to help him get rid of the np inqueries on his account. I no longer am selling products for the above named corporation. Thank you, Sam B.
  23. The General Home office number is 770-381-1000. Thank you, Sam B.
  24. By the way, if Primerica Bank is a real company, I am sure it is not part of Primerica, Member of Citigroup. There is a lot of bad mouth information about Primerica because there was a huge insurance battle a number of years ago(they sell only term insurance, and other companies didnt' like that) that caused a lot of bad mouthing going back and forth. The second link you provided seemed like a false post. I am sure Primerica is not offering credit cards. That would be in direct conflict with our mission statement, and contrary to their beliefs. However, there may be a company called Prim
  25. That's strange. Those references seem legitimate. I'll post the home office number when I get home. You can call them and ask them about it. Although, if what that says is true, Primerica Bank is not affiliated with Primerica, Primerica Financial Services, Primerica Home Mortgages.. etc... As I recall, the scam was occuring in Canada. I have no idea if there really is a Primerica Bank CC comapny. However, I bet the Primerica home office can at least point you in the right direction. I'll post the number. They are located in GA. Thank you, Sam B.
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