Foreclosure Articles
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Premium Payback
Posted On: 02/08/2012QUESTION: What would happen to the initial FHA lump-sum mortgage insurance premium I paid at closing if I refinance my FHA mortgage to a conventional loan? Will I get back the money I paid up front? ANSWER: Long ago it might have been possible to get a partial refund because the FHA program...
House Rich, Cash Poor
Posted On: 02/01/2012QUESTION: We have a backward real estate problem. Instead of being upside down we have about $80,000 in equity. What we don’t have is money and will shortly default. What can we do? ANSWER: You should see if there’s anyway to keep the property. If foreclosed you’ll...
Window to a Sale
Posted On: 01/25/2012QUESTION: We are considering selling our home within the next two years. The existing double-hung windows need to be re-glazed and should really be replaced with energy-efficient windows. Knowing we will not be in this house long term, should we replace the windows now or let the next...
Re-Re-Refinance?
Posted On: 01/18/2012QUESTION: I’m self-employed and got a stated-income, no-documentation, 30-year loan in 2006. Times were good so I refinanced into a 15-year fixed-rate mortgage. Things were still going great and I refinanced into a 10-year fixed. Then came the recession, and I’ve been struggling...
Trimming the Escrow
Posted On: 01/11/2012QUESTION: Our lender has sent us a note – a good one, surprisingly! They say our escrow account is too big, so they’re reducing our monthly mortgage payment plus they sent us a check for $165. How is this possible? ANSWER: If you purchased with less than 20 percent down you...
How Did Our Loan Get There?
Posted On: 01/04/2012QUESTION: We are being foreclosed but wonder how this is possible. Our mortgage was with Lender A, then with Lender B and then onto Lenders C and D. We have no agreement with Lender D, so how they can they foreclose? Isn’t this an example of robo-signing, and if so what we can we do...
#Occupy the House?
Posted On: 12/28/2011QUESTION: We have neighbors facing foreclosure. Is it possible for them to stay in the home once the lender takes the property? This would be better for the neighborhood because at least the home would be occupied. ANSWER: Most lenders do not want borrowers to remain in the property....
Are Loans Easier to Come By?
Posted On: 12/21/2011QUESTION: Given that mortgage rates are at or near historic lows, shouldn’t it be easier to qualify for a loan since monthly payments are smaller than recent years? ANSWER: It’s logical to believe that lower rates mean smaller payments and less difficulty getting a loan. The...
Giving the Gift of Home?
Posted On: 12/14/2011QUESTION: I own a home and paid for it in cash. I have paid all the bills on time. No problems with the property. Based on these factors can I sign my house over to anyone? Can I sign a house over for less than I paid for it? After a house is purchased, how long is it before it can be signed...
The 3-Payment Plan
Posted On: 12/07/2011QUESTION: In a short sale where the financing was FHA-insured, is the borrower first required to miss three payments? This advice was given to me by a lender before it would allow a short sale to go forward. ANSWER: We sent this question over to HUD and received this response:...
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