Category Archives: Refinance

Question apartment forclosure?
ive been paying my rent on time every month, but i guess my slumlords havent been paying there mortgage so the bank is taking it over soon(or already have not sure this just happened). im about to have a newborn in 3 weeks, and we have no heat. which is supposed to be free in our lease. well i was wondering what i can do legally, like withholding rent maybe? if they dont turn the heat on i HAVE to buy space heaters and pay for extra electricity, which means i probably wont have enough for rent then(i BARELY scrape by). also can they make us leave early? or not give us our security deposit back? this sucks. we have a dozen or two units in our apt complex i think that matters... ive been paying my rent on time every month, but i guess my slumlords havent been paying there mortgage so the bank is taking it over soon(or already have not sure this just happened). im about to have a newborn in 3 weeks, and we have no heat. which is supposed to be free in our lease. well i was wondering what i can do legally, like withholding rent maybe? if they dont turn the heat on i HAVE to buy space heaters and pay for extra electricity, which means i probably wont have enough for rent then(i BARELY scrape by). also can they make us leave early? or not give us our security deposit back? this sucks. we have a dozen or two units in our apt complex i think that matters... and the state is CT so basically they can kick me out and not give me back my security deposit? how much if any notice will i have or am legally obligated to have? this sucks ive been a great tenant whereas everyone else here... has ben less than

Best Answer If it foreclosed you have to move, so apparently that did not happen. Call the health department, (860) 509-7660 if the complex is without heat. If it is below 65 degrees you can actually call the police, but I would start at the health department.

Question What are tenants rights in apartment building forclosure/bankruptcy?
What rights do tenants have in NJ when the owner of the apartment building they live in forecloses and settles in bankruptcy? Building is run by a management company telling us there is no more money to fix anything. That they want us out. They said if the lights and electric go out they will put us out. The bankruptcy trustee came to the building last week with city code officials trying to close the buildings down and take tenants to shelters. We were told by his mouth that we have maybe 2 weeks to a month before we will be forced out. I am paying rent. most tenants have fled..moved, scared of being put out on the street. I live in rent control building, rent will double elsewhere. I am very concerned and scared. This is my home. HELP PLEASE. I can be reached at dadudenj@yahoo.com. Thank you much. Signed, Concerned in NJ

Best Answer You have zero rights at this point. Once the city gets involved, they can force you out will little or no notice. Find a new place to live quickly before your forced out into the street.

Question I am looking for financial assistance?
I am writing this because my family and I have become victims of foreclosure. I feel that we were not given all of the options that were suppose to be given. We were shrugged off every time we tried to call and we were only given two options- pay off the entire amount all at once or make two monthly payments. The bank technically still owns the house. We only have a short time to find a way to keep our house. We can afford the mortgage now but the bank says the only way to do this is to have someone buy the house for us. I am praying that there is some way to help us. Like I said, we can afford the mortgage payment but when the rate adjusted in addition to the added amount of the back owed amount, we could not handle it. Please help us save our house!! I have a loving husband of 9 years and 2 beautiful children. We unfortunately have become a statistic in this sub prime disaster. When we first bought our house, we were with a company that was a little more foregiving than the one we were with now. A little over a year ago, we went to refiance and the broker told us that he had us approved and that there were a couple of things to take care of but not to worry, we would close within 2 weeks. Well, the two weeks came and went, but we were reassured not to worry. At the same time we had costly things around the house that needed repair, so that is what we did with our mortgage payment that month because we were refinancing anyways. Well, the expenses added up and now three months had gone by. Meanwhile we were told still not to worry- he was going to be away for a week and as soon as he got back we would wrap this up. Well, I did not hear from him, so I called to find out that he no longer worked there and that there was never any file started for us. So at this point, we went on a payment arrangement with the mortgage company. Our mortgage adjusted and got to a point that we could not afford that payment. I tried calling the representative handling our case. I left her message after message and never received a call back. Finally I was able to find out who was assigned to our case. He basically gave us no option that they did all that they could. So the foreclosure date came and I was told that we could reinstate our mortgage if I came up with the back amount owed. Come to find out the state of Connecticut does not have a mortgage reinstatement period, so we need to come up with the price of our house to be able to keep it.We only have a couple of weeks left before we will be evicted. We can afford our house, we were just not given the opportunity.

Best Answer Is there nobody you can talk to about this? Someone with professional advice as to what to do? Can you borrow money from a family member/friend?

Question Taking the house off the market during the final stage of divorce?
My divorce is in the final stages, we are negotiating ( to put it lightly) on equity division for the home. It is in his name only. He refinanced after the marriage took place. When I filed in September 2008, he listed the house for 299,900.00 originally. He lowered the price, last week in response to my attorney's letter to his attorney, to 275,000.00. This reduction was directly and clearly in response to the letter in which my attorney computed my half of the equity in which he would pay me, when it was listed at the 299,900.00. His attorney then sent a really Lowball settlement offer, with no computation to back it up, and my attorney laughed at the lowball offer. He does not want to pay me what he owes me is 50/50, and is trying to get out of the real figure, which is alot more. The amount owed on the home is 170,000.00. I just drove by the house, and the "for Sale" sign is gone, and he has taken the house off of the market. I am not sure what scam this controlling, abusive man is pulling this time.. any one have any ideas??? Can he just DO that?? Isn't it going to be very clear what he is doing to the judge? Anybody have devious minds out there that can help me figure out what real estate scam he is doing?? My attorney is out of the office until Wednesday next week. I need some answers NOW.. or I will not sleep...I'm scared.. I live in Connecticut, and it is an all property state. Married for 6 years. Two small kids, 2 and 4.

Best Answer If you can speak on a business level do you think you could stay owners and rent it out?

Question How do I refinance a 95% loan to value home when my total is under 100,000? What programs help rural american?
I have been trying to do the hope for homeowners and it does not work. There are no banks in Minnesota even though I qualify. I need help now, not in another month of waiting on administration.

Best Answer You should be looking at an FHA loan

Question How to I justify a good job and loosing my house. Trying for over 10 months to do what they say and no help?
After being scammed on refinancing, being told to pay for an appraisal and having been scammed again by US Bank, having the furance go out in January *Minnesota winter* not qualifying for a single program due to being $200 over the gross income guidelines, and after 30 rejection letters for refinance. I am not in default and loosing my home. How do I justify this to my self and my daughter. Were do I go, what will I do and how do I ever get any answeres to my questions with out being charged to ask a question. No one will answer me. I am tired of no sleep working hard and not sure how to get up each day anymore. I am tired and do not know where to turn. What more can happen this year to make me feel like such a looser. Some how I have to keep it together, and yet I don't know how much longer I can. This is the only time I can cry so I do not scare my daughter. I have lost all contact with friends and family because I can not take thier critisim or judgement anymore. help. Thank you all somuch for responses. As to date no service has been able to start work on my case. I am getting frustrated. I have only secured debt, no credit cards. Thank you though.

Best Answer This is not the only house in the world. If you bought a house that you can not afford you need to sell it and buy one that you can afford. Your daughter needs to there, stress free, she does not need a big house. You should contact your family. Your daughter does not deserve to be kept from them because you made a mistake. Your mistake is easy to fix, so fix it and move on.

Question Is there now a government program to help "underwater" condo owners refinance at a lower interest rate?
I purchased a South Florida condo back in 2005 during the height of the real estate boom. Obviously, my property is now worth far less then what I still owe, even though I put 12% down and financed with a 30 year fixed. My rate is 6.25% and I am hoping to refinace while rates are lower to, at least, lower my payment and allow me to put a little more equity in each month. I live in Broward County Florida and purchased for 183,000, making my loan total 161,000. I have been on time with all payments and even tried to sqeak out a few extra dollars each month, but still owe over 140,000 after almost 7 years of payments. Condos around me are bearly selling for 70k right now and it is frustrating, after all this time and all the payments I have made, to be so far upside down. I still keep trying though and do not want to be one of the Florida property owers that just walks away because the situation is difficult. I have heard on TV that the politicians are going to "bail us out" and "allow underwater owners to refi", but I have not recieved one dime's worth of help and everytime I go to refi the bank wants to send out an appraiser and tells me they can only refi 80% of what the property is currently worth. Those numbers obviously do not make it possible to refi. I am hoping there is some kind of goverment refi program for owners that have paid on time, have good credit and want to dig themselves out of this without forclosure or bankruptcy. Is there such a program or refi organization for Broward County condo owners? Where would I contacxt them? Based on the first rely to this question, I think there is a misunderstanding as to what I am asking. I am not looking for any favors. I have made every monthly payment for the last 7 years, including the years I knew the property was worth less then the amount I owed. I have maintained good credit my entire life. As long as God keeps me employeed and I am physically able to, I intend to pay all my bills including my mortgage. I mentioned "bailout" because of all the hype on television due to the housing crisis, but my main question was how to refinance. I only hope to lower my monthly mortgage payment based on the current interest rates, that have evolved due to the current economy. I know there are options, like not paying my mortgage and attempting a short sale, forclosure and bankrupcy, but this is what I am trying to avoid. I am trying not to be a burden on my neighbors even though many of my other neighbors have taken the easy route, walked away and left the condo assoc Ok, I think HARP was the answer I was looking for. I do not want to just increase the number of years on my mortgage, and I do not expect any debt reduction, but being allowed to modify to the current interest rates seems fair to me...any other comments are welcome also :) Ok, I think HARP was the answer I was looking for. I do not want to just increase the number of years on my mortgage, and I do not expect any debt reduction, but being allowed to modify to the current interest rates seems fair to me...any other comments are welcome also :)

Best Answer HARP is short for Home Affordable Refinance Program. There is also HAMP, the modification program which was designed for people having difficulty making payments and is clearly not what you are looking for. If your loan is owned by FNMA or FHLMC, the latest version of HARP allows you to refinance regardless of underwater status on your home, and often does not require a new appraisal. A link to the website where you can check is posted below. Not every lender offers the program, and some that do offer the program do not promote it and do a terrible job of keeping their employees informed on the program. A few months ago I refinanced a client who had first gone to his current lender but was denied due to a current appraised value that would have put his mortgage at 83% of appraised value. He qualified for the HARP program and they failed to even offer it to him though their website said they had it available. In their infinite wisdom, the government has put serious limits on banks ability to advertise the HARP program so many people that may qualify don't know it exists.. Assuming you qualify, you should be able to reduce your payment and pay your loan sooner with a 20 year term, or with a 15 year term keep your payment very close to the current amount. Unfortunately, if too many of your neighbors have walked away from the HOA it can make it more difficult to meet conforming guidelines necessary to qualify for this loan. If your have an FHA loan, they have offered the Streamline Refinance program for decades and it does not require a new appraisal so underwater status will not matter. In June they are reducing the Up Front and Annual Mortgage Insurance for loans that were endorsed by FHA before 6-1-2009.that will make it even more attractive. http://www.fanniemae.com/loanlookup/ https://ww3.freddiemac.com/corporate/

Question If I can not refinance to take my name off my joint mortgage, can I "SELL" my position to the co-owner?
I want to transfer my mortgage to my co-owner (release claim to property and liability from loan), but I don't think we can refinance because of a high LTV ratio. Our mortgage is $340K, but I don't think it will appraise for $390K to qualify for a refinance. Can I "SELL" my portion to the co-owner? The signers will be my original co-owner, plus a new joint owner. What are my options? Please help....!

Best Answer You are still talking about refinancing.

Question How do I refinance my home in Miami, Fl... MY INTEREST RATE IS TOO HIGH?
This question is acutally being posted for my parents... They bought their home for 190K and the property is now.. (after the market dropped)...valued at 216K... Thank goodness the property isn't worth less then what they initailly paid for. During that time, they obtained a variable interest rate.. and as all variable rates tend to do, it went up to 9.5%. They own a business, however, it isn't producing as much money as it once was. For this reason, they need to lower their mortgage payments. Things are getting tighter and tighter and heaven forbid ANOTHER forclosure in this horrendous Miami housing market. They asked me to find out if there were any options in refinancing and what are the steps in doing so. Please Help!! If anyone needs additional info so that I may obtain a more accurate answer, just ask. I will gladly be the mediator for my parents =). Thank you all so much in advance for your much appreciated help.

Best Answer you're parents have about 10% equity which is decent for an owner occupied home. you'll need to have them talk to a mortgage broker to see what loan products might be available for them. self employed people are having a very tough time getting financing. one option that might want to consider is an extended right of rescission. most adjustable rate mortgages didn't accurately disclose all of the lender information required by the truth in lending act and so the borrower has an extended right of rescission (give the loan back). when this happens the lender must refund all payments made by the borrower and the borrower must tender reasonable value to the lender (through cash pay-out or give the lender the property). while that is what the law technically says the practical application of the law is somewhat different. usually the lender and borrower renegotiate new loan terms that are more favorable to the borrower. the catch is that the lender could refund all the money and your parents wouldn't be able to get a new loan and would have to find a new home. not likely but it is a real possibility. if you have more questions you'll need to contact my attorney who specializes in rescissions and is licensed to practice law in florida.

Question Help! In Miami, FL., completely lost with handling the estates and dealing with the attorney who I dislike.?
My mother died July of 06' and she appointed me head of the estate, leaving the house to my (single) bro., (single) sis. and I (married with 3 kids). I've been living in the house and paying the mortgage and line of credit. I fell back on payments and are about to loose everything. The only solution I can think of is refinance, but is more complicated than I thought. When my mom divorced my dad, he had made a quick claim deed in 97', but when my mom refinance the house in 99' she couldn't do it and my dad was thrown on the mortgage. I don't think this is legal or it over writes the quick claim deed. Also, the line of credit that was80kwas accessed after she died and the bank said it looked like my sister did but she said no (It was only in my mothers name) and we still owe40kon the mortgage. If I take out a loan of $150kto refinance, then I'll have1 mortgage payment that I can afford. I received a personal Representative's Distributive Deed from Attorney only. Please give me your feed back I really need some advice on this can any one help???

Best Answer hello, There are a few things i can think of for you. First would be see if you can get a REFI, but as a mortgage banker i do not think you will beable to refi since there are some late but you can try that. The second is a buyback program where a leander i use will lease your home to you, and within 18 months you will buy the home back. in the 18 months you will be able to raise your credit score, stay in the home, pay off debts, ect. emial me for more info on this program or if you have any other questions, I am a mortgage banker in NJ, FL and Ca

Question how much will my interest rate go down after i refinance my car loan?
i bought a car 2 months ago and the dealer told me that i can refinance my loan after 7 months. my current interest rate is 12, what will it be after i refinance? please help!!! i live in NY if that helps

Best Answer You don't really give us much information about your credit so it's hard to say. It's going to depend on 4 important factors 1. equity in your car 2. credit 3. age of car 4. miles on car Assuming it's a some what new car and low miles, and this is your first car and your just have limited credit. You might be able to cut your rate in half. But, I don't think we have enough information to say.

Question refinance offer - pls. help evaluate -- urgent! guy says:"rate expires tom'w" "$11k closing costs are fixed"
so hard to sort this out: PLEASE help with opinion, advice, etc.: his calculations: outstanding loan amt: $271, 363 current amex debt: $9155; he suggests paying $275/month discover card debt: $10,960; pay $213/mo. another amex: $3,282; pay 109/mo. 36 mos@12% a 3rd (!) amex: $6113; pay $203/mo.36 mos@12% total cards to consolidate: $29,510 total debt consolidated: $300,873 closing costs $11,000; loan total $311,873 @ 6% 30-yr. fixed; monthly paymt. (before taxes) $1870 have been in house abt. 10 yrs.; loan amt. was $300,000 from another earlier refinance. house worth ca.600k credit score 715; live in NY; single borrower on loan since spouse has bad credit & the cc debt...)will stay in house ca. 7 more yrs. getting pressure bec. broker says "it's the smartest and quickest way to resolve your situation" ********* would REALLY be grateful for nice number-crunchers out there to advise us, tell us what you'd say to us if you could, etc. It's stressful & marriage-wrecking. thank you

Best Answer My main question is why is there $11,000 in closing costs? That seems very high for this loan. Otherwise, the rest of th eterms seem fine. Also, you make it hard to evaluate because you either don't give interest rates and required payments for all of your debts.

Question Mortgage Refinancing agents/experts/specialists in New Jersey?
Hi I want to know how to get the information of Refinancing agents for Home Mortgage. For example, our term insurance was handled by agent who took in our info, ran the numbers, spoke to companies and brought us few options/choices we can select. Do we have someone like that for home mortgage refinancing? Thank you in advance for all your help

Best Answer Yes, its called a mortgage banker/broker. They will shop various lenders to find you the best rate and terms for your refinance.

Question Why doesn't my 10 year home warranty cover anything else beside structure. At 5 yrs. old, a musty scent came.?
I called my 10 year old warranty company who is going to come out and look at my home. I spoke to more than one person on the phone and they keep on saying only the structure or supporting part is covered by insurance as required by the State of New Jersey. This home has a sump pump and yet the new carpeting in the basement smelled like mildew so now I am wondering if the sump pump really works. This mildew scent did happen after an extremely large amount of rain last year 2009. The person I purchased this home from actually refinanced this home while he was going through a divorce and he got $585,000 when he refinanced the home and his x-wife got $55,000 at closing. She was so afraid of him that she would have given him anything and she did but thought it was to pay off his credit cards but who would give anyone $585,000 worth of credit to someone who makes $100,000 a year and has 3 children and a $3,000 mortgage. I believe he would cheat his Mother, Father, Brother and his new wife and his biological children. Please advise me if there is anything I can do about this. I am worried that the sump pump doesn't work and we were not advised of it which in turn caused the mildew scent. The real estate man didn't try to convince me into have the home inspected and almost seemed to accept the idea willingly. I did ask the wife if there were any problems and she said no. This genius wife turned out to be a real air head when it came to problems as there were many problems like the rain pipes are off on the outside, the fence is too high and our dog can go under it and after we closed the wife gave us two fences that we could use because the fence was two high and our dog could go under it; didn't she consider this a defect. The real estate agent told me he was the one that found a new microwave and he had the nerve not to get the more expensive one that cooks two ways that was in the home when I purchased it but he purchased a cheaper one that is only a microwave. There were 2 doors, one to the garage and one to the laundry room were almost broken into by the husband and it messed up the doors on one side, there is a broken window in the garage and the shade is missing as there are two windows and the other one has the glass and shade, the shower upstairs leaks, the sump pump may not work, screen is missing on the sliding glass door as a neighbor walked through it and it was thrown away. All of these items and many more I cannot remember would have been addressed by the inspector if the real estate told me to get one but he didn't try to convince me. The real estate man gave the seller back $17,000 because we knew these people and the real estate man considered him as the finder. The real estate man never told us that we should have another real estate man handling our property and I am pretty upset with what he did for us which was taking a chance for us to have ended up with problems. Another thing the real estate man did was scare us into closing and told us the seller would definitely sue us if we didn't close that day. He said we would end up losing our down payment which was 20% on a $800,000 home. Would we really lose the down payment if all of the above mentioned things were wrong with the home and the real estate man called it like new. Everything I found when I did the walk through was made light of by the real estate person. He called the seller about one or two items and the seller said no so the real estate man told us again he is going to sue you if you do not close. We were really scared that we were going to lose 20 per cent of the cost of the home and wouldn't be able to buy another. Now I have a real expensive home with a mildew scent in the finished basement because possibly the sump pump which is very large might be broken. Please I am begging for advise as I am hoping you can help me do what I should do to at least recover enough to fix the problems. A friend told me to sue the real estate man for forcing us to close when we were walking out by scaring us that the seller would sue and the only reason we didn't want to close because more problems were made in the home after we put the down payment on it. This home was the first one we purchased and my husband was overseas at the time. The real estate person called it as new and then at the closing I was upset that the above mentioned things were wrong and he thought all of the items that needed taking care of was minor. It wasn't minor and they still exist. I am more than angry about the sump pump and the mildew scent in the basement. Any advise would be appreciated greatly.

Best Answer Home Owner Warranties can be next to useless. Many times they are not honored. They find an excuse not to pay for repairs. The first thing you need to do is hire a certified building inspector to come to your house and find out what the problem is. These are the same people that inspect homes before you buy them. I hope you used one before you bought this home. He should be able to find out what the problem is and where the moisture is coming from. He will check for any other problems that may have developed. He may find that the cause is a maintenance problem. In that case, you are one your own to repair it. If he finds a structural problem, you can proceed with the warranty company. He can tell you what needs to be fixed and how much it will cost. Once you have some good structural information you can pursue the repair, the real estate agent, or the warranty company.

Question Can anyone help me find a commercial Rehab lender that will do 75% of finished value?
I am a broker in Northern Cali. I have a customer that wants to buy a 15 unit building in Kansas City, MO and rehab the entire unit. The building is currently unoccupied and they are expecting to occupy 90-95% of the units once rehab is done. They will eventually refinance into longer term financing. Borrower has a 740+ Fico. please help!

Best Answer Indymac goes up to 90% on there construction to perm loans.

Question Where can I refinance at?
Ok, I own a home in a small Kansas town, completely paid off, I own 2 vehicles completely paid off. I would like to refinance to pay off some credit card debt apporx. 1900.00 and use some cash-out for a vacation approx. 2500.00, and then do some home improvements approx. 4500.00, the county appraises the home at 16000.00. My credit score is approx. 600 w/ no late or missed in 4 years and a bankruptcy 4 years ago. Is there in help for me?

Best Answer Your local bank.. and here's why... You have more than enough collateral to back a HELOC (home equity line of Credit). Use the HELOC to pay off the credit card debt and shred the CC's. The HELOC interest becomes tax deductible where the CC interest was NOT...