Question in total republished: “I owe less then my home in Michigan is worth and now want to buy a home in North Carolina. Can I get a consolidation loan combining my old house AND a new house in order to allow more time to sell the old one? Having two separate mortgage payments is [...]

The question: “What legal actions can I take against a mortgage broker when my deal goes badly?” My answer: Well, let me start by saying, I am not an attorney nor should this be construed as legal advice. However, if a deal goes horribly wrong, through no fault of the customer, and you can show [...]

I’ll republish the entire question now: “We just refinanced. The lender has made a horrible mistake. When they gave us the new loan, they must have done something with the old loan and I just learned that a trustee for our Mortgage Company filed on 5/12/2008. on the loan that we just paid off. This [...]

Here’s the entire question: “If the lender takes a deed in lieu of foreclosure on a piece of property, does the lender have to pay any additional taxes other than whatever proceeds were received during the borrowers payment history. i.e. My borrower has made interest payments for 1 year, now they want out. I realize [...]

Here’s the question… “I was told by my real estate agent that 30 year loans don’t…no actually…can’t have prepayment penalties. Is that true?” In a word, “No”. The terms of mortgages are not set this way. For example, the old subprime and Alt-A loans, many had 30 year fixed rate terms and still included a [...]

Self employed loans are gone. ResMAE, a large mortgage lender, announced more than a year ago the discontinuation of all their mortgage programs used for self employed borrowers. Since then virtually all sources of loans for the self employed are all gone. This isn’t surprising considering that most stated income loans in practice are simply [...]

The question: “Has the housing market dropped enough to consider real estate investing again?” My answer: Well, we have seen about a 12 percent drop in home values in the last year (currently 4/08) and everyone is “calling” the bottom of the slide should you believe the industry pundits. I don’t. We still have a [...]

Larry Kudlow earlier this month stated during an interview with David Walker that the Community Reinvestment Act “created subprime loans”. Larry Kudlow in this interview is really pushing the agenda attempting to help minority groups get their piece of the American Dream “caused” the subprime meltdown. In this post-Bear Stearns bail out interview, David Walker [...]

The question: “Will my mortgage company work with me regarding my mortgage and payment?” My answer: I assume you mean with a loan modification brought on by a rising interest rate or some other reason creating a need to modify the loan and/or the payment. Sadly mortgage lenders and/or servicers are slow to work with [...]