Mortgage - Free Calculators

Is deed-in lieu of foreclosure right for me, how can I proce

I moved to another state because the opportunites were better, I couldn't sell my house so I rented it. It has been 6 months and my tenant cannot pay the rent. I cannot pay both my rent and mortgage. I just put up my house for sale but I cannot pay this month's payment plus the market in Miami is horrible. At this point I just want to get rid of the problem. I am calling the bank next monday, should I bring up DLF? Is this for me? How long does a DLF stay in my credit history? Would this affect future employment opportunies, should I tell my employeer?

How to negotiate with seller for short sale?

I placed an offer on a house for $140,000. the seller offered terms including cash sale without contingency except an inspection. The seller has $160,000 in 3 mortgages against the house and also 2 judgments on which he doesn’t know how much he has to pay. I do like the house but I don’t wanna pay for the seller’s debt. I can maximum pay $145,000 , so it will be a short sale I presume. The seller has been so far paying the mortgages but he’s in financial problems and not to forget 2 judgemtns in past 1 year. Any idea on how I can negotiate with seller?

JUST BROUGHT A NEW HOUSE….

I need to do some renovation on the back yard *landscape*. I don't think I have equity yet on my house. But, will I still be able to get a 2nd mortage loan. I decided to try for $100,000. that would help get my debt paid off andamp; renovation as well as pay off my truck so I can focus on paying off the 2nd mortage loan since I don't have a car pmt. I do have a system that this money will help me accumulate my finance when I'm on time of my debts. Would that be possible to borrow that much?

2nd mortg foreclosed while negotiatiing short sale

Hello all, I have been negotiating a short sale with 2 lenders the 1st one is ready to give me an approval, I just call the 2nd and they are telling me that they forecloused yesterday. I asked who is in charge of the property they said that nobody that they closed and charge off the acct. Can you please tell me what can i do next, i'm very confuse. Thanks. Sair

quit claim deed

I signed a quit claim deed on two properties that were acquired durning marriage. I did this because I was told it would be easier for my husband to get a loan on the properties. We are now divorcing after 22 years. I am entitled to part of these properties?

My husband just lost his job and we are trying to figure out the best way to handle our out standing

My husband just lost his job and apparently we won't be able to make the house payments, car payments and credit card payments. We literally just refinanced the house. 30 year fixed. We bought it in september of 06. We owe about 168,000 and the appraiser put it at 175,000. I know for a fact we won't get 175,000. I'm trying to figure what are best options would be. Deed in lieu or a short sale? Can someone please give me some advice. I'm so worried. I have done such a great job at keeping my credit score in the 700 and I know know matter what it's going to take a hit. I haven't defaulted on any payments yet and our 1st payment on the new loan isn't due till august but I would prefer to be prepared for the worse.

What is the highest LTV on NY Co-ops?

What is the highest LTV on co-ops in NY that you are aware of? In this case, the coop does NOT have a max on financing. Please reply with the names of the lenders wholesale or retail.

Is student loan forbearance seen as negative for home loan?

Hello, I’m a newbie here at the forum. I've done a search on this topic, but didn't find any situations quite like mine, so I hope you don't mind my question. Long story short: In 2004, I began having some major medical issues and was unable to work for a 1.5 years. Because of the loss of my income, my husband and I declared Chapter 7 bankruptcy in 11/04 and were discharged in 2/05. When we declared BK, our student loans ($26,000 and $39,000) automatically went into forbearance, and we’ve kept them in forbearance since then so we could save some money in case a rainy day hit once again. Fast forward 3+ years: We are now back on our feet again financially, and we're hoping to buy our first home later this year. We assumed that we needed to put our student loans back into repayment so that potential lenders would see that we are paying our loans again. However, when I called Direct Loans (U.S. Dept. of Education) to do so, I was counseled against it. This obviously came as a big surprise! Basically, I was put on the phone with a veteran student loan officer, and he told me that banks typically do not consider it negative when student loans are in forbearance. He was most concerned about the interest charges that had accumulated in the past 3+ years, and the fact that they would be capitalized the minute we went back in repayment. In other words, we'll be paying interest on interest. He strongly recommended that we both stay in forbearance for as long as it takes to pay off the accumulated interest in order to prevent it from being capitalized. (He also actually recommended that I apply for an economic hardship deferment based on my low income and back date it 12-18 months in an attempt to override the current forbearance and shave off a few thousand in previous interest charges—but that’s another topic altogether.) Our dilemma: Our biggest concern is that we already have a big strike against us with the bankruptcy, so we don't want to do anything else to jeopardize our changes at getting a home loan. However, if banks truly don't care if our student loans are in forbearance, it would save us a lot of money if we stay in forbearance while paying off the accumulated interest as the loan officer suggested. Obviously, we'll be discussing this with potential banks, but I’d really appreciate all of your opinions on this! Here’s a bit more information about our situation in case it influences your answer: *Our credit scores range from 672 to 743 (my scores are 681-683-719 and my husband’s are 672-735-743), which is pretty good considering the BK. * My husband's parents will be gifting us the money for our down payment ($40K = 23%), so we're hoping this will help our chances at purchasing a home in the $160K-$170K range (loan amount of $120K-$130K). * My husband just started a new job in March after having been laid off last October (along with 300 other people). He makes $49K per year gross. * I’ve been self-employed since July 2006. My 2006 tax return shows a slight loss because of start-up costs; my 2007 tax return shows a profit of $7,000 after deductions; I am currently pulling in around $1,500-$2,000 before taxes each month. We're planning to submit information on my income for the loan, but we don't expect it to have much impact. * Debts: No credit card debt; 2 car payments (each $250), but one will be paid off in less than 9 months. Student loans will total around $500/month when we go into repayment. * We will only consider a 30-year fixed mortgage; no ARMs. Willing to pay 1-3 points to get interest rate in the 6% range. I look forward to hearing your opinions! Thanks in advance. Best regards, Becky

Commercial property foreclosure

I am trying to get my commercial property out of foreclosure, the broker I'm working with can only get the funding from a private lender. Their fees are 8 points not checking closing costs. my loan is about 575000. Are these fees standard for commercial properties.

FICA under 580

Is it true lenders are only taking credit scores of 580 for FHA? I thought they were not score driven. HELP