Financing and Credit

Hi anita have you done loan mods, and do you have to be a lender or a mortgage company to negotiate with them for the borrower?. Will they allow a company that represents the borrower through disclosures and written Authorization.

** I received this post from another forum member but I have no knowledge of how it works but maybe one of you can help.**

Not only do you have to understand what type of mortgage you should choose, you have to understand the costs associated with your mortgage. All of these costs will be paid upon closing your mortgage.
Purchase Points

Private Financing is one of my favorite ways to find properties. They are easy to work with and you can work with them to create your terms. Many private lenders can even partner with you. They bring all the money and you do the deal.

When working with Private Lenders here are some legal Considerations:
-DO NOT MARKET TO THE PUBLIC
-DO NOT GROUP / MIX FUNDS
-DO NOT SAY OR WRITE “GUARANTEE”
-BUY PROPERTIES THAT ARE SECURE
Not following these can cause big legal problems.

I was approached by an owner of a house I use to live in that is upside down on the mortgage. She offer to sell me house at half of what she was asking a year ago if I did a wrap around mortgage on it. Where the original loan stays in their name and I get a quit claim deed and continue to pay loan to THEIR mortgage company to protect their credit until I can refinance it or just till paid out.

What if any benefits are there here to me? Is this not illegal in respects to the lender (fraud)? Someone correct me if I am wrong.

Be sure to stay within the legalities of your real estate deals. Here is an example of people that decided they wanted to 'out-smart' the law with lender applications & closing schemes. You may not engage in this, but you never know who might be up to something like this, and you may accidentally/passively be a part of the 'chain of fraud.'

http://www.mortgagefraud.org/journal/2006/11/13/7-indicted-in-oklahoma-f...

http://www.flippingfrenzy.com/category/oklahoma/

Is there any way an individual who is currently unemployed, with an excellent credit rating refinance his current ARM before it is recast? This person recently started a home based business but does not have any income for the past 20 months as he was a full-time home-based health care provider for his wife who died of breast cancer in February?

Hello everyone.

I am currently searching for a mortgage broker(s). I am in a position where I will be looking in 3 different states for properties because of my location. Are brokers only liscensed in the state where they reside or physical location or can they expand into other states? Not sure if I should be looking for a broker for each state or if brokers are able to do business outside of their "home" state.

Thanks

Greg

Now we all know some money has to go down it just doesnt have to be your own.

In De (delaware) all the banks/mort co's., want 20% down on an investment property. They also need 2% up front on the loan (buy 2 points) this, they say is a state law thing.

Question: is it the same in your area?

Thanks,
D

What options do i have as a first time buyer? Im really motivated to get the wheels turning I have ten years of home renovation experiance working for someone else. Im ready to do this on my own.

I found a couple of money making foreclosures. I was needing to find out how to get the extra money for repairs.