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Duane Said:

Mortgage Broker. who does he work for?

We Answered:

You have asked 2 questions: who does the lender work for and are you getting a good deal.

The lender represents you the borrower. By law they can't disclose information about your loan to the builder - even if it's the builders own lender (like NVR mortgage is owned by NV homes). The main reason the builders pay closing to use a referred lender is that the builder knows that the referred lender will get the loan done. The builder can put pressure on the lender to settle on time. If the lender does a poor job, a large chuck of their business can go away. The builder is being a crook; they have invested a lot of money on the promise that you will settle the home that they have built for you.

In regards to the best deal. Shop around when you go to lock in the rate. If you get a better deal somewhere else, tell the builder's lender. In this market, the builder wants to SETTLE the home. If you make a big deal about it and you can SHOW that the 2nd lender can do the loan ON TIME, then you may not have a problem.

Lewis Said:

Georgia Mortgage question...please help- Lenders and Realtors.?

We Answered:

Your pre-approval depends on how you got it. If it is a letter that came to you in the mail from a mortgage lender, this is not a pre-approval this is an advertisement gimmick used by mortgage brokers/bankers with the hope of getting you to apply for a mortgage loan.

If this is the case you might contact these individuals and inquire of their requirements for a pre-approval with their mortgage company.

If you went to or contacted a mortgage company with the intent of getting pre-approved for a mortgage loan and you provided this mortgage company with proof of income, bank statements that showed the proper reserves, the mortgage company was able to obtain a credit report and other documents that would allow them to obtain a pre-approval letter that you are requesting. Then this letter of pre-approval is good, because you have spoken with the mortgage consultants that issued the pre-approval letter.

Some government agencies such as FHA and VA that underwrite mortgage loans are not as stringent as those of the conventional lenders, therefore you credit score might meet their requirements for a pre-approval for you to purchase a home.

I hope this has been of some benefit to you, good luck.

"FIGHT ON"

Martha Said:

looking for help to find a mortgage?

We Answered:

I DO THIS TYPE OF MORTGAGE It is call a high score program
Please email and I will tell you johng@OLDMERCHANTS.COM
I ALSO DO LOANS UNDER 500 CREDIT SCORE (NOT A LEASE BUY BACK)

Martin Said:

Bank foreclosures and deficiencies in Georgia.?

We Answered:

They can come after you and possibly will. They can sue you for the money and garnishee your wages. It is unlikely they can or would place a lien on your primary residence especially if it already has a mortgage. Check out www.clarkhoward.com or www.daveramsey.com

The moral part of this story is - If you have a renter, you need to advise them as well.

Caroline Said:

How long until we get kicked out?

We Answered:

Don't know about American law, however Canadian law requires us to have at least 30 days notice before they can force us out. I have heard of Americans just coming home to find their belongings all over the laneway and find the locks changed. There should be some sort of similar law in America.
I apologize I couldn't give you a more informative answer.