NLIC.org

Cynthia Said:

does this mean it is a balloon mortgage?

We Answered:

No, a disclosure is just a disclosure. Nothing else. It is not a contract, not an offer and not a loan commitment. It is saying that if you agree to a loan through a private lender and it is a balloon mortgage, it can be less than 3 years. It does not mean you are applying for a balloon mortgage. The signature on that disclosure is just to say yes, the mortgage broker has follow state laws in telling you all these.

Ross Said:

How Can I get a satisfied judgment placed on me by a mortgage company removed?

We Answered:

Not sure what state you're in, so it may be a little different than where I am.

It's probably something you'll want to let the lawyer handle, as a lawyer's letterhead seems to have a lot more influence than phone calls from someone the mortgage company may consider to be a deadbeat.

The lawyer's fee sounds more than reasonable - at least it would be in my home state - if she's got to go through the legal formalities of fixing the problem, but you might want to call her and ask her if she can first send out a letter demanding that the judgment be marked satisfied and your credit report updated before instituting any formal proceedings to have it done. That might fix the problem for $50 - $100 or whatever she charges for that sort of thing.

If they ignore that initial demand, however, go ahead and pay her, as the formalities, albeit simple for a lawyer, are a bit more complicated than a layperson might be able to fathom. Be aware, however, that if she sends out that initial demand letter and gets no positive results, you'll likely have to shell out the full $660.00 in addition to the cost for the letter.

Good luck!

Lester Said:

Are 2 points for loan origination fee & loan discount normal on an FHA loan?

We Answered:

That sounds a little high, I'd look around. There may be other factors that your not mentioning and you are "buying down" the interest rate. Check out a credit union if you can. Just do a little research and ask around before you start letting too many people give you quotes because everytime you run a credit check it can lower your score a bit.

Megan Said:

Mortgage lender scam or not? input needed.?

We Answered:

i wouldnt deal with anything from a postcard with those fees.

you refinance to save money, not to spend more.

Victor Said:

Bankruptcy chapter 7 discharge of 2nd mortgage?

We Answered:

If you cannot sell the house for enough to cover both mortgages, why are you selling it? You have no personal liabiltiy concerning the mortgages. You can walk away from the house and make the lenders sell the house at a loss. Actually you can choose not to make any payments until the lender decides to foreclose. After they decide to foreclose you'd still have approx 2 months in your house before you'd have to leave. You can stay in your place 4 months without making a mortgage payment (free rent). Afterwards the foreclosure cannot show up on your credit report because the debt (personal liability) was already discharged in 06. I am not a lawyer but in a similar situation. I tried to used my chapter 7 to get the lender to renegotiate my ARM. They did not renegotiate to a reasonable interest rate so they're getting the house back (but they have to take it from me by foreclosure)