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Hector Said:

Is there a MORTGAGE EXPERT out there????

We Answered:

Approach that with some care. It could work, but it could also leave you owing more on a house than it is worth, which is a bad thing for both you and a lender: for the lender, because the loan security is impaired, and for you because if you have to sell for some reason you will have to pay the bank the shortfall between the house price and the loan amount. Also, such a loan may well carry a higher interest rate than one with better security. Talk to your banker about all this; bankers make money by helping people solve financial problems like this one.

Ida Said:

Are there any Mortgage Lenders in Michigan that will do a stated-income or no-doc loan?

We Answered:

There are a few mortgage companies that do such mortgage loans. They have not been outlawed. The Veteran's Administration is still doing them for qualified veterans.

In order to qualify for such a mortgage you must have above credit scores, excellent credit and a history or paying your debts on your credit report without any 30 day late payments or other possible blemishes.

There are many things you should do, but the first thing you should do is contact a mortgage broker that does FHA mortgage loans and get pre-approved. This is the first step. Once you have your pre-approval then contact a real estate agent to look at house based on what you are qualified to buy.

You will need proof of income so have available pay stubs, w-2, bank statements and other items your mortgage broker will require.

He will inform you of what is necessary once you contact him.

This pre-approval will tell you the amount of house you are qualified to purchase as well as the interest rate, monthly mortgage payments and other necessary things you need to know about your mortgage.

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

"FIGHT ON"

Kurt Said:

what are the different types of FHA loans? especially for a HUD home in michigan?

We Answered:

The Michigan State Housing Development Authority.

Rachel Said:

Can lenders collect on a mortgage deficiency judgement in South Carolina if I refuse to pay?

We Answered:

SC may be able to prevent a garnishment, but they will not interfere with tax seizures, account seizures and liens on property.

Leaving the state does not entitle you to keep the banks money.

Marion Said:

How do I choose a mortgage lender in Michigan?

We Answered:

There are several ways to shop for a mortgage company.

If you are already working with a real estate agent, that agent might have recommendations for a lender.

If you have a friend or relative who recently purchased a home, they could provide a referral.

Or, look in the yellow pages of the telephone directory or watch for advertisements in newspapers and on television.

And follow the tips below:

Tips for Shopping for a Mortgage
http://www.tips-advice.ro/mortgage-tips-…

Elmer Said:

Should I sue the Mortgage Broker Michigan?

We Answered:

Wow, unfortunately this is not uncommon. You should tell people what company this was so they don't have the same thing happen to them. Right now times are tough in this business and it's hard to find people looking to refinance when 2-3 years ago rates were 2% lower. And the really bad part is that this person is supposed to be your "friend" and he took advantage of that trust. Many people right now are over-promising and under-delivering. I see it every day. I call up a client off of a lead and they tell me that "Company X" already promised them a 5% interest rate with $10,000 back. Right now alot of brokers will say anything to get you to the closing table and once you're finally there it's something totally different. You gotta look hard for a good mortgage company that isn't just out wacking people. And unfortunately the harder you look and the more you pull your credit it'll make your score drop. But the upside is your scores will be back to normal within a year and you'll get a good deal. Any questions or concerns feel free to contact me. And good luck with your current situation.