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Vincent Said:

Is it difficult to get a mortgage for a condo as the first buyer into the building who has to setup the assoc?

We Answered:

It shouldn't be a big issue - especially because there are only 3 units involved. You would be wise to contact a local real estate attorney and have him/her help you draw up the condo association CC&R's according to Illinois law.

A good website is:

http://www.ehow.com/how_2050262_set-up-h…

Sharon Said:

What do you think ? Do you see any violation?

We Answered:

If he charged you a fee, he's guilty of misfeasance, a crime. Possibly you could prove fraud. Did you lose money hiring the mortgage broker? Did your decision cost him a fee? He can file a complaint too. Best to file with the State Bar Association. Collect all your records and receipts and send COPIES, not originals. As you run into more disgruntled clients of his, have them do the same thing. You might even get contacted by an attorney who wants to take it as a class action case for a percentage. Every state has a statute of limitations on this, so act promptly. I believe the limit is two years after the discovery of the event, but check with an attorney to be sure.

Lydia Said:

Should my listing agent have given me a copy of the mortgage commitment letter?

We Answered:

Hopefully you have a contingency clause in your offer- requiring the sale of your exsisting home. However, we at my company, would not give you a copy- it has personal info- such as their rate/amount etc. that is considered private. But your realtor has a right to see it and should be able to confirm to you that it is fine. One thing that you should know: We issue commitment letters based on verbal info such as income, job, money for down payment etc. The commitment is good as long as we can actually prove the info that they gave- also if they buy anything major with credit it could increase the debt to income ratio causing them to no longer qualify. It is not a guarantee! Therefore, the contingency clause allows you to break your contract if your buyers falls through. Good luck!

Anna Said:

Purchasing a pre-construction townhouse...?

We Answered:

Not sure where you live, but this is helpful for Canada:
http://www.tarion.com/home/

Here is a general guideline:
http://www.ourfamilyplace.com/homebuyer/…

Howard Said:

I own my house outright. I have no mortgage. ?

We Answered:

How bad is your credit? If you have 100% equity in your home you may be able to take out a mortgage on the property with a higher interest rate even with bad credit. If you took out enough to pay off all of these bills as well as your car, would you be able to pay the mortgage?

Look into this NOW. If you lose your house over taxes owed you will regret it hugely. If you cannot get a mortgage, or afford the payments even if you could get one, you should sell & live with relatives. It seems to me you must be pretty bad off to not be able to afford these other bills you have even though you do not have a mortgage payment.

If you cannot figure this out on your own, or find it too stressful, consult with a personal finance advisor. You have to do something now though, do not keep putting it off.