NLIC.org

Kay Said:

Can a mortgage lender pursue an owner that is not on mortgage for a deficiency balance?

We Answered:

The answer is NO. A mortgage is a "contract" stating that in the event you do not pay the debt, the collateral (the real estate) will be seized by the lender. You were not a party to this contract.

A Deed (normally a Warranty Deed) is a legal document showing ownership. It does not obligate you to any debt.

You were most likely put on Title after the mortgage was already placed on the property. By not signing the mortgage "contract" you did not obligate yourself financially for the debt.

Therefore you will not receive a foreclosure on your credit report, nor will you be liable for a deficiency judgment or 1099-C Cancellation of Debt Income.

Mr. Financial Freedom
http://www.5StepsToFinancialFreedom.com

Albert Said:

What can I do if my mortgage broker lied about income to the lender without my knowledge?

We Answered:

You signed the application with the information as stated, and thus will be held to that. You can claim someone changed it, but can you prove it? Hate to say it but it sounds more like you also tried to get away with something (IE knew it was wrong) but thought you could get away with it, and now where caught and am looking for a scapegoat . Now you want them to pay because you are not eligible for the mortgage. Give me a break

Renee Said:

Can I ask my mortgage lender not damage my credit score in exchange for me surrendering my house to them?

We Answered:

Are you dreaming? This isn't a game of when you're tired you just go home. You made commitments - legal commitments and if you can't fulfill those obligations then you pay a price. The price is your credit history is shot to hell for 7 years. Even after that it may be difficult for you to get a decent interest rate.

You should contact them right away and begin the process of negotiating what terms you can step away from this property on to their liking. You could also contact 888-995 HELP for counseling services.

It is absolutely appalling how people can just give up and let go thousands of hard earned dollars that they themselves have earned. What does that say about our society today?

All those men and woman fighting overseas, and you're worried about your stupid credit history.

Kay Said:

What is the best lender to choose for a mortgage in Florida?

We Answered:

An experienced loan officer who will work to find the best program for you is most important. The company which will offer you the best terms usually depends upon your specific situation especially income, savings and & financial history. Ask people if they can recommend one. Often, a quality real estate broker can be the best resource to recommend a few lenders or loan officers after learning a little about your circumstances. (Similar variables make it impossible for anyone to quote you a rate until they know your specifics.) Don't pay any significant application fees in any case. Top lenders do not require you to commit by paying hundreds of dollars (although a few may charge up to $20 to pull your credit reports).

Eleanor Said:

What does my mortgage lender need my college diploma for?

We Answered:

Are you a recent graduate? Do you have a short work history?

http://www.loan.com/home-loans/fha-loan-…

FHA will accept a diploma if you have a short work history. The article above gives the details.

Laura Said:

How easy is it to get a mortgage lender to agree to a short sale and waive the remaining debt?

We Answered:

Its easier to get the bank to approve a short sale recently. You will likely have to be several months behind and it will be an alternative to a foreclosure.

Check with your lender as they may issue a 1099 to you for the loss they incur. Then you are stuck with the taxes.

Its really tough out there and the market just keeps getting worse. I have been a RE appraiser for 23 years and never seen the market this bad.

Sorry for the bad news;
Max

Angel Said:

When you buy your house does the mortgage lender pay the previous owner in full?

We Answered:

Close, but not exactly.

What happens is this: You get a loan for $200,000 to buy James' home. Let's say James still owes $125,000 on the property. The $200,000 goes from you to the settlement or title company. The settlement company has gotten the "payoff figure" from James' mortgage holder. That's $125,000.

Your $200,000 goes in. The settlement company sends $125,000 off to James' mortgage company to pay the old mortgage off. And the other $75,000 goes to James.

Of course there are a lot more expenses. If there's a Realtor (or Realtors) involved, some of that money goes to the Realtors. Usually, you'll prepay taxes and insurance. And so on. You'll probably also buy title insurance. Then there are probably points on the mortgage that you'll pay. On the other hand, you may have asked James for a "seller subsidy" to help with closing costs. So some of the money that would have gone from your lender to James comes back to you.

So, really, you'll end up paying more than $200,000. And James will receive less than $125,000.

Before closing, James will receive a "net sheet" from his Realtor, giving a pretty close estimate of how much he'll really receive. And about 48 hours before closing, your Realtor and James' (and you and James, if you want) should receive a draft copy of the HUD-1.

The HUD-1 is the form that settlement companies use to calculate all that.

Hope that makes some sense.