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Erica Said:

Anyone know of any good 100% Financing Lenders in CA?

We Answered:

borrowers try directlendingplanet.com

95% ltv and cltv and A paper rates best i have seen
dont think your gonna find a 100% ltv on that kind of L/A if you do the rates gonna be high! par aprox low 6"S at par
In my humble opinion

Melvin Said:

Mortgage options in CA and TX?

We Answered:

I've lived in both So CA and SA. I'd pick SA long before I'd ever consider returning to Cali again!

National lenders cover both markets. There are some differences in mortgage products but mostly they protect the borrower, not the lender! For example, negative amortization loans are illegal in TX. Also, your homestead is protected from claims in TX as long as you pay your mortgage and taxes. Interest rates should be fairly similar.

Most lenders will only pre-qualify you. Final approval depends upon the property in question. If you keep your search within the pre-qualification guidelines there shouldn't be much trouble.

Soil conditions are a problem in most of South Texas. If the site isn't properly prepared before the slab is poured there will be problems, often many years later. Real estate agents are aware of the problems and can help you avoid most problems. Homeowner's insurance will NOT cover this so shop with care and get an independant inspection. (Been threre, done that, it's not fun!)

Real estate prices and cost of living in SA are far lower than So CA. The job market is OK for the most part. Schools are all over the radar screen from not too good to excellent. Check with your real estate agent for an update on what's good and what's not.

Yeah, there are no beaches there, but it's only about 2.5 hrs to Corpus Christi or S Padre Island. You won't find any surfing unless there's a storm in the Gulf.

There's plenty to do, lots of culture, and reasonable weather. Winters are a bit cooler than So CA but it rarely goes below freezing. Summers are on a par with the desert areas in So CA; the temps are lower but the humidity makes up for that.

Most folks in SA will gripe about the traffic, but if you're from So CA, it will be a refreshing change for the better.

Crime is an issue in SA but the worst areas are not nearly as bad as the worst in So CA. The better areas are quite safe. Gangs are active, but nothing like So CA. The barrio areas are surprisingly safe, actually.

The Tex-Mex food is the best on the planet.

Victor Said:

Southern CA: HELOC & Mortgage foreclosure issues?

We Answered:

HELOC Subordinance and Recourse

There are two factors to consider when facing foreclosure:

First, HELOCs are subordinate to primary home loans. This means that the HELOC lender has claim to any money generated by a foreclosure, only after the primary mortgage lender recoups their full loss. The primary mortgage lender will also use up thousands of dollars to sell the foreclosure home. In many cases, this means that the HELOC lender will not see any money when a property is foreclosed upon.

Second, almost all HELOCs are considered “recourse loans.” The borrower is personally responsible for paying recourse loans in full, regardless of their property’s value. If the lender doesn’t recoup the full cost of the loan during foreclosure, they can sue the borrower for the remaining money owed. The lender may be able to recoup its loss by garnishing the borrower’s wages or even placing a lien on a future property. Collections can continue for up to 20 years. (Note that in some states legal statutes require that all first mortgages are non-recourse. See: List of Non-Recourse States).

If a HELOC lender forgives a recourse loan, the borrower is generally required to include the forgiven amount in his taxable income. Based on the Mortgage Forgiveness Debt Relief Act of 2007, you may be able to avoid paying taxes on the forgiven amount if you can prove the HELOC money was used to fund home improvements. (The act applies to those paying taxes in 2007, 2008, and 2009). http://www.irs.gov/individuals/article/0…

Additional info from the article & HELOC Foreclosure Options can be found here: http://www.helocbasics.com/what-happens-…

Joyce Said:

Foreclosing on a Condo with a 1st and 2nd Mortgage in CA?

We Answered:

Sounds like you are upside down to the tune of $160K. Ask your lender if they will do a deed in lieu of foreclosure. You agree to deed the house back to them and they will save the expense of having to pay attorney's fees to foreclose on you. If they agree to this, they cannot come after you for the balance that is owed and it will not show up on your credit report as a foreclosure. I don't think Ch 13 will help you with the second. Consult an attorney who specializes in real estate law.

Gordon Said:

What fees should I expect from a mortgage company?

We Answered:

You will get "fee'ed" out the rear by the time it's all done with. It shouldn't cost anything to get pre-approved but it isn't unusual for there to be a fee for a pre-qualification. There used to NOT be, but times are-a-changin'. Before you sign any bottom lines, your lender will give you a Good Faith Estimate, which breaks down and totals up all the fees you'll have to pay at closing. Some you might be able to have removed (like document transfer fee, email fee, breathing their air fee....) but most are just a part of the wonderful home-buying experience. We bought a home last year for $170,000 and our closing costs (lender fees) came to a grand total of just over $7000. It's best to find a bank that SERVICES THEIR OWN LOANS because they charge far fewer fees.

Tyler Said:

What happens when 2nd mortgage is in default, 1st is current?

We Answered:

No. Keep talking to the lender about modifying the loan. They are in 2nd position amd will receive nothing if they forclose and the property has lost substantial value. In a foreclosure sale the first lien is paid first. The 2nd lien is paid only if there are funds left over from the sale. If the property lost value the sale will not benefit them in any way.