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Danielle Said:

My husband and i are buying an apartment, as my greencard is being processed i cannot take out a mortgage, ?

We Answered:

Some lenders are really bitchy about names on deeds if one
party is not borrow-eligbile. Dumb rule.

ASK your title firm if you can be on the deed; I see no reason why not.

Also, you should be on the mortgage too, with the husband as
a co-signer if not an equal.

Lenders want every borrower to be qualified and when one party
is not yet working, it throws off their systems.

The MINI CONCERN that exists with the deed is some lenders
will call the note due if another person's name is added;' called
acceleration.

Since you are going to your atty tomorrow seek reasons
why you cannot be on the deed now, in some form or other.

IF nothing seems to work we always have the "poor man's"
deed--get a document --like a lease purchase, that states
upon your being eligible for a loan, instead of having a new
mortgage created, the lender guarantees to put you on the
mortgage note and then, your name on the deed will not
accelerate the note [make it due prematurely].

available to guide further

Felix Said:

Can a mortgage lender deny an application because they claim there are no comps in the area?

We Answered:

Get out of the deal. The leander just told her that the house is too overpriced for them to take a risk of lending her the money. This means that if she defalts on the loan, the bank would not be able to sell the house for the same price they lent to her and the bank would loose money.

It this awful economy, she should be able to negotiate the price down. Or walk away.

Sue Said:

Do i need a real estate lawyer before I close on my home purchase?

We Answered:

The mortgage lender will not provide an attorney for you. If there is an attorney at the closing, be assured that unless you signed a retainer agreement hiring that attorney to represent you, that attorney is representing someone else.

The answer to whether you need an attorney is "it depends." (Sorry, but true.) If you are questioning ANYTHING about the transaction, I would advise hiring an attorney for a flat fee (as opposed to an hourly rate) to review the paperwork prior to closing (if it's a basic buyer/seller transaction, reviewing the paperwork should not take more than a couple of hours, at most) and possibly accompany you to the closing. Again, if it is a simple transaction, the closing should not take longer than a half-hour or so. You can very likely get legal representation for that amount of time (two hours to review documents, plus accompanying you t the closing) for around $1000.00 or so. It seems like a lot of money, but considering what you're paying for your home, I think it would be a good investment.

Christine Said:

Can a 2nd mortgage be discharged on a Chapter 7 bankruptcy?

We Answered:

Sadly, no, it's not going to be discharged.

Just before Hurricane Katrina, new laws went into place that restricted what could and could not be discharged as part of a bankruptcy. One reason the Katrina victims are still financially dead is that they can't discharge loans on houses that were washed away in the storm.

Pauline Said:

Which of these two lenders should I trust for a mortgage?

We Answered:

Go with your US Bank guy, goggle Bank of America Problems and sit back in horror. I know the US Bank guy doesn't give you warm fuzzes, but do you want a house loan or warm fuzzes? Trust me the last thing you need is the day before closing to discover BOA has issues with your loan.