NLIC.org

Roberto Said:

value added mortgage in texas?

We Answered:

I have been in the business a long time and the only added value is for the lender. Have a lawyer look at this before you sign anything. You onlyhave everything to loose.pp

Courtney Said:

Texas refinancing mortgage law?

We Answered:

Your lender is FOS. There's nothing in TX law that restricts you from refinancing any loan.

TX does restrict home equity loans to improvement of the property itself but there's nothing in TX law that prevents you from retiring a HEL with a first mortgage as long as you are not attempting to cash out equity. TX law won't let you cash out your equity though.

Vickie Said:

How come mortgage lenders don't want foreclosure?

We Answered:

Um, because it takes like a year for the legal process of foreclosure to complete. And by the time that happens, the house has been vacant for a year and has often been totally neglected and vandalized. So, the bank lends out $100,000 for a house.. then after the sheriff's sale they can only sell it for... like $50,000. OR they can't sell it at all, which is increasingly the case right now because there are just so many of them.

But, it's only been recently that banks have been reluctant to foreclose and have been willing to work with buyers. Before the "foreclosure crisis" hit lenders basically showed no remorse.. and were happy to foreclose on anybody who didn't make payments. It was a small write-off for them, and showed people the consquence of not paying on time. But now it's just become too much of an expense and a lot of banks are trying to avoid it if they can (although not really trying hard enough in my opinion..)

Banks DO go through the forclosure process that you outlined in your example. If it were profitable we wouldn't have seen a multi-billion dollar bank bailout. This rash of foreclosures is what has directly lead to the near detriment of our entire financial system. Foreclosure sales are NOT profitable for banks!

But, yes, you can take over a person's loan. It's called a "short sale", and they happen all the time. A third party buyer comes in and negotaites a deal with the distressed owner and the lender. The lender sells you the house for the price of what's left on the loan. The previous owner walks away empty handed. The house then wouldn't go into foreclosure, though. You would just then own the house and then you could sell it yourself (nobody buys most of these things at sherrif's auctions anyway.)

Google the term "short sale" and you can find info.. or go to the library and get a book on real estate investing. I suggest learning as much as you can before getting into this business. You can lose a lot of money in it..

Antonio Said:

Help! Sub-Prime Lender who will do Refi c/o on a mobile home in Texas going Stated ?

We Answered:

im not positive but try greentree, i think its greentreemtg.com if that dosent work you can check out some sites like www.weirdloans.com or mortgagegrapevine.com go there input your scenario and it will spit back any lenders that will do it, good luck to you

Phillip Said:

does any body knows any good lenders in fort worth texas?

We Answered:

Don't contact Marty from Premium Loan Sharks. You need to be careful that you do not fall victim to a loan fraud or identity theft problem. As you can see, there are plenty waiting to take advantage you.

You should be able to get a loan, not a great loan, but a loan. Most likely not a 15 year though, those have a higher interest rate to begin with.

You best bet is to ask your real estate agent for a mortgage broker. Only deal with one in person. You don't even know if these internet scammers are in the USA.

Floyd Said:

Do I Need To Pay My Deceased Parents Mortgage- No Will Left?

We Answered:

The state will have already placed a lien on the home for the costs of keeping your grandfather in a nursing home. That is in addition to the mortgage. Your mother is not responsible for paying the mortgage, but there is very likely no equity whatsoever left in the house, and it will need to be sold to satisfy these liens.

She can try to purchase the home and get her own financing on it, but she really does need legal advice at this point. If her income has dropped, she may not qualify. Her payments have not been in vain - she would have had to pay rent to live anywhere else, but making the payments does not give her a right to the house. The estate must be probated according to your state's laws, and the house will likely have to be sold.

Ron Said:

House in Texas going into foreclosure, can they go after 2nd home?

We Answered:

yes once a judgment for the balance is done sure can