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Teresa Said:

Does anyone know of a mortgage lender that will finance a mobile home in West Virginia?

We Answered:

Isn't going to happen.

Lenders have tightened their restrictions so much on lending, especially on MHs, even worse if it is in a park, you won't find any reputable lender to do this.

If your current wife has a much better credit score and an income, she might be able to obtain a loan.

The only thing I can suggest is perhaps a personal loan for the $20k, but the interest rate is going to be stupid.

The best thing you could do is fix your credit, then move forward.

One final piece of advice, don't respond to those who will send you an email through Y!A spamming for business.

Lena Said:

I live in Norhtern Virginia Any one help me to avoid Foreclosure I cant make the payment of the mortgage?

We Answered:

this is sad and i am sorry---but this is happening to many many people across the U.S.
many people are losing their homes to foreclosure due to ARMs and the monthly payment continually going up.

First i want to recommend that you do not deal with any online people who respond to you ---they will say ("email me--i can help you")...NO they can't...you will only go deeper and deeper with these people...scams!

second, have you contacted your mortgage company and asked them to allow you to skip a dew payments and they will then tack those onto the end of the loan...which extends the life of your loan.
You could attempt to refi with a 30 year fixed, no prepayment penalty loan with your local banks...but i suspect that your loan out weighs the current value of your home...as it does in many U.S. households right now.
You can retain a licensed realtor and attempt to sell, even while in the foreclosure process.

lastly - like many americans, you can just allow it to go into default and foreclosure, move into a rental and the federal government will allow you to purchase again 24months after the foreclosure date.
you do not qualify for state aid or assistance...as you have an asset currently.

good luck, and remember to stay away from the internet sharks.

Duane Said:

What to do if you suspect you mortgage lender is working with home appraiser to increase length of PMI charge?

We Answered:

Most appraisers know the sales price of the property prior to going to the property. This is a common practice in the real estate business. This practice save you money in the long run. If an appraiser know that the sale price of a property is $265,000 and his preliminary information is leaning toward $225,000 the he will not waste your money and his time trying to get the appraisal to make or match the sale price.

Lenders appraisers are not in the real estate business to jeopardize their respective license by underhanded and collusion on the sale price.

They would rather pass on this as there are many other borrowers that they can lend and do appraisers for. Appraisers are independent agents that work for themselves.

Banks and lenders are governed by state and federal agencies that issue them a license to operate. They are not gonna take one isolated incident to earn a few dollars by doing any underhanded operations.

You are speaking of three different companies, PMI insurance company, Independent appraiser and the bank.

All would have to be in on this scheme to increase PMI on your mortgage loan.

Who would get the extra money and which company would benefit from doing this?

I hope this has been of some benefit, good luck.


"FIGHT ON"

Viola Said:

How long you can stay in a house without paying the mortgage?

We Answered:

In most states after your 1st month of non payment you'd get a letter from your Lender basically saying "We appreciate your business, but we did not get this months payment, send it right away, thank you" After about 3 months of non payment you should expect "Well, we didn't get payment for the last 3 months which means we need to cut our loses and foreclose on your property unless you submit payment in full, plus late fees, thank you" if you do not respond or pay you you should expect to get a letter to show in court to start the foreclosure process...needless to say you house will be foreclosed, you will be kicked out, your home will be auctioned off for the amount owed to your Lender.

You can try to write a letter of hardship to your Lender explaining why you can not pay now but can pay in the next month or two, as a way to get an extension. The problem with this is that there have been so many foreclosures due to the credit crunch that banks have more property than they can handle and not enough capital coming from thier lending, which means they need there money asap.

In this "Buyer's Market" sellers have limited options when they can not afford mortgage payments. Get the money from friends and family, rent a room or apartment in your home or building for mortgage income, etc.

If all else fails and need to foreclose, try to sell your home before the auction date of your home. Set the price so that it covers the amount owed, assuming that there is equity you would be selling well below market value which is attractive to buyers and should sell quickly. This would cover your debt with your lender, save your credit, and if you work the numbers right you can come out with enough money at closing to put a down payment on a new home.

This is not great news and things may seem hopeless, but DO NOT GIVE UP. Where there is a strong will, there is a way and in the end things always happen for a reason. Be strong and smart and always get 2nd and 3rd opinions and understand that you will need to let somethings go, to make room for the new.

I wish you the best. If you have any other questions feel free to contact me directly.

KevinH

Maurice Said:

Any good mortgage lender in DC and Virginia?

We Answered:

There's one good name I know is All Financial Services. They offer mortgage loans of many types, i.e. FHA, VA etc, and I learned that they offer Jumbo loans too. Check out there website http://www.allfinancialservices.net and contact them personally. you yourself can judge them better!