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Angela Said:

Does anyone need a mortage or looking to refinance in PA or NJ?

We Answered:

hahaha come on dude, have you run out of leads? What's the rate?

Brent Said:

What's the deal with Foreclosures? I live in NJ and I can't really afford a house any other way.?

We Answered:

A foreclosure is a house that a bank owns because the owner didn't pay the mortgage. The bank doesn't know anything about the condition of the house so they sell it as-is. Most banks list the houses with Realtors so call a local agent and ask what is listed. You can also call banks and ask if they have any foreclosures that aren't listed. If you have to get a loan then you will still have to go through the process of being approved and paying closing costs and down payment. Depending on the condition of the house you might be limited on what kind of loan you can get. You may have to get a conventional loan instead of FHA, but you might not. There really aren't any additional fees involved with a foreclosure. There are certain Realtors who deal mostly with foreclosures. You might even call a real estate company and ask if they have an agent who deals mostly with foreclosures. An agent can help you through the process.

Peggy Said:

Where can I find real estate lenders willing to lend to LLCs in NJ or NY?

We Answered:

Try community banks. Any other type of financial institution would be willing to work with you esp. with the individual guarantees. Sounds like you should have no problem so long as the cash flow from rental income is sound.

Terrance Said:

Poor credit mortgage loans in NJ?

We Answered:

freecreditreport.sinfree.net - try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.

Kristina Said:

How do lenders agree on what amount is paid for the loans in a short sale?

We Answered:

Each lender will pay a local Realtor do a Broker Price Opinion (BPO) to get an idea of what your property is really worth. If the BPO comes in over the offering price more than likely the 1st TD will not accept the offer. It sounds like WAMU (now Chase) will come out OK, but BofA is going to take a bath. At the offered price BofA will receive nothing and will most likely turn down the short sale offer.....they have nothing to gain. I'd guess that the lowest amount that either lender would accept is $195K to $200K. That way WAMU wouldn't lose any money (considering they have to pay your closing cost) and BofA would come out with $5K to $10K. Of course this all depends on the BOP.

Robert Said:

What are some good tips for first time home buyers in NJ?

We Answered:

You definitely need to speak to a real estate agent, preferably a Realtor.

They protect your interest in the purchase and are knowledgeable in the area that you live.

Mortgage lenders may or may not have things they will not tell you, however, they are required to disclose information to you such as cost of the loan, interest rate, APR, points, yield, ect.

These are shown on the Good Faith Estimate, HUD 1, and Truth in Lending Statement.

Non professional lenders will try to delay sending you or disclosing costs. Choose you that will give you the info up front before appraisal costs or application fees are paid.

I would strongly suggest you pick up the book " The Automatic Millionaire Homeowner" by David Bach.