Oregon Mortgage Lenders

Terry Said:

Oregon home buyer:why prepaid property taxes for 12 months?

We Answered:

The taxes should be pro-rated. There needs to be enough in your escrow account to pay the taxes when the bill is due. It may look like you are paying a year's worth on page 2 of your HUD1 but I bet you are getting a credit from the seller on page 1 from the portion of the year they have lived in the house.

June Said:

Just stopped paying the mortgage in Oregon ... tell the lender "straight up", or let them figure it out?

We Answered:

Boy, that JTT guy is clueless ...

... I say, GET YOURS, SON! String 'em along for about a month, just tell 'em you're not getting as many hours at work and can't put food on the table AND pay the mortgage ... then start a short sale with an experienced real estate guy, and then hide the cash in your mattress for, like, 8 months or however long it takes to be over (so you can move out with fat stacks, holmes).

Velma Said:

Weird Mortgage question for you!?

We Answered:

When you bid and win an auction, you are normally legally required to purchase the house. If you want to change your lender, you will only have that very small period of time to do it.

I suggest you go with your current lender, and then later, when you have time, consider refinancing. You won't get a new lender that soon. The paperwork can take a few weeks.

Best wishes

Steven Said:

Modifying 1st mortgage before bankruptcy auction date-does 2nd home equity stay discharged, or is it activated?

We Answered:

They should ask the attorney who represented them in the bankruptcy. Usually, once that Chapter 7 is finalized and discharged, the property is liquidated and the mortgage company is not legally allowed to "refinance" the mortgage. Your daughter and her husband no longer own the house or have interest in the property- the sale is mandated through the bankruptcy court. Some states may differ but in general the major rules are the same all over. Have them talk to their attorney before they sign any papers or make any decisions that may hurt them.

Tina Said:

WHAT! How can I Get a mortgage in 3 days?

We Answered:

That is typically the time frame in which you have to make formal loan application, not close and have final loan approval.

Your agent should have explained that to you.

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