NLIC.org

Richard Said:

How do lenders work in terms of pre-approval?

We Answered:

In general they will send you loan information in a good faith estimate that will detail the loan amount, payments, etc. From this you can make the choice as to whether it's something you want.

Nathan Said:

How do I find more capital for Real Estate Investments?

We Answered:

Your only remaining option is a partner. You enter into all future deals with 2 of you as purchasers. In return for future profits, the partner provides money today. You could advertise for partners. With bank CD's paying 1% interest, you could offer 10% interest and a share of profits..

Reginald Said:

Employer charging me for employer FICA.?

We Answered:

If the employer FICA is 59.64, then they take another 59.64, you have 2 issues:

1. They are double charging FICA, maybe.
2. They are not taking any other taxes, and you are going to owe a lot. Including your SS tax, which apparently is not being taken...

Jessie Said:

is there a law on how long the 2nd has to seek deficiency judgment?

We Answered:

Sounds like the state of California. In a foreclosure, a judgment can only go against the property, and if there is a deficiency, then too bad for the lender, because there is no deficiency judgment against the borrower. However, it isn't like that in Utah. There a deficiency judgment is allowed.

Arnold Said:

mortgage, ch7 and foreclose?

We Answered:

11.5% is crazy. If the bank won't negotiate in good faith, ie the $1000 a month, (and I do not think they will), then they will have one more house on their inventory---you have that leverage if it is worth anything.

If you are willing, then go into foreclosure. My home in Sandy, UT went into foreclosure in 2002, by the way. My ex wife lived there more than a year rent free, while all the threats of foreclosure swirled around. One thing is, you should start already to pack, and be ready to move when the house is sold. They want you out pronto. In the mean time, save up your $1600 a month. Keep it safe out of your checking/savings. I actually went to Bank of Zion and got a safety deposit box--also kept it at a new apartment I had to rent in a secret place--under the bottom draw in the bathroom where no one goes. Any ways, after the foreclosure, came bankruptcy, then discharge of all my Bank One Home equity loan, and all the credit cards. Not bragging, it was a breath of fresh air.

Two years later, I got two loans, one for 80%, and one for 20%. I have almost paid off this place living frugally, and the CH7 will still be on my credit report until 2012. True story.