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Reviews Written (1)
Brandon Brotsky's Advice
Contributions are sorted newest to oldest.
1 Best Answers
Brandon Brotsky wrote:
FHA mortgage and Bankruptcy/short sale
The guidelines for FHA mortgages were very recently updated with regard to Bankruptcies, Foreclosures, Short Sales, and Deed-in-lieus. The new waiting period is now only 1 year, if the reason for any of those outcomes was at least a 20% loss of income during that time period. You mentioned "job cuts", so I assume this may be the case for you. Where are you looking to purchase? - BranTheMortgageMan
Will we be able to refinance?
If your home is currently listed for sale, you will need to take it off of the market before a lender will allow you to refinance. Most lender's actually require that it's off of the market for 6 months before you can refinance. Just like going to the Dr., your situation can't be diagnosed through a website. As Tim and Rachel stated below, it's a good idea to meet with a local mortgage originator to if there are any options available to meet your goal. All the best!BranTheMortgageMan
Is it hard to get approved for a loan modification with equity in the home?
Bonny,I can only assume that you fell behind on the mortgage payments because of some type of hardship. Although you may not be eligible for HAMP, you may still be eligible for an in-house loan modification. Having equity in your home doesn't mean you will never fall into a situation where you can't make your payments. So, it's not a definite dis-qualifier. They will most likely have you apply for HAMP first, and if you're denied, they can always review your file for an in-house modification. It is important that you write a detailed hardship letter explaining what caused you to fall behind, and what has changed now that will allow you to make your payments on time going forward. All the best!BranTheMortgageMan
Can a person refinance more than once using the HARP program?
Ms. Bowen,As you have already been told by multiple individuals, you can only take advantage of HARP one time. BUT WHY? The reason for this, is because the loan needs to be sold to Fannie Mae or Freddie Mac prior to June 1, 2009. When you refinanced in April, you obtained an entirely new mortgage. Therefore, the loan you have today was not obtained prior to June 1, 2009. I'm sure it's not the answer you hoped for, but at least you have a reason why the answer is no. All the best!Brandon
Overstated MIP on GFE for streamline refinance...
When reviewing your quotes, you really need to focus on 2 areas of the GFE. 1) Block A "Your adjusted Origination Charges" - This is what you are actually paying the lender for originating your loan. 2) The interest rate. You should not get caught up with all of the third party fees, since lenders do not have control over them, and they should not vary between lenders. You should also make sure you are working with the individual you feel will provide the highest level of service. Anyone can quote rates and fees, but not everyone can get a loan closed. You want someone who will be available to answer your questions honestly, rather than you having to post your questions on websites like this one. Gather all of the information you feel is necessary to make an educated decision as to whom you want to work with, and start saving some money. All the best!
can you loose both the EMD & down payment if you cannot close because of a loan contingency?
This is definitely something that needs to be handled by a licensed Attorney. In regards to the loan pre-approval, it sounds like the Loan Originator did not do their job properly from the start by even issuing the letter. You should speak with them about the situation, and if they can't help you, get the higher-ups involved.
If my husband is the only one with a job, will they care about debt only in my name?
Stephanie,As Ryan stated in his answer, Florida is not a community property state, and your debt will not be considered when qualifying your husband for a mortgage. Since Florida is a Homestead state, you will 100% be on the title with him. What's yours is his, and his is yours. All the best!Brandon
can you refinance and pull cash out after getting a loan modification?
This would depend on multiple things: 1) How much equity do you have in your home? When taking cash-out there are limitations. These limitations vary based on the type of loan you are requesting. Conventional loans are capped at 80% loan to value, FHA loans are capped at 85% loan to value, and VA loans are capped at 100% loan to value. The loan to value (LTV) is the relationship between your property's value, and the amount you owe on that property expressed as a percentage. 2) Was your modification done through HAMP, or was it just a lender specific modification? If it was done through HAMP, which means it will report to credit as a modification. If so, you will not be able to reach your goal. If it was a lender specific modification, you have a much better chance of getting this done, as long as you have the required amount of equity in your home, as mentioned above. 3) You most likely received a modification because of a hardship you are facing, or were facing at that time. In most cases, it's a financial hardship. Hopefully it doesn't, but if this hardship still exists, it will be difficult to qualify. All the best!
Can I get a 30 year mortgage loan at 52??
Your age cannot prevent you from qualifying for a 30 year fixed rate mortgage. If you qualify based on your income, assets, employment, and credit, you should be good to go. All the best!
What can I do to get more (or better) quotes for my loan request ZR-YVVCNMQ?
Nancy,How long are you required to keep paying your trustee? You stated in your question that you have been paying cash for everything for the past 5 years, and that the court is not fully repaid yet. So, I can assume you have a 7 year plan. Is this correct? If so, you will need to wait 4 more years before qualifying for a FHA mortgage. This is the 2 years left in your bankruptcy repayment plan, along with the 2 year waiting period from the date of bankruptcy discharge required on FHA loans. This is the type of loan that is referenced in Flagstar's answer below. Lending guidelines can change in that amount of time, so it is important that you follow up every few months with a question on zillow. In the meantime, you should definitely work on establishing some new credit. All the best!
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