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Henry Warren's Advice

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  • 72 Contributions
  • 1 Best Answers
  • 4 Helpful

Henry Warren wrote:

what are the chances of someone that filled bankruptcy last yr to qualify for a mortgage of $50,000?

Answer
Maria,You may want to consider a possible lease purchase that will allow you to put time between you and that bankruptcy.  Everyone is correct you need at least 24 months.
August 25 2010
(0)

can i ask the seller to pay all the closing costs

Answer
In most cases your lender will inform you of the maximum the seller can give towards your closing costs.  This will depend on your down payment in most cases.  If you put the minimum down ( 5% ) the the seller can assist with 3%.  10% or more the seller can supply 6%.  FHA financing will allow the seller to pay all normal closing costs.Check with nyour lender.
August 23 2010
(0)

is chase hard to work with loan mods?

Answer
hlm911,Most banks do a very bad job with loan modifications because the entire program stinks.  The thought is good but execution poor at best.  If you are working with them you need to stay on top of it weekly at least.  If not then please contact your current lender to explore other options.Good Luck 
August 23 2010
(0)

What can I do to get more (or better) quotes for my loan request ZR-VCKDZVT

Answer
Scott,It appears that no one know how much you owe on your home to factor in how big a loan you would need.  Your credit scores are below the required level necessary for a cash out refinance.  Your income looks limited and you may not qualify.  You should speak with a mortgagelender face to face to determine if you could qualify for a loan.Good Luck
August 13 2010
(0)

What can I do to get more (or better) quotes for my loan request ZR-QJMQMPT

Answer
Steve,You have a couple of issues.  The loan amount of $50,000 is on the low side and the fact that you are looking at a mobil home eliminates most mortgage lenders.  Mobil homes require there own type of financing almost like a car.  You need to contact a mobil home lender to review your options.Good Luck
August 13 2010
(0)

Can I get a mortgage after a short sale?

Answer
Mark,The short sale may be very hard to over come.  FHA does require the 3 year waiting period and hoping that the short information does not report will back fire on you in most cases.Good Luck
August 13 2010
(0)

is it possible to buy a inexpensive condo with poor credit?

Answer
Dianne,I would say that it is impossible to get conventional financing with low credit scores and or credit issues.If the seller of the Condo will hold a mortgage with that down payment it may help you buy some time to improve your credit and refinance that loan in the near future.Good Luck
August 13 2010
(0)

How do I determine the value of a house?

Answer
Mike,It depends on your objective.  Most real estate agents would be glade to run a market analysis for your review.  The only way to be exact is to have an appraisal completed.  This does come with a cost between $250 and $400.  If you are just curious check out Zillow.
August 13 2010
(0)

my loan is owned by hsbc bank , i'm at adjustable rate 9.69% which is disaster for me, what can i do

Answer
You need to get back on track and keep your payments on time.  You should seek out a local lender that you can sit down with to review your options.  There is a lot of missing information that we all would need to make any suggestions.
August 11 2010
(0)

Reducing your mortgage payments

Answer
This looks like a government program that you are in now.  You may need to ride out the storm and hope your homes value start to increase.  You shouldn't stop paying the additional principle and get that balance down.
August 11 2010
(0)