Profile picture for JB2003

JB2003

Advice

  • (9 Contributions,
  • 0 Best Answers,
  • 0 Helpful)

Contributions are sorted newest to oldest.

Rent vs. Buy

Response

on what planet can you buy a house with 5% down?  I'd like a referral to that Lender ??  hado you really think homes will appreciate 5% per year?  should i guess that you also think this annual appreciation rate will continue forever?   this is the kind of math that got buyers/investors/lenders in the trouble they are in today and for many years to come  

  (0)
What is Your Favorite Restaurant in Fullerton?

Response

Check out the Brownstone for lunch!  Fantastic homemade soups (my fav is the Chicken and Rice but they are known for their Tomato Bisque) and the sandwiches are great!  Its tucked away in the little courtyard at the NW corner of wilshire and harbor.Dinner try Shabu Shabu on the other corner of wilshire and harbor.

  (0)
Newly built home zestimates are in error

Response

TRY THIS:  Go to the "about us" link at bottom of page, then click on the "who we are link" on the upper left hand column.  You will see a management team list which you can go direct to each of their individual profiles and send them an e-mail instead of posting in the discussion pages.  Looks like the technition who responded to you last October stating she was looking into this has no posts since then...your inquiry is probably still sitting in her "to do" list in a long lost file by now.

  (0)
In a foreclosure can the bank go after more than just the property - can they garnish income?

Answer

If the mortgage lender was given a security interest in the Rental Property by the owner of that property to secure the defaulted loan then they may have a right to the income on that property.  If it is a completely separate property from the foreclosure and no security interest or lien was ever given to that lender then No they should not be able to touch it.  If the property that is in foreclosure is the Rental property that you are referring to then they may have a right to the rental stream, it depends on the Loan Agreement terms.

  (0)
How to remove previous sale price

Answer

Purchase prices are public records.  Anyone can go to Recorders Office to get the information if they want to make the effort.  Non-Disclosure simply means the seller is not required to disclose the information.  This site just makes it easier for people to access the information that they probably would not have made the effort to go request themselves.  I'm pretty sure Zillow will not remove the data.  Public Record is well...public.  Best defense, put together information package regarding the remodeling value added.  Most educated buyers should know Zillow is not meant to be a completely accurate tool...more like a broad guestimation of trends and "rough" neighborhood estimates.  

  (0)
i'm buying a home for 330,000 with 30,000 down but when i sell my house i will have 50,000 more

Answer

Jaime has it right.  This is how I purchased my home.  Some people refer to it as piggy-back loans.  The first was conforming at 80% LTV the 2nd was at 10% LTV, it was at a higher interest rate but I had it paid off within the first year with no prepays.  Make sure you confirm the no prepay on the 2nd lien loan.  I did not have to carry PMI.

  (0)
Paid $529k for condo; now worth $441k. Payments=$4k/month. Soon - worth nothing! But will still owe!

Answer

The Value of your home does not increase or decrease the amount of your payments?The amount the bank gave you to purchase your home and the interest rate agreed to are the only factors.  If you signed up for an adjustable rate mortgage that was the risk you took.  A low rate for the introductory period in exchange for the risk of a higher rate down the road.  If this was not disclosed to you and documented with a Truth in lending sign-off by you then you might have a case to argue for a loan modification for more economical terms with a new loan structure.  It is only unethical and unfair if the Bank did not disclose to you the facts and the risks.  If they did and it is documented not alot you can do.Just because the value went down does not change the fact that they gave you the money and they are entitled to be repaid.  The amenities you added, was that work done with Borrowed money too?  This would also cause the increased payments without creating equity for you.  All this magnified by a down market.Lots of folks in the same tough spot today.  If you are too upsidedown and cannot afford to repay the debt only option may be to short sell if loan modification is not an option.

  (0)
I bought my house 240 now worth 190 what should I do to lower my interest rate and payment?

Answer

just because the value has decreased should not have affected your payments or ability to make the payments, no?  Is the issue really that your mortgage rate adjusted and now the payments are unaffordable?  or did you have an event that changed in your income/ability to make the payments?  That is the real question and what you need to discuss with your lender if this is in fact the case, the fact you are upsidedown really is not the cash flow issue. You really need to decide if despite the current upside down situation if this is an investment worth holding onto or not.  Did you intend to own and live in the home for the long haul?  if so and it is not an affordability issue with your mortgage, 10 years down the line with nominal market appreciation(like a "normal" real estate market) you should be fine and have built some real equity.  If it is an affordability issue then it is worth looking into a possible loan modification/shortsale scenario with your lender.  Best advise start talking with your Lender before you NEED to.  If you have time on your side there are lots of ways a good lender can work with you for both of your benefits. 

  (0)