John Paunan's Q&A

Your credit profile is below acceptable limits for most lenders (currently 620 and will pop up to 640) for a refinance, and debt-to-income ratio is waaay, like over 1000 points outside acceptable limits.  You may want to check the income and expense information you inputted to see if it is correct.

The loan to value is showing at 157%.  There is no loan product available with such a high loan to value.  Looks like a loan modification will be your only option.  Contact your current lender and see what needs to get done to start the modification process.

I'm sure this has been discussed before, but I couldn't find a thread on it and I wanted to hear it straight from the horse's mouth.  Look at this quote request.  As you can see the request is clearly for a 30 year; no mention of any other program whatsoever.  However, the first four quotes provided are for 10 year mortgages, clearly made in an attempt to game the system and move them up the "True Cost" ladder.  There should be no surprise that those using this particular tactic are some of the more controversial lenders in the ZMM, to put it diplomatically.  I have no doubt that their reputations will continue to reflect their dubious quoting practices, however, I'm sure that they are still finding some success, otherwise, why would they do it?  What exactly is Zillow's policy regarding this practice?  It was my understanding that we should be quoting to the consumer's request, not adding excessive or gratuitous entries.  Please advise or deal with this practice accordingly.

Looks like you weren't able to answer their question Ray; otherwise, 12622 wouldn't have needed to write this thread.

Used to have more lenders with overnight and weekend rate protection, but with the market volatility the way it is, they are few and far between.  I only a couple lenders that still allow it and they seem to suspend those programs pretty frequently.

did you guys see Wells has a 5/2/5.  Sheesh!  They really don't want ARMs...

Markets have improved today, so that rate is definitely there right now.  As has been the trend, though, that probably won't last for long.

Both the current title company and your prior title company should be involved in this.  The prior loan, and the one before that, should not have closed until there was clear title.  So both those title companies are on the hook to clear up any issues or old encumbrances showing on title.  That's what title insurance is for.  They should clear it up for you.  How quickly they do it is a whole other issue.

Generally speaking with a short sale, as opposed to a foreclosure, the bank is agreeing to let the current owners sell the property for less than what it is owed and agree not to pursue the deficiency.  I'm sure such agreements can vary, i.e., the lender securing some sort of payment into the future, but for the most part the deficiencies are forgiven.  That is the main difference between shortsales and foreclosures, because for credit purposes they are viewed the same, meaning they affect your credit the same way.

You may be able to get close to that, but 5% would be pretty slim unless you were willing to pay something upfront.