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Lisa Uschold's Advice

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  • 11 Contributions
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Lisa Uschold wrote:

FHA no cost refinance (underwater)

Answer
Hi Wayne,As a Mortgage Servicer you can view the new guidelines at:https://www.hmpadmin.com//portal/programs/hamp.jspIf you are a distressed Homeowner go to HUD:http://portal.hud.gov/hudportal/HUD?src=/homeownerhelpLisa
October 21 2012
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Estates in Land & Ownership Definitions
Ownership Interest is broken down in to three categories for Real EstateFee Simple Absolute - The highest and fullest type of ownership in real property.Fee - It is a potentially infinite duration.Simple - It has no limits on who may inherit it.Absolute - It will not terminate with the happening of an event.Defeasible (Qualified) Fee - An interest that is less than fee simple because it has a condition placed on the deed which terminates or overules the Fee.Life Estate - The interest is tied to either the life of the person who has the interest or someone else's life.Two things may happen when there is a death in the interest of a Life Estate:Reversionary Interest - The Ownership reverts back to the grantor when the life interest is terminated by death.Remainder Interest - Ownership goes to a designated 3rd person upon death or termination of the life estate.
October 21 2012
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Why is my home zestimate so low when neighbors houses the smaller are higher zestimates?

Answer
Hi There!Z-estimates are just that - ESTIMATES!  You need a Real Estate Professional to determine the market value of your home or an Appaiser to determine the Value of your home.Although it is not entirely known to me, I believe that Z-estimates are derived from Property Tax Records, Mortgage servicers who have information about surrounding homes, initial mortagage values and Co-op data from sales information.  You believe that your home is undervalued compared to neighborhood data, but do you know if that neighborhood data is correct?  In other words, are you comparing your home on zillow to other homes also on zillow or on first hand knowledge of your neighbohood properties (square footage, lot size and property assessments)?Another reason your Z-estimate may be lower could just be human error.  Data compiliation uses GPS, drive-by digital photos and fly-over imagery.  If the data cooridinates are off - well then so is your house. I hope this helps you feel more at ease about your Z-estimate.May I suggest that if you wish to know the true market value or mortgage value, you consult a Real Estate Professional or an Appraiser that is knowledgeable about your area.  Good Luck!  Lisa
October 20 2012
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FHA no cost refinance (underwater)

Answer
The new HAMP (Home Assistance Mortgage Program) by Fannie and Freddie is Coming!  New laws go into affect 12/31/2012 but some mortgage servicers are already implementing them. Call you mortgage servicer and find out if you can modify your existing mortgage or if you qualify for a forebearance.  You don't need to miss a payment or have to ruin your credit to qualify for a loan modification.  Start with your mortgage servicer, fill out the form and see if you qualify for a modification of your current mortgage.  If not, contact a qualified mortgage broker or banker Licensed in New York State.  Good Luck!  Lisa
October 20 2012
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Down payment, closing cost.

Answer
Hi There,  If you can't afford the downpayment, you may need to question why you are trying to buy a home at this point in your life.  Homeownership may require money after closing including moving costs, maintenance and utilities.If this is a short term problem, you may be able to apply for grant from a local organization.  Ask your realtor if they can help you apply for a grant.  Grants are available, but certain income guidelines usually apply.  You may also need to take courses in homeownership or actively demonstrate that you can indeed take care of a home.You could also ask a family member for a gift.  This money can be used towards closing.Regardless if you use a gift or a grant, the fact that you may do this needs to be expressed to the loan officer and the real estate agent.  The proper paperwork needs to be filed with the purchase contract.  Good Luck!  Lisa
September 24 2012
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Appraisal got me down !!!

Response
Hi Sharon,You may actually qualify for a loan modification.  A loan modification can lower your monthly payment.  In essence, if you have a 30 year mortgage currently, and you have paid it for 10 years, the bank can change your term to a longer period again, thus lowering your monthly payment.  If you are underemployed, unemployed, or have a disability, these are all qualifing factors for a loan modification.  You don't have to miss a mortgage payment to apply.  Contact your mortgage servicer to see if you can do a modification or forebearance, they will be able to tell you.I would also contact the appraiser.  If the bank is rejecting the appraisal, due to the comparable properties being a different classification, then the appraiser didn't do what they were paid to do.  They are supposed to use the same classification or type of unit as the subject.  If that doesn't work, they should be contacting the bank and asking for parameters that will allow them to work outside the type of unit.  Since you paid for the appraisal, you are the one who needs to tell the appraiser that it doesn't work for the bank and it needs to be redone.  Good Luck!  Lisa
September 24 2012
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why is the address I entered for our unit entering incorrectly with a zestimate 2 million more

Answer
Please don't rely on Z-estimates to value property.  These are ranges developed through analysis of market trends, real estate professionals and local assessment data.  If you obviously have a valuation problem, try entering your neighbors address or another address nearby and work your way towards your house.   The Zillow estimates are based on GPS, Fly Over and single digital snapshots of homes. Human error as well as rough terrain can all factor in to incorrect address information.
September 11 2012
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How bad is it to list a home for sale in Mid Sept - Oct?

Answer
The best time to list your home for sale is when you are sure you want to sell it and there are no emotional ties involved!  Listing time really doesn't matter unless you want to sell it at a major celebrated holiday period or expect people to move during the Winter that can historically be a bad period to have to move.  However, with Climate Change, it seems that lately you can always find a window to move.  I personally moved in Northern NY during an Ice Storm and the Moving Truck Broke down and my boyfriend ended up getting frost bite.  We still celebrated a great New Year and laughed about that Thanksgiving move that was cursed!
September 11 2012
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I want to know how much is worth my house in frisco texas

Answer
You can start with your property assessment.  Contact your local municpal agency and find out how they determine your assessed value (which usually corresponds to home value).  Ask you assessor who they recommend you contact to determine home worth, and finally if you have a mortgage, what is the minimum amount you owe on that, and is that less than what you percieve the value to be.  Do your own homework, look at real estate in your neighborhood that has sold recently or is for sale and finally - CONTACT YOUR LOCAL REAL ESTATE COMPANY!!
September 11 2012
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We need to sell our house fast to move out of State????

Answer
Sorry about your plight.  You may be able to do a loan modification or a foreberance  if you are not in arrears on your current mortgage and just need time to relocate and not worry about paying your current mortgage.  The new HAMP regulations allow mortgage holders that are not in arears to apply for forebearance or modifications and some banks and mortgage holders are implementing those new regulations right now.  As another professional suggested, contact you mortgage servicer and let them know the story about moving and putting your house on the market.  You may not have to do a short sale to get this behind you.  Good Luck!
September 11 2012
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