Martin Wareing's Q&A

nyaj,My gut feeling is that you are in a tight one here.  The first "fired" and probably/rightfully so, lender will be slow at best to cooperate. Even if they do, 2 weeks from today....  I personally doubt it will happen by then.  Try sugar with first lender instead of hounding and try to go higher up and ask for the appraisal as the rates and communication was your reason to go elsewhere and that you were not playing the 2006 mortgage rate roulette.  That may get you some sympathy.  If not, why not spring for another appraisal and cut losses at $300 instead of $100/per?  You are saving 1/2% so consider it a $300 discount point for the 1/2% and get into your new home.  Good luck to you, but we are basically delivering "bad news" to the cream of the crop in FL daily pertaining to appraised values etc. and just 30 days ago... it was taking 20-30 days to underwrite a file.. 2009 is not 2006 so think abut nipping a minor loss (really a gain in lower rate) close and start BBQing by the 15th.  :)

Wish I knew a lender to give you, but 2 things are hurdles.1) I do not know a lender who will entertain it2) I do not think there is a single MI company that will insure itI am married to an MI gal and I know they will not write the MI for 2nd homes in FL for sure.  Good luck to you though.

This is just looking at it from a humorous vantage point, but that request is like a person trying to find a date on match.com after posting their personal bio and photo with a big cold sore on their lip.  :)  I do hope it works out for you though.

Your score will cost you a decent amount in additional oint surcharges in most cases.  Pricing is based upon the lower of the 2 borrower's middle credit scores.  Dig into that stuff.... reach settlements, raise the scoer, get married, buy a home and live happily ever after.  GF knows about score?  My wife checked me like a proctologist before our marriage...  :)

It is "possible" but highly unlikely... Divorces are messy and if you were owed money by 2 people and they hated each other and created a loss to you... you probably would not want to "release" one even if a judge said he had to... that is the divorcing parties issues.. not the creditor.  I am not a bank and never have worked for one, but I am very straightforward about what is reality.  I would urge an attempt to "settle" with repocollection.  I know it stinks, but you need an FHA loan and need to "move on". If you were to get a "subprime" loan (really don't exist) you would simply overpay the new lender for your ex-husband's repossessed Camaro may times over.  With a little time... well paid real creditors and a resolution showing a settled and $0 balance,  your score will rise each and every month like a large wound healing over time... keep it clean and it will heal.  Do not finance a home with substandard loans just to avoid a hardtoswallow but manageable settlement.  Good luck to you.

I do not originate them personally, but I have been approached by wholesalers that do.  I do not know a govt lender, FHA, VA, USDA that is doing investor loans (non-owner-occupied) loans.  Good luck to you.

If you met and connected in business here (mortgage quotes), then you post a raving review.  If you did not connect here, be careful about broadcasting it as it could cause more issues than most would think.  There have been some great knock-down fights on these boards for reviews that the borrower wanted to applaud the broker and it was quickly sniffed out that the boker was really attempting to defraud the system here.  If it is legit, there are areas to post and when you rank them, they rise on the local, state and national Top Lenders Board (to the right) and that helps them get more exposure.  Good luck to you.

dan,Geax Tigers! (LSU '87). You will have issues with a judgment if it is still valid.  If you are looking to buy a home in just your name and the judment is in your name, you may have to come to some type of agreement.  I would suggest finding a local lender that has integrity and smarts.  Your situation is not for an online turn-n-burn lender.  They can give you a "roadmap" of sorts to potential homeownerhsip.. Pay X & Y and thenshow proof and get revised credit report to really show you are ready.  The 2 $500 Visa cards (sound secured) only total $1,000 in credit and I am sure you want a much larger loan for a mortgage.  Showing proof that you have and can continue to handle a large long-term obligation is what they really want to see.  Scores are barometers of sorts, but getting to gournd zero on past debts and relationships may be the first step.  NO INTERNET LENDERS... You need face-to-face workers as this needs work.  You can do it, but do not fall for the "patchuptheoldscore.com" Schtick... If you owe it... they will show it... Good luck to you.

stin,Sit tight and hope for the best...  INV mortgages are the same rates, however the closing costs and point add-ons for the same rate will make you want to reach for an air-sickness bag.  good news... LIBOR is OK as we speak.. so good year, bad year, OK year over the next 3 years would be averaged as 3 OK years (see Clay's quick math).  Anyway, refinancing might have a potential 6% in costs (INV loans are very pricey even if your credit walks on water) and much worse if you scores are at 739 and below (see air sick bag comment)  :)... If you are concerned with your ARM... contact your service as they are concerned with it as well.... You never know, they might "modify" the terms Free of Charge without you having to be in default.  A friend of mine was offered it (had 3 year ARM and moved out as well)  was offered a FREE MOD...  The circumstances for this were lender related.... INDYMAC was trying to save their ship by converting any and all ARM loans to fixed prior to Sheila Bear and the upcoming FDIC raid to take over their collapsed bank.  never hurts to ask.  Good luck to you.

char,The others are correct.  LC... nice job :).  We have a tendency to "justify" the product and that is true. The new policy is for the Lender. The new REFI "killed" or paid off the old loan and as it was/gets satisfied, the 1st lender's title policy went with it, but remember, there are people working to handle the closing and disbursement of the new loan items, etc. and they do not work for fre. Yes. there are other "junk fees" listed, but the bottom line is that they get bits and pieces of all the fees as the office's gross revenue and employ/pay people from it.  So, Yes, it is a Tiel policy on name, but it is the entire service package and employment of those people.