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OelrichTeam

Lender

The Oelrich Team (15 years experience)

Specialties:
Purchase Loan,
Refinancing,
Mortgage Planning,
Jumbo Loans

Advice

  • (75 Contributions,
  • 1 Best Answers,
  • 25 Helpful)

Contributions are sorted newest to oldest.

CH7 BK & FHA extenuating circumstances. A good one for ya Mortgage folks out there.

Answer

Dana,This always comes down to the judgement of the indvidual DE underwiter, but I've seen similar situations that have occurred due to death or disability be deemed as an acceptable extenuating circumstance in the past.  Clear documentation of all the facts is critical to the DE underwriter being able to sign off on such a decision however.It is also just as important to have re-established a positive credit history subsequent to the BK (in addition to being able to document that the circumstances that caused the BK were extenuating & unavoidable).Best of luck!

  (0)
Can I be responsible for a foreclosure, if I marry the person that owes the property?

Answer

If you are not on title, and not on the loan, you should be safe.Washington is a community property state however, so be careful not to comingle your separate assets (e.g. bank & investment accounts), as those could become at risk in the event that the lender determines that the loan is not a non-recourse loan for any reason, or if they were to pursue a judicial foreclosure instead of a non-judicial foreclosure.

  (0)
Appraisal Questions

Answer

When you refinance a home, the opinion of value is fare more subjective than when you purchase a home, because in the case of a purchase---aside from unique circumstances---an informed buyer will not pay more for a home than what it is currently worth, and the purchase price is the result of negotiating back & forth to arrive at a fair value.In the case of a refinance, the appraiser is simpling providing an opinion of how your home compares to other homes that are as similar to your home as possible (e.g., size, # of rooms, lot size, style of constructions, etc.) that have sold recently, and are in close proximity to your home.  It does NOT mean that your home is worth exactly the amount that the appraiser opines.  If there are hasty sales, distressed sales, etc., that are recent & proximate to your home, then your appraisal can come in much lower than what you would have expected.That said---I would still do some homework to see if there are superior comparable sales that may have been overlooked by the appraiser, particularly in light of the fact that you've invested in upgrades to your home.  If that is the case, you can request a reconsideration of value based on the more comparable sales.

  (0)
mortgage with foreign income

Answer

This is a pretty common situation, and most lenders would be able to provide a loan under these circumstances.It's been more than a week since you posted this---were you successful in getting started with a lender?

  (0)
No quotes on my loan request to lower interest rates on a 15or10

Answer

Most of the quotes on Zillow are automated, and I'd guess that the lenders providing quotes in your market have their settings at a higher minimum loan amount than what you have requested.Try setting your loan amount higher, and once you get some quotes, reach out to those lenders to discuss your scenario in person.Best of luck!

  (0)
walking away from home.

Answer

California is a non-recourse state, so theoretically, the only recourse the lender has is to recover the collateral for this loan---provided that this was a purchase money loan.However, lenders are aggressively pursuing borrowers who default on non-recourse loans if they can find any kind of misrepresentation on the original loan application or supporting documentation used to obtain the loan.If you are not absolutely positive that your loan application was 100% complete & accurate, and that every item (e.g., income, assets, etc.), was fully documented with 100% accuracy, I would recommend you consult with an attorney who is up to speed on such matters, as a default can really open up all kinds of other legal issues as well.

  (0)
I filed Chapter 13 Bankruptcy in 2009. Can I qualify for a HUD Home ?

Answer

HUD's underwriting rules state that a person in Chapter 13 bankruptcy can purchase a home subject to a FHA-insured mortgage. Requirements are the applicant (1) must have completed one year of payments as required while under Chapter 13 and (2) must obtain a letter from the Trustee of the court, stating the dollar amount the applicant can borrow.Best of luck!

  (0)
What types of income qualify for a mortgage? Does income from investments count towards qualifying m

Answer

You can include investment income as long as you can document the income on your tax returns and also demonstrate that you still have sufficient investment assets to continue to generate similar investment income going forward.Special rules apply in the event of retirement assets which can be very beneficial, so if that applies to you I would recommend setting up a one-on-one meeting with someone who has expertise in that area specifically.Best of luck!

  (0)
HELP - How do I get my appraisal expense back from my loan broker?

Answer

She is probably licensed through the Department of Real Estate in California, so that would probably  be the appropriate place to pursue a complaint.However, just to clarify, do you have something from her in writing explicitly stating that she would reimburse you at the time of closing for the appraisal fee?  I am trying to understand how you ended up so far apart at the time of closing when the GFE is a legally binding document.Do you have taxes & insurance in your monthly payments?  If so, part of the reason for the additional cash to close requirement is presumably attributable to her not properly estimating prepaid amounts dues at closing for taxes, insurance, and per diem interest.  Also, the accrued interest on your underlying loan at the time of pay-off may not have been taken into consideration.If your previous loan had an escrow account balance, you should receive a refund in 30 days, which will help.  However, if everything was disclosed properly on the GFE, and the final HUD matched, you don't really have any recourse with respect to recouping the appraisal fee I'm afraid.Sorry to hear about this---best of luck to you!

  (0)