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Alan Milani's Advice

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  • 44 Contributions
  • 0 Best Answers
  • 5 Helpful

Alan Milani wrote:

Does the HELOC go away?

Answer
It's all part of negotiations with both loans. You may be able to get them to forgive the 2nd -OR- you could always look into bankruptcy !You should consult an attorney...Good Luck !
April 27 2010
(0)

Will a lender ever agree to an equity loan if you are upside down?

Answer
No bank will go over the value, since that home would be at the biggest risk for foreclosure !Good Luck !
April 27 2010
(0)

a Refi question

Response
Since you are under water, I would payoff the credit cards. Your 5.5% rate us pretty good for now, so is the 2.75 % on the Heloc. You are probably paying 18% on your credit cards. You can probably save $500/ month by paying off your credit cards...Good Luck !
March 31 2010
(0)

Do you think the mortgage pendulum is swinging back?

Response
I have seen uptick in my business, however, the big indicator will be jumbo loans and possible stated income loans. Until then, I will be cautiously optimistic !Good Luck !
March 09 2010
(0)

I am on my fathers mortgage account but he makes the payment, will this count against me

Answer
As long as you provide 12 cancelled checks from your father, you should be fine. Make sure he makes the payments on time. Otherwise, your credit score will be affected...
February 08 2010
(0)

if I pay a credit card down in full should I close the account to bring up my score.

Answer
You don't have to close the accounts. If you have excessive number of credit cards, then you might have to close some. But if you have only a few credit cards, you don't need to close it. Just paying off the balance should help you :-)Good Luck.
February 04 2010
(0)

Paying off ALL bills: how long before it hits credit report?

Answer
Usually it takes a month for it to show. If you are in a hurry, and applying for a loan, you can request a RAPID RE-SCORE, and it should increase your FICO.I had a client who had a 665 FICO, and he paid more of the balances on 2 credit cards. His FICO increased to 720, when we did the Rpaid Rescore.Good Luck  :-)
February 04 2010
(0)

WHY WOULD A FIELD APPRAISAL BE REQUESTED BY A BANK AFTER THE FIRST APPRAISAL HAS BEEN DONE?

Answer
This is becoming very common. The banks are trying to make sure the value is correct, so that the loan becomes sellable to the investors.Good Luck.
February 03 2010
(0)

Underwater, Walk away or Refinance?

Answer
This is a personal question, and I think only you can make the best decision for yourself.However, I can tell you that if I were in your shoes, I would keep the home, since I have an ethical and moral responsiblity to make the payments, IF I can afford the payments. Thus, keeping my credit clean in the process...Good Luck.
January 31 2010
(0)

Are Home Savings of America and and Real Estate Mortgage Network affiliated?

Response
I can just tell you that Home Savings Of America was taken over in 1990's. This might be a broker using this name...Good Luck.
January 31 2010
(1)