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cvgalloway

Advice

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Failure to Disclose - where do we stand?

We agreed to lease with option to purchase.  (Long story short - we had to lease for at least 30 days- but we had already put in a contract to buy)  After moving into the house, we got a home inspection and found some major issues (mainly foundation problems).  Aside from that we had an electrical issue, and when the homeowner had his "electrician" come look at it, the guy knew why the electrical socket melted because "he had fixed this problem upstairs as well"At that point, we just wanted out of the house - we have "rented" the house for a total of 3 months now.  Unfortunately, my husband & I didn't read the lease agreement closely when we signed it (because we were sure we were buying the house) and it stated that we would forfeit the deposit AND pay for 6 months rent. I now found out that a disclosure should have been provided to us (by law) - here is Louisiana law link:http://www.realestatelouisiana.com/resources/propdisc.aspBecause this wasn't provided, does that mean all contracts should (could) be voided?  Yes, we are trying to get out of paying for the balance of the lease agreement, because we feel the owners were hiding information.  Thanks for all your helpCatherine

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Relocating, wife's job/income

Answer

We just moved to LA.....my husband did not change companies, but I did (not careers just jobs/companies)I was told by every lender that I contacted that it was a requirement (as of Jan. 1 2010) that you must provide (prior to closing) paystubs for the past 30 days AND it must be from the new employer (the income that is securing the loan).  Because we moved states (AL to LA), I was asked if we were changing employers, and because I wasn't transfering, then we were not allowed to close on a house until after I had worked (and received paystubs) for 30 days at my new employer.I changed jobs when we purchased our AL home in 2003 - while in underwriting they found out and I was only required to provide a letter from the new employer stating my hire date and income.  Not the case for 2010.We had to move into a rental and we are closing tomorrow (YAY!) If you can secure a loan with just your income, that might be your best bet. At least call and ask some lenders NOW so you know what to expect.Hope this helpsCatherine 

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Moved, still trying to sell...insurance being dropped

We moved out of state (and had our mail forwarded).  My insurance company called stating they received information that our address had changed and I said yes, we had moved and we are trying to sell the house.  That's all the conversation we had.  I received a letter yesterday stating that they will cancel me because "the substantial change in the risk due to the fact that the dwelling is no longer occupied by our insured." We still have 99% of our furniture in the house.  I have at least 2 people checking on the house a week.  There's normally a car parked in the driveway in the evening (our neighbors are using the space).I haven't called and discussed with my insurance company.  Until now (and I researched it), I didn't know this would be an issue - I don't want the insurance co to think we were trying to hide something from them.  What in the world do we do if they won't insure us?  We've been with them for 7 years & only 1 claim (Hurricane Katrina)...What will happen with our mortgage if our insurance is dropped?Thanks for all your helpCatherine

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A New GFE??

Response

Oops - I signed all the paperwork before I knew this information....

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A New GFE??

We started out with a GFE of $7,188.37And now the day before underwriting I'm told that MI Premium was left off ($4400) and was provided with a second GFE of $14,905.37 - and quickly realized there were other things left off.Owner's Title Insurance had N/A ($1409)MI Premium - left off ($4400)Termite Cert - left off ($125)Initial deposit into escrow - changed from $1200 to $1650Homeowner's insurance - left off ($1352)Based on page 3 of the GFE, it states certain items could change at settlement - so homeowner's insurance, initial deposit into escrow - I expected thatit states can change 10% (unless I selected the companies - which I did not, but found out that my realtor told them to use a specific Title co) - title services, owner's title insuranceMI Premium is not on the list of these that cannot or can be changed - where does this fall?Can they say - oh, a new GFE is required?  Which items can/should be changed prior to settlement?And also - there have been NO CONDITIONAL changes on the loan - the LO just forgot these things.Thanks for all your help. 

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Can the seller pay a portion of my UFMIP?

Response

Thanks Joe - yes, others please confirm or not...Now, if I tell the lender that they have to honor the original GFE and pay the $4400 in UFMIP - can they say "forget you" and not continue with the deal?I'm pretty sure that I could cancel at this point if I wish, but can they because they made a mistake?Thanks!

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Can the seller pay a portion of my UFMIP?

Response

Since this topic has gone in so many directions....I'm going to expand on it - but please let me know if I should repost as a new topic.I'm now reading that the mortgage company can not change a GFE - is this correct?  So, if she forgot to put the UFMIP on it and then calls me the day it should have gone to underwriting and says oops I made a mistake, here is the correct GFE - can she do that?  I'm reading that the lender is bound by the charges and terms.Thanks again!

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Can the seller pay a portion of my UFMIP?

Response

Thanks for all the help!  I'm expecting a call this morning to discuss the fees and come to an agreement so that we can get this to underwriting.ThanksCatherine

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Can the seller pay a portion of my UFMIP?

Response

Thanks!I just read something about title insurance - and that we don't need both borrower and lender - they are charging us:lender's title ins - $899owner's title ins - $1409Are these reducant?  Should I question this?  Or is it legit?ThanksCatherine

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