Home Equity and Refinancing

Just to clarify, I currently have a home under contract and have given my agent $1000 money order for earnest money. My current bank account balance is around $5k, and I am told that I will need about $400 (in addition to money the lender already has) for closing. Closing date is 5 days from now, and the lender calls to tell me that the VA needs to be able to verify the source of all money in my bank account that I paid the earnest money from and that the closing costs will be paid from.

Not that I am hiding anything, but the closing date is quickly approaching, and I have sent them a declaration to explain, including where money was transferred into my PayPal account. Now they want to see the statement of people who transferred the money to me (!?)

First question, why in the world do they need to know this? I did not use these deposits as "income" to get the loan approval, and the lender is saying that the loan was not granted based on this money. Second question: is this weird or normal?

Generally speaking, yes.

It gets a little complicated in certain cases, because certain debts have a higher priority than others, but all debts, including the HELOC, must be paid off before the seller receives any money at all from the sale, and except in the case of a bankruptcy, the lenders are entitled to attempt to recover their losses if the house sells for less than the total amount of secured debt.

Well i don't know much about loans but i can say that the one who pays the EMI's of the complete loan of the house naturally the house will belong to him.Let us take an example of joint loan:Suppose a joint loan is taken by a mother and a son but the mother is unable to pay it's one of the EMI so his son pays the all the loan then it is quite natural that the house will belong to son only.

Oh, they could do it in seconds, but the time frame they give you is to allow for verification, etc. Usually 3-5 days.

If you have filed the financial management certificate due after the plan has been certified by the trustee as completed, you or your attorney must file an application for the discharge.

Most mortgage companies use a title or trust company to remove liens once they have been satisfied. So while mistakes can always been made, and some companies may not require proof of satisfied lien before processing the request, there are generally several safeguards in place to prevent errors. If the question is more to consumers or other entities fraudulently releasing liens, generally this can not be done because neither borrowers nor third parties are authorized to release liens not placed by them. The lien placing entity or successor, assigns, or trustor must be releasing agent.

key tested transfer

The most obvious thing that can happen is that your interest rate can rise and fall either monthly, quarterly, annually or in otherwise determined sets of years (5 years, 10 years etc). This can occur from the inception of the loan or can occur after an initial fixed rate period expires. These rate changes will affect the following:

1) Amount of payment applied to interest and principle

2) May affect total loan payment amount due

3) May affect total amount of time required to pay off the loan in some circumstances

The initial rate change after a fixed rate period is often the most drastic. All rate calculation terms should be analyzed and understood very carefully.

Not typically. You can prepare the transfer documents yourself, or have a title company or legal company create them for you. The county then charges a fee to record the documents after you've paid a Notary Public to notarize them. The fee from each entity in the process varies but might looks something like this:

1)$50 document preparation fee

2)$20 Notary fee

3)$35 recording fee

The bank will take possession of the property by foreclosure. If the mortgage is in the deceased parent's name it will not affect anyone's credit.

What your home is insured for is not based on the resale value but it is based on the Replacement Cost Value or RCV. The RCV is determined by how much it would cost to demolish your home and rebuild it exactly as it stands. In todays real estate market many people get confused with this concept as they could by their home for a fraction of what it is insured for. If you want to check and make sure you are insured for the proper value you can always ask a local contractor for a cost per square foot to build a home like yours, this will give you a rough estimate.

No! If you looked this up then your favorite color must be blue. I am a psychic

No. When you file bankrutpcy you are making a declaration about your financial situation. If you were to put in an actual application for financing a home the problem would be finding a lender willing to touch it. You would be a bad financial risk to any type of lender at this time. Once you are discharged it will take several years for a lender to take a chance on you. You could try owner financing soon after discharge, someone might be willing to take a chance on you if everything else is strong. Job, income etc.

This depends on your ultimate goal. A short sale is less detrimental to you credit, but will still likely keep you from buying another home for 2-3 years. Often times short sales become foreclosures because the homeowner stopped paying the mortgage loan payments and the short sale took too long. A foreclosure hits your credit harder, but may allow you to stay in the home for just as long or in some cases longer. Additionally, you can negotiate a "cash-for-keys" deal with the lender or new owner where you leave the property in good condition on a specified date in exchange for money for relocating costs.

None, if you mean refinance a debt in the chapter 13. If your car dies, and you can find one that does not require a payment much more than you were paying before, you can probably get it approved by the trustee and the court.

Yes. In return you need to get a deed that transfers their interest to you. This should all be done under the supervision of your attorney.

Yes. In return you need to get a deed that transfers their interest to you. This should all be done under the supervision of your attorney.

Yes. In return you need to get a deed that transfers their interest to you. This should all be done under the supervision of your attorney.

Yes. In return you need to get a deed that transfers their interest to you. This should all be done under the supervision of your attorney.

You can't. In order to make the calculation you need to know the amount of the loan, the interest rate, and the length of the amortization period. You're missing the amount of the loan.

Almost all banks offer different interest rates for different tenures. The lowest interest is always offered for the short-term loans.

you will get the lowest interest rates for tenures up to 5 years. This will progressively increase as the term increases.

All banks offer floating rates and fixed interest rates loans, too.

A floating rate loan means that the interest rates prevailing will be applicable. So, if the interest rates go down your EMI will also reduce proportionately and vice versa.

A fixed interest rate means that your EMI is fixed and will remain unchanged despite fluctuations in lending rates.

Most experts feel that interest rates in USA are on their way down and so a floating rate is the best option.

But even experts cannot predict 10 to 15 years into the future.

So if you are going in for a longer tenure, a fixed rate option may be worth looking at.

Also banks offer loans on annual rest, monthly rest and even daily rest.

Annual rest means that your interest is calculated on an annual basis. This is the worst option as your repayment is accounted for only once a year.

The daily rest option is the best, though all banks do not offer this. What this means is that the moment you pay, it is accounted for and interest is only calculated for the balance amount of your loan.

in Baseball: when a person hits the ball over the outfield fence, or beyond the distance measured as a home run

If you haven't caused the fire, the situation shouldn't be worse than where you are right now. However, your short sale plans would have to wait until things are sorted out.

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