Loans

Your question,unfortunately, will not receive a straightforward answer in the respect that there are a number of different scenarios that possibly could apply to you. Depending on your credit score, how much money you plan on putting down, the fact that you just started a new business may not matter. Being a mortgage lender I have seen and done loans for this type of scenario. But, my borrowers were putting down in excess of 10% and had excellent credit scores. I did what we call a "NINA" "no income no asset" verification loan. There are also "stated income" loans that you may very well qualify for. They are the type of loans where you just "state" your income and don't have to supply any documentation to back it up. The only issue with this type loan is that alot of the times, you have to at least prove that you've been in the same line of work for the past two years. Hope this helps. Most lenders want to see two years tax return. BUT there are several programs out there that after 1 yr and with scores over 720, you can qualify for a mortgage. NINA-no income no asset (you don't have to verify your income or your assets). This is one program for the self-employed. Again you would be best suited to find a reputable mortgage broker to help you with the different programs and see if you qualify. Different lenders have different qualifications, using a broker would give you the availability of finding such a lender without having your credit pulled too many times and lowering your scores.

For starters I suggest learning the basics such as Getting your mortgage and Brokers license in your state and learn the laws, since each state is differant. From there you will then need to research your competition, and market. You also must create a very firm persuasive business plan if you want any chance of success. This is very difficult and very luctrative to those who are persistent and not weak hearted. I also recommend buying Calyx. Set up and office and contract with a bank or distributor to loan the money to you in which you end up loaning to your customer. Its confusing but you need to learn all there is. I suggest taking classes, reading books and going to the library.

From RubenG: Look up URL (website) for your state. The requirements are there. In Texas it's: www.sml.state.tx.us. If you join up with a mortgage broker (you need a loan officer's license) you can get Calyx software free (I did); plus you get the training and experience, hopefully. Otherwise, education is key; as much as possible, anyway you can get it. Remember, here in American you continue your education until you're buried.

Median annual earnings of loan officers were $48,830 in May 2004. The middle 50 percent earned between $35,360 and $69,160. The lowest 10 percent earned less than $27,580 while the top 10 percent earned more than $98,280. Median annual earnings in the industries employing the largest numbers of loan officers in 2004 were as follows: Federal executive branch and United States Postal Service $56,900 Accounting, tax preparation, bookkeeping and payroll services 53,870 Management of companies and enterprises 52,260 Local government 47,440 State government 43,400 The form of compensation for loan officers varies. Most are paid a commission that is based on the number of loans they originate. In this way, commissions are used to motivate loan officers to bring in more loans. Some institutions pay only salaries, while others pay their loan officers a salary plus a commission or bonus based on the number of loans originated. Banks and other lenders sometimes offer their loan officers free checking privileges and somewhat lower interest rates on personal loans. According to a salary survey conducted by Robert Half International, a staffing services firm specializing in accounting and finance, mortgage loan officers earned between $30,000 and $100,000 in 2005, consumer loan officers with 1 to 3 years of experience earned between $30,000 and $35,000, and commercial loan officers with 1 to 3 years of experience made between $45,500 and $70,000. Commercial loan officers with more than 3 years of experience made between $61,750 and $100,000, and consumer loan officers earned between $25,500 and $50,000. Earnings of loan officers with graduate degrees or professional certifications are higher. Loan officers who are paid on a commission basis usually earn more than those on salary only, and those who work for smaller banks generally earn less than those employed by larger institutions. search www.bls.gov for more info.!!!!!!!!!

If your in-laws apply for the mortage, the mortgage is in their name and they're responsible for paying the bill. If you pay them in order to make the mortgage payment, you are building their equity, not yours. The only way you can switch the mortgage to your name is for you to buy the house from your in-laws.

Your recent good payment history will definitely help, but if your credit score is low that may be a problem. Lenders don't generally care why the credit is bad, only that it is. That said, almost anyone can get a mortgage these days. Just be careful and fully understand the terms before you sign a contract.

Its usually best to apply for a loan prior to searching for a house. This way you have a solid idea of your financing terms, payments, down payment requirement and other essential factors of the home buying process. In addition, you will have the benefit of knowing what you can afford after being pre-qualified and then shop within your range instead of finding a home first and then hoping you qualify. If you need any further assistance feel free to contact me at eloy@platinumfinancialonline.com or 214) 607-1445.

You would have to ask the bank with whom you want to get the mortgage with. Some loans do have an assumption feature that allows this, but not many. And assumptions are never a good idea for the seller. You need to go through a property purchase transaction or execute contract for deed so that you can complete that and in future gain ownership of the property. ____________ Actually - FHA, VA, and some Conventional ARMs are ASSUMABLE. The assumption does require some qualification but you can actually take over the existing terms, conditions, payment, and rate of the existing loan and purchase the home. ________________________________________________________________________

The existing mortgage would have to be assumable in order for someone to take over the mortgage loan in there name without changing the terms of the initial agreement with the lender. FHA mortgages are the most popular form of assumable mortgages.

'''An assumable mortgage is defined by the seller of a home having the ability to transfer their mortgage loan to the new buyer. Before taking over the mortgage loan, the lender of the assumable mortgage will require the buyer to be credit worthy and will execute its due diligence by underwriting the mortgage loan again with the new buyer's credit history being reviewed.''' An assumable mortgage is especially beneficial when mortgage rates are as low as they are today. For example, if a borrower gets a mortgage today, then decides to sell their home in five years, rates can potentially be in the 8% range. '''The assumability of a mortgage will make the home more marketable by allowing the seller to offer any potential buyers a mortgage rate in the 4%-5% range.''' An assumable mortgage is also valuable because it is far less expensive when compared to the costs of a new loan. One example of the cost savings within an FHA assumable mortgage is because an appraisal is not required. In addition to the cost savings, the process is streamlined, allowing for a basic credit check to determine a borrower's income is adequate enough to support the mortgage loan. So if you're looking to purchase a home, an FHA assumable loan makes the most sense, now and in the future. I hope this information helps. Best of luck!

Regards,

Total Mortgage

I am a Loan officer in California-the laws are different in every state & every lender...Typically speaking though, it depends on how long ago you BK was discharged. It also depends on how far behind are you on the house payments. Some lenders will refinance one day after the BK being discharged, while other lenders are 7 years! As far as late payments...they will affect your intrest rate. If you have one 30 day late, or one 60 day late but are now current in your payments...you should be able to refi assuming you have equity in the property. I would be more than willing to look at you situation for you if you like. email me at kinjalvs at yahoo .com Sara

Yes. You are responsible to repay every cent of the loan plus the stated interest rate and the default interest rate if any is stated in the loan papers. The lender is allowed to take possession of your property if you fail to make the scheduled payments on the loan. However, by the time the lender repossesses the property, the value of that property has usually gone down due to neglect or abuse of said property. The lender is bound to get the best sales price for the property. If you owed $10,000 on the loan and the property was sold for $12,000, the lender has to return the extra $2,000 to you. However, if you owed $10,000 and the property sold for $8,000, you would be responsible to pay the $2,000.

Find a co-signer with good credit. The whole point of having a co-signer is that their credit history is good enough to cover whatever gaps you have (no credit, poor credit, etc.) No one will grant a loan with a bad co-signer.

Not if the bankruptcy is pending. Once it has been discharged (preferably closed) then it is possible to apply for credit. Whether or not the applicant is extended credit of any sort is the decision of the lending institution.

Yes. But they have to reach an agreement with the first mortgage holder, for example by buying them, out so to speak. It can be complicated to say the least but it can be done.

The answer to your question is yes. A mortgage is a lien against real estate.

Generally, there are two different categories of mortgages in the US. A mortgage in a lien theory state does constitute a simple lien against the property. When it's paid off the lender will release t its lien. A mortgage in a title theory state is an actual conveyance of the property to the lender. However, the transfer is conditional. If the mortgage is paid the lender must return all its right, title and interest to the mortgagor by recording a discharge. In a title theory state the lender can take possession of the property and sell it if there is a default in the mortgage. In a lien theory state a judicial process is used in the case of a foreclosure.

A cosigner can only be relieved of the financial obligation through refinancing of the loan without the current cosigner's participation.

When a payoff is requested, it should be given in writing. This will include interest due up thru the day the HELOC will be paid off and any other fees that may be included (like a termination fee).

Yes, if they receive a court judgment in most states it can be used as a wage garnishment.

You can't if you go through a typical bank or mortgage company. However, you do have options. You can find a company that lets you pay less in interest and more in principle. I found a company that lets you pay your current monthly payment, but since you pay less in interst, you actually pay more to principle. This principle is put in a Cash Flow account that earns interest. After 15 years, you have enough to pay off your 30 year mortgage. If you keep paying for the remainder of the 30 years, you will then have over $1 million in your Cash Flow account to pay off your home, retire, pay for college, or whatever.

It depends on what state you are in. Call the bank or credit union your family deals with. Ask a loan officer if they will allow you to sign as primary with your parents as co-signers. Good Luck.

Easy, you can check your own credit report OR go to a registries office and do a quick search. A simpler method is to ask the person that is the primary borrower/buyer or call the lender. Either a cosigner or co-buyer can be listed on the title depending upon the agreement made by the persons involved. The title to a vehicle determines ownership, a cosigner generally has no vested interest in the property only the responsibility of the debt.

The car loan will have to be paid off in order to remove your name. The other signer will have to get a new loan in her/his name only.

You should receive a letter from the mortgage company stating that mortgage lien is released when the house is sold or auctioned off. This does not mean that you no longer have an obligation unless the mortgage company sold the house for an amount that would cover your total balance including all collection costs and any other costs, like real estate taxes, utilities etc. that were incurred. If the mortgage company did not have a deficit balance left, you should have no trouble getting such a letter, but if there is a balance due, the letter may state something to the effect that the property has been sold but a deficit balance of a certain amount of money is due.

Depends on your definition of past due. If you mean past due "by a few days late all the time", then yes you can still get a loan. If you mean past due "30 days or more past due here and there or infrequently then it may be more difficult but yes you can still get a loan. It will refect in the rate and terms offered-the more past due, the higher the rate. If you are "constantly late, then probably not! Your credit reports will refect payments that are 30 days or more past due (ex: due on the 1st and pd after the 1st of the following month), they will not refect payments that are 10 or 15 days past due.

A lot would depend on why the credit score is so low-- if it is due to slow paying on loans probably not, unless you have a good reason- if it is due to medical collections yes. My advice is to go to the bank/credit union you have your checking account with and talk to a loan officer about your application and predicament. The bank can look back at your checking and see how you have maintained it. It can be a good indicator for them--specially if you have direct deposit. This will verify that you are working. If you don't have a checking account go to a credit union and again talk with a loan officer first. If nothing else, see if you can do the loan with a co-signer. Better to fix the situation now than later. REMEMBER--each time your credit is pulled, the scores lower making it more difficult to get a loan. The chances are slim to none.......I have done lending on these type of personal loans and the lowest I've seen done in 9 years plus is a Beacon of 610

Your loan officer is your personal guide throughout the mortgage process. He or she will help you to identify your needs, select a loan program, complete the application process, offer advice and answer any questions you may have. Also referred to by a variety of other terms, such as lender, loan representative, loan "rep," account executive, and others. The loan officer serves several functions and has various responsibilities: they solicit loans, they are the representative of the lending institution, and they represent the borrower to the lending institution.