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There is a house across the street that is abandoned, and from what I can tell it is a foreclosure situation or pre-forclosure. It is not being maintained by the mortgage-or, although for a least a month there has been a sign on it saying that they have been notified the the building is abandoned and intend to maintain it. My wife and I would be interested in buying it at the right price. Can we just call up the mortgage company and ask how much they want for it or make an offer? Should we ask a realtor to do this for us?
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Aug 28, 2012 00:34
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Leperflesh posted:You can definitely call the seller's agent and find out what the asking price is. I guess I wasn't very clear. The house is abandoned and in some stage of the foreclosure process but does not appear to be listed yet. We know about how much we can get approved for (I'm a banker and have submitted the required documents to a mortgage broker who gave us a number). We have an idea about what it would take to fix it up ( I have seen the inside). Of course I would want to get an inspection and have someone who knows more about construction look at it with me. We have a place to live while we fix up any potential property as well, and it is literally across the street from this house. We have already lived in the area for years and my wife grew up in the neighborhood. My question is really more around figuring out how to approach the bank that owns the property since it doesn't seem to be listed yet. Or for that matter find out which bank owns it.
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Aug 28, 2012 16:53
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I do home equity loans and refinances of firsts for one of Wells Fargo's competitors, and our occupancy and use statement says that you must pay the note off in full before permanently changing the use of the property. I always tell my clients that there is a hell of a lot of wiggle room with the word "permanently."
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Oct 23, 2012 04:55
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Pfhreak posted:My mortgage broker wants statements from my bank (BECU) that are current. This may be a silly question, but is it typical for a bank to only issue one electronic statement a month? Why can't I just say, "Give me a statement from date X to date Y!"? Things like interest are calculated by the statement period (generally a month, in some cases a quarter), and they have a general burden of producing timely statements every statement period, so no it is not normal to have an actual statment generated outside of the normal statement date. And your mortgage broker doesn't need anything other than the most current two months of statements. He may need a verification of deposit (VOD) if you are close to closing.
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Jan 15, 2013 08:23
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I underwrite home equity and not mortgages, but I work for a larger institution and on my side of things we want to see the tax returns for self employed income. With the union stuff we would want two years of w2s, and the paystubs from all current employers and we would take a two year average. With the self employment it all depends on how you file it but on Sched c we take line 12 income and then we add back in depreciation and depletion. Again we would use a two year average unless there is a wild upswing in which case we might blend it down a little, and in the case of 2012 being lower than 2011 we would take the lower figure. We flat out won't consider self employed income if there is less than two years self employed, as it represents too big a risk. I would encourage you to speak with a mortgage banker or broker though as this is all on consumer lending and not a mortgage shop. A lot of places won't accept tax returns that are not signed and some require them to be professionally prepared for self employment.
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Apr 18, 2013 03:09
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"...all work to be completed by a licensed contractor."
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May 20, 2013 06:13
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life is killing me posted:
What market do you work in? 7 days is the short side from what I have been seeing in the refi market, and when I bought my house a few months ago it was longer than a week.
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Jun 20, 2013 03:04
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I have never had trouble with U-haul for distance moves and for local I just borrow a pickup or three and make more trips if it's only a few miles you can save a shitload of money doing this. I have called around and most of the rental companies seem to be the same. I have on occasion hired high school students or piano movers for some of the big stuff. My wife has a 500lb desk that she purchased when we were in college. After a couple of moves with that my friends wouldn't answer my calls if they knew I was gonna be moving so I wised up and started hiring that part. after move 4 with that desk (when it went into her parents' basement 6 years ago)I told her that she could have it again when we bought a house. Now we have one and she is not so sure she still wants it.
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Jul 12, 2013 04:22
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rockcity posted:Did the final walkthrough on my new home build today. It went fairly well, mostly paint touch ups and one dent on a panel on the microwave that they have on order, but there was one issue that I'm surprised no one but me had noticed. There is a empty nook/desk area in the kitchen that I'm going to turn into a coffee/beer bar after we move in and the nook is really out of square. Not within a reasonable amount, but off 2 inches over the 74" span. It was easily noticeable looking at the tile floor, I don't know how the flooring guys didn't notice this when they were putting it down. They're going to pull the drywall and square up the framing and fix it for me prior to our close on Wednesday thankfully. It is entirely possible the tile guys saw it, said "Not Our fuckin' problem," and moved on.
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Sep 14, 2013 05:12
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newts posted:I have a house-buying quandary: I don't know if you are stupid for doing it without the context of how you came to have so much cash, what other assets you have, what you intend to do with the other house, how much you owe on your other house, what your income picture is, etc. As far as getting a loan that small some of the mortgage guys here may be able to tell you whether fannie and freddie have minimum loan amounts (assuming you are American). I would call you bank and at least one broker and ask about minimum loan amounts, and if they can't help try some credit unions and small community banks and ask if they do portfolio loans for smaller amounts. The other option might be to take a second on your other house if you have equity, or do a cash out refi if you don't have a rate lower than what market rates are now.
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Oct 21, 2013 03:06
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SiGmA_X posted:Is that a universal taxable value rule or state by state? Here in PDX taxable value is roughly 1/3-1/2 of market, and from what I see with my parents past houses, appraisals did not change taxable value. This is because the tax assessed value has been limited to 3% increase per year since 1997 in Oregon. It doesn't stop people from complaining when their TAV goes up though.
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Dec 6, 2013 15:15
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EugeneJ posted:I found a really small ranch house on some real estate search engine that was discounted from $25,000 to $15,000. I started looking at it and said "you know what, gently caress it, this would be a good first home and it's more room than the apartment I'm renting now". At a certain point if a house needs significant work and will only be worth 15-25K when it is done, it makes no sense to fix it. Maybe it has been stripped of its mechanicals or there are other foreclosed homes on the block. You could easily put more than the book value of the home into fixing it. Bulldozing is a much cheaper option.
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Feb 18, 2014 06:26
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The large regional bank that I work for treats prefabricated homes the same as stick built ptovided they were assembled onsite ny a builder and meet all local building codes.
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Mar 20, 2014 05:38
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oxbrain posted:Burn this loving industry to the ground. I could walk into a car dealership and walk out with a loan nearly this size. There's no reason for it to be this complex and time consuming. I underwrite both home and car loans and I can tell you the latter have far fewer regulations and protections to gum up the works. Also, this January everything became much more of a pain in the rear end with home loans with respect to income verification and also collateral. I only do portfolio products so I imagine it is only worse for confirming loans which are securitized and sold like your purchase loan undoubtedly is. With a car loan I can do basically whatever the hell I want as long as I don't discriminate on a protected basis and the feds will give zero fucks. On home loans now we have to crawl up the borrower's rear end asking for documents on as little as $10 of interest income or the feds will crawl up ours.
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Mar 26, 2014 03:48
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Captain Windex posted:What makes the new ATR requirements a pain in the rear end? I'm on the auditing/forensic side of underwriting now so I haven't had to deal with the new regs yet, but from what little I read it didn't sound too awful. Dealing with portfolio loans from 2006 or so has certainly been something so far though. So many god awful loan programs Mostly the combination of not being able too disregard any source of income without a note from the sales team that the borrower doesn't want it considered combined with the fact that the sales staff don't understand income documentation to begin with. These arw refi and equity only and it is almost as much documentation as purchase mortgages. $10 in interest income? Please ask the borrower if they want us to consider this income and if so please provide schedule b and bank statements to support. And the only exceptions we are allowed to make are if a document simply does not exist. Prior to ATR we could look at yes on the paystub and 40 hrs a week and say "looks like a full time employee" and calculate ot at hrly x 2080 and move on. This helped compensate for branch bankers that had no clue as to the required documents and didn't think it was thier job to have one. Edit: sorry, phone posting therobit fucked around with this message at 15:13 on Mar 27, 2014 |
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Mar 27, 2014 15:09
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Jastiger posted:Welp, there goes our application. Since I was a stay at home dad last year, that is a lapse of employment. So, now after we've done the radon testing, got the inspection, negotiating with the sellers....my loan fell through. The VA won't back the loan since I have that lapse. So glad that this was handled well. You're an insurance agent right? Are you self employed? Otherwise I do equity but the Qualified Mortgage guidelines are pretty much the same and you should show documentation showing stable employment prior to that for 2 years and explain the time off was to care for children. If you're self employed you are pretty much boned if you have less than two tax years.
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Aug 26, 2014 03:34
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QuarkJets posted:Update: Attorney said that the first one is not actually an issue, but the second one is. We need free and clear title insurance, otherwise we need to walk away. There's a good possibility that we can get free and clear title insurance, if the closing date is extended. Not sure what state you are in but for the love of God get a buyer's policy. The lender's policy ony covers the bank and leaves you SOL. In my state (Oregon) the seller has to pay for a buyer's policy.
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Sep 19, 2014 03:21
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MrEnigma posted:Thanks, we are not getting financing for the lot, so all the protection the bank does (make sure liens are removed, insurability, etc) are apparently things we have to watch out for ourselves now. Financing has an interesting effect that the bank goes to bat for you, since if they end up owning it, they want it to be correct. To be fair, that is kind of the whole point of a title policy. If you buy a buyer's policy the title company will make sure any liens are paid as part of the closing disbursements. If other title issues come up later they are on the hook to cure it.
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Dec 7, 2014 18:50
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Talking to guys that used to do sub primes, you hear stories about "18 and 8" loans. 18% apr interest rate and 8 points. And people were beating down their doors to get them.
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Dec 23, 2014 06:29
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In Oregon the seller pays for the buyer's title policy as part of closing costs, but personally I like the peace of mind that I get from it. Odds are slim that there will be an unrecorded lien but the consequences can be awful if it is of any size. Plus with how many releases I have run across that were filed at the wrong county I can certainly imagine a situation where you could have a heloc or something that wasn't uncovered in the title search because it was filed wrong. I don't know how the courts would handle that but I imagine it would be a pain in the rear end to deal with.
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Jan 4, 2015 17:28
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swenblack posted:The seller does not pay the buyer's closing costs. Please stop perpetuating this idea. Only one party is bringing money to the table. Also, a title search is an audit of the official registry (as opposed to a Google search)--if it doesn't turn up a lien, then they odds of the lien being collectible are almost zero. In your example, an incorrectly filed lien release means that we don't know if the properly filed, valid lien is still in effect. That simply does not equate to an improperly filed lien that is not attached to your property subsequently being attached to it. So I may have worded that incorrectly, but In Oregon, transfer taxes and escrow fees are split by the two parties, and the seller pays for buyer's owner's title policy (buyer pays for lender policy). You car argue that this is priced into the sale price, but I doubt that most sellers are sophisticated enough to pay much attention to anything buy the sales price and any concessions, and perhaps they consider realtor commissions. I think most sellers are only thinking about total sale price when pricing their homes, because most people don't really think about all the cost whether buying or selling. My broader point, which i'll admit I did not articulate too well, was that is releases can be recorded in the wrong county then I would imagine all sorts of issues cropping up with incorrectly filed documents that could cloud the title. Original lien filed at wrong county, but there is a loan out there. Improper document chain on a foreclosure and two owners down it comes up. I look at property reports for refis a lot, and sometimes I have to scan through the deed chain to figure out what has actually transpired and who is the owner. It is not always the person who thinks that they are the owner, and sometimes there are additional owners that the owner thinks were removed long ago. This situation is rare and I touch 50 loans a day, but it happens. I have seen a situation the title company got it wrong, and the property report looks straight, but there is another owner out there. Maybe your dad has a better idea of the cost of fixing those defects. If it really is no big deal when these things happen, or old mechanic's liens come to light after sale, then please enlighten me. I'm not an attorney, and I had assumed that a valid lien is still a valid lien even if it was missed in the title search. I mean for the love of god King County, WA was 6 months behind in recording liens at some point. How could a title search uncover a document that was sent for recording but sat for four months prior to sale? And who pays for that if you don't get an owner's policy? The previous owners of my home owed money to all kinds of people, and a year and a half in I am still getting collection letters for them. The lady died like three years ago, and I bought it from her estate. I like the piece of mind, but then I didn't really have a choice in whether it was purchased or how much the policy cost.
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Jan 5, 2015 04:42
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Jose Cuervo posted:So I don't need to list any credit cards since the 'required minimum monthly credit card payment' on all my credit cards is 0, correct? Your loan officer doesn't care that much unless there are big balances. When I underwrite equities we just pull it off the credit bureau anyway, which is what they are going to do. Generally 3% of the balance at time of reporting.
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Mar 26, 2015 03:47
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Jose Cuervo posted:Is the shopping around for the best loan offer advice on the Michael Bluejay site not good then? I know approximately how much I am willing to spend on a house, I know what my down payment amount is, and I know the general area of town I am looking for houses. If I am willing to pay an application processing fee, should the lender not be able to pre-approve me for a loan? My mortgage broker had no problem providing an underwritten pre approval, bur I gather that banks are a little harder to get a true pre approval out of. I switched to a guy from the bank I work at after making an offer because the broker wouldn't give me answers to specific questions about my loan and couldn't give me a gfe in a timely manner. My bank beat the pants off the broker's rate and fees too.
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Mar 27, 2015 05:14
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SiGmA_X posted:I guess if you like getting reamed with a splintery log, it makes sense to stay with WF. Or if you trade OTC, but then you should only do OTC with them. Otherwise, gently caress that place.
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Mar 28, 2015 03:56
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Eryxias posted:oh, that's not too bad then. Flood insurance premiums are high already and about to double. This is because the NFIP fund is hurting from the increasing incidence of flood disasters due to climate change. FEMA also just redrew the maps and a lot of properties that were not previously in a SHFA now are, and thus are required to have flood insurance if financed. I wouldn't buy a house in a flood zone due to the hundreds of dollars per month it would add to my mortgage payment. You should get quoted by an insurance agent before you make your decision but make sure you do so within your inspection period to preserve your escrow monies.
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Apr 4, 2015 06:20
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Eryxias posted:Yeah, right now we are in an odd position. Try FEMA for getting the most recent flood maps. It could be recently added. Also I would probably just pay or make the seller pay the $300 for the elevation certificate and know where you stand. Might also look into a loma letter but I would imagine that could take a while. therobit fucked around with this message at 16:05 on Apr 4, 2015 |
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Apr 4, 2015 15:59
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couldcareless posted:That actually makes me think, if you own a condo, and suddenly the whole condo building just gets completely demolished due to some freak accident, what happens? I assume the whoever owns the building has some legal obligation to reconstruct the building? I'm pretty curious how this would play out. The condo association has insurance to cover the building from the studs out. Sometimes it will also cover walls-in, but frequently you need to buy an HO6 condo owner's policy. Most lenders require walls in coverage.
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Apr 23, 2015 15:51
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Our realtor wasn't perfect by a long shot in retrospect but she really did approach it with the "owning a home is expensive and it is my job to keep as much money in your pocket as possible so you can pay for the repairs that will come up." She also says she likes to steer new buyers towards the middle of thier price range so they aren't broke and resentful later. She really beat up the sellers on price/closing credits.
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May 10, 2015 18:45
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You can absolutely use rental income on a loan application. You need to have a lease agreement and a full year reported on the taxes (this is two years for 'agency' or government loans), and typically we take the lesser of the amount of the lease or total rents recieved from the taxes less expenses. Then we add back in depreciation, taxes, insurance, and mortgage interest and divide the total by 12. Finally we take this monthly gross and subtract out the pitia payment on the rental . Pitia is principal, interest, taxes, insurance and association dues. Whatever is left is the total calculated income (or liability) from the property. Most banks won't give you credit for gambling income due to both stability and money luandering concerns. You could try setting up a business entity to funnel the profits through but good luck finding a bank to take the deposits. Actually, your best bet might be smaller banks and credit unions in Nevada where they may be a lot more comfortable with gambling as a source of income. Expect higher rates because it would probably have to be a portfolio loan.
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Jul 27, 2015 07:32
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baquerd posted:If you do this, then you don't otherwise count that mortgage as debt for DTI calcs, right? Captain Windex already answered this but yes. Somone else asked why undewriters hate self employment... The reason why banks scrutinize self employment more is that wage income tends to remain stable or increase year on year in most cases, but self employment frequently has a lot of ups and downs. There are also a lot more expeses than a wage earner has. And if I look at a set of W2s I can see what they made and the year to date gross on a paystub ca be used to figure out if that is ongoing, but with a business owner I have to trust them about anything since the tax returns, which are hopefully not fraudulent. The y could very easily file a false return and amend it later. Self employed people sometimes have a tendency to tell you thier gross revenue when you ask what they make. I don't know if these people are just math challenged or just think it will make them sound important, but it really sucks when it says 200k on the application and they are taking home 30. (This is really common with truck drivers. Fuel costs are a bitch.) therobit fucked around with this message at 03:11 on Jul 28, 2015 |
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Jul 28, 2015 02:40
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I don't do purchase loans, but I am an underwriter and there is an exception to every credit policy. Particularly with portfolio loans. G too a local bank or credit union (or even a big bank) and see if they will underwrite you before you freak out about it. Low dti and good cash reserves with a decent down payment puts you in a better position than a lot of applicants. If the numbers work and you have alternate credit, then they may accept that.
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Aug 4, 2015 07:39
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Mr Lance Murdock posted:Yeah the house is natural gas for heat, water, stove, fire place. So yeah, detectors are a must have. Depending on what is changing it may be legitimate. I only do refi but we have to wait 6 business days after sending out the final closing statements.
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Dec 5, 2015 19:20
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Captain Windex posted:That sounds like something specific to your bank, there's no 6 day regulatory requirement that I can think of. There is a 3 day requirement now after getting your closing statement, but changing your purchase price after the fact doesn't trigger a new 3 day period. I only do refi and heloc and we don't use a title company. For heloc or 2nd position loans it is not a problem. For first position mortgages under the new TRID rules mailed disclosures require three days to mail and then three to review. My institution aparrently is not messing around with secure electronic, signed delivery by courrier, or hand delivery. It has been two months and the sales staff still seem to be learning this and freak out on the phone with underwiters when they learn that they can't meet the closing date they already scheduled with the borrower.
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Dec 6, 2015 05:31
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martyrdumb posted:Missed paymenst after a bankruptcy, crappy credit score You are going to need to wait until th BK or the subsequent derogs are off of your credit report. Missed payments AFTER a banko is an automatic turndown for every underwriter I have ever met. Unless your score improves enough for a computer generated approval nobody will underwrite you until those drop off. therobit fucked around with this message at 00:34 on Jan 24, 2016 |
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Jan 24, 2016 00:12
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martyrdumb posted:Thanks for the maintenance horror stories. Would $5k be a reasonable cushion? Yes it could matter a lot. You each have your own credit history. A BK can stay on your bureau for 10 years. Typically late payments are off in 7 years or somtimes less. With a prior bankruptcy it will be important that you have re-established credit fo at least two years of history with revolving lines and secured installment such as auto. I don't write purchase loans but there is at least one loan officer in this thread who might have an idea what if any loan programs you may qualify for. It will really depend a lot on both of your financial positions and credit reports. You might want to talk to a local loan officer to see what they can do for you. They may give you a list of things to do for the next two years to help you become better qualified borrowers, although a good loan officer who will do that may be hard to find.
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Jan 24, 2016 05:36
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lol internet. posted:Question about credit relating to the mortgage. There is probably a bank somewhere that can pull a Canadian credit bureau and work with that. The rate and/or fees may be higher but I know that my shop has done them in rare circumstances (only on us collateral with us permanent residwncy). I only do refi and consumer lending but I am sure someone can do it for mortgage.
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Feb 27, 2016 18:19
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Leperflesh posted:All I know is what she told me... and she was really upset. But it's been like five years now and she's not working as a pharmacist. My uncle lost his nursing license in Oregon after the second DUI, even though it had apparently not affected his work. You can have an alcohol or drug problem without it bleeding over into your work. You don't have to be a falling down drunk to be an alcoholic.
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Mar 6, 2016 18:30
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daggerdragon posted:You'd lose that bet as I don't escrow, so no, I'm not carrying two policies. The hazard insurance was mandatory for getting the mortgage approved so it would cover the house (and only the house) between the time I acquired the keys and subsequently acquired my own homeowner's insurance, but once I faxed in proof of coverage, the mortgage company removed the hazard insurance. They are NOT the same thing. Perhaps it's state-specific? Lol so you ended up with force placed insurance? Apparently you weren't able to get your own before purchase? Bank purchased insurance is usually kind of expensive and cookie cutter because they don't exactly shop ot around. Hazard insurance is what they call the property portion of Homeowners. It is also sometiMes called fire insurance. It is the part that the bank requires because it protects their collateral. The rest of your homeowners sections are optional (but you are a dummy if you don't get at least some coverage for contents and liability).
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Jul 2, 2016 01:44
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lol internet. posted:Any idea how pregnancy would affect mortgage/closing? When are you closing? If it is before she stops working, they can't even consider it so don't tell them. They will verify employment, however they are not allowed to ask about pregnancy, etc for fair lending reasons. They probably have a policy on maternity leave and it may depend on if her leave is paid or unpaid and how long it will be vs when payments begin on your mortgage. I don't work with purchase loans or securitized products, only portfolio money on equity products, but the place I work will include the income if they will go back to work before the first payment is due. If you haven't found a house yet, then you may have plenty of time. I would talk to your loan officer about it if you are closing during her mat leave. If you wind up waiting until AFTER the leave make sure that she explains that she took mat leave earlier in the year because when they verify income they will notice that the YTD wages are off.
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Jan 27, 2017 15:49
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MrBisco posted:Another first-time buyer question. Those first two are "kill the deal unless they will do a repair escrow. " I'm not afraid of a little well contained (sealed) asbestos but future buyers sure as poo poo are and if you need to do any work on the asbestos coated stuff in the future it will be really loving expensive and a pain in the rear end. The mold could be anywhere from nothing to a big loving deal depending on why it is there ans how extensive it is. Having already bought a fixer, I would run away.
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Mar 30, 2017 04:57
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