thatblissguy asked:


Last year a friend of mine with excellent credit added me as an authorized user to his credit card to help me get my mortgage. His account was in good standing since ‘93 and his limit was close to $75k. Now, its almost a year later, I have added highly positive credit history, increased lines of credit, lower balances to all of my own accounts. He has been keeping a high balance of $20k+ on his card and when it goes up I notice my score go down a few points. I am wondering whether I am strong enough to stand on my own (no late payments in 6 years), my score is fragile as I had old bad marks against me, I keep my inquiries and accounts as low as possible, and have recently gone from secured Visa to unsecured $3000, then last week to $4500 unsecured. This made my TransUnion score go up 30 points. Account Pros: 2 years positive payment history, and a high line of credit, but Cons: a $20k balance. Should I remove myself from this account? Will it help me or hurt me?

Link to Blog: Lending and Borrowing

bethybug asked:


or should you go with someone from your area?

Link to Blog: Collateral for loans

Jack24 asked:


I recently closed escrow on a new home mortgage, but because of the recent chages in the home mortgage industry, the broker cannot sell the loan to a traditional bank. They are basically stuck with the loan. Is there anything I should be concerned with?
I recently closed escrow on a new home mortgage, but because of the recent changes in the home mortgage industry, the broker cannot sell the loan to a traditional bank. In otherwords, from what I am being told by my loan officer, is that when the loan funded, the bank that was to buy the loan closed its doors. Now that brokerage is stuck with the loan… Is there anything I should be concerned with?

Link to Blog: Valuations

robinho1 asked:


The down payment is 30% and the balance will be financed with a 25-year mortgage at 11% and 4 discount points. If the sellers are responsible for the broker’s commission (6% of the purchase price); $1,300 in other closing costs; and the existing mortgage, with a balance of $40,000; what proceeds will they receive on the sale of the property?

Link to Blog: Valuations

Tatnic asked:


costs to refie (points or % or what?), and which refie companies are the best in your experience? And lastly, if the FED drops another 50 bpts will this affect the mortgage rates all that much..I mean, how low can they really go?

Link to Blog: Lending and Borrowing

infonut asked:


The way I always understood it, was that the democrats created liberal housing programs to enable anyone to purchase a home, which I believe started back with the Clinton Admin., which allowed the mortgage industry to **** people, that in turn drove house prices up, those loan programs came due, making people’s mortgages go up, therefore, many just walked away, causing many foreclosures, then in combination with the expense of the war is how we got where we are today.

Link to Blog: Mortgages

Bayou Boy in Tx asked:


During our divorce, my ex- duped me into signing over the deed of the house to her, but failed to mention that my name was still on the mortgage. She was being coached by a relative who works in real estate on how to “work me” to get the best deal for herself and leave me holding the bag. I was a wreck at the time, and didn’t know better. Now I’m trying to buy another house but am having trouble b/c of my income/debt ratio. She’s thinking about refinancing (cash-out) on her house, but says she won’t do it unless I pay for closing fees. Do I have a case to take her to court and either clear my name of any and all financial responsibility or get my name added back to the deed? Is there anything I can do??!?!

Link to Blog: Issues surrounding Risk

Alberto M asked:


The taxes in our area when up drastically. My friend asked me to review his tax bill and I noticed he did not have a Homestead or Mortgage exemption. He has a 30 year mortgage on the property and it is his only & primary residence. He’s had the mortgage for five years. Is there a way for him to recoupe some of those taxes because he didn’t have those exemptions. Is his mortgage company responsible?
What about the back money that is owed to him because the county was over charging because he did not have those exemptions for 5 years

reiki

JV asked:


I’m a creditor whose debt is secured by a real mortgage. I’ve received recently a notice that the debtor has filed for bankruptcy under chapter 7 of the US Bankruptcy code. What will happen to both my loan and my mortgage? Will I be enjoined from foreclosing the mortgage? The insolvent debtor by the way is an individual, not a corporation. Please prvide legal basis.

Thank you.

herbs

anirbas877 asked:


On a house

Link to Blog: Issues surrounding Risk