Sung A asked:


Hi this is a story for my friend. My friend bought a property about two years ago. Now her monthly mortgage payment is almost double than first payment, also principal balance has increased (about$30,000) She asked loan expert to review her doc. Expert said that my friend is in MTA program which is really bad loan program.We didn’t know what that means.So my friend asked me to call a mortgage agent and title company(my friend used these people when she purchased property) to ask about MTA program. I was acting like a ordinary customer and asked about MTA. They both said”Oh my god,that is a horrible loan program. I bet you that if someone is in MTA program they should be in serious trouble.” My friend was shocked. OK Here is a situation .My friend was a first home buyer. She chose morgage agent to apply for a loan. Mortgage agent said”I will try to give you a better loan. Just sit back and relax” Also said” I know really good title company. Why don’t we use them” So my friend allowed.
At the settlement table nobody explained about the loan program. Title agent pushed and rushed to sign a settlement document. Even though there were a mortgage agent and my friend’s realtor(he was a rookie). It took about 15 minute to finish.Now I know that mortgage agent and title agent are close friend., also I found out that mortgage agent recieved a lot of commission from a lender because he put my friend in MTA program.
I don’t think this right. But I don’t know what to do. I really want to help my friend. Please help.
PS . My friend’s realtor and I could be a witness, because we were ther at the settlement.
*Someone will say that my friend was stupid because she didn’t ask any question about a loan…
She was a first time home buyer and we trusted that name AGENT&DUTY

Orlando Florida Real Estate

Inquisitive asked:


House has both husband and wife on title/deed.
Husband has mortgage solely in his name and credit.
Few months ago husband refinanced house.
House’s appraised value is the same dollar amount as the loan/mortgage amount.

Wife moved out of the house into an apartment of her own and filed for a divorce. (Wife doesn’t have income or creditworthiness to refinance or pay for house.) Wife only wants “her share” of equity out of the house.

Husband wants to remain living in home and continue to pay mortgage (but take wife off of deed at end of divorce). Husband doesn’t want to sell property due to a hefty pre-payoff/pre-payment penalty. (Isn’t wife responsible for half of the pre-payment/payoff penalty?)

What options are there for this?

How does one divide equity in a house that doesn’t “have” any?

Washington State
**How would one pay half the appraised value of the home and “buy out” the other if there is still a mortgage owing for the full appraised value? They’re married, so she legally owns half of everything, including the home AND THE DEBT right?

Vancouver WA Real Estate

Sung A asked:


Hi
Year 2006 I purchased house ($625K). I hired mortgage broker and he applied loan for me. BB&T was my lender and loan was approved in 20 days. I put $125K for deposit and got $500K loan. Last year one of my friend told me that BB&T is not a wholesale lender. There must be a loan officer. I was wondering because from the begging to the end I was contacted by my mortgage broker. He was acting like BB&T was a wholesale lender.
I requested full documents from the lender and I reviewed it. When I saw Loan Application I was confused because it was not 1003 Loan Application. It was Bank’s Retail Loan application. I am not sure but I think that retail loan application is for personnel loan, student loan, or home equity loan etc NOT FOR RESIDENTIAL PURCHASE LOAN… * I said I am not sure.
And my loan is-5 years Installment loan- That means I pay $3400 for 59 months and 60th I have to pay about $400K. On settlement day I was out of town and mortgage broker told me that my father could sign the settlement documents if I give him on authorization (Power of attorney). So we did. I believe my father didn’t know what he was signing.
Q.1 They (Lender) don’t have to use 1003 when we apply for residential home loan?
2. Is there any violation that I was not contacted by Bank’s Loan Officer or others from the Bank?
3. What do you think about my loan program?
4. Refinancing is my best solution?

P.S. When I applied loan, mortgage broker got all my information on blank paper. He said “I will fill loan application out for you”.
I called mortgage broker….NO ANSWER
Heard rumor that he went to jail.

Thanks.

Horses for Sale

DandC asked:


Okay here is the situation
*She is Married
*Graduated HS in 2007
*Has a DL(not intermediate & Unrestricted)
*Has been living with her husband for over 1yr.
*Has had a steady FT job for 1 1/2yr.

This girl really has her head screwed on tightly and her husband and her are ready to buy a home.
So the Question is will she be able to get a loan/Mortgage with him?

Miami FL Real Estatelistings

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.

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