Refinance a non-recourse loan in california?

Posted on June 24, 2013 by duncan

Question by furball: Refinance a non-recourse loan in california?
Is it true that in california, if I refinance a non-recourse loan (origional first and second mortgages I obtained to purchase a house I currently live in), the loan stays as a non-recourse loan, if I only refinance the balance of the loan, without taking cash out, or adding more things (like car payments) on the loan? Refinanced loan will combine the first and second mortgage into one. What about the closing cost, title insurance, escrow, etc, that will be added on the refinanced loan, does that effect the loan to change from a non-recourse loan to a recourse loan, since more things are added to the orignal loan balance from the first and second mortgage? Will refinance paper work state that it’s a non-recourse, or a recourse loan? If it doesn’t spell out on the paperwork, how can I be sure that it stays as a non-recourse loan?
Advanced thank you for any answer provided! 🙂

Best answer:

Answer by reena r
I think no

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Help Veterans who fell behind with thier mortgage?

Posted on June 23, 2013 by duncan

Question by captainespinosa: Help Veterans who fell behind with thier mortgage?
Does anyone know of any help out there for veterans who have fell behind with their mortgage?
I don’t qualify for Obama’s Mortgage Modification. I can’t refinance my home with VA cause I am behind a few months. Is there any other way anyone know s of that may help me.

Best answer:

Answer by Dr. Wigglefarmer
The Armed Force Foundation

http://www.armedforcesfoundation.org/family-assistance-program.php

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Do I have to be behind on my Mortgage payments before I can request a short sale on my property?

Posted on June 21, 2013 by duncan

Question by Luis C: Do I have to be behind on my Mortgage payments before I can request a short sale on my property?
I don’t have enough equity, all of a sudden, in my home. I have Good Credit, Steady Income. but because of no equity, I am unable to refinance. Wachovia stopped Modifying Loans just today (7/2/08) and I don’t want to forclose. Do I have to wait and become behind in monthly mortgage payments before I can request a short sale from the Lender? Please let me know.

Best answer:

Answer by bailie28
do you realize a shortsale is more harmful to your credit than a foreclosure….we were trying to sell a house in nc and i called the bank to inquire about a shortsale…we had an offer it was lower than what we owed..we wanted to pay the overage off….and that is what they told me…you should really check into this..seriously

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Is it better to pay off and close credit card accounts or pay them down to below 50% to raise credit rating?

Posted on June 20, 2013 by duncan

Question by S.W.: Is it better to pay off and close credit card accounts or pay them down to below 50% to raise credit rating?
Our morgage broker is telling us that we should pay down our multiple credit cards to below 50% of available credit instead of paying off a couple in full and then closing the accounts. She says this will do more to raise our credit score. Is this true? We want to refinance our mortgage but my husband has a 694 credit score and needs it to be at least 700. (I have 749 so I’m fine.)

Best answer:

Answer by melissap1
Pay them down ,but dont close the accounts cause it will hurt your credit rating if you do ,thats what i was told

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Is there any advantage to getting a 15 year fixed mortgage?

Posted on June 19, 2013 by duncan

Question by Spiderspider: Is there any advantage to getting a 15 year fixed mortgage?
If I sent in a little more money to my current 30 year mortgage so that it was paid off on the same timetable as the 15 year, am I better off rather than spending money on closing costs? Or does the 15 year mortgage give you a lower interest rate and therefore make it worth the cost and hassle of refinancing?

Best answer:

Answer by glenn
Often a 15 year mortgage has a slightly lower interest rate than a 30 year- but not always. If I am buying a house today I would get a thirty year loan and make the payments as if it was a 15 year loan so that I have a fall-back option if anything gets rough. If you feel very comfortable with the 15 year payments and might even make extra payments to pay it off in ten years then I might take a 15 year loan.

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Q&A: why does the government say they will help you refinance your mortgage ?

Posted on June 18, 2013 by duncan

Question by rthurston123: why does the government say they will help you refinance your mortgage ?
I tried to get help threw them and they said I didn’t qualify because of some percentage rate so they would not help. I also tried for hardship threw the mortgage company and also tried to refinance and they wouldn’t do it either. when on fixed income its hard to make ends meet when the price of utilities and taxes keep going up.

Best answer:

Answer by Dash
Why because it looks good when campaigning for re election.

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What refinance option should I choose? My home appraised higher than current mortgage.?

Posted on June 17, 2013 by duncan

Question by Adam: What refinance option should I choose? My home appraised higher than current mortgage.?
Hi. I am trying to refinance our current home. Currently, we have a rate of 5.25% on a mortgage with a home value of 247000. I am trying to refinance and the new appraisal of the home was 260,000. The refi would have a rate of 3.625%.

Since the home went up in the value, what does this mean for me and the refinance? Thanks!

Best answer:

Answer by Ariaread
Means you will have NO problem being approved. Borrow the 247k ONLY at 3.65
thus smaller monthly payments then you have now.

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Should I pay off my mortgage sooner or later?

Posted on June 16, 2013 by duncan

Question by AN: Should I pay off my mortgage sooner or later?
I just refinanced my home with $ 59,000 balance left for 15 years with an interest rate of 3.24%.

My monthly payments come out to be about $ 420 roughly including principal and interest but I have been making $ 1200 payments to pay off my mortgage sooner.(the additional money is reducing principal). Is this a recommended strategy? Will I save much money over the long haul in terms of less interest paid?

Best answer:

Answer by bdancer222
Yes, it is always a good idea to pay off loans faster and you will save a ton on interest over the long haul.

I hope that you already have an emergency fund of at least 6 months worth of expenses already set aside. You should also be taking advantage of retirement savings, especially if your employer offers a 401k.

I am also assuming that you do not have other debt — no credit card balances, no car loans etc. If so, pay those off first. The interest rate is likely much higher than your mortgage.

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Does anyone have any feedback or experience with the James P Nutter mortgage company?

Posted on June 15, 2013 by duncan

Question by Jill Girl: Does anyone have any feedback or experience with the James P Nutter mortgage company?
We got an offer in the mail – “Rate reduction refinance program at absolutely no closing cost to you.” There has been a lot of buzz lately about fake mortgage companies that take your money and you lose your house anyway. Has anyone done this or does anyone know for sure if this is legit?

Best answer:

Answer by godged
There is no such thing as a rate reduction refinance program that is free. Considering nothing comes up on a search for this company would be even more worrisome.

99% of these companies are a scam, and I strongly suspect this one is no exception. Throw that in the trash, or better yet, report it to your local lending watchdog group.

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Is it going to be harder to refinance one year from now?

Posted on June 14, 2013 by duncan

Question by Claudio F: Is it going to be harder to refinance one year from now?
Our balloon mortgage is due to expire in 2 years and we have to refinance before the expiration.
Is it going to be harder to refinance if they don’t pass the bailout plan?

Best answer:

Answer by Landlord
The bailout is going to raise rates, not lower them.

No one knows the future, but I would expect it to get harder, both in requirements and in higher interest rates.

I would refi now, your loan was never meant to mature, it is for short term investing only.

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