Your Questions About Check My Mortgage Loan

Michael asks…

Help Loan source – Bridge, Mortgage, Equity?

I am a 67 yr old widow wants to sell my home & buy new condo. How do I go about it the best way?

Scenario:
Sell Ranch Home – very desirable location one acre lot
Home has no mortgage
Market & selling price are down (that’s ok, it is still do-able)
My disposable cash is about ½ of the condo cost

Condo is new & builder will take contingency (is this a good idea for me or does it increase the cost I might have gotten?)

I’ve never sold or bought a home (we built it) and I’m lost here with what direction is best for me. I want to go ahead & market my home & buy the condo.

My goal is sell the house – buy the condo and to have NO mortgage when the dust settles. Here are the options I see open to me to obtain less than half the money needed to buy the condo.

1. Withdraw some 401k money (I have not tapped any yet)
2. Get a Home Equity loan & pay it up when I sell my house
3. Take a mortgage (is there a fee to pay it back right away?)
4. Check into a bridge loan? (can I pay it right back?)
5. Forget the condo and just move to an apartment.

If it matters, I live in Wisconsin
I sure wish there was a class to take for seniors downsizing. The biggest problem for me in todays market is simply the fear of doing this alone and wrong. Yes, I will get a lawyer and yes I will hire a RE broker but I have done neither one yet.

Thank you in advance for any help.

admin answers:

Priority is sell your house before anything else. Sales range from 3 months to 18 months. When you receive a deposit and signed contract then and only then start looking for a place to live.
To relieve you of stress take an apartment. Once the dust settles Now look for your condo, use the cash from the house sale as your down payment. Take a mortgage for the remainder, 15 years.
Draw from your 401k monthly to meet the mortgage payment. That way you do not get hit with a heavy tax burden by withdrawing a lump sum from the 401k. Bridge loans and Equity loans are to expensive and will hurt financially if you do not find a buyer for your house.
Most community colleges offer evening classes in this subject.

William asks…

Will the bank check the history of my utility bills when I apply for a mortgage?

I would like to apply for a mortgage, but I’m scared to death. My credit score is 635 and my past 2 car loans are perfect, but I’m sometimes late on my utilities. Will they check them? Are there any mortgage companies that won’t? Thank you.

admin answers:

The bank/mortgage company will pull a full credit report. If your utility company is reporting your payments to credit bureaus, the late payments will be reflected.

Donald asks…

does champion mortgage have a bridge loan program for the $8000 tax credit?

it was recently announced hud will allow FHA-approved lenders to issue short-term loans to advance the credit amount for use in purchasing the home. does anyone know if champion mortgage has such a program? i checked with my state housing dept and they do not currently have a program set up yet. this will be for an fha loan.

admin answers:

I am not sure but I think it was passed on Friday (at least in Florida). I am waiting to find out myself. What state are you in? I would suggest you find a mortgage professional in your area or a trusted real estate agent and ask. I don’t know how Lender Specific it will be, if they told you they are the only ones able to do it, they are misleading you. They have to be qualified to originate FHA to do a FHA loan but the 8000.00 credit is going to be across the board. The borrower has to qualify for it.

You can call email me on Monday and I will have the resourses to find out for you. 🙂
Jill
jt@firstmmc.com

Ken asks…

I just got an inheritance check due to my mom’s death. I can’t deposit it due to my loan modification. Help?

I need to know how I can hide this check or deposit it without the mortgage company knowing it. Otherwise, I will not get approve.
No, I’m not trying to defraud anyone, unfortunately something unexpected happen and now this check is sent to me. I need to get approval for this modification but with this check, it will be difficult. Any advice as to what to do?

admin answers:

Yes, you are trying to defraud someone. Hiding assets is fraud. No matter how you got the money, you got it. You can try and hold the check until after the modification is done.

That said, if they find out about it after, and that you received it during the process, did not declare it, and cashed it later, that’s also fraud.

Not declaring assets in this situation, no matter what, is fraud.

Lizzie asks…

Does my mortgage lender have the right to view checking account info if I am applying for a loan modification?

If so… is this common practice for them to ask if I have already supplied them with current check stubs and last years W2’s?

admin answers:

If you’re modifying your loan then it obviously shows that you’re past financial decisions may not be the best. You either got a bad loan, paid too much for your house, or just took on a payment you couldn’t afford. Your rep doesn’t care how much you make or what your reserves are, his underwriters have an obligation to insure your ability to repay a loan modification. So they do have a write to ask for your bank statements. Besides if you’re modifying your loan then that means you can’t refinance. So put up or shut up, because you can’t take your business elsewhere.

The time of no questions asked stated income loans that got us into this mess is over. Expect to have to show full documentation every time you get a loan for the rest of your life. It may seem excessive to you but banks have their guidelines. Unless you hold millions in your bank account.

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