Mortgage referral (loan officer, approved, foreclose, fees)

[brianjb]

I am looking for a referral for a mortgage person. Last time I refinanced my house, I used a guy who shopped around and got me a great deal. I still have a house on the market in another state. I am hoping to find someone who can help me get financed on a home here in Ohio even though my out of state home isn't sold yet.

I can pay both mortgages. I buy my house far below my income, so that I have more for retirement, savings, travel, etc. So please don't lecture me on the bad idea of having two mortgages.

Thanks!

[chet everett]

No lecture. Fact is the standard for getting a mortgage has changed. Lenders will not allow folks to apply for a "primary residence" loan if they are not documenting their income froma source that is near where the home is. Having an existing mortgage on a home in another area raises red flags -- you could be an investor or someone doing the "buy one and foreclose on the other" dance...

[Modification Specialist]

Originally Posted by brianjb

I am looking for a referral for a mortgage person. Last time I refinanced my house, I used a guy who shopped around and got me a great deal. I still have a house on the market in another state. I am hoping to find someone who can help me get financed on a home here in Ohio even though my out of state home isn't sold yet.

I can pay both mortgages. I buy my house far below my income, so that I have more for retirement, savings, travel, etc. So please don't lecture me on the bad idea of having two mortgages.

Thanks!

Dito - no lecture here either.

I used to be a loan officer; what's the issue?

- your looking to refinance your home in Ohio.
- you have another mortgage in another state.
- you can pay for both mortgages, because your payments are "far" below your income.

My advice to you is contact your existing mortgage bank and ask for an In-house Refianace (A Stream-line refinance). You stay with the same lender, there's no title or attorney fees, maybe you can roll in the appraisal fee.....

Point - if you go with another broker/lender - as much as 5% of the loan amount is added to your loan balance for closing costs. Working with your current lender there are little to no closing costs. This helps keeps your equity.

For the out-of-state property you are trying to sell. You need to handle this situation separately, after your have completed your refinance of the Ohio property.

Apply for a deed in lieu, your lender is going to want (it on their records) your trying to sell the property for a minimum of 90 days. Next you have to present your case as a hardship, for them to cancel your loan. Being approved for a deed in lieu, technically you can walk away from the property in six to eight months. Also expect to receive a 1099-R, which is treated as income you may have to paid IRS.

I don't know your situation, other than your looking for more for retirement, savings, travel, etc. Have you considered keeping the property and renting it out so that it pays for itself, which can turn into an additional income source later.
...



Good Luck...

[brianjb]

Originally Posted by Modification Specialist

Dito - no lecture here either.

I used to be a loan officer; what's the issue?

- your looking to refinance your home in Ohio.
- you have another mortgage in another state.
- you can pay for both mortgages, because your payments are "far" below your income.

My advice to you is contact your existing mortgage bank and ask for an In-house Refianace (A Stream-line refinance). You stay with the same lender, there's no title or attorney fees, maybe you can roll in the appraisal fee.....

Point - if you go with another broker/lender - as much as 5% of the loan amount is added to your loan balance for closing costs. Working with your current lender there are little to no closing costs. This helps keeps your equity.

For the out-of-state property you are trying to sell. You need to handle this situation separately, after your have completed your refinance of the Ohio property.

Apply for a deed in lieu, your lender is going to want (it on their records) your trying to sell the property for a minimum of 90 days. Next you have to present your case as a hardship, for them to cancel your loan. Being approved for a deed in lieu, technically you can walk away from the property in six to eight months. Also expect to receive a 1099-R, which is treated as income you may have to paid IRS.

I don't know your situation, other than your looking for more for retirement, savings, travel, etc. Have you considered keeping the property and renting it out so that it pays for itself, which can turn into an additional income source later.
...



Good Luck...

Thanks for the input. I haven't thought about renting it out. I suppose that is a possibility if I can't get a buyer. That would be a good income source later, I suppose.

Now the tricky part; I have opened a new thread on this. I have found a great condo but it isn't FHA approved. Sigh, so now my wife and I are looking at other options. Single family home being one of them. Then I happened to look at Fannie Mae REO Homes For Sale - HomePath.com tonight and I see a condo in the same neighborhood as the one we really liked (right across from it actually). So I am hoping that this one will be a good fit.

Do you have any experience with homepath or any info to give? Maybe reply to my other thread so it doesn't get confusing.

I do appreciate the effort. I need to decide if I want to be a long distance land lord. geez.