Recent content by MortgageGuru

Check your states laws on pre-payment penalties. Since it sounds like a commercial property your protections are limited.

Don't do it. Only very serious and saavy investors should consider loans on terms that short.

Contact the loan officer that handled your loan and get him to send you a copy of the payoff letter that was sent from your previous mortgage company. I have NEVER seen a title company pay ANY amount to anyone in advance of closing. Investigate your refinance and justify EVERY PENNY accounted...

The lender will look to you if you are on the note. If it is foreclosed on, you are not in line for repayment anywhere. A lien will help you to recover some of your investment but it's not guaranteed. Options with the mortgage holder- Pay the monthly payments or sell the house. You will both...

You need to be speaking with an attorney that knows something about mortgages and hot to do some number crunching. Like yesterday.

Did you pay the up front Mortgage Insurance Premium and have you been paying PMI each month on the loan? If so then they are collecting money for an insurance policy that doesn't exist. I have no idea if that would mean anything to an attorney in this matter.

This wouldn't necessarily work because you will have to use the mortgage history of the house for working up the loan. If it is in the process of foreclosure then not many lenders will even try it. Her best option would be to sell the house, pocket the proceeds or buy a house outright in most...

Ask your lender about a 15 year balloon second mortgage. It's a little more each month on the payment but you will have something going towards principal whereas a HELOC does not. Your lender has already set it up for you to have a lower PMI rate by doing 89% vs. 90%. Either way it ultimately...

More importantly, if you are trying to set-up a bi-weekly payment plan then why don't you save yourself some money and just make one extra payment a year on your own.

I have a sub-prime division that may be able to help you. Call me at (800) 618-8362 Ext. 181 and I will direct you to them.

Whatever is left over after paying off the first mortgage will go towards the second. They can still try and collect the remaining balance.

All the new lender has to do is send an appraisal order for the property to the appraiser and request the appraisal as of the date it was performed originally. I have had this happen numerous times over the last few months and it works out well for everyone. In the big scheme of things, most...

Make sure the homeowners insurance is paid up as well.

When it comes to a mortgage note, the numbers are much more lucrative. I borrow $100,000 from you and sign a promissory note. You decide later you really would like your money now. You sell the promissory note to John for the balance plus a point or 2. I pay John.

Can you post the exact wording of the Approval letter you received.