Search found 812 matches

by giacolet
Mon Nov 15, 2010 10:45 am
Forum: Personal Finance (Not Investing)
Topic: Do you use an escrow account for your mortgage?
Replies: 68
Views: 19337

Escrow on Mortgage

I have a mortgage held by a private party. There is no esrow. I have homestead exemption and the taxes are minimal. I live in a condo and the insurance is paid as a part of the monthly maintenance.

Escrow requirements benefit the lender; they do no benefit the owner.
by giacolet
Mon Oct 11, 2010 9:27 am
Forum: Personal Investments
Topic: A Vineyard? Give me a break.
Replies: 28
Views: 7092

A Vineyard? Give me a break.

Charles Schwab has been advertising his firm's services heavily on sports channels. Go Rays. He's looking for commonsense, practical advise for retirement planning. He decries those who seek to attain a certain numer, a vacation house, or a vineyard. He picks out the vineyard as being particularly ridiculous. "A vineyard? Give me a break." I don't believe his advertising agency is aware of the spirtual implications of the vineyard. In the Hebrew Scriptures Chaper 5 of Isaiah the Israelites are promised a fine vineyard which is built with care. But the vineyard is unproductive because the people are foolhardy, desolute and disobediant, so the vineyard is destroyed. What's so rediculous about a vineyard, anyhow? The Gallo brothers a...
by giacolet
Fri Oct 01, 2010 9:04 am
Forum: Personal Finance (Not Investing)
Topic: Book on buying a house?
Replies: 10
Views: 3106

Finding a good book that would apply to all areas of the diverse real estate market is a challenge. Not only is location everything, timing is crucial.

Finding current information in book form on such issues as buying at foreclosure and short sales is a stretch. The data on appraisals, loan to value ratios and interest rates changes daily.

I would suggest consulting a productive real estate agent in the market in which you are interested for guidance for sources of information.
by giacolet
Wed Sep 29, 2010 10:14 am
Forum: Personal Finance (Not Investing)
Topic: Should I sell my houses now or wait for "recovery"
Replies: 11
Views: 3932

Zoning Enforcement

The law is one issue. Enforcement is another. If the law is not enforced equally in all situations, not only ones in which a citizen has complained, you may be free of the problem.

We live in a constitutional democracy and laws have to be enforced so that all citizens have equal protection under the laws. The laws cannot be enforced selectively.
by giacolet
Fri Sep 24, 2010 10:45 am
Forum: Personal Finance (Not Investing)
Topic: Purchase a Foreclosed House
Replies: 21
Views: 3950

Buying a foreclosed house

The problem is that you a buying the house from an entity who likely has no knowledge of the history of the house or situation of the prior owner. They will deed the house to use using a Special Warranty Deed by which the entity warrants only those matters of title that have occured since they took title when they foreclosed. The entity will not sign the usual warranties required in the standard closing affidavits based on their due diligence and personal knowledge but only "to the best of their knowledge." The buyer must insist on title insurance in which all the requirements of the title insurance underwriter are met and not set out as exceptions to the policy. Typically, the entity will not warrant that the house is not occupie...
by giacolet
Wed Sep 15, 2010 10:10 am
Forum: Personal Finance (Not Investing)
Topic: I'm sued? What to do?
Replies: 66
Views: 9921

Write and call the law firm which sent the summons to you. Ask them to send you a Not One and the Same Name Affidavit and a copy of the document which names the person who has the same or similar name as you do. You will have to ID yourself and provide the Attorney with your address and SS and have the Affidavit Notarized and returned. Keep a copy of the Notarized Affidavit for your documented proof that you responded to the Notice and that you filled in the paperwork which was sent you. The Affidavit states briefly that you are not one and the same as the Individual named in a certain document. Your complete name may differ in some details, your address will be different and your SS. You might also want to record the Affidavit in the count...
by giacolet
Wed Sep 01, 2010 10:43 am
Forum: Personal Finance (Not Investing)
Topic: lowest interest mortgage if not employed?
Replies: 13
Views: 2460

You may find a considerable difference in what a local bank will do for you vs. a mortgage lender.

A local bank or credit union generates loans for its own portfolio while a mortgage lender typically plans to sell the loan on the secondary mortgage market.

A bank understands monatary assets; mortgage lenders understand qualifying a borrower for a mortgage and they don't have a clue about financial investments as collateral.
by giacolet
Tue Aug 24, 2010 10:42 am
Forum: Personal Consumer Issues
Topic: Songbird Hearing Aids
Replies: 14
Views: 3281

Songbird Hearing Aids

Are the inexpensive Songbird Hearing Aids a good value? I understand they are inespensive because the ear piece portion is disposible and can be replaced.
by giacolet
Tue Aug 24, 2010 10:33 am
Forum: Personal Finance (Not Investing)
Topic: My Daughter /Divorced/Forclosure/ Rebuild Credit
Replies: 38
Views: 7462

Deficiency Judgment on a Foreclosure

I believe that in several states including Florida that a lender cannot get a deficiency foreclosure judgement on residential, homestead property but only on non-homestead investment or commercial property.
by giacolet
Mon Aug 23, 2010 10:35 am
Forum: Personal Finance (Not Investing)
Topic: Condo Fees
Replies: 49
Views: 7442

Lets see. I pay $211.00 monthly. That covers external bulding maintenance, insurance on the structure but not owner's personal insurance on contents and liability, lawn mowing, edging etc., a dedicated parking space, water, and use of social hall facilities.

If you have a dog you have to walk it yourself.
by giacolet
Wed Aug 18, 2010 9:56 am
Forum: Personal Finance (Not Investing)
Topic: Commercial Mortgage questions
Replies: 4
Views: 1095

Mortgage Life Insurance

The recourse for not paying the mortgage is foreclosure. I know of no financial istitutions that require borrowers to provide a mortgage life insurance policy to the lender.
by giacolet
Mon Aug 16, 2010 9:04 am
Forum: Personal Finance (Not Investing)
Topic: Commercial Mortgage questions
Replies: 4
Views: 1095

Private Commercial Mortgage

The Mortgage and Promissory Note are the legally binding contract. There is not a separate instrument. The Mortgage and Note constitute the full agreement.

In a private purchase money mortgage there is typically not any mortgage insurance.

In addition to a legally sound mortgage drawn by your attorney, you should have a professional appraisal prepared by a licensed appraiser. I'd consider linking the interest rate to the loan to value ratio.

The mortgage, of course,needs to be recorded in the pulic records of the county in which the property is located. Get a personal gurantee from the principal if he's taking title in a corporate or LLC capacity.
by giacolet
Thu Aug 12, 2010 7:59 am
Forum: Personal Finance (Not Investing)
Topic: FHA Mortgage Refinance Questions
Replies: 4
Views: 1341

The mortgage insurance for an FHA loan is called MIP, Mortgage Insurance Premium and not PMI, Privite Mortgage Insurance. MIP is considered a prepaid loan reqirement and is not typically a closing cost such as an origination fee or discount paid to the lender. MIP is paid to the Secretary of HUD. You would get a refund of your existing unearned Premium paid to your current Private Mortgage Insurance provider and in turn would have to prepay for the MIP to FHA. Your mortgage loan company does not benefit from the prepaid MIP; it's a requirement of FHA that it be prepaid, at least for the 1st year and 1/12 of the anticipated premium is added to each monthly mortgage payment to take care of the subsequent year's premium. Thus, in an FHA mortga...
by giacolet
Tue Aug 10, 2010 8:46 am
Forum: Personal Finance (Not Investing)
Topic: Over 55 Retirement Community or Screaming Babies?
Replies: 63
Views: 15828

Adult community

20% of our population is allowed to be under age 55. In each household, at least one resident must be 55 or older. The term "household" allows for four (4) persons. No person under the age of 17 can be a permanent resident.

There are numerous "exceptions." The 37 year old single man who resided with his now deceased grandmother, for example. A grandmother who is parenting her under 17 grandchild. A single woman in her 20's who is the niece of a 55+ owner and who lives in a second home he owns in the community.
by giacolet
Thu Aug 05, 2010 9:37 am
Forum: Personal Consumer Issues
Topic: What Is Your Favorite Soup?
Replies: 107
Views: 13403

Orzo soup

My northern Italian grandmother prepared an orzo pasta chicken boullion based soup to which was added tomato paste for flavor and color and generous portions of Italian spices. It can also be flavored with a lamb shank.
by giacolet
Wed Aug 04, 2010 8:06 am
Forum: Personal Finance (Not Investing)
Topic: Power of Attorney vs Living Trust, which is right?
Replies: 48
Views: 9297

Attorneys are only as good as their experience. Don't hire a litigator for transactional purposes.

Don't hire a general practitioner who isn't experienced in probate, trust or real estate specialist.

A family law specialist might be a wonderful asset in a custody matter but not much help in establishing your Trust.
by giacolet
Tue Aug 03, 2010 11:24 am
Forum: Personal Finance (Not Investing)
Topic: Power of Attorney vs Living Trust, which is right?
Replies: 48
Views: 9297

The Living Trust is typically used to shelter your residence from the claims of creditors and thus pass to your heirs outside of the delays of a probate of your estate. Often, individuals and their attorneys fail to fund the Trust once it is formed. You have to actually transfer the property via a deed, usually a Quit Claim Deed into the Trust. The property transferred into the Trust is not immune from real estate taxes. I presume that the POA of which you speak is a Family Durable Power of Attorney. Insure that the Attorney in Fact has specific authority to not only sell the property in the Trust but also convey or mortgage it. "Sell" means having the ability to enter into a contract to transfer title to a property. "Convey&...
by giacolet
Wed Jul 28, 2010 10:09 am
Forum: Personal Finance (Not Investing)
Topic: AARP Membership.. is it worth?
Replies: 76
Views: 15128

I stopped my membership 2 years ago and I am still inundated with insurance offers.

The Hartford Group was not competative for auto insurance. Now AARP is pushing Medigap coverage.

I am pleased with BCBS. I wish AARP would stop mailing to me. I am no longer a member and I am tired of being buried with solicitations.
by giacolet
Tue Jul 27, 2010 10:06 am
Forum: Personal Finance (Not Investing)
Topic: My mortgage was sold to Freddie Mac, what does that mean?
Replies: 10
Views: 12868

There's an off chance of some differences if Freddie Mac owns the loan instead of BOA even though BOA is still the servicing agent.

If you had PMI there may be a difference in the process of having the appraisal accepted by Freddie Mac when you want to have the PMI discontinued.

If you should have a foreclosure, Freddie Mac may not want to approve a short sale that BOA might because it upsets the bundle that your loan is packaged with.

As long as your loan had no prepayment restrictions you won't have a problem paying it off early. Freddie Mac is reluctant to waive those kinds of penalties because it reduces the interest income they were expecting.
by giacolet
Tue Jul 27, 2010 9:40 am
Forum: Personal Finance (Not Investing)
Topic: What to Do With Extra Refinance Loan Procedes?
Replies: 8
Views: 1379

NateW wrote:
About half of this cash coming back was due to the payment by the closing agent of the first half a year of property taxes that I paid two days earlier, but could not be verified as paid (I never even considered the fact the closing company had anything to do with paying property taxes, since I pay the taxes.
Since you paid the taxes only two days before the closing there wasn't time for the tax collector to post the payment. The closing agent paid them because he/she has to insure the lender that your new loan is in a first lien position.

Instead of increasing the mortgage amount you should have been given the option of depositing the amount due until the first check cleared.
by giacolet
Thu Jul 22, 2010 11:50 am
Forum: Personal Consumer Issues
Topic: What Book Are YOU Currently Reading? Part IV. (07/04/2010)
Replies: 1507
Views: 401834

Rick Warren, The Purpose Driven Life and The Purpose Driven Life Journal.

Stephen Covey, re-read of 7 Habits of Highly Effective People.

Dave Ramsey, Financial Makeover.
by giacolet
Thu Jul 22, 2010 9:57 am
Forum: Personal Consumer Issues
Topic: Physics Question - Singing Bowls
Replies: 7
Views: 2302

Singing Bowls

One can also use the bowl as a gong, and strike the side with the soft cloth mallet on the end of a short stick.

I've also noted that one can use the stick to make the bowl sing, rubbing the stick along the circular rim of the bowl.

Once you get the angle right the bowl will sing. Adjust the length of the gong handle by holding it long or shorter to get a different vibration tone.

Om mone padne om.

There's a group in St. Petersburg that uses chrystal bowls. They visit hospice centers. The vibrations are supposed to sooth the mental states of the listeners.
by giacolet
Mon Jul 19, 2010 10:08 am
Forum: Personal Finance (Not Investing)
Topic: Can I Obtain a Mortgage?
Replies: 2
Views: 737

Should I be able to get a Mortgage?

If you have substantiated income to meet the mortgage payments and your house appraises at the loan amount or above, you should have no trouble qualifying for a loan.

The key consideration will be your income from SS, pension and/or investments.
by giacolet
Thu Jul 15, 2010 8:43 am
Forum: Personal Finance (Not Investing)
Topic: Choice of Settlement Agent for Refinance
Replies: 2
Views: 1647

Selection of Title Company

NateW wrote: it will take the mortgage company (them) 45 - 90 days to verify and research my selected settlement agent and by that time my lock will have long expired. This is preposterous and irregular. Every lender has a list of approved title agent underwriters. It dshould take a minute or less to look up. If your selected agent is approved. your loan officer should be able to tell you immediately. The major title underwriters are on the approved list of the major lenders. If not, contact your title agent. Every title agent must furnish the lender with a current Closing Protection or Indemnification Letter. A period of 45-90 days is out of line. There is possibly a referral arrangement with the Lender's choice of a closing agent.
by giacolet
Thu Jul 08, 2010 6:49 am
Forum: Personal Finance (Not Investing)
Topic: How long do you save parent's docs?
Replies: 10
Views: 2289

parent's docs

Scrap the mortgages. The originals are filed amoung the public records in the county in which the property is located. In addition, the Satisfactions of the mortgages will be of record.

Keep the Settlement Statements for seven years.
by giacolet
Thu Jul 01, 2010 9:21 am
Forum: Personal Finance (Not Investing)
Topic: Anyone with experience buying at foreclosure auction?
Replies: 23
Views: 4946

The lender typically makes the 1st bid in the amount of $100.00. The bid is small to save documentary tax and filing fees. The lender may bid in credit amounts up to the amount of the mortgage.

You do not know at what point the lender may stop bidding and allow your bid to go through. You may get a 25% to 30% discount.

This is a fact. Lenders do not want to be in the property management business.
by giacolet
Thu Jul 01, 2010 9:10 am
Forum: Personal Finance (Not Investing)
Topic: title company
Replies: 16
Views: 1934

The prudent choice in selecting a title agent, either an attorney or a title company, is to select the representative which is located in the county where the property is located.

An out of state source adds an unnecessary middleman. The preliminary search and the updates prior to closing have to come from the county in which the records are located.
by giacolet
Tue Jun 29, 2010 9:20 am
Forum: Personal Finance (Not Investing)
Topic: house title question
Replies: 20
Views: 3860

Property transferred by Trust passes outside of probate by operation of law. Property granted in a will is subject to the 90 days notice to creditors required by the probate court, examination and testing of the Will and legal fees. How much are the probate costs and how much are the capital gains taxes? Right. You don't know and can't come up with a solid answer. Any decent lawyer can find many causes for fees in a three month period. The only satisfactrory problem is the one you don't have and aren't charged for. A transfer by Trust or by deed is usually more cost efficient than the procedures of probate. A probate attorney will not agree.
by giacolet
Mon Jun 28, 2010 12:19 pm
Forum: Personal Finance (Not Investing)
Topic: house title question
Replies: 20
Views: 3860

A judgment against one of three joint tenants would not attach to the property. For a judgment to attach the judgment would have to be against the three joint tenants.

A judgment against one of three tenants in common would attach to that individual's interest in the property, that is, in this case, a 1/3 interest unless specified otherwise on the title.

The above exemption does not apply to a super-lien placed by the IRS or Treasury department. A lien against one of the three joint tenants attatches to that individual's interest in the property.
by giacolet
Mon Jun 28, 2010 10:44 am
Forum: Personal Finance (Not Investing)
Topic: house title question
Replies: 20
Views: 3860

In my state, if you deed the property to yourself and to your two sons as joint tenants with right of survivorship and not as tenants in common, and if the property is your constitutional homestead, the title to the property passes to the two sons outside of probate by operation of law immediately upon your demise. The sons would have to record a certified copy of your death certificate in the county in which the property is located.

Avoiding probate is avoiding a time-consuming and potentially expensive experience.
by giacolet
Wed Jun 23, 2010 8:51 am
Forum: Personal Finance (Not Investing)
Topic: Foreclosure/Bankruptcy - tenant caught in middle
Replies: 13
Views: 3026

Bogleheads take note. The op has iterated one more reason why a party should not rent a house. If the owner lied and claimed he occupied the premises he would not have signed an assignment of rents. Is the lender licensed to do business in your state? Does the lender have the original note and mortgage? Has the owner requested mediation and a loan modification? There are several additional foreclosure defences still available to the owner to stall the foreclosure. In Florida the courts are overwhelmed by the magnatude of foreclosures. The lenders are inefficient and don't know how to manage property. The foreclosure law firms don't have the staff to handle the caseload. The communication between the lender and the lawfirm is pitiful. The at...
by giacolet
Thu Jun 17, 2010 11:51 am
Forum: Personal Finance (Not Investing)
Topic: How Do We Make A Short Term Loan To Son Sans Gift Tax?
Replies: 37
Views: 4372

Loaning Your Son Money

According to Dave Ramsey a loan to a son is ill advised and puts the relationship at risk.

Give him the money, then there are no problems.
by giacolet
Thu Jun 17, 2010 6:53 am
Forum: Personal Finance (Not Investing)
Topic: closing cost
Replies: 22
Views: 3070

Closing Costs

It's an old story. You don't know what items are closing costs and which are upfront prepayments. Your $600.00 hazard insurance fee is a prepayment of a years insurance. That's not a closing cost. The deposits to escrow are also prepayments to pay taxes when they next become due. Deduct another $2,277.00. Transfer tax, $390.00. Looks like you are paying documentary tax on the conveyance and/or your mortgage. That's a closing cost. Upfront MIP. Why are you buying with an FHA loan. The $2,266.00 Mortgage Insurance Premium is paid to HUD. Get a conventional loan and put more money down and you won't have to pay the MIP. This isn't a closing cost and it's probably rolled into the loan amount. You are locked into paying a monthly MIP payment for...
by giacolet
Thu Jun 03, 2010 9:05 am
Forum: Personal Finance (Not Investing)
Topic: looking for a good book on mortgages
Replies: 5
Views: 1052

Is there a mortgage where the principal adjusts to the current value of the property?
by giacolet
Thu Jun 03, 2010 8:59 am
Forum: Personal Finance (Not Investing)
Topic: Which books to read next??
Replies: 30
Views: 4010

Books to Read

Most Bogleheads avoid the financial suggestions for investment but applaud this man's get out of debt, no nonsense take responsibility methods of changing your life.

Dave Ramsey, Financial Makeover.
by giacolet
Fri May 28, 2010 9:37 am
Forum: Personal Finance (Not Investing)
Topic: re: Poor people spend 9% of income on lottery tickets
Replies: 143
Views: 18591

It's Biblical:

The poor will always be with you.

So with compassion, you donate to charity and pay your taxes.
by giacolet
Fri May 28, 2010 9:31 am
Forum: Personal Finance (Not Investing)
Topic: Landlord bankrupt/foreclosing - what are my options/rights?
Replies: 22
Views: 3795

If BOA handled the loan correctly for an investment property, there would be an assignment of leases and rents to the lender.

This is sometimes a separate document in a commercial transaction or it may be included as part of the mortgage. If you look as the recorded mortgage document you may find it or it may be recorded separately as Assignment of Leases and Rents.

I would be reluctant to pay the owner any more fees until you resolve to whom they are legally due, the owner or the lender?
by giacolet
Thu May 27, 2010 9:57 am
Forum: Personal Finance (Not Investing)
Topic: Landlord bankrupt/foreclosing - what are my options/rights?
Replies: 22
Views: 3795

deleted as a duplicate
by giacolet
Thu May 27, 2010 9:57 am
Forum: Personal Finance (Not Investing)
Topic: Landlord bankrupt/foreclosing - what are my options/rights?
Replies: 22
Views: 3795

If you have a lease it has to be honored. You did not execute the mortgage or sign the Note. Your interest in the property cannot be foreclosed on if you have not been served.

Check the county records and see if Bank of America has filed a Lis Pendens on your unit. It may be a year or more befoe anything happens.

Any small glitch in the process, such as not serving you, may take months for the lender's attorneys to correct.

When your landlord files Bankruptcy that will stall the process even more.

Do not expect efficiency from the foreclosure defense attorney. He is paid to extend and stall and protect his client under all the provisions allowed by the law.
by giacolet
Thu May 27, 2010 9:57 am
Forum: Personal Finance (Not Investing)
Topic: Landlord bankrupt/foreclosing - what are my options/rights?
Replies: 22
Views: 3795

If you have a lease it has to be honored. You did not execute the mortgage or sign the Note. Your interest in the property cannot be foreclosed on if you have not been served.

Check the county records and see if Bank of America has filed a Lis Pendens on your unit. It may be a year or more befoe anything happens.

Any small glitch in the process, such as not serving you, may take months for the lender's attorneys to correct.

When your landlord files Bankruptcy that will stall the process even more.

Do not expect efficiency from the foreclosure defense attorney. He is paid to extend and stall and protect his client under all the provisions allowed by the law.
by giacolet
Thu May 27, 2010 9:36 am
Forum: Personal Finance (Not Investing)
Topic: re: Poor people spend 9% of income on lottery tickets
Replies: 143
Views: 18591

I live in a condominium. I' ve seen the neighbor above me once in three years.

He won 34 million in the Florida lottery. He keeps the condo for his son. He purchased a new home in Clearwater in walking distance to a Wal-Mart and his new favorite watering hole.

He enjoyed winning. He enjoys his money. What's the gripe? Had he not won, he would still be happy. He would shop and drink somewhere else.

I am quite happy not to have him reside above me. It's much more quiet. I wish all my neighbors would win big. I spend $10.00 a week on 5 power ball with power play tiickets. I enjoy the delicious expectation I might win it all.
by giacolet
Tue May 25, 2010 8:49 am
Forum: Personal Finance (Not Investing)
Topic: Frugal Prices on Boglehead Books
Replies: 11
Views: 2145

I wouldn't pay full price for a David Ramsey "Financial Makeover" but buying a used-like new copy from a resale vendor allowed me to get it at about 1/2 price.

Library copies don't work for me. I can't read a non-fiction work without my hi-liter in hand. If I can't hi-lite the structure, main points and supporting details, I don't understand the book. I've got to see that the text is well-organized and logically developed. Graduale degrees in English fade slowly. :lol:
by giacolet
Mon May 24, 2010 10:29 am
Forum: Personal Finance (Not Investing)
Topic: Frugal Prices on Boglehead Books
Replies: 11
Views: 2145

Frugal Prices on Boglehead Books

Many readers may not know that Amazon does not only sell new books and Kindle editions, they also support resale vendors who offer new and used books for less, even less than Amazon. Examples: The Little Book of Commonsense Investing. Amazon sells new @ $13.57. Resale vendors have 60 copies available starting at $8.45 plus shipping. There are 38 used copies available, from $5.64. Also plus shipping. Common Sense on Mutual Funds. Amazon sells new at $19.77. The Kindle edition is $16.47. Resale Vendors have 41 new copies starting at $17.76 and 9 used copies from $17.23. Shipping extra. The Bogleheads' Guide to Retirement Planning, hardcover, goes for $16.47 new from Amazon. Resale vendors have 33 copies starting at $13.85 and 9 used from $13....
by giacolet
Thu May 13, 2010 10:09 am
Forum: Personal Finance (Not Investing)
Topic: Buying a home in TX. Seller won't give up mineral rights...
Replies: 31
Views: 12614

On the Florida gulf coast most of the off-shore petroleum rights are owned by the Trustees of the Internal Improvement Fund or are leased to oil companies.

Waterfront property is sold subject to the state's ownership or the oil company lease. However, the oil and gas rights do not allow for a right of entry or exploration of the waterfront parcels.

At some time in the future the oil might be accessed via underground pipes that will draw the gas or oil from the submerged gas and/or oil fields.
by giacolet
Tue May 11, 2010 10:16 am
Forum: Personal Finance (Not Investing)
Topic: 9K total closing costs on a 100K loan? Is that right???
Replies: 22
Views: 5510

TRC wrote: Title insurance - do you already have a title insurance policy from your first mortgage? If yes, you don't need to buy this a second time. This isn't quite the way it works. On the initial closing, the lender received a title policy for the amount of the loan and the buyer received an owner's policy in the amount of the purchase. Now that the buyer is re-financing, he does not need a new owner's policy but he will have to pay for a new lender's policy and the required endorsements. The new lender is not insured by the prior mortgagee policy. Even if it is the same lender, the homeowner will have to pay for a new lender's policy since it's a new loan. The current owner of the mortgage, not the servicing agent, is insured by the or...
by giacolet
Mon May 10, 2010 10:46 am
Forum: Personal Finance (Not Investing)
Topic: 9K total closing costs on a 100K loan? Is that right???
Replies: 22
Views: 5510

Business is slow. The Loan Officer needs the money.
by giacolet
Sat May 01, 2010 6:28 am
Forum: Personal Finance (Not Investing)
Topic: Who do you use for Emergency Road Service?
Replies: 22
Views: 4237

Loyal member of AAA since 1976. Need a jump every now and then. Once every couple of years I manage to lock my keys in the car.

No problem towing to my mechanic. Dependable and lots of service agents. Still, the wait can be an hour.
by giacolet
Fri Apr 16, 2010 9:02 pm
Forum: Personal Finance (Not Investing)
Topic: Can stay at home wife be on mortgage
Replies: 9
Views: 10479

The mortgage has nothing to do with financial responsibility to make payments.

If she has financial responsibility the lender will require her to execute the Note. The Note is the promise to pay.

If she does not sign the Mortgage the lender cannot foreclose on her. If she does sign the Mortgage the bank can foreclose on her.

The lender obviously wants to be able to foreclose on her if you don't make the payments. That's why they will have her sign the Mortgage even if she has no legal responsibility to pay the Note.
by giacolet
Fri Apr 16, 2010 10:13 am
Forum: Personal Finance (Not Investing)
Topic: Can stay at home wife be on mortgage
Replies: 9
Views: 10479

How was the loan underwritten? Was your wife's income used to qualify for the mortgage?

If she is no longer employed she cannot have financial responsibility for the Note. Do you still qualify on your income alone?

If she does not sign the Note she is not responsible for making payments.

If she doesn't sign the Mortgage the lender may not be able to foreclose on her maritial interest in the property. However, most lenders will require the signature of the spouse on the Mortgage even if she doesn't sign the Note.