Wednesday, May 26, 2010

Is it possible to get a mortgage loan WITHOUT owning the land to put the house on?

Just some quick background info: My mom has a home on about 1-2 acres of land. We were hoping to order a manufactured home to put directly behind her house on HER property. The bank says that the land must be in OUR name in order to get a loan. Meaning my mom would have to deed us part of her property (which she doesn't necessarily want to do). My question is, in order to get ANY kind of mortgage loan, does the land HAVE to be in our name? Or is there some kind of provision my mom can sign giving us permission to do this?



Is it possible to get a mortgage loan WITHOUT owning the land to put the house on?

Technically, a loan for a mobile home is not a 'mortgage' if land is not part of the collateral. Credit unions and banks will sometimes lend money for the purchase and setup of a mobile home, but they're usually reluctant to do so because mobile homes, like cars, depreciate... unlike land (usually). Call around to local banks and credit unions to see if one will help you...but expect to borrow only about 75% to 80% of the NADA value of the mobile home. (NADA is the yellow valuation book used by bankers to determine the values of cars and mobile homes, as well as boats and motorcycles.)



Is it possible to get a mortgage loan WITHOUT owning the land to put the house on?

No I don't think so



Is it possible to get a mortgage loan WITHOUT owning the land to put the house on?

Contact a mortgage broker. A mortgage broker may have a contact who would be willing to make a loan to you, but it would be at a higher rate than you want and for a shorter time.



The reason for the high rate is that the value of the manufactured home would start depreciating right away. Normally when you have a mortgage, your house sits on solid ground that you are also buying, and the value of the house and land are considered together. The value of both together tend to rise over time, making it less risky for the bank to lend money.

What's the worst experience you have had with a client when processing and closing their loan?

My husband just had a client, whose loan was ready to go into closing, call him and request that he stop everything and turn over the appraisal to him so he could have his neighbor, who is also a loan officer, resubmit almost the same exact deal through the same bank. He's doing this because he doesn't want to p-off the neighbor. My husband has been doing this work for 15 years and says he's never had a client bend him over like that. Ofcourse my husband is asking for reimbursement for incurred expenses (I think he should be asking for origination fee too!), but who knows what's going to happen next.



What's the worst experience you have had with a client when processing and closing their loan?

I've been a broker now for over 7 years, and I've learned that buyers are not going to tell you if they don't like the service you are giving them. They are very touchy, and emotional. And whether you know it or not, they are always talking to someone else to get advice on the deal until they are completely comfortable with you. And if they do tell you they are going with someone else (which your lucky they didn't just stop answering the phone), they will never tell you the truth. It is more likely that the neighbor looked at the deal and said %26quot;they are ripping you off%26quot;. I find it important to be the 2nd opinion when it comes to a buyer, not the 1st. If a buyer brings me paperwork from another broker, believe you me I'm going to beat that deal. That is most likely what happened.



You can't take it personally, it's going to happen. If he's been doing it 15 years, I'd be suprised if this is honestly the worst thing that's happened to him. And it is illegal to collect an origination fee if the deal isn't closed. That is RESPA guidelines, which don't vary state to state when it comes to origination. I've worked tons on deals that never closed, had some fall apart right at the closing table!! But I've also had plenty of deals close that took little or no effort which makes up for the wasted time on the other one's. If your husband is good at what he does, then loans are not that hard to do. Nor do they take a lot of time if your dilligent and get everything you need up front.



As far as the appraisal goes, tell him to pound salt and get another one. If he stiffed you on the appraisal (since you were talking about money invested), then let it be a lesson to you that you should NEVER invoice appraisals. I don't ever! And it has yet to kill a deal for me. If anything, the buyer is less likely to disappear since THEY will have money invested.



Since your deal was all the way to closing, I can almost gaurantee that the neighbor told the borrower he could beat the deal. Maybe offer to drop the closing costs, or the rate to save the deal. The lender shouldn't let another broker send the same deal through a different company, and if they do, stop using that lender!!



What's the worst experience you have had with a client when processing and closing their loan?

I have had a few loans like that. The client should know that it will cost him whatever fees you husband has incurred and then I would sit on it for a awhile. That appraisal cant be transferred without your husbands approval. It would sit on my desk . By the time I released it the client would either go through with the loan with me or wish he had because of the frustration it will cause him.



What's the worst experience you have had with a client when processing and closing their loan?

*update*



For the person that gave me a thumbs down sorry.



What fees did you incure? Let me think? ZERO. only time.



I totally disagree with you. If your neighbor can do a better job on the loan, maybe your husband shouldnt be doing them.



I actually feel sorry for you that your husband sucks so bad at his job that this would ever happen.



What's the worst experience you have had with a client when processing and closing their loan?

That happens. Clients can be fickle. Your husband should tell the client that not p-ing off the neighbor is not a good reason to cancel the deal. The client should leave ONLY if he is getting a better deal, better service, or a more reputable company. If I were the client I wouldn't want to go with the neighbor anyway because I wouldn't want my neighbor to know all of my personal financial information.

If you qualify for a Stafford Loan of 3500...do you?

For sure get that amount when you pick the bank you are going to use?? This is my first time for a loan...



If you qualify for a Stafford Loan of 3500...do you?

Not sure what your question is. But hopefully this will help.



If you qualify for a Stafford Loan of 3500...do you?

They deposit it into your bank account and you have total control of it from that point.



If you qualify for a Stafford Loan of 3500...do you?

If I were you, I would Google Stafford Loan to find out how it works.

Auto loan possible?

I need an $11,000 car loan but have not so great credit(Equifax 610, Experian 617, Transunion 627). I'm planning on trying to get one at my local bank tomorrow but need some advise before I go. I do have 3 grand to put down. Any advise??



Auto loan possible?

If the bank won't the F%26amp;I department at the dealer will. Those aren't horrible scores, I've seen people get financed with much less. And you have 3k to put down. I would offer up 1k at first and negotiate from there



Auto loan possible?

Bring documentation of your income.



Auto loan possible?

its possible.. you might just have to pay a high rate for your loan. Have you tried to pre qualify for a loan to see how much credit you can get? Its a good way to know exactly how much u can get without affecting ure credit score. When you apply for a loan and get denied ure credit score drops a little bit.



http://www.finance-experts.com/car-loans...



Auto loan possible?

Try Richartds Loan Agency.



They give out home loans and Auto-loans with bad crdit.\



reach them through their email,Richards_loan_agency@yahoo.com



Auto loan possible?

I read your Article. I have applied for series of Loan in different loan companies online and end up loosing my money.I lost $2,400.00 in the hands those internet loan scammers, who claim to be loan lenders. I lost every penny i had till a friend directed me to Macro Loan House, were i applied for a loan of $46, 000.00 which was Approved and transfer to me. I will advcie you contact the company too for possible help. Company email: macroloans@gmail.com



Auto loan possible?

Hello,



My names are lisa Dave i live in united state of america i work in an industried i have two kids and i am christan,the good news here is that i get loan from simoni harry i have been scamm before until i met mr simoni harry then my case was over i advise every one to get there loan from mr simoni harry is a nice man.you can reach him at.Email: simoni_agency@yahoo.com



He is a Private Loan Officer for the above named company and he can be of Help to you. He can help you get the loan you require. His Interest rate of 0.4% is fair enough.



Mr simoni harry



Tel;447045769629

I get housing loan in instalments over 6 months;?

Bank says they will tell EMI (Equated Monthly Instalment) only when i get the last loan disbursement. How can i know in advance how much will be my EMI after the last instalment date? Please help %26amp; thanks in advance.



I get housing loan in instalments over 6 months;?

This is out of my range of experience. I have never dealt with the kind of loan that you are currently in.



My advice comes in three parts...



The first is to consult with a professional financial adviser who has the first hour consult appointment free.



A mortgage loan officer is likely who you would need to contact to answer this question with any capability.



Your bank should be able to give you some idea of what you need to have. I would go in and wait to talk to a loan officer, that is what they are there for.



I deal with people on the verge of filing bankruptcy, and people who are trying to get out of homeless / battered women's shelters. I am more of a social worker / financial adviser than what you would need with this complex loan agreement.



I am so sorry that I couldn't give you more help.



I get housing loan in instalments over 6 months;?

May be....

What is the statute of limitations on a federally backed home loan?

I defaulted on a federally backed (FHA) loan in 1997. The house was sold and I assumed the bank got their money. A collection agency called today on behalf of the USDA, and told me that I owed the difference from the sale plus interest. This is the first that I heard of this in almost ten years, and I figured that if I owed the govt, they would have tracked me through my tax returns and contacted me directly if some sort of limitation has not expired...



What is the statute of limitations on a federally backed home loan?

There is no statue of limitations on a default payment issued by the government . You defaulted and now you are going to get whacked with fees , interest , and the difference in what your house was sold for . Ouch . Will e-mail you some K-Y jelly cause they will come after you and burn you for the whole thing . Your credit report has got to be hurting too .



What is the statute of limitations on a federally backed home loan?

Not sure read smoe tips on loans on this site

What can I do about a bank executive that put me into a line of credit w/out my consent/knowledge?

I have two banks. In writing a check, I mistakenly grabbed the wrong check book and bounced a check (1st bad check in 14 years).



I immediately called the bank and spoke with a sales executive. He advised me to sign up for check protection so that this wouldn't happen again. Nothing else was discussed, no papers signed, nothing sent to me in writing.



I thought this was a gratuity by the bank for being a loyal customer, so I said ok; I had no idea this was actually a line of credit with finance charges, interest, and my personal credit report accessed (which lowers your credit score).



I didn't catch it on the first statement as I travel extensively, but I did catch it on the second statement. I called the bank. They refused to help me when I asked for a letter of deletion for the credit bureaus. I stated that there was no disclosure of any loan.



I took this up the chain of command. I feel that since there was no disclosure, this is illegal, and the bank refuses to help .



What can I do about a bank executive that put me into a line of credit w/out my consent/knowledge?

Sorry, but ONE hard inquiry does not lower your credit score



What can I do about a bank executive that put me into a line of credit w/out my consent/knowledge?

According to the representative at TransUnion, ONE hard inquiry does lower a person's score, and, it stays on a person's inquiry list for two years. Report It



What can I do about a bank executive that put me into a line of credit w/out my consent/knowledge?

If you did in fact agree to it it is completely legal, but you still should have received disclosures about the service and it should have been explained better. Generally the bank would require your signature for a line of credit, unless it is a credit card. Also when anyone pulls your credit it only affects your score by fractions of a point.