son is in Iraq.has had one judgment in the past when they moved out of an apartment 3 months early but that was satisfied.He enlisted for 6 yrs.He has a wife and 3 yr old.Why type loan would he qualify for?
No and if the judgement is still showing up he will not be approved for a VA loan or any other type of mortgage. To get the VA loan he has to be in the reserves for 6 years and then after the 6 years he will be able to receive the VA loan
Hi I have a simple but little tricky question.
I believe there are three ways to purchase a house.
1.Pay cash – If you are a millionaire..
2.Hire Mortgage Broker – They will contact with Wholesale Lender
3.Contact with Bank directly – Bank has it’s own Loan Officer.
*If someone doesn’t tell the difference between mortgage broker and loan officer, go to yahoo and search "mortgage broker vs. loan officer" .
Here is my story.
Year 2004 I met Mr.Kim who was a mortgage broker.He always tell others that if someone wants to buy a house, they have to hire a mortgage broker to process their loan(He was acting that option #3 does not exist. That way he could get more jobs to sell.). *Someone might say "Why did you trust the mortgage broker? You are stupid…" You will be surprised to know how so many people have no knowledge about these whatsoever.
Anyway I trusted him and year 2005 I purchased my first house.
I filled out loan application and prepared all the documents which was prepared by Mr.Kim. The loan was approved: both first and second lender was major Banks. Exactly 2months later, I received a check book by XX (also major bank) bank. I asked my mortgage broker about this and he said that this was a home equity line of credit by XX bank (3rd mortgage): it was issued based on the current value of my property (there’s no loan application and no appraisal report..ect.) and my excellent credit. I had no doubt about this at that time (because it was issued from a major bank) and I used the money for home improvement. My mortgage broker, Kim was sentenced for financial fraud for other cases(currently he is in federal prison)
In the mean time, my mortgage payment was increased dramatically because it was a MTA program which I had no idea what that was at that time… My monthly payment doubled after 2 years and I had reached a point where I could not make all three mortgage payment including the 3rd mortgage. As the real estate market crashed, the value of my house dropped greatly and I could no longer able to make payment. I knew something was not right. I heard about Mortgage Audit from internet one day and decided to do that. I requested all the documents (including original loan applications..) from the all three lenders.
I was surprised to see that there were loan officer’s name which I had no idea because I had never met any loan officers. Not only that but also the information on the loan application had wrong information which was prepared by mortgage broker?? or the loan officer??
Since the lender was not a whole sale lender, I had learned that the loan officer from the lender must meet with the borrower directly(Patriot Act?).
What do you think about this whole loan process? I want to know how big crime it is when the loan officer never contacted the borrower and accept all the documents from the mortgage broker and approve the loan despite of all the wrong information on the loan documents??
* Some of you might say, "You signed the documents at the settlement and it is your responsibility"
However both the mortgage broker and the title agent are currently imprisoned. During the settlement, it is almost impossible to review every single document and sign them. I had to trust whatever I sign because it was conducted by title lawyer. Who would not trust "LAWYER" ?? DO YOU THINK LENDER GAVE US A MONEY BECAUSE THEY ARE CHARITY WORKERS?
Your question gave me a headache.
I would suggest strongly that you contact an attorney that specializes in real estate.
To me it sounds like you may have a case based on fraud, simply on the basis that your broker seemed to have filled out and filed papers on your behalf with out your approval.
Good luck.
This video on credit repair shows you how to improve your chances of getting a great mortgage loan with bad credit
Duration : 0:0:53
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Getting the best refinance home mortgage loan rate, then, can be important to almost any homeowner. READ here to Save your money: http://best-refinance-home-mortgage-loan-rates.com/
Duration : 0:1:38
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The Obama administration will extend the government’s financial bailout program until next fall, saying it’s needed to protect against fresh economic shocks. and adding the extension is “necessary to assist American families and stabilize financial markets.”
Businesses unexpectedly added to inventories at the wholesale level in October, breaking a record string of 13 straight declines. It’s a hopeful sign that companies will begin restocking depleted store shelves, helping to bolster this fragile economic recovery.
The Mortgage Bankers Association said today that demand for U.S. home loans rose last week to the highest level in about 2 months but nearly three of every four loan requests was for a refinancing rather than a purchase.
General Mills — the maker of Lucky Charms, Trix and Cocoa Puffs — announced plans today to reduce the amount of sugar in its cereals marketed to children. The move comes as many food companies alter their products and face growing scrutiny from consumers, regulators and health groups over the nutritional value of their foods.
So why is Volkswagen paying $2.5 billion for a 19.9% stake in Suzuki Motor Corp. as part of a complex cross-shareholding alliance? Well – maybe Volkswagen is betting Suzuki will help it make small cars economically and Suzuki will get access to hybrid and zero-emission power trains, tough to develop on its own. Stay tuned…
In a speech at West Point today, GE’s Chief Executive Jeff Immelt said The United States stands at the end of a generation when meanness and greed drove leaders and “rewards became perverted,”
Duration : 0:1:47
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This is a recent homebuyers seminar I put together in Daly City, California. If you would like information about further seminars, please let me know at jvetter@mercurylending.com. I can help you with you California and Oregon refinance and purchase needs.
Duration : 0:9:50
http://www.myfirsthomenewsletter.com/subscribe.php Ever wonder how lender’s come up with the rates they do? You can stop wondering, cause I’m going to tell you how. We all answer to a higher mortgage rate power, namely the secondary market. The secondary market is where Fannie Mae, Freddie Mac, and other mortgage lenders ply their trade. These government founded agencies purchase the loans that lenders make, then either hold them in their portfolios, or bundle them with other loans into mortgage-backed securities.
Duration : 0:2:9
Today, NAMB is issuing a call to action for all mortgage professionals to unite and join our force. We cant fight without you. So if you plan on staying in the industry and succeeding; we need your support through membership
Duration : 0:1:58