Mortgage Financing

We’re being told that there’s an accepted offer on a short-sale property that we love, but I don’t believe that this is accurate information. How do we proceed?

Q: I found a short sale that we love, but the real estate office keeps telling us that there is an accepted offer on the property. If there was an accepted offer, then why would they drop the price on the property today? Is there any way around this real estate company? They aren’t being honest and I believe that someone in the office wants the property. Read More.

When I was going through my divorce, the house wasn’t settled. We tried to do a modification, but did not get approved, so the house is on the market as a short sale. My credit has suffered as a result–should I put a note on my credit report to explain the circumstances?

Q: Hello, I live in NJ and recently went through a divorce. At the time of the divorce, the house wasn’t settled.  Now, after trying to do a modification and not getting it, the house is on the market as a short sale. My credit has suffered and I was wondering, if I add a letter to my credit report explaining the divorce and such, will that help me get some credit? Prior to all of this happening, my credit was decent–I had a score of 720. Now it is much lower–in the low 600s. My ex-husband did nothing to help me and won’t even cooperate with the short sale, but my saving grace is that my divorce decree says the house is to be sold. Read More.

I recently refinanced my home at an interest rate of 5.25%. Is it better for me to pay the entire amount owed, continue making small payments at the refinanced rate, or refinance again at 4% interest?

Q: I am retired and re-financed from 15 to 30 year fixed in order to lower my monthly payments. The  interest rate was at 5.25 %. Is it worth to pay off the entire amount owed, which is $160,000, from my savings, or should I continue paying the lower monthly rate for the rest of my life? Or, a third option I am considering would be to refinance again at 4 %. My income is approximately $5,000/month, and comes from Social Security and pension. Financial advisors usually say to keep the mortgage and invest the money. What do you think? I tried to downsize and sell the house, but had it on the market for a year with no luck. Read More.

I purchased my home in 2008 and received a substantial federal home buyer tax credit, but want out of my house. Do I have to pay the money back?

Q: We live in Tennessee and hate it. We experienced a bad tornado last year, and now there have been tornado warnings issued again. We paid more for our house than it was worth, and have a very high mortgage, but both my husband and I are retired. All in all, it’s a big mess, and we want out of our house; however, we purchased in 2008 and received an $8,000 tax credit. and have read that we’re obligated to repay it if we move out of the house before 3 years are up. We spoke to the IRS, and they said that if we walk away from the home and it goes into a short sale, it might take a while and likely take us past that 3-year mark. How can we get out of this property? We are … Read More.

If I live in Australia, can I purchase an NYC apartment to use when I’m in town and rent out the rest of the time?

Q: I live in Australia and want to purchase an apartment in NYC that my family can use when visiting, and that will then become part of a rental pool. What net return can I expect and, being an Australian citizen, can I borrow in the US? Read More.

If I’m thinking about moving from Canada to New York City, what preliminary steps should I take?

Q: I am Canadian living in Canada and one day I would like to buy a small apartment in NYC. Besides the down payment, which I am assuming is 20%, what do I need to have to make this happen?  Thanks. Read More.

What do I do if I’m behind on my mortgage payments?

Q: I haven’t paid my mortgage in over a year. They haven’t sent us any foreclosure notices yet, but when they do, I was wondering how I should respond and what to do to get loan modification.  Read More.

Can the HELOC loan on my current house affect the approval for an HELOC on a second house?

Q: Can the HELOC loan on a first house affect the approval for HELOC on the second house? Read More.

I recently heard every time your credit is reviewed it hurts the score. Please explain how this works and what it does to the score?

Q:  I recently heard every time your credit is reviewed it hurts the score.  Please explain how this works and what it does to the score? Read More.

We were told our loan was going through and now they are saying our debt to income ratio is probably too low.

Q:  We have a house appraised at $720,000. We recently applied for a refi and home equity loan since our current mortgage is based on LIBOR and we are concerned about interest jumps on our adjustable. We have never had an issue with not being able to make payments till now. My husband is a financial adviser and hasn’t been able to earn enough to pay our bills. We have dwindled our savings to nearly nothing. We were told our loan was going through until the mortgage guy was fired last month and now they are saying our debt to income ratio is probably too low. We need the home equity loan to hold us over until we can figure out how to increase our income, etc. Now what? My income has doubled but is very low given my profession … Read More.