Im in the process of purchasing a home and closing is set
HelloJA: Hello. What do you want help with?Customer: im in the process of purchasing a home and closing is set for next week. However I recently found out my job will be doing cut backs and my income is going to be reduced drastically if I'm not layed off. I explained to to my broker and realtor who contacted the sellers agent. The sellers agent said that they would not sign a termination of contract and they would keep my earnest deposit of $5k as well as go after me to pay for the sellers earnest deposit if I don't close on the loan. Is this legal?.. I live in Florida and the home is in Palm beach county.JA: Because real estate law varies from place to place, can you tell me what state this is in?Customer: FloridaJA: Has any paperwork been filed?Customer: Paper work for what exactly?JA: Anything else you want the lawyer to know before I connect you?Customer: No
We are closing on a home we sold to a FHA buyer. We agreed
We are closing on a home we sold to a FHA buyer. We agreed to pay $5500 toward closing costs for the FHA loan. We now found out that they are getting a conventional loan. (we did not get this news from the buyer or her real estate agent.) Are we required to pay the $5500.00 at settlement?JA: I'm the Real Estate Lawyer's Assistant. I work with them to help customers like you.Customer: can you see my question above?JA: Because real estate law varies from place to place, can you tell me what state this is in?Customer: FloridaJA: Has any paperwork been filed?Customer: We have signed a contract for sale and FHA loan was specified. We go to closing abt. 11/15/2016JA: Anything else you want the lawyer to know before I connect you?Customer: we signed an addendum 10/03 saying we agree to pay them the 5500.00 at closing but they didn't say they switched from FHA to conventional loan.
FOR A LOAN OFFICER. I JUST had the closing on my house.(FHA
FOR A LOAN OFFICER.I JUST had the closing on my house.(FHA loan)I would like to apply for sone credit cards,now tgat my score is great.Before the mortgage actually appears on my credit.(maybe in about one month,after first payment).Can I safely apply for credit now?I read that :"Part of some mortgage signings includes a notice that the bank can check your credit again for the next 30 days and retroactively cancel your mortgage"Is this possible?should i read my mortgage docs first?
For a MORTGAGE LOAN OFFICER: I just purchased a house ,with
For a MORTGAGE LOAN OFFICER:I just purchased a house ,with an FHA MORTGAGE,15% down payment.1)If ,after 2 months ,I have another 5% to pay towards the principal(so it would be a LTV of 80%instead of 85%), would I be able to eliminate any portion of the Payment?If yes,whats the process ?do I have to contact lender,and they will appraise he property again,to see if LTV is 80% ,and they will remove something of my payment?2)Would I be able to convert my FHA LOAN to a Conventional Loan LTV80%(w same lender),in order to avoid paying PMI?If yes,whats the process?Would they just appraise the property again,change my interest rate (most probable),and convert my FHA Loan to a Conventional w 20% down(So NO PMI)?Thank you!
My listing agent and I are having a disputed on our
My listing agent and I are having a disputed on our Residential Listing Agreement- Exclusive Authorization and Right to Sell. I procured a possible buyer (my old friend) on my own before signing the agreement but did not exclude him in the Listing Agreement. The broker knew that I was planning on a for sale by owner to my friend but I was naieve to sign an exclusive listing contract with her thinking it pertained just to other brokers. My broker demands exclusivity of the listing and a commission rate at the close. The rate will entitle her to $12,000 if I get my asking price. Listing agreement is for 12 months.She also said that if I decide to do a for sale by owner with the possible buyer/my friend found before the agreement, she will charge me $2500 to handle the paperwork or if I chose not to have her involved at all. She is basically threatening me that she wants compensation due to the exclusive listing and wants $$$ regardless if she finds the buyer on her own or not. The listing is temporarily withdrawn due to our dispute but the broker has not forgotten that she is entitled to $$ if as she says I do the for sale by owner behind her back.I'm not planning on working with a new agent/broker to look for potential buyers. I would possibly like to continue the for sale by owner process with my friend and accept paying the $2,500 payment to the broker if the sale does close.My question is, do I need to disclose this during the sale process to my broker. Since it's not guaranteed that my friends fha loan will meet the underwriting guidelines of the sale, I am afraid of paying $2,500 regardless of the sale closing or not. Do I list the $2,500 payment to the broker on escrow or do I write her office a personal check after the close? Can the broker find out about this sale other than me telling her?
I am interested in a home that has just been served with
I am interested in a home that has just been served with foreclosure. I have approval for an fha loanJA: Since laws vary from place to place, what state is this in? And has any paperwork been filed?Customer: It is in Illinois and it says that foreclosure in the listing nowJA: Has any paperwork been filed?Customer: It's not my home I viewed it when the realtor was trying to sell itJA: Anything else you want the lawyer to know before I connect you?Customer: Yes how can I go about trying to buy it before the auction date. Yes it says contact the lawyer in the listing
Please. I am trying to find out what do the laws of Michigan
please. I am trying to find out what do the laws of Michigan say about earnest money deposit. Can you please help me?JA: Has any paperwork been filed?Customer: My son signed a purchase contract for a house. The initial terms of the loan have changed in a way that he will end up paying a higher interest rate (0.50%), the interest rate is only fixed for 10 years (versus 30 years), and is being asked to come up with a 25% down payment ($37,500), when it initially was capped at $20,000. So I want to see if he back up without losing the earnest money, $4,400JA: Because real estate law varies from place to place, can you tell me what state this is in?Customer: MichiganJA: Anything else you want the lawyer to know before I connect you?Customer: He is being told by the real estate agent that he will lose the earnest money if he takes more time to find another entity to provide financing
I have a question about a subordinate mortgage with HUD, IL,
HelloJA: Hello. How can we help?Customer: I have a question about a subordinate mortgage with HUDJA: Because real estate law varies from place to place, can you tell me what state this is in?Customer: ILJA: Has any paperwork been filed?Customer: Yes. My question is, I sold the house, but have not heard anything from HUD about paying the sub mortgageJA: Anything else you want the lawyer to know before I connect you?Customer: no