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Recent FHA Refinance questions

Can I sue my HOA and/or fellow condo homeowner for not settling

Can I sue my HOA and/or fellow condo homeowner for not settling a lawsuit file by the homeowner to reveiw the HOA books and his debit history. Their failure to settle is preventing my fha refinance loan from proceeding and costing me a great deal of money each month.

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kattorney

attorney

Doctoral Degree

1,646 satisfied customers
My husband and I are divorcing. We have a home in both of

My husband and I are divorcing. We have a home in both of our names we purchased in 10/2007 and then refinanced in 01/2010. Our monthly mortgage payment is $2625 including PMI. He has not paid mortgage since May of this year and I have been obligated to pay monthly through the divorce proceedings. He is out of the home now. We anticipate a finalization of the divorce by the end of 2011. We have a HARP loan (01/2010) at 6% interest on a home in which we owe $320K. The home is valued by Zillow currently at $240K. Banks locally have all been telling me the same thing; they can offer a lower rate so long as I refinance. They usually say that they cover 90-95% of the appraised value for the loan (Appraisal is $240K - coincidentally) and that I would have to come up with the rest to get the interest rate lowered. So following their thinking, Let's say I could luckily find a bank to refinance at the 95% rate, it would still be a loan for $228K and I would need to come up with ~$95K including closing costs!! That's jsut ridiculous. If my husband and I cannot qualify for the assumption via WFB (which has refused to lower the rate), we would be obligated to sell (try doing that in the winter in New England) and each respectively eat the $50K difference. I'm worried about losing my job also and as winter approaches the cost of heating is just frightening. I would like some solid advice as to what options I have (aside from the assumption). This is a huge responsibility which I may not be able to handle alone and would like to know if there is any federal monies available or banks which help customers get a lower rate without an appraisal. I dread the thought of foreclosure or short sale as I do not want to destroy my credit.

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Roger

Litigation Attorney

Doctoral Degree

33,582 satisfied customers
I signed preliminary documents with Freedom Mortgage Company

I signed preliminary documents with Freedom Mortgage Company to do a streamline FHA refinance. Their original GFE for my expenses was $325. Then it was $810. Now they say $750. If I go to the closing and it's a lot higher and I decide not to close, am I responsible for still paying other fees to them?Cathy

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Barrister

Attorney/Landlord/Realtor

Doctoral Degree

47,238 satisfied customers
Am I required by law to use the Addendum for Sale of Other

Am I required by law to use the Addendum for Sale of Other Property if my new loan for the purchase requires the proceeds of the sale of another property?

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Loren

Juris Doctor

37,188 satisfied customers
I signed a quit claim deed in a divorce settlement. The

I signed a quit claim deed in a divorce settlement. The judgement at final decree was that my ex would assume responsibility and "hold harmless'" on all expenses associated with the property. My name, however, is still on the mortgage and credit line (charged off) associated with the real estate. I am, and have been receiving collection calls associated with the credit line that has a balance of approximately $16000. My ex probably cannot get refinanced due to her credit status. How can I protect my income and bank account and credit from further actions associated with these mortgage instruments? How can I release myself from liability?

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Loren

Juris Doctor

37,188 satisfied customers
I sold a business property last year for $500,000 the bank

I sold a business property last year for $500,000 the bank made a $600,000 loan to their client who was building a small office on the property. I agreed to take $300,000 at closing so their customer would have enough funds to build. The bank recorded a second position of $200,000 for me. The buyer ran short on funds to finish his project. At the request of the bank he asked me to sign a paper so he could get an additional $100,000 to finish the project. Which I signed in front of him on his property. The bank did not contact me or advise me. They did the paper for their customer who was getting into financial trouble. He took the paper to the bank which put $100,000 in front of my original position. They are now foreclosing on the loan, and the buyer plans to go into chapter 13 bankruptcy. Can they legally keep the $100,000 that they did not disclose which was signed outside of the bank and not in the presence of a bank official, after the property is sold thru foreclosure or bankruptcy? Thank YouJA: Since laws vary from place to place, what state is this in? And has any paperwork been filed?Customer: West Virginia yesJA: Has anything been filed or reported?Customer: The bank is filing for foreclosure I have not filed anything other than my original 200,000 deed of trustJA: Anything else you want the lawyer to know before I connect you?Customer: not at this time

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Damien Bosco

Attorney

Doctoral Degree

3,116 satisfied customers
I have owned my house for just over 6 years, and my neighbor

I have owned my house for just over 6 years, and my neighbor 20 years. He is 7' feet on my land, land I pay taxes on. I have asked him to move. He claims adverse possession because of 20 years, does that matter in this case?

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Law Educator, Esq.

Attorney At Law

Doctoral Degree

108,214 satisfied customers
Do I have any legal standing to sue my HOA for refusing to

Do I have any legal standing to sue my HOA for refusing to repair a common wall which is damaged so that my gate latch can no longer be attached to said wall?-------------------------------------------------------------------------------------The CC&Rs state:ARTICLE VIMAINTENANCESection 6.1 Common Elements: Association shall maintain, repair and replace all of the Common Elements within the Planned Community Project, including without limitation planting, replacing, repairing and maintaining all landscaped areas, irrigation systems, drainage areas, and monument signs, and shall keep all Improvements of whatever kind and for whatever purpose from time to time located thereon in good order and repair, including without limitation the obligation to paint and maintain the exterior of the perimeter walls.------------------------------------------------------------------------------------Furthermore, the HOA has on several occasions in the past painted and adjusted the gate mechanics at the same time that maintenance to the walls was performed.To me, this indicates that the HOA has accepted responsibility for both wall and gate maintenance. Does this set a precedent for the HOA to provide such maintenance in the future?Please advise my best plan of action. Thank You so much for your assistance.

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37,986 satisfied customers
I would like to help my daughter buy a new house. I can

I would like to help my daughter buy a new house. I can contribute 300,000 towards her down payment. Do I need to be on the deed with her so it is not considered a gift and subject to 40% gift tax? Another option is I pay off her balance on her current home so she has a free and clear home to use as a rental. That amount would be $197,000. Would I have to pay any gift taxes on that amount??

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Loren

Juris Doctor

37,188 satisfied customers
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