forclosure-did everythiing the lender has asked for-what is the chance they will work with us?
487705
if you are not sure whats happening, i would check with an attorney-if money is tight, see if you have a law school in your city, or a nearby city-they might have a legal clinic there- i would not wait till the last minute- i would check with the mtg co one last time- see if you can talk to the person who is handling your case- their mgr or superior or the company president or executive vice- president- you need a straight answer-yes or no- today- and if the answer is not yes- then call the law school's legal clinic asap- and make them aware of the sale date of june 8th- get some help on your side asap- dont sell the house, try and save it- if you know a CPA they might be helpfull also- see if the leader of your church can help, by calling the mtg co president to get a straight answer- as a clergy member, they might listen to them more than to you- though frankly, if it has taken you 3 weeks of calling repeatedly, to talk to the person in the mtg co, that is handling your case, without getting a straight answer- i would only waste 1 more day trying to speak to an executive of the mtg co, before going to a legal clinic or CPA for help ASAP- if i can be of any help- please holler back at me- i am a retired CPA & CFP & Independent insurance broker in fort worth, tx--good luck to you !!!
742759
You can still get 100% mortgage. Northern Rock will even lend up to 125%.\n\nSome lenders will charge a higher interest rate on 100% mortgages. Some antiquated providers may charge a Mortgage Indemity Guarantee fee (MIG) which is a four figure sum which insures the lender (not yourself) in the event of repossession proceedings. If your proposed lender charges MIG, then look elsewhere.\n\nIf you are getting 100% mortgage because you don't have a deposit, you might encounter a problem exchanging contracts on a new place. This is because exchange of contracts usually requires a 10% deposit, and your mortgage won't be advanced until completion (which means you can't use the mortgage to fund the deposit). You will either have to:\n\n1. Get a bridging or short term loan. \n2. Get your solicitor to ask the vendors solicitor whether they'll accept a lesser deposit.\n3. Purchase indemnity cover which insures the 10% - I think its called a "Guaranteed deposit bond" but your solicitor will know for sure.\n\nIf you see a house you like, the first thing to do would be to get a mortgage decision in principle (DIP). This is basically the lender doing a credit check on you and saying "we are prepared to lend you up to x amount on a property which fulfils our criteria". The DIP can be obtained in a matter of minutes. The full mortgage application (i.e. on the actual property itself) takes weeks.
1160651
I don't know Morgan Gartmore Finance, they are probably a local lender with access to many different banks.  What I would do to be safe is get an Good Faith Estimate and a Truth in Lending.  By Federal law they should provide one for you with in 3 days of application.  These 2 documents tell if you are getting a good deal or not.  These 2 documents are how lenders tell how much you are being charged and how much your loan is being purchased for.  If a lender wont give you one I wouldn't use them. There are a lot of Lenders and Brokers out there that deal with bad or little credit.  If you have any more questions you can email me directly.
836074
They are always open to negotiation as they do not want to lose out completely on a debt. They may prefer a small monthly amount each month to show you are serious. Go into the bank and have a chat.
1119761
My dad discovered some small print a few years back where they couldn't charge the redemption fee if you're remortgaging with the same company (not sure if it applies to all companies however) - it pays to read the terms and conditions very thoroughly for any loopholes there are because these firms never advertise anything that will lose them money... it may even take 3 or 4 nuisance phone calls to make them change their minds.. persistence is the key!  Keep complaining and you'll get anything just so they can get rid of you!
946640
By all means. Yes! however , I wouldn't be asking nor would I be demanding. The best approach is a non-confrontational statement of facts approach that goes something like this: Our lender has sent out his appraiser to your house. The dollar amount they are willing to lend does not provide sufficient funds for us to consummate the purchase of your house at the price we thought we would be able to pay. We still would love to buy your house but to do so we would only be able to pay "X". If this is agreeable to you please let us know ASAP as we will need to continue our house search if it is not.\nOh, by the way someone has removed part of the climbing wall that we had both agreed would remain and I have 3 estimates attached to this letter for what it would cost to put it back in the condition it was in when we reached our agreement. This also needs to be addressed either thru the replacing of the missing portion of the climbing wall or the retention of "X" dollars in escrow to cover the cost. Thank you. We look forward to hearing from you and hope we can work out these details speedily.\n\nDO NOT CLOSE ESCROW UNTIL YOU ARE SATISFIED. Everyone else makes money when you close. The seller, lender, Realtors, title company etc. YOU HAVE THE POWER TO HAVE IT YOUR WAY UNTIL YOU CLOSE ESCROW THEN IT ALL GOES AWAY.
590677
you can join a place where they compile a list of lenders and banks for people in your situation \nif you need more detail contact me
796660
Had a friend who used them and wasn't impressed.  Customer service was not great.  He ended up going with http://www.thinkfinancial.com and he said they were very helpful and easy to deal with.  Received his money quickly.  Terms of the loan are pretty much exactly the same and the customer service was great.  Good luck.
1035538
My friend did, and after 3 months, she made a sale (mortgage) and the company only gave her 30% on the loan she sold.  It was redic.  She wouldn't do it again.
169718
Im not sure if you happen to live in the baystate (massachusetts or even New hampshire or RI) but baystatelending.com is awesome- put in your info regardless of whether or not your from the area and they will probably refer your information to another lender who could get you a loan
1032951
Are you talking about a Letter of Explanation? That's something often asked for during the mortgage process, especially if there is a gap in your employment or something derogatory on your credit report. \n\nNormally the underwriter is looking for good reasons to decide whether or not you should get the loan - and this is your chance to explain. \n\nA short, but thorough, explanation is good, and sometimes lean a little towards a "sob story." Health reasons, getting laid off, having your purse stolen, etc. are all good reasons you might have something negative come up. Explain in the letter what happend, and how you solved the problem. Also state that the problem hasn't happened again (if it indeed hasn't.) \n\nTips: Be professional. Type the letter if you can, instead of handwriting it. Check your spelling and grammar. Don't make the letter overly long or wordy. Also, see this link for good articles, polls, discussions and blogs about loans and mortgages: http://mortgagesloans.suite101.com/ \n\nGood luck!
460845
You need to contact the bank that currently has possession of the house or watch the paper for an auction on that house.  It's usually a silent auction requiring a 20,000 dollar deposit the day of the auction, if your bid is the winning one.  A forclosure is a repossessed house.  The owners could no longer afford to make the mortgage payments so the bank was forced to evict the residents and take over the house.  Watch out though.  Forclosures can be tricky and have lots of damage and/or rot, termites, etc.  Many people will ruin a house that they are being forclosed on out of spite and many have sat for so long that they are falling apart.  The banks in many cases will not winterize and take care of the homes that are in their possession.  I looked at one forclosed home and found out later that there was a termite nest inside the home.  Thank goodness I didn't buy it!
101513
Yes, this company told me I was approved for a 15,000.00 loan sent me the loan doc's and everything. I sent them $3700. And today3/3/06 the Lady Mary Lynch my loan officer told me the loan was on hold and I would have to wait till Monday morning to know if I'm going to receive the loan or not into my savings account. I really don't know what to do but you shouldn't send them anything I'll let you know if I ever get the loan or not I'll know for sure Monday morning.
125874
no, i just looked into this. the answer is flat out no. they wont even work with you on this one. va only backs loans for homes in the U.S.
289850
To be honest, she's fortunate they have given her this long.  My bank would have already foreclosed, sold, and filed it away.  I want to help you out of the predicament, so here's what you need to do:\n\nFirst, ensure that your friend goes to her bank ASAP.  She needs to ensure they know that she is ready and willing to work with them on bringing the arrears up to date.  She should ask specifically if they are willing to stop foreclosure if she gives a concrete plan.  If so, then she needs to outline to the bank exactly how she plans on bringing it up-to-date, with specific payment dates and a specific completion date.  She should review this with you and any other people who are helping her out, to ensure that it is realistic.  This shows the bank that she's serious about resolving the situation.\n\nOnce the bank has outlined this, you and your friend have to ensure that timeline is met.  Even being one day off can upset a banker that was previously willing to work with you.  \n\nForeclosure is an expensive process, but it is worthwhile for the bank because the value of the home usually greatly exceeds the value of the loan.  After the mortgage loan is paid off, the remainder of the funds are applied to legal costs, which can be quite substantial.  Your friend will likely have to pay for any legal fees that have been incurred... but the cost of that is far outweighed by the value of keeping her house!  \n\nGood luck!
68960
Maybe.\n\nWhat lenders want is assurance that you can pay back the loan as agreed.  So, a lot will depend on\n\n1.  Income Tax filing for the last 3 years\n2.  Pay Check Stubs for the past 3 months\n3.  Longevity of employment\n4.  Debt / Income ratio\n\nYes, the credit report carries weight, for it says something about your debt load, and your payment performance in the past.  But, it's not the only thing that matters.\n\nMy advice is this.  Contact a real estate agent who has contact with many lenders.
810207
Almost everything is a scam these days. I wouldn't pay them until they guarantee you in writing you'll get the loan.\n.