need suggestions for fixed rate refinance from adjustable (manufactured home)
I purchased this home in 2008. It is a doublewide on permanent foundation in virginia on 3 acres of land. The home is classified as real estate and the titles have been sent in to dmv and destroyed. The current motgage I have is with Waynesboro Dupont Employees Credit Union and is a 3/1 adjustable rate at 5.03 percent. my Fico scores as of today are TU 789 and Equifax 760 and ? for Experian. the CU I have motgage with now does inhouse for ARM and uses PHH on fixed rate mortgages but PHH has changed there guidelines and will not finance a manufactured home. when I originally got loan the lender said you can refi to fixed rate anytime with PHH. but that was 2 yrs ago and things have changed.so my question is who will do a fixed rate on manufactured home with a low rate? I owe $118,500 on current mortgage and it appraised at $154,400 in april of 2008. the current Virginia tax assessment is $171,900. any suggestions or comments are greatly appreciated. Chip Also My highest fico score in 2007 was at 615-620 so I worked very hard to clean my report up thanks to you guys on this forum and got my first mortgage 10 months later (April 2008) with a middle score of 711.
Categories: mortgage Tags: credit-union, current, current-motgage, first-mortgage, fixed-rate, highest-fico, loan-the-lender, mortgage, question, real-estate, tax-assessment, virginia
Thinking about buying a house, nervous and lots of questions…
Hello all, I am thinking about buying a home. I am very nervous and dont know anything about buying a home. I wanted to ask a lot of questions to our supportive myfico community and advice me accordingly. I live in NJ and work in NY. I was thinking about buying a property in Virginia Beach because I am looking to move there in the future and its only about 5-6 hrs away. I would live with a friend in NJ during the work week and then drive down during friday evening and come back Early Monday morning. Would I qualify for an FHA with this living arrangement? If so, can everyone recommend some FHA lenders with low closing costs and no points? Another thing I am confused about and I am embarassed to say this is that I do now know anything about appraisals and property values, however, I was talking to the mortgage officer at Wells Fargo and he said that it doesnt matter how much the home appraises for, the home is valued at what you paid for it. What I am trying to say is that, I am looking at a home, asking price is 108K and the city tax value assessment for 09-10 was 155K and it would appraise for that much, so does this mean that after I buy the home, I loose the 47K of equity? And lets say if down the line, I need to tap into this equity and get a HELOC, I wouldnt be able to? Lets say, if I dont qualify for the FHA and this is seen as a second home or vacation property than would I still qualify for the 8k of tax credit? How much would you guys say to offer below the asking price? I am sure I will have more questions and I will post... Please help me out answer some of these questions and I would really appreciate it. Home owners know how difficult it was to go through this process and any information I get from everyone will be immensely appreciated! Thank you.
Categories: mortgage Tags: down-the-line, during-the-work, early-monday, loose-the-47k, mortgage, property-values, virginia, virginia-beach, wells-fargo, work
Reduced Income is leading to Mortgage Problems
Hi out there. I'm facing an overwhelming situation and have been trying to work it out on my own but I discovered this great site and am hoping to get some advice/input/info etc about what options to take. Here's my situation: Live in Virginia and while I was younger (5 years ago) I got way in over my head with credit card debt. So to start fresh I filed a Ch. 7 bankruptcy and began to steadily work hard to rebuild my credit. Then about 2 years ago, when I was making very good money and had improved my FICO as much as I could with a Ch 7 I was able to buy my house. Things were going great, paid all my creditors on time, always paid more than owed etc. Then I lost my job with no warning in Sept 2008 and was unemployed for 5 months. I ate up all my savings trying to keep up with my mortgage payment (which when I bought the house was less than a third of my monthly income) but in January 2009 I fell behind. My mortgage company at that time stated they didn't participate in any "modification" options but did work out a forbearance with me. I have since found a job thankfully but my income has been slashed over 50% compared to what I had. Plus the "forbearance" to pay off the past due amount has increased my mortgage payment and said payment is 68% of my monthly income. I've tried everything I can to increase my income/reduce debt (2nd job, slicing all services to bare minimum etc) but I'm obviously still struggling. And since I fell behind on all my debt due to my unemployment my FICO has plummeted to 513(mid score), so all other financing options are a lost cause due to the credit crunch as well as the reality any financing I get will end up costing me more in the long run than my current situation. I've contacted my mortgage company to see if they would do an extension of the loan (40 years) to lower the payments but have to receive any type of response. So where I need the community...What options make sense?? Is Ch 13 an option since I filed Ch 7 just 5 years ago and if so would it really renegotiate my mortgage payments?? And since my score is already so low would it really affect it much more?? Is there anyway to force my mortgage company to modify my loan if they're not one of the banks mandated to do so?? Should I just walk away since it's been a year and I can't get my income up where it needs to be?? And if I walk away, what's the best way to do so?? Short sale (in this market?), deed in lieu or foreclosure (again with the same question about how it would affect my already nasty score). Can I still be held responsible for the mortgage if in forecloses in VA? If I do short sale/deed in lieu/foreclosure, how long do they usually take and do I have to keep up with the mortgage payments during any of those process's until i vacate the premise?? Update: Spoke to Mortgage lender who stated they can not modify my loan at all due to it being deliquent and therefore exceeds the orginal purchase cost(???). My roommate has a family illness and may have to move out therefore reducing my income even more. I know that I gave A LOT of information and asked A LOT of questions, but I'm lost and struggling with my decision so any help/info is so greatly appreciated. It's amazing how quickly life can turn around on you and while I know I'm not alone out there, it sure does feel like it sometimes. So thanks to all who respond to this.
Categories: mortgage Tags: affect-it-much, credit, credit-card, fico, house, income, loan, mortgage, virginia
PHD Real Estate Home Loans 102 by Virginia Bravo
Part 2: Virginia Bravo with Countrywide Home Loans gives a short seminar about home loans and some of the programs offered by Countrywide Home Loans.
PHD Real Estate Home Loans 101 by Virginia Bravo
Part 1: Virginia Bravo with Countrywide Home Loans gives a short seminar about home loans and some of the programs offered by Countrywide Home Loans.
Telecom Ramblings Jobs: Field Technician | Telecom Ramblings
Over on the Telecom Ramblings Jobs board, we have a new listing. Intercarrier Networks is looking for a Field Technician in St Louis, Missouri. I'm hopeful.
Categories: Telecom Tags: carolinas, classifieds, company-profiles, data, field, florida, jobs, metro, metro-fiber, polls, Telecom, telecom-ramblings, video, virginia, wireless
Global Telecom & Technology Reports Third Quarter 2009 Results …
MCLEAN, Va.--(BUSINESS WIRE)-- Global Telecom & Technology, Inc. (“GTT”), (OTCBB: GTLT), a leading global network integrator that provides its clients with a broad portfolio of wid.
Categories: Computer, Telecom Tags: ability, business, entertainment, global-telecom, lifestyle, money, networks, north-america, quarter, Science Technology, security, technology, Telecom, united-states, virginia
PointofLaw.com | PointOfLaw Forum: Revoking telecom immunity
"Well, we changed our mind" doesn't strike Carter at ShopFloor as a very good reason for Congress to yank back a former liability protection. Earlier here, here, here, etc....
Categories: Telecom Tags: articles, books, congress, forum, legal-experts, manhattan, masthead, revoking, Telecom, virginia
Linemen, and Flaggers Needed forTelephone / Telecom Line Project …
Linemen, and Flaggers Needed forTelephone / Telecom Line Project in Keyser WVa. - Find Electric Transmission and Distribution jobs at Roadtechs.com.
Categories: Telecom Tags: copyright, flaggers, flaggers-needed, keyser, line, Telecom, telecom-line, virginia
Verizon Repair fiasco continues… « Doug on IP Comm – An …
Doug on IP Comm – An independent voice on VoIP, telecom , and IP Communication: line guys and techs who don't try to B.S. me, they just tell me what's going on, like the guy yesterday up from Richmond working thr ...
Categories: Telecom Tags: auto, belkin, belkin-gigabit, communication, global-crossing, phone-problem, search, security, Telecom, verizon, virginia, wireless, wireline