Consumer Homes.

Question:

> All legal documents were handled by my realtor, the seller’s realtor, and > the title insurance/escrow company.

exactly.  in addition, most documents are, essentially, forms that are well-known and well-understood all around. home-buying customs even vary within a state; closures in northern california are different than in southern ca … — # henry mensch / <henry at verve.org> / http://www.verve.org/henry/

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Please post. TIA.

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1.  Use an attorney and have him/her review any paperwork you sign. 2.  Order Bruce Williams’ book House Smart http://www.brucewilliams.com Well worth the $20 you’ll spend. 3.  Don’t try to save small amounts of money an attorney and the book will cost.  This will be your most expensive purchase you make during your lifetime, and you’ll be paying for up to 30 years if you finance it. Good luck.

– Hide quoted text — Show quoted text -> Please post. TIA.

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>1.  Use an attorney and have him/her review any paperwork you sign.

Make that BEFORE you sign.  After can be too late. -v.

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>>1.  Use an attorney and have him/her review any paperwork you sign. >Make that BEFORE you sign.  After can be too late.

I thought our real-estate lady was going to have a heart attack when I demanded to have completed copies of all forms I was going to have to sign at closing at least three days prior to closing so my attorney could review them. She initially refused, saying that such things simply weren’t done, but she finally found a way when we refused to close without an ample opportunity to see what we were signing. Is this really an unusual demand?

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>I thought our real-estate lady was going to have a heart attack >when I demanded to have completed copies of all forms I was going >to have to sign at closing at least three days prior to closing >so my attorney could review them. She initially refused, saying >that such things simply weren’t done, but she finally found a way >when we refused to close without an ample opportunity to see what >we were signing. Is this really an unusual demand?

No, but lawyers are often viewed as deal-breakers. That is, they rarely help a sale go through and more frequently they move to jeopardize it. So your real estate lady would rather not get an attorney involved as he could potentially bring things to the table that would slow the deal if not kill it. It’s not a case of her hiding something, but just trying to expedite what seems to be a sure deal whether it’s in your benefit or not. Dimitri

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[...] >I thought our real-estate lady was going to have a heart attack >when I demanded to have completed copies of all forms I was going >to have to sign at closing at least three days prior to closing >so my attorney could review them. She initially refused, saying >that such things simply weren’t done, but she finally found a way >when we refused to close without an ample opportunity to see what >we were signing. Is this really an unusual demand?

It depends on where you’re buying.  In California, getting a real estate lawyer involved in a routine house sale is extremely unusual.  I bought a townhouse in the SF Bay Area last year and there were no lawyers involved. All legal documents were handled by my realtor, the seller’s realtor, and the title insurance/escrow company.  Typically, lawyers get involved only if there is something unusual about the property, or if the sale somehow goes wrong (fraud, the owner dies before closing, etc.). In other parts of the country (such as the east coast), it is customary for lawyers to handle the legal paperwork.  Actually, many home-buying customs vary from state to state and region to region. — Dave Schreiber     "Can money pay for all the days  ^^^^^ ^^^^                -Primitive Radio Gods (SOaBPBwMiMH) (For my e-mail address, swap the ^^^’d parts and remove the "2")

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: All legal documents were handled by my realtor, the seller’s realtor, and : the title insurance/escrow company.  Typically, lawyers get involved only : if there is something unusual about the property, or if the sale somehow : goes wrong (fraud, the owner dies before closing, etc.).   Well that’s just durn crazy!  Bringing in a lawyer *after* something   goes awry seems a little late.   I live in Boston, and the lawyers are an absolutely necessity at the   Purchase and Sale contract phase.  The buyer has to put down a hefty   deposit, and there is some jockeying between the buyer and seller   attorneys over language and who is responsible (and how much so fiscally)   if the deal falls through.  Also, the ‘form’ documents that the realtors   draw up are slanted toward forcing everyone to go through with the deal   (so that they make their commission).  A good real estate lawyer is   just an insurance policy.   When I bought my condo a couple of years ago, my lawyer basically told   me that I didn’t need him at all during closing.  The mortgage bank’s   attorney would make sure everything was in order, because at that   point they were basically my business partner.   Keith

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While I agree that you did the right thing wanting the paperwork before hand to allow your attorney to review it, a lot of times this isn’t really needed. Typically, lawyers know each other.  An attorney for you, could quickly look at the paperwork and quickly access it as being the other attorney’s regular "form" contract.  Something your attorney would have seen and read dozens of times before. Therefore, your attorney already knows what is "good" and what needs to be changed.  Changes don’t take very much time because the two attorneys usually have already hashed out these points before, and already have a working compromise. PS:  Remember to insist on a walk-through of the house the day of the closing, preferable within an hour or two.  Don’t get the "too busy".  If the RE lady is too busy, then tell her to reschedule. – Hide quoted text — Show quoted text – > I thought our real-estate lady was going to have a heart attack > when I demanded to have completed copies of all forms I was going > to have to sign at closing at least three days prior to closing > so my attorney could review them. She initially refused, saying > that such things simply weren’t done, but she finally found a way > when we refused to close without an ample opportunity to see what > we were signing. Is this really an unusual demand?

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Very true.  And typically, you (the buyer) are paying for the bank’s attorney directly.  Take advantage of the service you for which are paying. BTW, the bank’s attorney is usually picker since most of the money buying the house is coming from the bank, and not from you, the buyer. – Hide quoted text — Show quoted text – >   When I bought my condo a couple of years ago, my lawyer basically told >   me that I didn’t need him at all during closing.  The mortgage bank’s >   attorney would make sure everything was in order, because at that >   point they were basically my business partner.

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>: All legal documents were handled by my realtor, the seller’s realtor, and >: the title insurance/escrow company.  Typically, lawyers get involved only >: if there is something unusual about the property, or if the sale somehow >: goes wrong (fraud, the owner dies before closing, etc.). >  Well that’s just durn crazy!  Bringing in a lawyer *after* something >  goes awry seems a little late.

That’s how it works in 99% of transactions in life.  Does anyone get a lawyer to check out a purchase contract for a car before buying the car? Even if it’s an expensive car that costs as much as a (cheap, backwoods) house?  How about rental contracts for apartments? When it comes to contract law, IMHO lawyers are most useful for drawing up customized contracts for individual situations (business agreements, for example, or wills).  Having a lawyer look over a form that’s been successfully used by 500,000 home buyers in the last couple of years seems rather pointless. >  I live in Boston, and the lawyers are an absolutely necessity at the >  Purchase and Sale contract phase.  The buyer has to put down a hefty >  deposit, and there is some jockeying between the buyer and seller >  attorneys over language and who is responsible (and how much so fiscally) >  if the deal falls through.  

Does this jockeying go on for _every_ house sale?  Here in California, there’s more dependence on legal precedent.  If the seller backs out or can’t satisfy a contingency, the buyer gets 100% of the deposit back. If the buyer backs out just for the hell of it, then it gets more complicated, but there’s enough legal precedent so that there isn’t a perceived need to spell out in advance how this situation will be handled. [...] >  When I bought my condo a couple of years ago, my lawyer basically told >  me that I didn’t need him at all during closing.  The mortgage bank’s >  attorney would make sure everything was in order, because at that >  point they were basically my business partner.

I find it interesting, BTW, that in Boston the buyer’s lawyer is present for signing the initial contract, but doesn’t deal at all with the 2" thick stack of documents at closing.  If I had to choose, I’d much prefer that my lawyer look over the 2" stack of custom-written closing documents, rather than the 5-6 standardized purchase contract forms. — Dave Schreiber     "Can money pay for all the days  ^^^^^ ^^^^                -Primitive Radio Gods (SOaBPBwMiMH) (For my e-mail address, swap the ^^^’d parts and remove the "2")

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Q: was about practice of suppling closing documents to buyer 3 days prior to closing for review by his attorney. Is this rare? – Hide quoted text — Show quoted text ->Around here, it is.  Here in NC closings are done by attorneys.  This >means that all the papers are assembled and filled in by paralegals in >the office.  And you can bet with almost 100% certainty that the >paralegal won’t even start working on your closing papers until the day >before the closing, and if your closing is at a peak time (like the end >of the month) they will be doing them late the night before or even the >day of closing.   This is the case no matter how far ahead of time you >booked your closing. >Lenders know this is the case, so they don’t generally provide the >paperwork package that’s needed to do the closing papers to the attny >office until a couple of days beforehand, etc etc.   >So I think it would be very unusual to get all the papers in order 3 >days beforehand! I think it would be nearly impossible without forcing >the closing attorneys and lenders to significantly change how they do >business for your one closing, and the attorney may just decide it’s not >worth the trouble and decline to do your closing.

In our case, it was OUR attorney who demanded the time. He insisted that he cannot adequately review all of the paperwork placed in front of him at a closing instantaneously. Unless the other participants were prepared for a very long meeting, they had to give him copies of the paperwork in advance. It seemed perfectly reasonable to me and I was surprised to learn that the practice isn’t common.

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Thanks to all for their participation thus far. I am getting a genuine education here.

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I think you should be applauded for asking for the time to review. Whether or not it is "typical" has nothing to do with it since the contract you sign is a unique document. In fact, I was required to get a new library card a couple weeks ago and  had to sign a statement "that I had read and UNDERSTOOD the contract". Guess that’s what we all would like to do with contracts??? Ace

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  Hi Dave, : I find it interesting, BTW, that in Boston the buyer’s lawyer is present : for signing the initial contract, but doesn’t deal at all with the 2" : thick stack of documents at closing.  If I had to choose, I’d much prefer : that my lawyer look over the 2" stack of custom-written closing documents, : rather than the 5-6 standardized purchase contract forms.   I found the closing documents to be a lot simpler than the P & S.  The   Purchase & Sale is a *contract*.  The standard form provided by the   realtors works fine in 99.9% of the cases, but when it doesn’t, there   can be significant damage to one or both parties.  Your lawyer has a   better feel for what might go wrong in the transaction.   And (most importantly), the real estate standard form is slanted toward   *their* interests… not yours.  For example, the standard form’s   inspection rider states that the buyer can back out if the inspector   finds repairs needed will cost over $’x’ (where you can fill in an amount).   A well-informed buyer wil cross that out and replace it with "subject   to a home inspection satisfactory to the buyer".  See the difference?   The closing *documents* are really just formalities.  Transfers of deeds,   mortgage loan papers, miscellaneous government documents (like lead-paint   awareness), etc. etc. etc.  At this point, it’s very much like buying   a (tremendously) expensive car, and that’s why you shouldn’t need your   attorney present.   Keith

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While I too didn’t use a lawyer for my past house purchases and sales, one cannot overstate that you really need to read and understand all those contracts. If you use the standard form contracts and read them after signing you’re likely to be unhappily surprised. Any little detail in the contract may cost you hundreds or thousands of dollars, commit you to the purchase in circumstances you might otherwise assume would void the deal, or leave you open to a breach of contract lawsuit. The real estate agents make money only when the deal goes through, so it’s very likely they’ll provide you with contract terms that won’t let either party out of the deal under any circumstances. If you are a first time buyer, you won’t be dealing with a purchase contingent on the sale of your house (which in some circumstances might give a buyer some flexibility to escape a deal if they decide they need out and don’t have sufficient contingencies elsewhere). Just so you don’t get the wrong idea, I did not end up in those circumstances. But, I did end up having to move twice to get my last home purchase, as I accepted an offer on my old house after having my purchase offer accepted, but before a purchasing closing date was set (and my buyer had a contract that could force a closing date before I could close on my purchase). And, just in case you haven’t read the news, be certain you like the deal. Don’t trust what appraisers say the house is worth, appraisers who say houses are worth less than offered prices don’t get referrals from real estate agents. Be similarly careful with your selection of a home inspector. Make sure you know what the buyer paid for the house (especially if it was recent), but you can’t really assume they _didn’t_ overpay. And again, read the contracts carefully. You should count on everything in the contract being enforced. Remember you can negotiate everything, not just with the sellers, but with most fees paid to the agents and closing company. That’s probably the main reason it would be nice to have any contracts 3 days before. It’s important to see where your money is going without needing to spend 3 days at the actual closing table so you can determine if any of the numbers need to be negotiated (for those costs that you haven’t already contracted). Andrew – Hide quoted text — Show quoted text ->: All legal documents were handled by my realtor, the seller’s realtor, and >: the title insurance/escrow company.  Typically, lawyers get involved only >: if there is something unusual about the property, or if the sale somehow >: goes wrong (fraud, the owner dies before closing, etc.). >  Well that’s just durn crazy!  Bringing in a lawyer *after* something >  goes awry seems a little late. > That’s how it works in 99% of transactions in life.  Does anyone get a > lawyer to check out a purchase contract for a car before buying the car? > Even if it’s an expensive car that costs as much as a (cheap, backwoods) > house?  How about rental contracts for apartments? > When it comes to contract law, IMHO lawyers are most useful for drawing up > customized contracts for individual situations (business agreements, for > example, or wills).  Having a lawyer look over a form that’s been > successfully used by 500,000 home buyers in the last couple of years seems > rather pointless. >  I live in Boston, and the lawyers are an absolutely necessity at the >  Purchase and Sale contract phase.  The buyer has to put down a hefty >  deposit, and there is some jockeying between the buyer and seller >  attorneys over language and who is responsible (and how much so fiscally) >  if the deal falls through.   > Does this jockeying go on for _every_ house sale?  Here in California, > there’s more dependence on legal precedent.  If the seller backs out or > can’t satisfy a contingency, the buyer gets 100% of the deposit back. If > the buyer backs out just for the hell of it, then it gets more > complicated, but there’s enough legal precedent so that there isn’t a > perceived need to spell out in advance how this situation will be handled. > [...] >  When I bought my condo a couple of years ago, my lawyer basically told >  me that I didn’t need him at all during closing.  The mortgage bank’s >  attorney would make sure everything was in order, because at that >  point they were basically my business partner. > I find it interesting, BTW, that in Boston the buyer’s lawyer is present > for signing the initial contract, but doesn’t deal at all with the 2" > thick stack of documents at closing.  If I had to choose, I’d much prefer > that my lawyer look over the 2" stack of custom-written closing documents, > rather than the 5-6 standardized purchase contract forms.

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Question:

I am thinking of buying a second home in an area that I may want to vacation or retire in. Its considered an upscale area. I have excellent credit, a good income, and a mortgage on my current house, but I have quite a bit of equity built up. If I do the numbers, I can probably qualify for a loan on a "modest" house in this location, but I intend to rent, at least for the forseeable future. Rental history in the area is very strong. Might I be able to qualify for a higher mortgage if my intention is primarily to rent? Does the rental income at all factor into the equation, or will I need to qualify on my current income alone? Share what you know. Learn what you don’t.

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- Hide quoted text — Show quoted text – >I am thinking of buying a second home in an area >that I may want to vacation or retire in. Its >considered an upscale area. I have excellent >credit, a >good income, and a mortgage on my current house, >but I have quite a bit of equity built up. If I do >the numbers, I can probably qualify for a loan on >a >"modest" house in this location, but I intend to >rent, at least for the forseeable future. Rental >history in the area is very strong. Might I be >able to qualify for a higher >mortgage if my intention is primarily to rent? >Does the rental income at all factor into the >equation, or will I need to qualify on my current >income alone? >Share what you know. Learn what you don’t.

The mortgage company will consider all sources of income and long term expenses.  This will include car loans, mortgage loans, outstanding credit card bills, potential repairs for the rental, and utilities (that you pay) for the rental.  They will also consider how compelling the mortgage payment is.  Your primary residence is most compelling, so you will get a lower rate and larger loan on it.  You stand the best chance if you go in with a business plan that shows income and expenses from your new business, and how they will get paid on time all of the time.  Also, don’t incorporate: they will not give your corporation a loan. Jack Sanders Jack Sanders My Opinions, Not Neccessarily the Management’s

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The rental income will factor into your overall ‘income’ when qualfying for the mortgage in your favor. The down side is that as a commercial property you may be required to put as much as 20% down. And commercial mortgages are more than residential. If you can at all qualify with your current income w/o help from the rental unit income, do so. Apply for the mortgage as a second home (5% down. lower interest) then simply rent it later…You may still want to put down 20% in cash or equivalent in order to avoid PMI insurance…

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I don’t know about the income, but usually you need a lot more down for a non-primary residential property, as the lenders figure you might get easily cavalier about a property you don’t need for your own home. Ilene B – Hide quoted text — Show quoted text -> Does the rental income at all factor into the > equation, or will I need to qualify on my current > income alone? > Share what you know. Learn what you don’t.

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> I don’t know about the income, but usually you need a lot more down for > a non-primary residential property, as the lenders figure you might get > easily cavalier about a property you don’t need for your own home.

That’s right.  Also, in answer to the original poster’s question, they will not give you any credit for rental income when you’re qualifying for the loan unless you have a "fully executed lease" already in place. This means a binding lease for at least a year with the rent clearly stated, and signed by the tenant.  Since this lease signing is done when the tenant moves in, which won’t be until after you’ve closed on the house, the resulting answer is that you must qualify for the mortgage for the new place assuming no rental income.  After it’s had a couple of years of documented rental history, then you might be able to use it in a refi to qualify. Mike > Ilene B > Does the rental income at all factor into the > equation, or will I need to qualify on my current > income alone? > Share what you know. Learn what you don’t.

– "We’re not against ideas.  We’re against people spreading them." (General Augusto Pinochet of Chile)

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Mike said that lenders won’t consider any rental income from a property without a duly executed lease. That is simply not true.  As part of the appraisal, the appraiser can figure in a fair market value for rent based on size of property and location. It’s done all the time…

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Question:

What are some banks in NJ that entertain mortgage applications when the Loan amount exceeds $550,000 (say $600,000) and the LTV ratio exceeds .85 (say close to .9) ? Pl. reply by email – I’ll summarize after I research your leads (to minimize noise and heat), if there is enough interest on this topic ! — Regards, Ramesh

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Sorry to follow-up on my own posting ! By way of simplifying/ clarifying – Which banks in NJ are known to portfolio (carry them to term, rather than place the note in a secondary market of investors) their jumbo residential mortgage loans  ? Again, pl. email, as I don’t follow this newsgroup closely ! > What are some banks in NJ that entertain mortgage applications when the > Loan amount exceeds $550,000 (say $600,000) and the LTV ratio exceeds > .85 (say close to .9) ? > Pl. reply by email – I’ll summarize after I research your leads (to > minimize noise and heat), if there is enough interest on this topic ! > — > Regards, > Ramesh

– Regards, Ramesh Jayaraman Hunterdon Co., NJ

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Question:

Hey all.  I asking a question -per usual.. I have be on SS disability for 3 years now.  I was approved the first go round and haven’t heard anything from SS. My RA, unfortunately has worsened and I know I will stay on disability waiting for a miracle. Now here’s my "problem".  My husband and I applied for a mortgage loan since selling our 2 story house(wonder why) .  The mortgage broker wants me to tell them how long SS plans on paying my benefits. My award letter dosen’t make any reference to a time factor. Should I call them for a reveiw?  Have any of you been in this "boat"? Please let me know if so.  I have a feeling this will be our big delay! Thanks as always for your caring response. I really appreciate it! Windy

Response:

Windy, We just went through the very same thing since we are building a new home.  I took my original Award Letter from SSD to the bank and told them that although SSD won’t tell them that it is a lifetime award (which it is at my age, since they think 54 is over the hill), that this was the best I could give them and suggested that they call SSD if they had any questions.  This seemed to satisfy the bank.  The hang up we had was that they insisted on getting a letter from my husband’s employer (he just retired) saying that his retirement was a lifetime benefit even though we provided that in writing from his benefit plan material. Good Luck. Anne – Hide quoted text — Show quoted text ->I have be on SS disability for 3 years now.  I was approved the first go >round >and haven’t heard anything from SS. >My RA, unfortunately has worsened and I know I will stay on disability >waiting >for a miracle. >Now here’s my "problem".  My husband and I applied for a mortgage loan since >selling our 2 story house(wonder why) .  The mortgage broker wants me to tell >them how long SS plans on paying my benefits. My award letter dosen’t make >any >reference to a time factor. >Should I call them for a reveiw?  Have any of you been in this "boat"? >Please let me know if so.  I have a feeling this will be our big delay! >Thanks as always for your caring response. >I really appreciate it! >Windy

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Dear Windy, I have been in your boat-  you need to call – over the telly they will tell you what the computer says about when your review cycle is due – usually 3-5-7 or never.  Mine was 3- with a six month lateness factor due to the backlog at SSA – Good luck, Michelle Sending healing thoughts your way- and God Bless You, Michelle aka CTNATIVE Vaya Con Dios

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Windy-SS reviews cases every 3 to 5 years.  You have a chronic condition that isnt going to get any better.  I seriously doubt that there will EVER be a problem about your benefits.  Does your letter say anything about a permanent disability? Char – Hide quoted text — Show quoted text – > Hey all.  I asking a question -per usual.. > I have be on SS disability for 3 years now.  I was approved the first go round > and haven’t heard anything from SS. > My RA, unfortunately has worsened and I know I will stay on disability waiting > for a miracle. > Now here’s my "problem".  My husband and I applied for a mortgage loan since > selling our 2 story house(wonder why) .  The mortgage broker wants me to tell > them how long SS plans on paying my benefits. My award letter dosen’t make any > reference to a time factor. > Should I call them for a reveiw?  Have any of you been in this "boat"? > Please let me know if so.  I have a feeling this will be our big delay! > Thanks as always for your caring response. > I really appreciate it! > Windy

  vcard.vcf

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Response:

Hi Windy – I went through this when we bought our house.  I wouldn’t call SSA just yet.  You might be opening a can of worms. My mortgage co, accepted a letter from my RD stating that RA was not ‘curable’ and that it was a ‘lifetime’ condition.  They accepted that and I didn’t have to get SSA involved. Kitty

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Thanks to all of you!  Kitty, While rummaging through some paper (and there are lots), I found a letter from my Rhuemy stating a permanent disability prognosis.  So, I think I will give the mortgage company a copy.  Thanks to all of you, ONCE again! : )

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Question:

Several things to do: contact a real-estate lawyer and have them send a lawyer – response is much faster to lawyers. Also, tell Mellon you are going to contact the media -then follow though with some newpaper consumer columnist… And, don’t forget the BBB in all the relevant places Mellon does business in this case… That’s a good start – don’t forget to tell Mellon that word has also gone out over the internet…. – Hide quoted text — Show quoted text – > My first mortgage lender (Mellon Mortgage) which is, I think, the third > purchaser of my mortgage loan, has failed to provide a final accounting > and release of lien, even though my mortgage was paid off in March. > When I called to investigate why no settlement documents, the agent who > answered was incredibly rude and obnoxious and told me there was a > problem with the transfer of lien from a previous lender and I would > just have to wait.  Meanwhile, I am unable to refinance my second > mortgage or refinance my indebtedness to make repairs to my home because > of this delay.  They had no problem collecting mortgage payments from me > during the many years they have serviced this loan.  Seems like a > personal problem for them, not for me. > Does anyone know the law related to this type of stalling and who > governs transactions related to an out of state mortgage lender when it > is a first mortgage.  In SC, the banking commission only deals with > "consumer loans" complaints (i.e., second mortgages). > Thanks for any information you can provide. > Cheryl Soehl > Columbia, SC

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My first mortgage lender (Mellon Mortgage) which is, I think, the third purchaser of my mortgage loan, has failed to provide a final accounting and release of lien, even though my mortgage was paid off in March. When I called to investigate why no settlement documents, the agent who answered was incredibly rude and obnoxious and told me there was a problem with the transfer of lien from a previous lender and I would just have to wait.  Meanwhile, I am unable to refinance my second mortgage or refinance my indebtedness to make repairs to my home because of this delay.  They had no problem collecting mortgage payments from me during the many years they have serviced this loan.  Seems like a personal problem for them, not for me. Does anyone know the law related to this type of stalling and who governs transactions related to an out of state mortgage lender when it is a first mortgage.  In SC, the banking commission only deals with "consumer loans" complaints (i.e., second mortgages). Thanks for any information you can provide. Cheryl Soehl Columbia, SC

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        .         . <stuff deleted>         . >Does anyone know the law related to this type of stalling and who >governs transactions related to an out of state mortgage lender when it >is a first mortgage.  In SC, the banking commission only deals with >"consumer loans" complaints (i.e., second mortgages).

I would recommend geting a real estate lawyer.  In the mean time you should be able to lookup the title records for your home down at your city or county records department.  You should be able to use your original title report as a starting point and work forward from there.                                                         stan k — "Any ideas or opinions expressed here do not necessarily reflect the ideas or opinions of my employer" Stan Kalinowski, Tektronix, Inc. Video and Networking Division

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- Hide quoted text — Show quoted text – > My first mortgage lender (Mellon Mortgage) which is, I think, the third > purchaser of my mortgage loan, has failed to provide a final accounting > and release of lien, even though my mortgage was paid off in March. > When I called to investigate why no settlement documents, the agent who > answered was incredibly rude and obnoxious and told me there was a > problem with the transfer of lien from a previous lender and I would > just have to wait.  Meanwhile, I am unable to refinance my second > mortgage or refinance my indebtedness to make repairs to my home because > of this delay.  They had no problem collecting mortgage payments from me > during the many years they have serviced this loan.  Seems like a > personal problem for them, not for me. > Does anyone know the law related to this type of stalling and who > governs transactions related to an out of state mortgage lender when it > is a first mortgage.  In SC, the banking commission only deals with > "consumer loans" complaints (i.e., second mortgages). > Thanks for any information you can provide. > Cheryl Soehl > Columbia, SC

Dear Cheryl, In Pennsylvania the lender must cancel the mortgage at the courthouse within 45 days from receipt of the payoff check, otherwise you can file a suit and recover upto the amount of the original mortgage amount. Remember this law applies to Pennsylvania. A real estate lawyer will know the law in your state regarding the cancellation of a mortgage. I can tell you that here in Pennsylvania, most out of state banks and mortgage companies never file the mortgage cancellation papers within the 45 day period. One of my clients once recovered $5000.00 from a Washington DC Lender even after they were warned several times to cancel the mortgage. good luck..mid787

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Question:

It’s 7:30 a.m. and I’m already depressed for the day! : ( Currently, we live in a cracker box of an apartment.  We had to sell our house because of my condition (it was a split foyer, 2 sets of stairs!).  I have been dwelling on the fact that NO ONE is going to approve a loan for us in the near future ..I will be coming up for reveiw on my SS disability in Sept (i hope)-it’ll be 3 yeas, then. To top things off, my husband went self-employed in Dec of last year.  Not a good thing, even though we have excellent credit, huh? My question is: has anyone had an experience of trying to buy a house while on SS dis?  I feel guilty that we live her in an apt because of my condition and that maybe I should have "toughed it out"-but with a 2 y/o set of twins at the time, it seemed impossible for me to manage.! I know it may be trivial to some with worse problems than me, but I have to vent..thanks for listening. windy

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Windy.  I was a mortgage loan officer for 13 years before RA ended my career.  Let me offer some advice. First, SSD is an acceptable form of earnings.  Just take your award letter in and they will accept it as income. Your husband, on the other hand, is a problem.  Most lenders want to see a 2 year track record for someone who is self-employed.  But, the investor guidelines (Fannie Mae, Freddie Mac, etc.) on this are actually pretty vague and a lot is left up to the underwriter’s discretion. If he is in a stable industry (not construction, car sales, etc.), and if his self employment is in the same industry he was previously employed in, you may be able to get by with a one year history.  Other compensating factors include a large down payment (20% or more), a good history of saving, no other debt, and a low debt ratio (payment vs. income). So, don’t give up.  There are lenders who will look at you if your credit really is clean and your husband’s industry is stable.  You may have to pay a little higher interest rate, but you can get it done. Call a reputable mortgage broker (not a bank representative, but a broker) and you will get a good picture of your prospects.  Any good realtor can refer you to one. Good luck, and let me know if I can help further.  i did learn a few tricks in 13 years. Walt Hanks – Hide quoted text — Show quoted text – > It’s 7:30 a.m. and I’m already depressed for the day! : ( Currently, we > live in a cracker box of an apartment.  We had to sell our house because > of my condition (it was a split foyer, 2 sets of stairs!).  I have been > dwelling on the fact that NO ONE is going to approve a loan for us in the > near future ..I will be coming up for reveiw on my SS disability in Sept > (i hope)-it’ll be 3 yeas, then. To top things off, my husband went > self-employed in Dec of last year.  Not a good thing, even though we have > excellent credit, huh? My question is: has anyone had an experience of > trying to buy a house while on SS dis?  I feel guilty that we live her in > an apt because of my condition and that maybe I should have "toughed it > out"-but with a 2 y/o set of twins at the time, it seemed impossible for > me to manage.! I know it may be trivial to some with worse problems than > me, but I have to vent..thanks for listening. windy

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> I read a >"helpful hint" re putting socks in a seperate bag for laundering-I never >realized others had the same difficulties!  

That tip was in my column of the AOL Arthritis Link Letter……nice to know people *do* read it!!! Keep Smilin’ ~Krissy "The most thoroughly wasted of all days is that  in which one has not laughed." Nicolas Chamfort

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Krissy-Just got my first "link-letter"   I love the name.   Your invention?          CL – Hide quoted text — Show quoted text -> I read a >"helpful hint" re putting socks in a seperate bag for laundering-I never >realized others had the same difficulties! > That tip was in my column of the AOL Arthritis Link Letter……nice to know > people *do* read it!!! > Keep Smilin’ > ~Krissy > "The most thoroughly wasted of all days is that >  in which one has not laughed." Nicolas Chamfort

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>>Krissy-Just got my first "link-letter"   I love the name.   Your >invention?      

Not mine Charlotte, BHostMarty gets all the credit for the newsletter idea!!! Keep Smilin’ ~Krissy "The most thoroughly wasted of all days is that  in which one has not laughed." Nicolas Chamfort

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Dear Windy, In the same position.  3 years ago I came down with this wonderful disease.  The main living of our house was on the top, kids bedrooms and the world down 13 long long stairs.  We sold and rented a one level and I went on CPP disability (Canadian equiv to SS).  My husband went self employed in Feb of last year.  They sold the one level we were renting in Jan of this year and we were given our notice.  No one levels anywhere to rent. Anyhow, we applied for a mortgage, were approved as it would be one year of my husband’s business in Feb, they agreed my disab contribution was a real contribution (yeah) and we are now the proud owners of our new house.  Just have hope.  I figured we would not have any luck.  We did have an excellent credit rating and he does make a high wage.  One thing we did was go to a mortgage broker.  Our bank was a little too conservative for the situation and was going to ask for a much larger down payment due to the circumstances.  In a crunch we would have done that. I too have felt the guilt and the grief as well as I loved the house we had to sell.  I still go back to the old neighborhood as all my friends are there.  It is not trivial at all.  It disrupted the kids schooling, we had to buy a second car, all my support group was at my old neighborhood and the new neighborhood was very stuffy.  i cannot even imagine having 2 toddlers at the same time.  At least I could explain it to two teens. Hang in there – a house is a good possibility. Kelly – Hide quoted text — Show quoted text – > It’s 7:30 a.m. and I’m already depressed for the day! : ( > Currently, we live in a cracker box of an apartment.  We had to sell our house > because of my condition (it was a split foyer, 2 sets of stairs!).  I have been > dwelling on the fact that NO ONE is going to approve a loan for us in the near > future ..I will be coming up for reveiw on my SS disability in Sept (i > hope)-it’ll be 3 yeas, then. > To top things off, my husband went self-employed in Dec of last year.  Not a > good thing, even though we have excellent credit, huh? > My question is: has anyone had an experience of trying to buy a house while on > SS dis?  I feel guilty that we live her in an apt because of my condition and > that maybe I should have "toughed it out"-but with a 2 y/o set of twins at the > time, it seemed impossible for me to manage.! I know it may be trivial to some > with worse problems than me, but I have to vent..thanks for listening. > windy

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>I read a >"helpful hint" re putting socks in a seperate bag for laundering-I never >realized others had the same difficulties!   >That tip was in my column of the AOL Arthritis Link Letter……nice to know >people *do* read it!!!

LOL… you guys just brought something to mind.  I *never* buy only one pair of socks.  When I buy socks, I buy a whole bunch, all exactly the same color and everything. That way, I don’t have to fool around with mating them up… hehe.   LadyAndy2

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Speaking of laundry….I don’t like bending over and sorting lots of laundry. So I have a separate hamper for my husbands (whites) and when he needs them he washes them, no sorting.  I also have a hamper for towels only, same thing no sorting.

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Great minds think alike LA  mine are all white, exactly the same Kate    Send in the clowns

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>Speaking of laundry….I don’t like bending over and sorting lots of >laundry. >So I have a separate hamper for my husbands (whites) and when he needs them >he washes them, no sorting.  I also have a hamper for towels only, same >thing no sorting.

Hey Laura, I do the same thing.  3 small hampers in my walk-in closet, 1 for jeans, 1 for darks, 1 for whites.  Separate  hamper in bathroom linen closet for towels—makes laundry much easier!!!!  Kids have own hampers in their closets, too, (if they would only use them!!!) Lori

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Dear Windy, Venting is a GOOD thing.  Ain’t that what we’re here for? Feeling guilty about your condition and the choices it requires of you is NOT a good thing.  You know in your heart that that is what you had to do. 2-year-old twins — WOW. Be gentle with yourself. Karla

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> I know it may be trivial to some >with worse problems than me, but I have to vent..thanks for listening. >windy

No problem is trivial! And venting is what we are here for. Not much advice I can give ya, but know you are in my thoughts, and hopefully tomorrow will be a better day! Keep Smilin’ ~Krissy "The most thoroughly wasted of all days is that  in which one has not laughed." Nicolas Chamfort

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>"toughed it out"-but with a 2 y/o set of twins at the >time, it seemed impossible for me to manage.! I know it may be trivial to >some >with worse problems than me, but I have to vent..thanks for listening.

Windy, That’s what we are here for.  Vent away!!  I can sympathize with you about the house though.  We just bought our first house about 2 years ago and I was doing ok at the time.  Just had my second baby and we bought a two story house.  I knew my RA condition could  worsen but we liked the house and bought it anyway.  Now I kind of wish we hadn’t but live and learn.  It seems like something new/different that we have to cope with everyday. I got so bad for a time that I was sleeping downstairs on the couch because I couldn’t manage the stairs and the baby’s room was also downstairs and I wanted to be close to him. Anyway, you are not alone, we are here to listen anytime.  I don’t have any advice about the SS and the loan but good luck to you and your family – don’t give up hope:-) Take care, Gina  

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Thank You everyone forletting me "get it out".  I always thought I could deal with things on my own and didn’t need emotional support. Boy, was I wrong!  It is so comforting to know that SOMEONE out there knows how it is. I don’t feel sorry for myself or anything, but telling someone without arthritis of my feelings just goes over their heads. I really feel related to here.  I read a "helpful hint" re putting socks in a seperate bag for laundering-I never realized others had the same difficulties!  One tends to feel isolated with what they can’t do..this ng brings us all in company of one another.. Thanks again! windy

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Hi Windy, To add to Walt’s excellent advice, the real estate columnist in the local paper often answers questions like yours from people who have good income, but other types of credit problems.  He usually advises them to look for houses that are : 1) financed by the owner  or  2) possible to "rent with the option to buy", in which part of your rent goes as a credit for downpayment when you decide to buy it. Just a couple of other options for you to consider…. Sandy F. – Hide quoted text — Show quoted text – > Windy.  I was a mortgage loan officer for 13 years before RA ended my > career.  Let me offer some advice. > First, SSD is an acceptable form of earnings.  Just take your award > letter in and they will accept it as income. > Your husband, on the other hand, is a problem.  Most lenders want to see > a 2 year track record for someone who is self-employed.  But, the > investor guidelines (Fannie Mae, Freddie Mac, etc.) on this are actually > pretty vague and a lot is left up to the underwriter’s discretion. > If he is in a stable industry (not construction, car sales, etc.), and > if his self employment is in the same industry he was previously > employed in, you may be able to get by with a one year history.  Other > compensating factors include a large down payment (20% or more), a good > history of saving, no other debt, and a low debt ratio (payment vs. > income). > So, don’t give up.  There are lenders who will look at you if your > credit really is clean and your husband’s industry is stable.  You may > have to pay a little higher interest rate, but you can get it done. > Call a reputable mortgage broker (not a bank representative, but a > broker) and you will get a good picture of your prospects.  Any good > realtor can refer you to one. > Good luck, and let me know if I can help further.  i did learn a few > tricks in 13 years. > Walt Hanks > It’s 7:30 a.m. and I’m already depressed for the day! : ( Currently, we > live in a cracker box of an apartment.  We had to sell our house because > of my condition (it was a split foyer, 2 sets of stairs!).  I have been > dwelling on the fact that NO ONE is going to approve a loan for us in the > near future ..I will be coming up for reveiw on my SS disability in Sept > (i hope)-it’ll be 3 yeas, then. To top things off, my husband went > self-employed in Dec of last year.  Not a good thing, even though we have > excellent credit, huh? My question is: has anyone had an experience of > trying to buy a house while on SS dis?  I feel guilty that we live her in > an apt because of my condition and that maybe I should have "toughed it > out"-but with a 2 y/o set of twins at the time, it seemed impossible for > me to manage.! I know it may be trivial to some with worse problems than > me, but I have to vent..thanks for listening. windy

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