All Forum Posts by: Jim Gordon

Citi is no longer doing seconds through brokers as of November 1. Did you go directly to Citi or was it through a broker?

PMI can normally be removed when the current appraised value of the property reaches an 80% LTV on the loan. You can do this with a current appraisal and show that the value has went up. The lender will choose the appraiser. The other way to get PMI to go away is to pay down to 78% of the original loan value.
Be carefull about paying for an appraisal most areas have seen a drop in property values in the last 18 months.

Mac66 -- You are talking about two different things.

1 At the forclosure sale any amount over the judgement is due the person forclosed on.

2 After the forclosure sale the new owner can do with the property as they wish as they are now the owner and are not responsible to any previous owners.

John the USDA and FHA programs can go into manual underwriting and all that matters is open trade lines and unpaid bills. Credit score is not material, but if you have been building bad credit and have old bills unpaid it may disqualify you.l

She needs to talk to an attorny to find out her options. She may have to file for a forced sale.

In my opinion the reason that a title company will not close it is that they have to make sure that the title is clear. With a lien attached to the property that is not clear They will not transfer title as it could have repurcusions.

Years ago in Vegas if a guy owed you money and did not pay he would be looking over his shoulder 24/7!

Now you are in the possition of being an unsecured creditor in a bankruptcy.

Follow your attorneys advise and let it go. The lender and state can investigate mortgage fraud better than you if they want to go after this guy and he may be to small for them to worry about.

I know that it is hard to see 25k evaporate and you have been beating yourself up over it but you need to learn from this one and move on.

Sean buying on future appreciation is speculation and a good way to burned in real estate.
Neighborhoods will change with the demand and demand will change due to forces that none of us can forcast.

I listed a short sale in January and we had to get 3 approvals from the lender to sell the property. The loss was so high to the lender that it had to go up that many levels so a verbal "I can approve it but we need to wait for other signatures" does not mean a done deal.

I think mike may be thinking of residential vinal tiles. Those are just printed on the top and get ruined fairly easy. Linoleum tile that is solid color is hard to ruin and I have it in 3 of my rentals and it survives.