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magaly muskus-nasser's Discussions
Trying to buy after a bankrupcy
Started this discussion. Last reply by Eric Mieles Jan 8. 7 Replies 0 Likes
I have a client that filled for bankrupcy and it was discharged 21 months ago. Their house was included in the bankrupcy (upon advise from their lawyer) eventhough they were able to keep paying it.…Continue
Modification of a mortgage
Started this discussion. Last reply by Jeffrey Burnham Dec 4, 2011. 5 Replies 0 Likes
Hello,I have a husband and wife who are modifying their mortgage through Citi. Only husband's name is on the existing mortgage, so currently he is the only person liable for the debt, but both of…Continue
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"Several ways to go here. Don't automatically assume that if they short sale their home, it will affect their credit. It depends n if they short sale and keep current on the payments. Many banks will allow u to short sale now and still be…"
magaly muskus-nasser replied to magaly muskus-nasser's discussion Trying to buy after a bankrupcy"They have enough money for a 10% downpayment and 3% closing contribution was asked from seller. They don't want to use that money cause they want to keep it as a reserve in case they need to short sale their house and need to…"
Brian Avery replied to magaly muskus-nasser's discussion Trying to buy after a bankrupcy"in general a client could buy a new house going FHA even though their current loan is FHA. FHA case numbers are based on property not individual. They would have to prove the new home is going to be primary and qualify based on both…"
Jeff Payne replied to magaly muskus-nasser's discussion Trying to buy after a bankrupcy"Why FHA? Do they have money for a downpayment?"
magaly muskus-nasser replied to magaly muskus-nasser's discussion Trying to buy after a bankrupcy"Yes, they do need to go FHA (at least that's what their lender told them.) I'm trying to get them another lender for a second opinion"
Jeff Payne replied to magaly muskus-nasser's discussion Trying to buy after a bankrupcy"Do they have to have an FHA loan on the new one? Conventional might be the way to go"
magaly muskus-nasser posted a discussionTrying to buy after a bankrupcy
I have a client that filled for bankrupcy and it was discharged 21 months ago. Their house was included in the bankrupcy (upon advise from their lawyer) eventhough they were able to keep paying it. They indeed kept the payments, never late. Now they want to buy a short sale house, for less than what they are paying now. They have a FHA loan with Chase and they are not able to get a FHA loan to buy they new property because they need to "close" the FHA loan number they currently have in order to…See More
Jeffrey Burnham replied to magaly muskus-nasser's discussion Modification of a mortgage"A legal question ...short answer is NO, they cannot coerce her into adding to the mortgage. SHe MAY be liable if she is on the deed though if you are in a community property state though. Definately an attorney question!
Another consideration is…"
SE Davis replied to magaly muskus-nasser's discussion Modification of a mortgage"I analyzed a similar permanent modification from Citi last month.
Prior to the LM the spouse was on the security deed but not on the note. Her income was necessary to gain approval.
In the Citi cover letter it was explained very clearly that with…"
Chad Gelsinger replied to magaly muskus-nasser's discussion Modification of a mortgage"Of course they want her added to the mortgage. It gives them another responsible party to help pay the note. In most states the mortgage must follow the deed (anyone signing the deed should be on the mortgage). In PA, if a borrower adds someone to…"
Brian Avery replied to magaly muskus-nasser's discussion Modification of a mortgage"Clients have to qualify for loan modifications similar to a mortgage . Adding the wife may be the only way for the couple to qualify? I do not see a problem with Cit doing this anyway since she is currently on title and has ownership."
Harry Clay replied to magaly muskus-nasser's discussion Modification of a mortgage"Isn't modification a voluntary act, on both sides?
If the current owner wants to change the terms of the contract, I see no reason why the bank couldn't or shouldn't now require the 2nd person on the Deed to sign on to the modified…"
magaly muskus-nasser posted a discussionModification of a mortgage
Hello,I have a husband and wife who are modifying their mortgage through Citi. Only husband's name is on the existing mortgage, so currently he is the only person liable for the debt, but both of their names are on the Deed. Citi want wo add the wife to the mortgage (the modification papers have both of their name and require them both to sign and be liable for this debt. Can Citi force the wife into the mortgage?See More
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