Archive for July, 2008

AZ – renting home – owner occupied already for over 1 year?

Posted in Renting & Real Estate on 07/28/2008 04:21 pm by admin
georgia asked:


I bought a home and closed Nov 06. In the contract for the loan I signed it stated that after 1 year owner occupy I could rent the home. I wrote to the lender – Wells Fargo (not originally the company I financed through at beginning). They stated that I could not rent my home as long as I said I was going to owner occupy. This statment is contridictive towards my original loan documents. Why is this, I want to rely on the original documents, is this the case?

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Why do amortized mortgage loans have such high interest payments and such low principle paydown ?

Posted in Renting & Real Estate on 07/23/2008 03:23 pm by admin
raclawski04@ameritech.net asked:


Why do amortized mortgage loans have such high interest payment during the first few years? The seller is offering seller financing. Can I offer “straight line ” loan where say the principle and interest is 50/50?

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Is there free grant money for home improvements?

Posted in Maintenance & Repairs on 07/13/2008 03:45 am by admin
DEBBIEdebbie asked:


My house is falling to pieces, but Im having trouble with finances. Are there legitamate grants for this purpose?

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can I be sued if I voluntarily let my motor home go to the bank that we have it financed with?

Posted in Personal Finance on 07/07/2008 11:15 pm by admin
fun2sun1941 asked:


We have a little savings, can we be made to use that until it is gone? what is the worse thing that can happen?

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Is it true that commercial mortgage loans are all ARM’s?

Posted in Renting & Real Estate on 07/06/2008 08:38 am by admin
MrsSilentWarrior asked:


When we got our commercial loan, our loan officer told us that “all commercial mortgages are ARM.” Although we got in on the low interest rate boom 4 yrs ago, our payments are now almost doubled. Any suggestions?

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Selling/Owner financing a mobile home that is still financed?

Posted in Renting & Real Estate on 07/05/2008 04:50 am by admin
hayesra2003 asked:


My fiance has a mobile home we are trying to get rid of. It is still financed in her and her ex-husbands name. He technically got it in the divorce, but he cannot get it financed in just his name. Not sure if there is anything we can legally do about that…? The financing company, Greentree, will not release her of liability. Is there any way to force him to get it in his name or is she stuck?

Also, We have someone that is wanting to buy/rent the mobile home from us. Can we write a contract to owner finance the home for him even though it is still financed with Greentree? The potential buyer would also want to move it onto his own land… would that be an issue?

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home equality loan re-financing ?

Posted in Small Business on 07/01/2008 05:39 pm by admin
dandeelion05 asked:


I am wondering if it would be a benefit to me to re-finance my home equality loan. Below is the Information about the loan terms. Will I see a savings by re-financing at todays rates. If so how Much saving?
Org. Loan Amount: $47,100.00
Payment Amount: $449.28
Current Principal Balance: $37,337.60 APR: 7.95 % TD
Remaining Payments: 119
Original loan date 04/ 2000 or 06 /2003

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