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Refinance a non-recourse loan in california?

Aug 22, 2007 by furball | Posted in Renting & Real Estate

Is it true that in california, if I refinance a non-recourse loan (origional first and second mortgages I obtained to purchase a house I currently live in), the loan stays as a non-recourse loan, if I only refinance the balance of the loan, without taking cash out, or adding more things (like car payments) on the loan? Refinanced loan will combine the first and second mortgage into one. What about the closing cost, title insurance, escrow, etc, that will be added on the refinanced loan, does that effect the loan to change from a non-recourse loan to a recourse loan, since more things are added to the orignal loan balance from the first and second mortgage? Will refinance paper work state that it's a non-recourse, or a recourse loan? If it doesn't spell out on the paperwork, how can I be sure that it stays as a non-recourse loan?
Advanced thank you for any answer provided! :)

A non-recourse loan is one where the lender is counting on the collaterall to be worth the loan amount. Correct? So if you refinance both loans, to a different loan program, the non-recourse loan is paid off by the refinance. Simply tell the lender you plan to refinance with that the loan CAN NOT be a non-recourse loan.

Which bank offers the lowest interest rate for mortgage refinance in California?

Mar 06, 2006 by dinofernandez66 | Posted in Renting & Real Estate

I need to refinance my second/investment home in Milpitas California and I'm looking for a mortgage broker or a bank that offers lowest interest rate based on 700 or more fico score. Preferably a loan program with minimum monthly payment is preferred.

find the best rate you can find and then add 1% (1 point is what is the standard to add when dealing with an investment home)

A mortgage broker is supposed to find you the best rate from all the companies she works with. If you don't have a good one shop around.

Here is a website to find the average and best rates:
http://www.bankrate.com/brm/default.asp

Which company is the best home mortgage lender to refinance with in california?

Aug 06, 2008 by spooky | Posted in Renting & Real Estate

I am interested in refinancing my current loan to a fixed rate 30-yr loan. I'd prefer to deal with a lender that is in california. any recommendations? i'd like to hear about your personal experience with the company recommended. thanks!

I was tricked and lied to by a loan officer and his company in California, where can I file a complaint?

Feb 09, 2007 by mclaudia2004 | Posted in Renting & Real Estate

I worked with a loan officer from a mortgage/loan company in California to refinance my house, I was presented with a good faith estimate that showed a low interest rate with no prepayment penalties, and at closing the interest rate was higher with prepayment penalties. I called the loan officer who said to go ahead and sign the documents because he will fix the problem. I was on a deadline to close so I had to sign, and after I signed the loan officer and his company stopped answering my phone calls. I made a complaint with the BBB but nothing got resolved, is there anybody else I can make a complaint with that will persuade this company to remove the prepayment penalties? Please let me know. Thanks

You ran through two red lights at the doc signing and after.

You should never sign anything that is not what you were promised. You should have known that once a contract is signed it can not be changed unless both parties agree and the lender was not going to agree and the loan officer did not represent the lender because he does not work for the lender.

Then in California as well as other states you have a three day right of recission. That mean that even after you sign the loan docs you have 3 days (72 hours) and you can still cancel the loan for no reason what so ever. This had to be pointed out to you because most lenders have it in 14pt print and you were given a copy by who ever was your doc signer.

All you had to do was sign the cancellation documents given you and you could have faxed them to four different places. One to the closing escrow officer, the title company, the lender and the mortgage broker that negotiated the loan for you.

A good faith estimate does not tell you about pre-payment penalities.

You may complain, when you filled out the application you were given several documents. One has a address and telephone number where you can call and make a complaint.

CAMB is not that place because you don't have to be a member of CAMB and if your mortgage broker is not a member there is really nothng CAMB can do.

There are 2 different license in California that can do home mortgages. One is a Department of Real Estate ran by the Department of Real Estate, and the other is a California Finance Lenders license and is governed by the California Department of Corporation.

So if you know which license your mortgage broker is a member then you can make a complaint with them.

The complaint will be an after thought because now the mortgage broker is no longer in the picture and no matter who you complain to the fact that you signed the loan docs make it a legal contract.

All loans have pre-payment penalties that apply when you refinance your house. If you sell your property most pre-pays don't apply as they are called soft pre-pays. You will probably not refinance in the next 3-4 years when the prepay will no longer matter.

Now about the interest rate. This is a tax deductable item. No matter how high or low the interest rate is it is tax deductable. So you will get that back. Check with your tax preparer for all tax advise.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Is there a temporary relief loan program for California homeowners who have a tough time paying the mortgage?

Dec 06, 2008 by veronica.tung | Posted in Renting & Real Estate

I heard about the new loan programs that allow home owners to refinance their mortgage to a lower interest, but those who qualify need a decent credit, certain income, and their homes need more equity than what they borrow. But what about those who are really suffering and have none of those above?

Unfortunately then you will join the ranks of those that have or are losing their homes. No credit, no income and no equity means pay for what you signed for. Sorry but not my fault you overextended yourself, buying way more than you could afford. Do not think my tax dollars should bail you out because of your foolish dreams, and not living in reality.

How can I obtain statistics regarding #'s of refinances in California and other mortgage related stats in CA?

Nov 19, 2007 by Eric L | Posted in Renting & Real Estate

I am looking for a website or some other avenue for retrieving statistical information regarding the number of home loans set to adjust in California in 2008, Number of loan origination is California in 2007, Number of purchases in CA in 2007, etc... If anyone knows of an easy way to find this info please let me know. THANKS!!!!!

I am pretty sure that realtytrac has all of that information. They have a great stats section and that is who you see when they report the foreclosures on the news.

Am I protected under the anti-deficiency statute law in California if i defaulted on my mortgage?

May 17, 2007 by REEMPIRE888 | Posted in Renting & Real Estate

I'm one of those unfortunate homeowner who purchased a home during the boom and also got one of those adjustable mortgage. I've been paying my mortgage on time and am not behind on my payment whatsoever. But my payment will start adjusting in a few months and the value of the house has taken a dip and I was told if I want to refinance my current mortgage, I would need to come up with the differences in order for my bank to refi. So my question is this, if I'm not able to come up with the money does that mean I cannot refinance? Am I shit outta luck? I've been responsible for my debt and I got screwed over my loan because my former loan officer did not disclosed those critical terms and loan details. On the closing day at the escrow office, my former loan officer wasn't even there at the signing. She told me just show up and sign the documents and I was naïve and I did it. Do I have a case against this loan officer if I plan to sue her? The bottom line is, if I stop making payments and eventually foreclose the house, does the bank has the right to come after me for the differences that didn't satisfy the loan because of the anti-deficiency statute in California? Am I protected under that law? The house is my primary residence and it has never been refinanced. My current loan is an 80/20 piggy back loan, with a 2yr fixed/adjust every 6 months. I'm just worry that the bank will come after me for the differences if I do foreclose on the loan. Any suggestions? Ideas? Alternatives? Is there any way I can avoid foreclosure? Any government agency I can turn to for help? I'm very stressed out so please advice! Thank you!

Hi, I am a broker in California in Southern California and I help people in foreclosure. Like the broker above me, I want to state: I am not an attorney and you should consult with a real estate attorney for legal advice.

Anyway, we are a trust deed state and therefore they cannot get a defieciency judgement from you. If you foreclose, they might 1099 you for their loss. So it shows up as income on your taxes and you will need to pay taxes on that next year.

Your best option is to try to refinance if possible. Even though your home took a hit, you still might be able to refi without putting cash out of pocket. After that, I would suggest a short sale instead of letting it go into foreclosure.

In regards to sueing anyone, I have lawyers who look to see if your lender violated Regulation Z or the Truth In Lending Act. If they did, they can sue your lender and might get you compensated as well while delaying the foreclosure.

I personally don't meet my clients at signing as well, but I make sure I go over all the disclosures and loan programs before they sign anything.

If you're in SoCal, let me know and I'll see what I can do for you.

Regards

How much can a loan agent make when refinancing a loan?

Nov 15, 2006 by Sunny Michael | Posted in Renting & Real Estate

I live in California, and I just refinance my mortgage. I found out that the mortgage processing company made about 1.2% commission of the loan amount. How much can a loan agent make? If the loan is $1 million, the agent could make $10k for just one loan. Is it the case?

The limit varies from state to state. In California, it's 6% of the loan amount. I know of places that make 3 to 5 percent on every loan from people who don't think they have a choice. Some states do not have limits. 1.2 percent is not bad. I average a little less than 1 percent total compensation, and I'm way below most of the market.

Of course, judging the loan by how much the loan company makes (or has to disclose - direct lenders don't have to disclose what they make while brokers do) is a good way to end up with a bad loan. Judge the loan by the loan the competition could have delivered to you. If one loan is a thirty year fixed at 6.5% with no points, that's a better loan than 6.75% with one point. Doesn't matter what the loan company made - you get a better deal with the first loan.

Adjustable rate coming up on my mortgage.80/20 loan?

Oct 10, 2007 by so cal | Posted in Renting & Real Estate

I live in southern California, I currently have an 80/20 loan and the 80% is going to adjust. I'am in the process of refinancing but it isn't looking too good for me, I have about 20,000 in equity according to a recent home appraisal but I'am still having problems getting a loan. The payments will go up around $700.00 when it adjusts and it will be almost impossible to pay. Should I contact my Mortgage company now and see if they can work with me and if so what is the likely hood that they will work with me? I would like to avoid a short sell or obviously foreclosure. What are some of my other options? I have fair credit and good income. Beneficial is the company the loan is through.

Contact your mortgage company NOW and explained the stitition today and see if they can help you or refi your home.

You also think about refi into FHA loan if your loan amount is low.

Can a person on the title but not the mortgage stop me from refinancing?

May 07, 2006 by Bewildered | Posted in Renting & Real Estate

I have a loan contract with a person on the title (individual property grant deed) in which the contract for the loan "shall continue until the property is sold". Even though I am not selling the property, I have offered a buyout amount for his 10% share and he is threatening to block any refinancing unless I meet his demand for a buyout amount. We differ on the appraisal amount of the property. My appraiser was approved by my lender and is a Certified Residential Real Estate Appraiser in California and I have no idea if or what type of appraiser he used. Can he do this even if he is not and will not be on the original mortgage or the refinanced mortgage? Would it be better to rescind the offer and just wait to pay him when I sell at a later date? Please let me know if you have any ideas on how to handle this situation.

Yes. The person on the title can block your attempt to refinance.

You can wait to sell, but he will have the same veto power over any contract offer as well.