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San Diego Home Refinance
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First time home buyer San Diego. Should I rent or buy?What type of loan should i get?
I have been pre approved for 280k.I make about 3200 after taxes.I don't have money to put down.I have 5500 in credit card debt and 558 car payment(that I'm going to refinance).I have a credit score of 628 nothing negative on my credit report.I'm in the military and will be in SD for awhile. I don't want to rent and let my money go to waste but with the market so high i'm not sure if i should buy.Everyone out here is just out for your money and not your best interest financially.If anyone could give me some good advice i would really appreciate it.
Thanks!
House can be a good investment, but I don't think you can do that at this point. In SD, $ 280,000 doesn't buy much. May be studio condo, if you are very lucky.
say borrow 280.000 30 year fixed at 6.20 %
Monthly payment $ 1714.91
Home/ Mortgage Insurance 100.00 ?
Property Tax 150.00 ?
Credit card interest at 12% 30.34
Car payment 558.00
Condo fee 500.00 ?
That 's $ 3053.25 per month. This is not include your car insurance, your credit card principle, Utility cost, foods, gas, clothing , etc........
Even you refinancing your car, this won't make much different. Interest only mortgage is very dangerous in today's market. Difficult to get a roommate on studio. Unless if you can get the housing allowance from military, I don't think it's a good idea at this point.
Keep your good credit score, and save some money for future down payment. I am sure you will buying the house in few years.
http://www.car.org/library/media/papers/pdf/Steps2000.pdf
if you refinance a house, do you have to pay taxes on the equity the house built up?
My aunt recently refinanced a house in San Diego California. The refinanced amount was 475.000.00 up from the original purchased price of 415.000.00.
The equity buit was 60.000.00. Will she have to pay taxes on those 60.000.00. if so what would be the tax percentage? She is singled.
She will not have to pay taxes after refinancing on that amount, HOWEVER, she WILL have to pay higher property taxes because it will be reassessed for the higher amount.
If she sells the house, she will have to pay any gain she has, which could be reduced if she saves receipts for things she improved on the house.
Selling San Diego Condo?
My husband and I rented out our a condo in San Diego, since we relocated for jobs and bought a house in Portland, OR area. We have an ARM on our san diego condo, but the rate has adjusted down. We are loosing about $700 per month on the condo each month and is seriously thinking about selling the condo. The bank is refusing to refinance as they feel we owe more than the property is worth, and they consider it a second home. What are your suggestions on what I should do with our condo? Sell it for less than what we owe or continue to rent it out until the market goes back up? If it is better to rent it out, when will San Diego Condo market go back up?
Our condo is a 1-bedroom, 670 sqft located in Mission Valley area.
We do not have wrap around mortgage on both properties. We've got a separate mortgage for our home in Portland, OR.
Do you have both mortgages tied up in a wrap around mortgage?If so, you are in a bad possition to be in.I recomend calling a Realtor in San Diego and explain this to him or her and have them explain to you your options.The real estate market in San Diego is good although prices have dropped about 30+ % in the last two years.Their is a shortage of good qualified buyers right now unless you are willing to sell real cheap.Go to Realtor .com and input the san diego zip code and find a realtor their to call.Good luck to you and your husband.
As for when the market will turn around - no one can predict, as things are going so strangely in this day and age.
If you could simply get someone to take over payments, and keep the loan in your name, its the riskiest, but the least costly of a way out.
I'm a Loan Officer in San Diego looking to network with new or exprnc'd Realtor/Agents in California...
My name is Linda Munoz, I am a Loan Office & I am looking to network with new & experienced Realtors/Agents in California. I work with First Capital Lending in San Diego. I work fast, hard & responsibly! If anyone is interested in networking feel free to email me!
I am experienced with Home Loans, First Time Buyers & Refinancing! I work with over 80 lenders in California as well as in Utah. I am also Bilingual- English/Spanish.
email: lmunoz@myfclending.com
Thanks,
Linda Munoz
I wont be starving, I have clientele....just wanna network with new ppl. =o)
If you can't bring in your own clients, prepare to starve.
5+ Units, Bank or Savings and Loans to refinance?
I have to buildings 7 and 8 units each and I ' ll like to refinance, but I dont know which Bank or Savings and Loans coudl refinance them, since is commercial and not all banks lend on commercial. Could you please help me?
Thanks,
by the way I'm in San Diego, Ca
might as well look for a broker.
they can find a few lenders with different pricings to help you
Bank of America just did three of my buildings. And yes, they are Commercial buildings.
We have numerous commecial lending sources to shop your scenerio to.
We are in Ca.
OBA™
Siento no ser una respuesta! sólo era un saludo y gracias por la respuesta que me pusistes en su día!
Am I responsible for the difference and taxes in a short sale?
I live in San Diego, CA. I refinanced my home in April 2007. I have int. only loan for 435k. I have a short sale approval for 345k. Will I have to pay the difference (90k)and be taxed on the difference? Should I cancel the short sale. What is recommended?
You will most likely get a 1099 from your lender for the difference. You will have to file it with your income tax return next year and most likely you will have taxes to pay because it will be a fairly large 1099 amount.
I need to foreclose on our home with 2loans?
I have a home in San Diego, Ca. Can't refinance and can't sell. Owes more than home value and high 55 credit ratio and no cash to put down. I have 1st loan (with lender A) and 2nd loan from (lender B)on this home. What is going to happen to both my loans after I foreclose on my home? Will they still come after me?
In Missouri Lender A or the 1st mtg holder after forclosure can come after you to make up the difference what you owe. Lender B the 2nd mtg holder is just out of luck...
Selll the house & pay the lender the difference. Why can't you refi? If your credit is good then it should not be a problem.
Even if that is the case you should be responsible enough to know when you are getting in over your head. If the bank forecloses on your property lender A will sell your house and any money they make will go to them to pay off the loan you have with them. If there is any money left over after they have covered the loan they gave you lender B will get the remaining amount to pay off the loan you owe them. If there is nothing left they will go after you to try and collect - sounds like a bankruptcy is in the future for you. Once you get your credit back and buy another house don't dig yourself so deep again. I don't mean to be so harsh I know it must be a stressful situations, but I see it all the time (I am in the real estate business) and I am tired of people making all of these horrible real estate decisions without putting any thought into future.
As far as your credit, if you are more than 2 payments behind I would imagine all of your credit card companies hit you with the universal default and you are probably paying 30% or more on your cards. Very difficult to reverse.
If you can't get the banks to discount your mortgage and have no hope to refinance or sell then I suggest you file a bankruptcy to at least give you time to do either. Your credit is shot already. You don't have to necessarily complete the bankruptcy. It can be dismissed at anytime. If they didn't before the bankruptcy, the banks might be willing to discount. If so go ahead with the refinance or sale.
In a foreclosure, either lender can come back and file for a deficiency judgement if the property doesn't bring enough to pay them off. The only thing the foreclosure sale will do is eliminate the lien on the properties to the new buyer. You are still liable to the lenders for the full amounts.
Talk to your Agent they should have many different options for you. If you do not have an agent then get one.
I help people in foreclosure. You're better off selling it via a "short sale" than to let it foreclose. Please contact me to see how I can help you out.
Regards
Should I raise the equity limit on my second mortgage loan or just refinance?
I want to purchase a home in San Diego, but I have limited income. My current first loan (70,000) is a VA loan, and I have a second ($3000). I only have $5000 on hand for a down payment. I could raise the limit of my 2nd mortgage loan in order to get enough for a down payment. Or should I refinance the loans into a conventional loan in order to use my VA loan? My current home is valued at 154,000. Should I take cash out so I can give a bigger down payment? Or should I just sell the home? If I did sell the home for 150,000, (I have been in the home for more than 5 years) how much would I keep after all the fees?
I can tell you more if you describe your situation in a little more details. First, why you want to buy a house in San Diego? Rental or vacation home? If it is for rental, that make sense. Second, how much interest rate you're paying on your 1st and 2nd mortgage? If refinancing can get you a lower interest rate plus cash out and will keep your mortgage payment about the same, that's the best and make sense to do so. If you want to move to San Diego and sell your current home, you probably don't need to pay any capital gain cos' you have $250K tax free on your own house. Add the potential rental income and do some more calculation to find out the best way to afford two houses mortgage.
refinance again?
I refinanced about 3 yrs. ago., & got a 15 yr. 4.5% rate. Is it possible for me now to get something lower but with no closing cost. My house is valued @ $350,000., I owe about $60,000., & I live in San Diego. Thanks.
I highly doubt you are going to get anything better than what you have now. There is no such thing as a no closing cost loan, you are going to pay for it somehow. I'd stay in the loan you are in now.
Investment Property Loss.....should I worry about an audit?
This year, my family moved from Michigan to San Diego. We knew, when taking the new job, that we'd have a tough time selling the house. We'll we failed and in November, to avoid continuing to have to shell out all the mortgage and those heavy Michigan winter heating bills, we turned it into a rental. We still lose $300 per month but it's better than losing all the mortgage. So this year I will only post $2,365 loss mostly due to cost to get it in service, but this will likely be a loss of at least $4K until I can pay off the mortgage, or refinance. What should I do? I don't care about the loss due to my high salary in San Diego, but I don't want the loss + an audit. Should I take the loss, but not put it as a loss against my salary? I read a little about this 'passive loss rule', but I hardly understand all the consequences. I don't have any other passive income to write it off against? Should I start some other passive income to write off this loss against? Thoughts would be great.
You dont have to worry about passive loss rules. Rental real estate has a special rule. As long as you actively participate (bona fide managerial decisions) you can claim up to a 25K loss. If you are not using a agent to rent your property, you set the rates, chose the tenants, make decisions about repairs, you would qualify most likely.
However, there is a phase out for losses you must watch. For every dollar you modified adjusted gross income exceeds $100K (married filing joint) your 25K max loss is reduced by 50 cents(phase out at $150K). For example if your modified adjusted gross income was 145,000, and you rental loss was $10K, you would only be entitled to claim $2500. $150K-145K/2=$2500.
If you have receipts to back up your loss why worry about an audit?
Hope this helps as it can be complex.
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