I live in California and need to have a condo in Phoenix, AZ foreclosed on. It has gone down 100k and I can’t afford it anymore.

Both California and Arizona have anti deficiency laws protecting me. I have talked to two lawyers (one in CA and one in AZ). They both say if my loan is a "non-recourse loan" I am protected.

How do I find out if it is? I have been going through my loan documents, but there is so much information there. I also called CHASE (my lendor), but the woman had NO CLUE what non-recourse meant.
I don’t want to call chase again because someone will probably know I want to foreclose.

I have not refinanced on this loan at all. (I did on my CA house during the 30 years I’ve lived here).

But before stopping payment on the mortgage for the Arizona COndo, I want to be 100% sure my loan is a non-recourse.

HELP!
I just want to make sure I am getting the right information. I have NOT refinanced on the mortgage for the PHOENIX, AZ condo that will be foreclosed on…

I HAVE refinanced on my house in California (that I live in) since moving in 30 years ago.

Are these loans kept separate? I just want to make sure that refinancing (before buying the AZ condo) on my own house won’t affect how the loan for AZ was taken out.

I was wondering if adding a pool to my home is a good idea.
I live 20 minutes outside of Phoenix, AZ where its already hitting 100 degrees. I have owned my house since August of last year. My house has lost its value by about 30-50% but I don’t plan on selling the house so I will get my money back eventually. Being how I don’t have equity in my house, I will have to get unsecured line of credit, which could be a problem because of interest rates on the loans. Anyway, does adding a pool add to the value of the home? Is it a smart financial investment (long term)? If I spend 25k adding a pool, I will have 175k total financed but my house used to sell for over 215k when the market was around.
My wife and I would really like to have a pool. As for heating a pool, I don’t think we would need to heat it because we live in Phoenix, Az.
Oh yeah, other homes in my area do not have pools. Of course there are some with pools, but most do not. This partially because the neighborhood is new and people don’t have equity these days for financing.

I live in a house in california (worth over 500k).
Years ago I purchased a condo in Phoenix Arizona for investment property (have a 132k loan on it). It is now worth about 45k.
I just retired in June as a teacher and do get about 4k coming in a month.
I have been sick for the last few months and thought when I retired I wouldl get an easier job, but I can only work at home right now.

No credit card debt, but I NEED to get rid of the Arizona property (tenant lease is almost up/not paying, lots of problems). I am negative each month with that place.

I need help! If I did a short sale.. could the bank come after me and take my HOUSE? I have two separate loans, but both are with CHASE. I tried to do a short sale years ago, but I was "not qualified" because I was working and making too much money.

Need some advice, please.

A VA home loan is a loan in which the VA makes a guaranty to the lender of up to 25% of the value of the purchased home. This allows the lending institution to have a certain amount of security in the repayment of the loan, and it allows the buyer to purchase the home with no money down.

Thanks to VA loans, buyers can save up to 20% of the price of the home, since most lenders require that amount to be paid upfront. There are set limits that the VA will allow, in the amounts of $104,250 for the guaranty, and $417,000 as the full home loan.

In most cases, the amount are the same as the current value of the home, plus a funding fee. Most banks and mortgage companies offer VA loans.

Lenders view VA loan holders as less of a risk, so they’re able to get a home loan with no down payment and in most cases a better interest rate. Though VA loans were created for veterans, applicants must still qualify for them.

Generally, the eligibility rule is that all veterans that have served on active duty and have been discharged favorably after having spent a minimum service time of 90 days during a time of war, or those who have spent at least 181 days in continuous service during a time of peace are eligible for a VA home loan.

Veterans that began serving after September 7, 1980, or enlisted after October 16, 1981 as an officer, are also required a two-year service.

National guards and reserves must serve 6 years and meet other criteria before they are eligible. And of course, credit history is also important if someone is a veteran.

Good credit is necessary, regardless of whom guarantees or offers the loan. A credit history offers data on how someone managed their finances in the fast, and also offers a blueprint of how finances will likely be managed in the future.

Most attention is centered on the last 12 months of the applicant’s credit history. If missed or late payments show up on the credit history of the applicant, the VA might not be too understanding.

In the case of an applicant having had a run of slow or missed payments, the VA will consider the matter as satisfactory once the applicant has made all payments on time for a length of twelve months.

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The idea of a home equity loan will always appeal to homeowners because it will provide funds for home repairs and improvements, access to a line of credit, plus available cash on hand. Because of the nature of the loan, interest is fixed – therefore lower, making it possible to pay and retire loans and debts with higher interest. But home equity loans are not all pluses; there are also the minus sides.

A homeowner can actually avail of lower interests and monthly payments, but the downside is that once his credit score goes down, there is a corresponding increase in his payments. Once these homeowners are not able to afford the higher interests, their homes are in danger of being repossessed if they cannot keep up with their debt payments. The borrower may figuratively jump up from the frying pan to the fire if he consolidates his debts and refinance his home and in the process will be faced with higher and harder to meet payments.

Granting that money is saved in the line of credit or home equity loan, a borrower might be tempted to spend more on his other needs. For example, once they have paid off their credit cards they may not be able to resist the impulse to buy even more and can end up with higher credit card payments. What if there are cost overruns in the subject sought to be funded, or there arose an unexpected expense, what would be the plan B? Instead of saving money, the borrowers may instead end up spending more.

The borrowers should also be wary of hidden costs that they cannot know until the loan documents are signed. This “fine print” is standard in many mortgage or loan documents, so the borrower should not hesitate to ask to be clarified on this. Some unethical practices are equity stripping, loan flipping and over borrowing. In this scheme, the lender will put in a falsely higher income for the borrower for the purpose of loan approval. The outcome is that the borrower is incapable of paying back the loan. In loan flipping, a mortgage is made bigger so the borrower can avail of a bigger loan. Again, the borrower will have difficulty in paying because of the higher amount. Over borrowing on the other hand allows the granting of a loan much higher than the worth of the house. So the borrower cannot avail of a tax deduction making it difficult for him to make regular payments.

A borrower will have many legitimate uses for a home equity loan, but he should stay away from possible costly mistakes. The borrower should always exercise prudence and caution and keep up to date in his payments, regardless of how much is his loan.

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Today everything piece of land or house that you see in the neighborhood runs on mortgage. In this article we would like to discuss a different aspect of a mortgage viz. mortgage refinance lenders. If you have debt and mortgage the terms and conditions are different; in the case of refinancing we have to necessarily redefine this aspect of the mortgage. There can be various reasons why a home mortgage has been refinanced and the most common ones are given below:

To work with a better interest that you would make it easier for the people to pay back their loans

To include another debt so that the individual can clear both the debts simultaneously

To consolidate all the loans of the individual to facilitate clearing all his existing loans at the same time

Mortgage refinance lenders are people who will assist you in this entire process but the first requirement is that they will ask you the exact reason for this change. After contacting a lender you can look through various types of mortgage refinancing products and also different types of mortgage loan. Different types of mortgage loans will only include. Many types of loans are there. They normally have an access to the host of mortgage refinance lenders. Once you have that, you can select the lender that appeals the most you.

The compensation allotted by each lender depends upon the mortgage terms sent by him and in most cases these lenders have a small margin and a high level of competitiveness. There are many places where you can search for lender but the most common ones are through the yellow pages or newspapers but a new outburst of services by lenders has been spotted on the internet. Their phone numbers are displayed in these sites; however they avoid giving the rates until you signup. After signing up they will give you a huge directory with all the lenders that work for them and their rates.

I came across this website as they provide good mortgage refinance information and how you can deal with mortgage refinance lenders.

I have the chance to move to Phoenix. My only concern is that it will be hard for me to find employment. Although I am trained in many fields, administrative, loans, property management. I am extremely scared that I will not be able to find a job due to the current economy. If anyone can shed some light that would be great.

I was reading an article on a news site where a blogger put this, "Here in Phoenix the banks are selling the loans at $.40 on the dollar. The investors then reduce the principal on the loan and the home owner stays in the house with a good loan. The investor makes a 50% return on their money in 90 days and does it again." I would like to be able to do this to help homeowners in distress as well as make some cash, does anyone know how I can get started. Thanks

www.lendinguniverse.com Find and compare hundreds hard money mortgage loans in PHOENIX, ARIZONA. LendingUniverse – Real Estate Brokers Commercial Mortgage Broker Letter of interest by Banks, brokers, real estate investors and lenders offer mortgages on residential, commercial land and construct…

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www.lendinguniverse.com Find and compare hundreds mortgage loans in PHOENIX, ARIZONA. LendingUniverse – Real Estate Brokers Commercial Mortgage Broker Letter of interest by Banks, brokers, real estate investors and lenders offer mortgages on residential, commercial land and construction…

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