Comments for Home Mortgage Texas

Comment on How does a mortgage holder get out of PMI payments on their mortgage loan? by Julie Tracer

Julie Tracer — Fri, 07 May 2010 21:35:30 +0000

You have to either be at 80% of your homes value or refinance at 90% on a 15 year FHA… I did a loan through JPMORGAN CHASE and this is how I was able to get around PMI. I spoke with a guy named Joe Lovrek 281-300-5260 and he was very helpful. I went to the Chase branch on Rayford Rd. next to where I live.

https://www.chase.com/online/Mortgage/loan_officer_details.htm?URLSuffix=joe.lovrek

Comment on How does a mortgage holder get out of PMI payments on their mortgage loan? by Theandysullivan

Theandysullivan — Fri, 07 May 2010 15:28:25 +0000

PMI is in place to protect the bank from the foreclosure process. Essentially your paying the bank upfront for the costs associated with foreclosure. By some calculation they figure you more likely wont go into foreclosure after 80% of your loan is paid. Either that or you have already paid enough.

You could get PMI dropped by getting an up to date appraisal done on your home. If your home has appreciated in value (not likely) beyond the 20% of your loan you could negotiate getting the PMI dropped. Either that or put more money down on your loan.

Comment on How does a mortgage holder get out of PMI payments on their mortgage loan? by Em C

Em C — Fri, 07 May 2010 15:03:13 +0000

PMI protects the lender in case your loan goes into default. The only way to have it removed is when you owe less than 80% of your home’s value.

Comment on How does a mortgage holder get out of PMI payments on their mortgage loan? by civilcop611

civilcop611 — Fri, 07 May 2010 15:01:07 +0000

I had the same problem until I contacted a law firm because a real estate investor had told me there were predatory lender laws broken…. he helped me out and i even got a mortgage payment reduction.

the paralegal that works for the attorney and runs you through this program smoothly, his name is pat i believe.

562 640 1057 is the number. and i believe they worked nationwide

Comment on Can you get a mortgage allowing you to bid on a foreclosed property? by sailcigar

sailcigar — Fri, 07 May 2010 14:50:31 +0000

You need to establish a banking relationship in the commercial loan department. Stay away from residential lenders as they are not involved in investment deals. Explain what your plan is (to buy foreclosures) and arrange a line of credit subject to your winning bid that converts to a first lien mortgage. Most foreclosures require 10-15% at sale and closing in 30 days. You will need collateral and good credit. Start small and prove yourself to the lender even if it is only really small cheap houses. Make the lender your best friend regardless of his decision as you can always go back.