New Mortgage Question

Discussion in 'Real Estate' started by fsanford, May 15, 2020.

  1. BCClone

    BCClone Well-Known Member

    Sep 4, 2011
    28,155
    4,580
    113
    Male
    North Iowa
    Ratings:
    +22,600 / 675 / -3
    Oh, yeah I didn’t think there. I was thinking a mistake on the bank side. That would screw up all the paperwork then. Nice job by the lawyer.
     
  2. VeloClone

    VeloClone Well-Known Member

    Jan 19, 2010
    34,780
    5,518
    113
    Male
    Brooklyn Park, MN
    Ratings:
    +19,643 / 297 / -4
    We had that when we closed on our house about 15 years ago. They misspelled my name throughout, but they went back and made the change to all the documents and were back ready for us to sign in about 10 minutes.
     
  3. mynameisjonas

    mynameisjonas Active Member

    Jan 19, 2019
    914
    224
    43
    Male
    Ratings:
    +1,852 / 199 / -104
    Yeah it doesn’t really sound like we’re getting the full story.
     
  4. cyclonesurveyor

    cyclonesurveyor Well-Known Member

    Jan 26, 2009
    1,141
    112
    63
    Fort Collins, CO
    Ratings:
    +177 / 6 / -0
    My wife's work has moved us 4 times since 2014. The first 2 times, I needed the written letters from my employer for the bank / mortgage company when buying a house. 3rd time was for the property management company handling our rental in the UK. Last move was back to the US and our current house, which we had been renting out, so no letter required yet but re-fi on the way probably.
     
  5. Primetime26

    Primetime26 Active Member

    Sep 7, 2012
    397
    94
    28
    Ratings:
    +299 / 5 / -0
    Anyone on here think there is smoke the theory "wait until the fall, houses will be cheap"?

    have heard that a couple times from a few self proclaimed experts at work.

    I saw Reynolds removed the eviction ban, but have never saw any stats on Iowa unemployment, only national.

    Looking at how fast houses are moving, I am not seeing that theory holding water as of now. But maybe it will be later this year.
     
  6. ArgentCy

    ArgentCy Well-Known Member

    Jan 13, 2010
    19,796
    1,335
    113
    Male
    Ratings:
    +13,048 / 3,004 / -1,850
    Really hard to say but the market is hot now. And I hate buying things that are up this much. As interest rates go down the prices go up but at some point these interest rates cannot stay low. Plus you have all of the deferments right now (8 million if I remember correctly) and how many are going to be able to catch up with one large chunk, very few I imagine.
     
  7. KnappShack

    KnappShack Well-Known Member

    May 26, 2008
    10,280
    2,022
    113
    Parts Unknown
    Ratings:
    +9,719 / 332 / -15
    From Freddie's page:
    What is COVID-19 Payment Deferral?

    The recently announced COVID-19 Payment Deferral solution returns a homeowner’s monthly mortgage payment to its pre-COVID amount by adding up to 12 months of missed payments to the end of their mortgage term without accruing any additional interest or late fees. This will ensure your mortgage is current once you are back on your feet and when other options, such as a repayment plan, are not feasible

    http://www.freddiemac.com/blog/homeownership/20200514_understanding_payment_deferral.page
     

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