• Content Count

  • Joined

  • Last visited

Community Reputation

10 Good


  • Rank
    CIC Member

Profile Fields

  • Location
  1. Can someone please ban this guy SMH
  2. This broker also failed to include the upfront MIP in the loan amount. You learn something new everyday. I didn't realize there was the upfront and the monthly payment! So loan amount is more like. $119,790 with the UFMIP financed in.
  3. Can you help me identify which fees are exorbitantly high? Would it be too much to ask to go line by line and tell me what you would expect to pay for each line item, or what would be fair. I would like to learn and see where I am getting ripped off. Thanks!
  4. Thanks for your reply TomnTex I dont think you can compare Real Estate in Miami-dade county in Florida and Texas. That same house in Miami would cost a lot more.
  5. I can't find the 3.250% rate anywhere else.
  6. Also on this new GFE it reads you receive a credit of $5,430.37 for this interest rate of 3.250% this credit reduces your settlement charges. Is this the point I purchased to reduce the rate? How does this work?
  7. Yeah, I knew they were high I just don't know which fees are too high and should negotiate and which are priced right. Which are just crazy high that I should negotiate tomorrow and which are okay? For the loan amount what would average closing costs be. What would you guys negotiate and pay? Thanks for all the help through out the years. This forum has served me well.
  8. After a year of credit repair and a year of house hunting, I'm finally under contract on a nice 2/2 townhouse on a lake close to work and my parents. I just left the mortgage brokers office. I was thrown off by the new GFE that is being used now. Just looking for some advice and feedback. Credit score 650 Purchase Price 122,000 Down Payment 3.5% Total Loan Amount $117,730 Interest Rate 3.250% Loan Origination Fee 3.5% $4,120.55 Lenders Fees $815.95 Credit from bank? 4.706% $5,540.37 Appraisal $430 Credit report $50 Closing/Escrow Fee $995.00 Lenders Title Insurance $350.00 Title Search Fee $125.00 Electronic Document Delivery $22.50 Wire Disbursement Fee $225.00 Owners Title Insurance $701.50 Survey $375.00 Mortgage Recording Charge $220.00 INTANGIBLE TAX $235.46 DOC STAMPS $412.06 SELLER STAMP TAX $854.00 Hazard Insurance Reserves $400.00 PMI MIP VA FF RESERVES $245.28 County Property Tax Reserves $608.01 Daily Interest Charges $188.69 Hazard Insurance Premium $2400 P&I $512.37 Hazard Insurance $200.00 Real Estate Taxes $202.67 Mortgage Insurance $122.64 Total Monthly Payment $1037.68 How does this look? I'm a first time home buyer. The lender would be Freedom Mortgage. Any opinions or reviews on them? Thanks
  9. HAHA, that's a good one. Hopefully we wont have to go that route. It did cross my mind though. The guy (new owner) has been pretty understanding. The tenants have communicated to the investor that they are waiting on the outcome of the pending application but they keep getting things in the mail and they get nervous. So I guess the key is to draft a response to the motion to issue writ of possession, file with the court, copy the plaintiff, and attend the scheduled hearing correct?
  10. From the web: "Florida does not have a right of redemption in the traditional sense which permits the debtor to redeem the proeprty AFTER it has been judicially sold. What it does have, however, is a 10 day protest period which begins from the moment the certificate of sale is recorded. The protest period provides the debtor an opportunity to contest any procedural irregularities with regard to the sale. It does not permit them to "cure" the default and take the property back absent some error in the manner in which the sale was advertised or held." They are outside the 10 day protest period. Thank you for your suggestion. I think the judge will have some compassion because of the elderly tenant and the effort to secure a new lease just waiting on the pending application with the association. I'm going to pass my the association office to try and obtain a letter that there is an application pending.
  11. Thanks for your reply. The property was bought by an investor that plans to rent the property. He offered to let them stay and rent the property from him with a new lease but they applied to rent at another condo community. We are only waiting for the approval from the association and the ok to move into the new place. Below is what I have been able to gather online: Complaint and Summons As defined in Section 83.59 of Chapter 83, Florida Statutes, Landlord/Tenant Law, if the tenant fails to comply with the rental terms, the landlord may proceed with the eviction process by filing a complaint in the county where the premises are located. After the complaint is filed, the county clerk will issue an eviction summons, which can be served by the sheriff's office or authorized process server. Court Appearance Section 83.60 of Chapter 83, Florida Statutes, Landlord/Tenant Law provides legal recourse for the tenant in the eviction process. The renter has five days (exclusive of Saturdays, Sundays and holidays) to answer and defend the complaint. If this takes place, the landlord must contact the court to schedule a hearing. If the tenant does not answer the summons, the landlord can file a motion for default and proceed with obtaining a final judgment for possession and a writ of possession, a document that authorizes the landlord to assume possession of the property. Assume Possession of the Property Section 83.62 of Chapter 83, Florida Statutes, Landlord/Tenant Law restores possession of the property to the landlord. The court will review the file and enter the final judgment for possession and direct the clerk to issue the writ of possession, which describes the premises and authorizes the landlord to assume possession after 24 hours.
  12. Hello all, This is regarding a Florida foreclosure and eviction that a family member of mine is going through. Basically the property was sold at auction and the latest we have received from the court is the motion to issue writ of possession. I can feel a sheriff eviction looming and wanted to ask the forum what kind of response I could prepare. The tenant (my aunt) does not want to stay any longer than neccessary she already submitted an application to lease a condo and we are just waiting on the approval from the association. So hopefully she will be moving out by the beginning of February if everything goes smooth. I plan on filing the response with the court and attending the hearing, basically asking not to evict or postpone the eviction until my aunt along with her 87 year old grandmother have secured a new lease and are ready to move into their new home. I don't plan for her to stay passed February but you never know. Plese help me form a response, I have read that the judge will give consideration to the elderly. I want to make sure I have all of my ducks in a row so there aren't any surprises. They are pretty scared and nervous not having any experience with this and they think the sheriff is going to come in there in the middle of the night and kick them out. Although I have explained many times this is a process and everything is done through the court. Thanks always!
  13. Thanks for the replies, I think I forgot to say you guys rock! I knew I could post here to cut through all th BS. What do you mean when you say "junk fees look a little light" I agree that the closing costs are high and if anything will be negotiated. Keep in mind, I don't even have a property in mind and the $190,000 is the max I was Pre-approved for. (I will most likely go lower as you suggested) I completely agree that no business will be done without reviewing the HUD. Great suggestion to request the title company put me on the list. You make very valid points regarding property values not rising as they once did and the "what if" scenario. As it stands now I can only come up with 1/2 of what is required. I really need to take my time on this and build up savings and my credit could use a boost as well. At least I know that a bank will take me which wasn't the case two years ago. I have come a long way since the days of collections, charge offs, JDB's and defending myself in court against the JDB's. I have learned so much and this is just part of it. I am by no means in a rush and will be taking my time on this. I realized I need more in savings and not quite ready to take the plunge. Denita hit the nail on the head as she is in FL and most have a difficult time qualifying for a conventional loan. Everyone is FHA crazy down here. Thanks again 2ndTimeAround and Denita.
  14. Ok, reporting back after my meeting. Here are the specifics after going through the Credit report, GFE and taking notes. Credit: Experian: 662 TransUnion: 653 Equifax: 634 FHA Loan 3.5% Down payment (Could be a gift) Charging no points, Lender fee is a flat rate of $1250 for FHA No other fees besides the appraisal. All other fees are title & government. FHA 30 Year fixed rate 4.125% Direct lender YSP is not used. GFE: PROGRAM 30 Year Fixed No Pre-Pay LOAN TO VALUE 96.5% COMBINED LTV 97.5% LOAN TERM 360 RATE 4.125% MORTGAGE AMOUNT $185,184 Sales Price $190,000 LOAN ORIGINATION (%) 0.000% LOAN DISCOUNT (%) 0.000% 1. Closing Costs Loan Origination Fee 0 Loan Discount 0 Appraisal Fee 450 Credit Report Fee 0 Final Inspection Fee (New construction) 0 Tax Service Fee 0 Lender Fee 1,250 Title work: Abstract 795 Attorney/Settlement Agent 295 Closing Fee+ simultaneous issue title policy 0 Title insurance estimated rebate 0 Title insurance 1,025 Title Policy Endorsements 153 Funding Fee 0 Recording Fee 175 Doc Stamps: Note 648 Doc Stamps: Deed 0 Intangible Tax on Mortgage 370 Survey 375 Pest inspection 0 Flood certificate 0 Courier, Delivery & Handling Fee 75 Total Closing Costs: $5,612 2. Prepaid Items Prepaid Interest (Estimated 15 day) 314 0 Private Mortgage Insurance 0 12 months hazard & flood insurance paid in advance 2,400 3 months escrow hazard insurance 495 0 months escrow flood insurance 0 3 months escrow property taxes 975 Total Estimated Prepaids $4,184 3. Estimate of Total Cash Requirements Est. Closing Costs $5,612 Est. Prepaids $4,184 Financed PMI/VA FF Total Costs: $9,795 Down Payment $6,650 Deposits Seller Credit Total Cash To Close: $16,445 4. Estimated Monthly Payments Principal & Int $897 Taxes $325 HOA $- Contents $- Home Owners Ins $165 PMI $177 TOTAL $1,565