Barney Frank forced lenders to participate in these ‘stated income’ mortgages to insure that minorities were able to buy homes. Great idea, horrible method. But Barney Frank refuses to admit any involvement. Denial is one of the five basic principles of liberals.

Of course LaRaza should be investigated. They are also corrupt!

LaRaza helped write the pork spending bill. They are a racist group.

More and more of this type of corruption will be coming out in the next few weeks.
Of course the State & Fed gov knew what ACORN was doing with taxpayer money. Of course they knew about sub-prime loans.
They just didn’t want us to know about it. Now that we do they have to step up to the plate and pretend ignorance and demand investigations to cover their own a$$es.

No it is not possible to obtain two seperate mortgages from two seperate mortgage companies on the same property. Why? Because the lender will look at that as a bad risk! In order for you to obtain a mortgage in the first place the lender will require that you give them the first positon on the lean. Lenders dont shair the first position on the lean with anybody. You would also have problems with the appraisal. That being said you can have two loans on the same property. The second loan is called a note,and it is not provided by a mortgage company.It is provided by a private individual.

There’s some really good advice here. With that kind of equity in your home, you should really have some give a mortgage analysis for you.

You are certainly on track by looking to consolidate your bills and let your home do the work for you.

Definitely leave the 401k alone. I can show you a couple of different ways where you can keep everything the same, but by restructuring your debt, you can set yourself up for retirment.

Feel free to contact me at.

Or you can check out my site at caseycasperson.com

Yes you can but… your going to end up paying more in closing fee’s. why would you want to?

The community reinvestment act did not force lenders to do anything. They were not required to change underwriting standards and they were not forced to make sub-prime loans.

Nice try to whip up the right wingers. Try finding a few facts from someplace beside a right wing blog

Yes. One mortgage will have 1st position in the event of foreclosure, and one mortgage will have second position in the event of foreclosure. There will be separate closing costs, and probably different terms, and interest rates for each.

Your 1st mortgage company may qualify you, and agree to make your loan based on knowing all your debts at the time of closing, including the extra liability you will assume taking on the second mortgage. In other words, if they require a 20% downpayment in order to write a certain loan, they may not allow you to borrow all or part of that downpayment, even if your income is able to handle both mortgage payments.

A home equity line of credit would make the most sense. I just had this same scenario and after much research and my CPA this is what I did. Borrowing on the 401k is a definite no no-don’t even go there. Refinancing would commit a large amount or all of your equity along with high closing costs, points, and little flexibility on payback terms and amount borrowed.

Home equity line is being offered from competitive lenders at prime + 0% with no closing costs. You can borrow as little or as much of the total line when you want and pay it back over flexible terms without refinancing large amount at now higher than your current rate. Refi your prob looking at 6.5% ballpark with closing costs and all negatives above vs prime (8%) with much greater flexibility and save the difference by no closing costs.

I just did it myself and happy about my decision. Good luck!

i just don’t understand why they calculated your students loans, when on the credit they show that they are not due yet. only one option i see for you is to come up with alternative payment history like maybe you pay something like gym membership, utility bills, car insurance, your dentist for braces or something like this. ask your loan officer what other things you can provide to make this work.