Sung A asked:


Hi
I had a friend (James) who was a mortgage broker also a investor. Year 2006 we purchased property in Florida. He told me that would be a good investment property. About six months later he asked me to go to settlement because we have a buyer. He also mentioned “We will make $150K each.” I Said “How come. In six month?” He goes “Dude I told you it is a good investment property…” and we had a settlement and I made $150K. After couple months he was caught by FBI for other crimes. Now he is in federal prison. Problem is that the property we bought and sold in Florida, he (James) inflated value more than $400K by using false appraiser. (*some reason he controlled buyer’s loan application also hired appraiser by himself. Appraiser was conspirator too.) Believe or not I didn’t know any thing about that. Now I realize that it was a mortgage fraud. Luckily? – James was not charged about this fraud. But the person who bought a property (Victim) tries to sue James and appraiser and all the conspirators.
Here is my question.
As I mentioned earlier I didn’t know anything about that mortgage fraud. But I received $150K and I used it already.
Am I going to be safe from crime and civil action? Or am I responsible for buyer’s loss?
Please help.
Thanks

Mason’s Mama asked:


Okay, so me, my husband and our 7 WEEK OLD SON are being evicted from our duplex because the owner is a moron and doesn’t pay his mortgage and it’s being forclosed on (Alfred Brown who owns these duplexes in Florida……you better watch out if I ever go to California and meet you!!)

Well, my husband and I decided it would be just as much to buy a house and pay the mortgage because we CAN NOT find anywhere to rent for what we pay now.

Here’s the problem…my husband actually went to college to get a good job and he has student loans. We also got rid of our one and only credit card several months ago so we could pay it off. We also have 2 cars that we’re making payments on. Thanks to all the people foreclosing on their homes, no one will give us a mortgage because they say we don’t qualify. We qualified for one 6 months ago and now we don’t. The lady at the bank told us she know’s we could easily make the mortgage payment, but with the way things are right now, they can’t even put us in the computer to try and qualify us because “we owe too much money on too many different things.”

Everything that’s for rent is just too expensive. I am so pissed off because it’s like we’re getting screwed for actually trying to do the right thing. My husband works and makes good money, we’re steadily working our way out of debt, and we have never made any late payments on ANYTHING.

Our neighbor doesn’t work, she sits at home all day, and her mother is raising her 2 year old. But, since she’s on welfare and has section 8 housing, the government pays her rent and have already found her a new place to live (it’s more expensive, but since she is being evicted for something that’s not her fault, they’re paying the difference) They’re also paying for a moving company to come and move her stuff.

My family is going to have to move back in with my parents. This sucks. Why doesn’t the government try and help those who are actually trying to help themselves???

inder asked:


hi! this question is regarding my sister.her husband just passed away this friday 07/13. he was self employed owned a house (on mortgage), have a 3yr old daughter. Someone here told me that the best thing for my sis to do is to file a personal bankruptsy and according to the Florida law she will not loose the house and might have to give up on the cars. but i am trying to find out more info. she certainly can not take care of the bussines because she or anyone else does not know anything about it. So. i am basically trying to find out answers that coud help her in this situation where she can save the house this way she and her daughter have a home. rest she can sell the bussiness and work. so any and all advice would be very greatfull , thank you all.

Rina asked:


Ok my husband and I are arguing. We live in Hawaii. We just bought a new truck last year. Since my husband is deploying and I hate living in Hawaii, me and the kids were going to move back to Fl.
Well my husband ALWAYS has to be right(no matter how crazy he sounds), so he said
“If we ship the truck to Florida we have to refinance at another bank in Fl because we do not own the title yet and if the truck is financed in Hawaii we cant go out of state”

I asked him if he just pulled that one from his butt, because it sounds ridiculous and we have had other vehicles and NEVER had to refinance one we moved out of state as long as we mailed our payment in.
Whose right??Please say me…lol
So he pulled a bunch of other BS out of his rear trying to back up his statement, but just to settle this please respond.
We did have to get permission to ship it to Hawaii for our other car, but in no way had to refinance it. Like I said, he just likes to sound smarter than me and things he says comes from nowhere…lol
To the last respons norskey??? You must have personal issues in your life. In no way am I working against him. Yes I know what he has gone through Ive been deployed too.He wants me to move to Florida it was his idea. You sound like someone who is bitter against the military, or very immature. You obviously read the question way wrong GROW UP.

Lance J asked:


I am a young guy living in Washington DC and because of the housing prices I am forced to rent an apartment up here. Since I have a decent salary I really need a mortgage to write off, so I just purchased a home in Florida that I want to use as a “vacation” home. (Although this will be the only house I own, when purchasing it I had to classify it as a “second home” since I wasn’t going to be living in Florida full-time).

My question is this, my mother will be living in my vacation home and will be giving me monthly “gifts” to cover the expenses. The total of these “gifts” won’t exceed the $12,000 annual IRS cap. Since I’m not in the rental business, am I correct to assume that I don’t have to treat these gifts as “rent” and have to declare the income (hence file a 1040E)?

What are the pros and cons to keeping the house as a “vacation home” vs. a rental home? Would I be better off treaing this house as a rental instead?
By “1040E” I mean “1040 Schedule E”

Rae W asked:


Hello there,
Can anyone tell me how I can find brokers or lenders who would be interested in using my title company? We are fully insured and can handle the closing on a refinance or purchase from beginning to end. Please let me know.

Sincerely,
Rae Wilson
Point Title
www.point-title.com

amberview asked:


Thank you in advance for helping. I need to refinance as my interest rate is about to go up in October. I’m trying to refi w/ my current lender on a 172K mort. in Florida. They are telling me my closing costs can be 4000. The Lender told me that the costs are mainly the “title companies” cost. Two co-workers told me that I shouldn’t pay more than 1500 for closing costs. I think I am being ripped off if I go through with this, but I am unsure. Is 4K a lot for closing costs on a 172K refi?
Could my estimated closing costs that he quoted me on the phone include taxes and insurance. If so, thouse are at least almost 3000. Then I wouldn’t consider my closing costs too high. I think my coworkers were exluding taxes and insurance from the number they stated. What happens to the taxes and insurance I already paid?

My rate will be around 6.5, he said without pulling my credit report again. I’m not sure how he came up with this number.

ChELa24 asked:


I’M REFINANCING MY HOUSE IN FLORIDA AND ALSO GETTING A LOAN I’VE PROVIDED ALL MY DOCUMENTS AND DID A APRAISAL WITH THEM AND THEY KEEP TELLING ME EVERYTHING’S FINE THAT EVERYTHING PASSED…ONCE THEY DID THE APRAISAL THEY SAID THEY WOULD CONTACT ME.DID’NT HEAR FROM THEM FOR A WHILE AND I CALLED AND THEY SAID THAT IT DIDN’T GO THROUGH..WERE’NT THEY SUPPOSE TO KNOW THAT FROMM THE BEGINNING?ANYWAYZS ANOTHER AGENT CALLED ME AND TOLD ME HE CAN DO IT FROM THE SAME COMPANY…AND NOW HE SAYS I HAVEW TO DO ANOTHER APRAISAL WHICH I DID NOT EVEN 2 MONTHS AGO FROM THEM AREN’T THEY SUPPOSE TO HAVE THOSE DOCUMENTS ALREADY OR ARE THEY TRYING TO SCAM ME?? IS THERE ANY OTHER GOOD COMPANIES TO REFINANCE?? HOW LONG IS AN APRAISAL GOOD FOR??

Jessica asked:


Me and My husband are looking to buy a home in Orlando, Florida for $299,900. I work as a nurse & he is a State Highway Patrolman. Our total Yearly income is $90,587 after federal tax (Florida has no state income tax, fyi) With a 30 yr fix mortgage rate of 4.97% and a $59980 down payment could we afford the monthly payment? We have no credit cards, and minimal debt. Both cars are already paid off and our bills are about $1,300 a month total. Thanks in advance for the help!

thedebtfreelifestyle asked:

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