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Asked 03/17/2008 11:25 am CT (Ivins, UT)

My husband and I bought a home about 8 years ago. It was our first home and we got scammed into taking on a balloon payment of $20,000 due after the first 2 years. Needless to say we couldn't pay that much all at once. We went to a place trying to refinance and they ran our credit so many different times that they decreased our credit score below what they said they would allow and refused to refinance us. This took so long that by the time they told us they wouldn't refinance us the balloon payment was up and we were being threatened with forclosure. We decided then to do a chapter 13 bankruptcy to pay back this amount owed in a way that we could more readily afford. Between now and the time that we filed the bankruptcy I have lost my job 4 times. 2 times due to downsizing companies, once due to health problems, and once due to an employer who decided after hiring someone they knew they would have to train, that they couldn't spare the time. Through all of this I have tenaciously found the way to make my mortgage payments along with my chapeter 13 payments. Now however it seems to me like my mortgage company is trying it's darnedst to take my home (which has risen in value to almost 3 times what we initially got the loan for). I was late on a mortgage payment once and they filed for a dismissal of my chapter 13 so that they could forclose. I pulled it out and made all the payments needed so they dropped it. The legal document filed, however, said that if after 3 times of payments not being on time they could dismiss the 13 and forclose right away. Since the first time I have paid my payments on time and made sure to get proof of delivery from the postal service each time. They have since claimed that I was late once before, which I proved incorrect, and now they have sent me a document that says that I have alledgedly been late again and they are going to forclose. I have only $500.00 left on my chapter 13. If I get my bankrupcy lawyer to fight it, he will tack on more money for his services to the 13 and it will take longer and I'm not sure this mortgage company is going to give up on trying to forclose on me! What should I do? Even when the 13 is over I will still be with the same mortgage company and probably still be facing forclosure every time they decide they want to mess with me!

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Get away from that mortgage company AND make your pymts on time. If you can't afford the home, I'd s...

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Asked 03/15/2008 04:51 am CT (toronto, Ontario)

I didn't know that when I sign my closing mortgage paper from the bank it shown a different property address than the one I purchase? Can it be fix ? Do I have to go and sign the closing mortgage paper again with the correct property address?

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Asked 03/03/2008 05:18 am CT (buffalo, NY)

my wife and i were pre approved for $120,000. we asked for this amt.. found a home for $95,000. we did get pre approved. Filed and satisfied a chapter 13 exactly2 years ago. Due to his job of 39 years lay off ...sold company. I obtained another lesser job at half the salary for 11 years...lay off again. Have been employed at 60,000 including Social security as well age is 69..wife 65. Mortage consultant says NO Problem...I am worried sick as I have been emplyed steadily for the past 1 year ...PROBLEM...we will hear in 1-2 weeks Sure hope with my steady employment now this will help us . I do have $90,000 in equity in our present condo....PLEASE REPLY SOON Thank you

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Asked 02/26/2008 05:10 pm CT (chicago, IL)

We bought a townhouse w my exboyfriend a 3.5 years ago. He is from Europe and in December2007 he went back. Refused sign the deed for me and just left. He is never coming back becasue he was not legal in USA. His name is on the deed and mortgage. He also left some debt on the credit card. Credit cards are only on his name. Is there anything I can do to get him off the deed? I dont even have a contact to reach him. I dint think I will ever hear from him again.Thank you for any of your advice.

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Asked 02/25/2008 07:34 am CT (Conyers, GA)

I contacted my mortgage company 4 months ago for help. My husband\'s pay decreased and we were beginning to have a difficult time paying our mortgage. They told me I qualified for a Loan Modification. I did as they asked and sent in a financial worksheet, pay stubs etc.. They said I would get an answer in about 4 to 6 weeks and I didn\'t need to make any payments until I heard from them. Two months later I hadn\'t heard anything. I contacted them to find out the status. They said they were running behind and I should hear something soon. Well last week I received a letter from an attornys office informing us that our home was going into foreclosure. My mortgage company now tells me they need my information to be sent in again and if they are not done by the date of foreclosure they would postpone it. I am afraid at this point. I have a feeling they won\'t be done with my modification in time. Is it true a mortgage company would postpone a foreclosure in order to work out a loan modification? What should I do?

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Asked 01/31/2008 01:32 pm CT (bangor, PA)

I re-modified my rate in august 2007 to 6.80. I had a 3/1 arm. I paid $900 to do so but it reduced my monthy mortgage by $312. Now, I called the bank again to re-modify my rate and they gave me two options. 30 year fixed at 5.75 reducing my monthly by $151. or a 20 year fixed at 5.5 reducing my monthly mortgage by $54.00. Of course it would cost me $900 again but number one does it make sense and number two which seems the better option. Thanks for any advice you may give.

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Asked 01/29/2008 10:41 am CT (South Elgin, IL)

I just re-finaced Dec 26, 2007. How long before I can look at refinancing again?

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Denise, You can refinance as soon as you would like. Call me at 815-838-6613 and we can discuss ...

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Asked 12/16/2007 10:28 am CT (bayshore, NY)

The title deed to the house is in my name. The mortgage is in my friend's name. She is behind on the mortgage. There is some equity left in the house. My credit is mid 500. Can I get a loan in my name against the equity in left in the house? Or structure the loan to payoff the mortgage with cash out?

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Asked 12/12/2007 04:28 pm CT (Hoffman Estates, IL)

My husband (prior to us being married)bought a house 7 years ago and due to a job change, moved to another state in '05. He put up his house for sale at that time and wasn't able to sell it. In '06, he rented it out to a couple who were supposed to do a rent to own. Based on this, we signed on to build a house together in the state we are currently living in. 6 months into it, the renters stopped paying rent. He had to evict them. They trashed the house and we had to spend about $5,000 getting it back into selling shape. He put the house back on the market in Feb. of this year. The house wasn't selling still so he took it off the market and tried to rent it out again. No luck. Meanwhile, we moved into our new house in July and could no longer pay the other mortgage so he told the bank in October that he would no longer be able to make the payments. He also has a home equity loan on the first house. THe bank told him to put that house up for sale again and lo and behold, we got an offer. The offer is at a loss(due to the home equity loan, of which we would not be able to pay about $22,000 of with the offer we got). We figure we have to take the offer because this is the only offer in almost 3 years that we've gotten. My question is, is it better to short the home equity loan or pay off the home equity loan with credit cards? We are going to have to refinance our current home in about 5 years as one of the loans that we have is an ARM so we are wondering which is going to hurt us more, the shorted loan that much more credit card debt? Please help. Thank you.

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Nikki, There are several issues here to consider. First, generally speaking you would probably b...

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Asked 11/12/2007 07:42 pm CT (Sulphur, LA)

My Husband And I signed over the deed to our home July 16th 2007 because the Mortgage had become too much for us to keep up with. We were behind on a few payments and were trying to sell our house by owner and even with the help of a real estate agent. .After a few months of trying we decided to contact an investor who said if we signed an assumption of deed over to him, he would make the payments until he could find someone to purchase it. Well, he did find someone to do an owner finance for at a year..they paid him a generous down payment and then monthly payments as well. Since we were behind the investor had to work out a repayment plan with our lender. this was spread out over a years time,and is still reporting late on our credit...further damaging it and we are still responsible for the note even though we signed over the deed. I talked with him about selling the property now so we could be off the loan, but the agreement he signed with the people now living in our house says they must wait a year to obtain financing. The reason for this is we have equity in our home and will have even more when the pre-payment penalty drops off next year. he is stands to make at least$30,000 off our home and we walked away with nothing. He has not made one payment on time in the last few months and the Mortgage company keeps calling us. I called the people living in the home and discussed the arrangement they have w/the investor. He has mislead them in many ways and us! they were not aware that we were still on the loan! Now I am wondering what my legal rights are in reassuming my home or even working out something with the new tenants to sell outright to them at a lesser amount. Do we have any rights? Our credit is not in great shape because of late payments, A discharged Ch.7, medical bills( all three of our children had tonsils out), I have not worked for the past few years, etc. BUT I am now working again and our Monthly net income together is $5800. Could someone please help us to repair our damaged credit and possibly gain control of our home again so we can make a profit from it and further improve our credit. Jen

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Asked 10/31/2007 12:41 pm CT (Toronto, Ontario)

My husband and I are considering a $200,000, 25-year mortgage, 5-year term mortgage at a rate of 7.5%. Considering fixed-rate mortgage rates compounding semi-annually, what will our loan balance be after the first 5 years? Also we hope to make a $10,000 payment directly against the mortgage balance at the time of renewal, 5 years from now. How much can we reduce our mortgage payment, assuming we renewed the mortgage at the same rate and for the same remaining term of 20 years? How much money can we save overall? Thanks!

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Hi Renee Most of teh brokers on here are from the USA and they have different mortgage calculations...

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Asked 10/28/2007 11:38 pm CT (Canonsburg, PA)

We have 8.010 fixed on our mortgage from 3 yrs ago can we refinance at a lower rate now with 680 fico, also want to borrow 60,000 against to pay off credit cards, bills ect...Want to use only husbands SS but my income as well because my credit is not quite as good, is this possible. We would use about 118% of the value of our house, can you direct us to a lender that will not"grill" us for information and that would be easy to use to get a refinance and that extra $$ to pay off debts. We really appreciate your help!

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Asked 10/24/2007 08:27 pm CT (new york, NY)

We have been approved to close by the bank but now the seller has a judgement lien against the property. What is our recourse and what if seller backs out of contract?

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Asked 10/17/2007 03:32 pm CT (Reseda, CA)

I have a townhouse that has a first and a second on it. The outstanding balance is about 405k and the Townhouse is now worth only about 350k The monthly payments total over 3k a month and I have never been late on any mortgage payment and my credit rating is mid 700s. Recently the 1st adjusted and by spring It will adjust again. I will not able to afford this place within a few months and will start to fall behind on payments. I have paid off property in another state and want to move. Can I walk away from the townhouse without them trying to seize any other assets? How long could I stay in the property safely not paying the mortgage payments before I am kicked out? I realize they will wreck my credit but what other things can happen?

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Jerry is right, you may consider borrowing from the Free and clear home that you own to help get you...

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Asked 10/04/2007 09:59 am CT (Newport News, VA)

My husband and I are listed on the deed for our rental property in Virginia. I'm in the Air Force. We currently live in Maryland. We have had two mortages on the house both in my name only because of his poor credit history. I refinanced last year while we lived in California and did not have to have his signature on any of the paperwork. I may need to refinance again this year. Does Virginia law or Maryland law require that I get his signature on the closing documents?

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Asked 09/15/2007 06:10 pm CT (Lynchburg, VA)

If I loan money to someone as a second mortgage against their home what are my rights as a lender in second position should they default? There is equity in the home. Thanks. DB

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Asked 07/11/2007 08:05 pm CT (cross, SC)

my husband was hurt and was out of work long time we filed bankrupsy and still got behind a payments on [mobile home] case was cancel my morgage co. demanded a balloon payment of $2700 dollars they agreed after that payment we would work out payment plan monthly,parents help us with that payment,couple days later recieved ph call from morgage co.that our loan had been solded & new morgage co told us that wasnt good enough that they wanted a balloon payment sent IT. my problem is had another phone caLL FROM LENDING Co.again infoming me me contract has been sold again and co wants another $2700 we are tryin been makin monthy payment is doubled ,lender still tells me dont send any more payments they wont accept it and will foreclose on my home anyway tellin me that contract promising me we could make paymentasnt any good because of new lenders we r tryin, can company legally foreclose without even keeping theier end of agreementwe dont want to lose our home and we making payments what rights do we have

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Your situation is too complex for anyone to anwer over the internet. I recommend consulting an atto...

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Asked 06/19/2007 08:14 pm CT (ocean springs, MS)

My parents gave me their property with a life estate on it. Can I take a loan out against that property even though they still live on it?

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Asked 04/20/2007 04:47 pm CT (Odessa, TX)

Two years ago the department I was working in closed down. I was making very good money at that time. However, since then I have been late on my mortgage payments. I have talked to the company and they helped. My job has been outsourced and the field I no longer make the money I used to. Last year it became worse with the gas/electricity hike. I fell behind again this year. I am not sure if I should sell my house or not. They say if I do not pay the payments I missed it will go into rapid foreclosure. However, my house payment is cheaper than the rent for a 2 bedroom apartment. Should I sell and look for a cheaper alternative? My credit is not good and I have no one to borrow money from. Thank you for your help.

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Asked 04/20/2007 04:15 pm CT (Dallas, TX)

I was recently declined for a home loan. I asked my loan officer to email me a copy of my credit report. He stated it was against the law for him to do that. That I would have to contact equifax to get it. Is that true? What law is that against?

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did you sign a credit disclosure if not he does't have to give you a copy? ...

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