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Asked 04/06/2007 03:00 pm CT (Camden county, NJ)

We need help! Two years ago one of our parent was very sick and where she was there was not medical insurance and her medication and hospital bill was causing about $500 weekly plus . We tried to work something out with our mortgage company but we got nowhere. We were paying but late. Plus interest keep going up From 1400 to 3000montly. Our mom did not make she died. We try to refinance, but becase of late payment we were turned down.We try with our current lender, everytime I talk to them it was a different story. They told to do this and that we do it . And we call again they tell us another thing. Please what can we do we just want a lower payment so we can get our live back on track.

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Hello, I may have a solution to your very unfortunate situation. Although there is no direct way ...

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Asked 04/06/2007 06:59 am CT (Sutherland Springs, TX)

I financed a piece of property from the owner. I am now paying it off. I have a Warranty Deed With Vendor's Lien filed at the court house. At the end of the contract it states; "The vendor's lien against and superior title to the property are retained until each not described is fully paid according to its terms, at which time this deed shall become absolute." What papers do He and I need to sign to conclude this transaction so that I can file it at the Court House?

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Asked 04/02/2007 08:03 pm CT (San Diego, CA)

My husband and I own a property in Vermont that we have not lived in since 1999. We moved to California, and rent a condo here. Our adult children lived in the VT home for 3 years and they rented rooms to their friends (we received the rent). Since then we have been renting it to tenants. We have refinanced it since we moved to CA. Now we are considering refinancing again - the loan company is in Florida (located by us on the internet). They have discussed with my husband that it would be a better loan if we call the VT property our primary residence or possibly a 2nd residence. I am concerned that they are trying to convince us to do something illegal. Am I right?

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Hi Lauri, I'm a Mortgage Advisor Specialist from San Diego CA; I agreed with David, as far as tha...

[ Total Answers: 2 ]

 
 

Asked 04/02/2007 01:03 pm CT (Lindsay, Ontario)

My husband and I are separating and he does not want to have anything to do with the house or mortgage and wants his name removed. My brother would like to move in and share ownership of the house. Can we just add or remove people from the Mortgage. Of couse all monies have been negotiated and agreed upon, just not sure if you can change ownership name or you have to start again. I have a good rate until 2009, so I do not want to renegotiate at this time, just change owership of Mortgage. Thanks

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Unfortunately, you will have to refinance the property to remove your husband from the loan. Since ...

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Asked 04/01/2007 05:01 pm CT (Oakland, CA)

We did an owner carry back on our primary home to the buyer. He has passed his 1 year payback time nad has not paid us the balance of the loan, Can we place a lein againist the property.

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Jacqueline This is something you should have done immediately when you sold the property. Did you ...

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Asked 03/31/2007 05:51 pm CT (petaluma, CA)

i recieved my loan docs at signing for an option arm and to my suprise the margin was at 4pts and not 2pts! not happy with this at all i signed my 3 day right to recission. *for* time sakes, rather than going through all the process again, can i have another broker renegotiate the same deal through the same lender on the same approval?

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Yes. The 3 Day Recission Period is there to protect consumers in just this type of situation. I woul...

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Asked 03/26/2007 09:28 am CT (Hedgesville, WV)

3 years ago I divorced. In the process, my ex got the house. He could not afford to refinance in just his name. So, the situation is my name is on the mortgage and on the deed. If I quitclaim the deed can my name be removed from the mortgage without refinancing? Someone suggested this, but I have my doubts. I want to be able to buy my own home sometime but I'm afraid his mortgage payment will be held against my debt to income ratio.

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Don't JUST give a Quit Claim Deed (giving up your property rights) without getting released from the...

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Asked 03/26/2007 08:28 am CT (newark, DE)

I needed a 20% dowmpayment for my investment home . I pulled the money out of my residence home through refinancingin two month ago . I had a 5.5% before refinancing with a balance of 93,000 before refinancing paying a monthly payment of 705. After refinance , I have a conv jumbo payoption ARM with a balance of 152,000 paying 1,161 . I did not understand what all this meant and trusted the broker who avoided all the important details . I terribly regret this move and I am worried about the changes in interest and monthly payment . I don\\\'t know which option to take , whether 12-year amortized payment option or minimum payment . How soon can I refinance again for a fixed mortgage ? My credit score is 641. Thank you in advance .

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Might be wise to check a refinance alternative. You are right to realize your current loan program ...

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Asked 03/08/2007 02:42 pm CT (charlotte, NC)

I am trying to get a loan on a house, the first loan I was declined because they didnt like the way the house was laid out (they said my finances were not the problem) and then I went to another loan agency who was really giving me a hard time and not taking all my wages and lying to me about the closing date so I quit with them. Is this going to make my credit look bad by having to try for another loan again? I am a first time buyer is there any tips or a certain route I should try? Thanks

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Raven, As a rule of thumb you want to avoid having your credit ran too much... while shopping for ...

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Asked 02/04/2007 12:32 pm CT (savannah, MO)

I had an ARM that has adjusted in January. I tried to refi in November with my mortgage company. They sent their appraiser who valued my home at 10000 less than I owe. Now they wont refi. I wondered if I had any recourse or if I'm stuck with 8.9 percent interest until it adjusts again. Thanks

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Wes, Give me a call or email me more information. I have loans that will lend above and beyond t...

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Asked 01/22/2007 02:14 pm CT (newark, CA)

The mortgage broker I was working with but whose loan I decided against refuses to give me a copy of my appraisal that I paid for but she ordered. Is it legal for her to do that?

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Well I am not an attorney But my understanding is that she ordered the appraisal and has the rights ...

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Asked 01/22/2007 02:09 pm CT (newark, CA)

The mortgage broker I was working with but whose loan I decided against refuses to give me a copy of my appraisal that I paid for but she ordered. Is it legal for her to do that?

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You absolutely have the right to a copy. There have been some changes with how the appraisers releas...

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Asked 01/10/2007 06:42 pm CT (Monroe, CT)

Does your name need to be on a title to be able to get a reverse mortgage, or can a personal loan against the property make it possible .

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Adrian, Generally speaking, you have to be on title to get a mortgage loan of any type. There are ...

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Asked 12/02/2006 02:28 pm CT (Charlotte, NC)

I was suppose to sell my house Nov.30. The day of the closing the buyer backed out of the deal. His financing was completed and all his paperwork was completed. He had the money for closing as well. His reason for not closing was that he just didn't feel like spending the money at this time. To get so close to selling my house and have this happen is extremly frustrating. Which leads me to my questions first I was under the understanding that this was a legally binding contract and if so what are my options against this buyer. Secondly I'm stuck paying two mortgages do you have any suggestions because I'm running low on funds. thanks

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Trae, Did you have an attorney represent you in this deal? NC requires them for title work, but n...

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Asked 09/24/2006 01:42 pm CT (middlebrook, MO)

my father cosigned my sisters house in jan.1984.he passed away 11-22-98.i recently checked my credit and to my suprise the creditor got my ssn#and put it on the loan as cosigner without my knowledge or consent.it is an adverse account.i have sent info to correct the matter but was brushed off.i have filed a police report,and contacted the ftc, oig,and the fraud hotline of the usda dept. of rural development who is the loan agency,that reported me as the cosigner.how would they have gotten my ssn#,and do i have a legal recourse against them for identity theft,or fraud?

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Hi Robert, Your issue could simply be resolved by producing a copy of the note on that particular...

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Asked 07/12/2006 06:24 am CT (Atlanta, GA)

My wife and I are in the process of buying property on a lake in Georgia. While the value of the property is in the lot/property, there happens to be a 1988 mobile home on the property. The structure is in decent shape and is definately liveable. In the long run, we will tear down the mobile home and rebuild when we are ready to retire, but until then we could at least use the property on weekends etc. Here is where my questions come in: 1) Although we have excellent credit (both of us have scores around 800) and a 10% downpayment, we are having a hard time finding a lender because of the mobile home. Appraisals in the area clearly show the increasing value of the property and it's hard for us to understand why lenders seam to be against lending where mobile homes are concerned, especially when compariable lots with no structures are selling for the same proice? 2) In an effort to get around the mobile home issue, we have tried to by the property as a "land only" purchase. If you are buying just the property, why would lenders have issues with the mobile home? For some reason we are encountering this issue as well. 3) Finally, why is it that you seemingly cannot secure a 30 year fix rate mortgage for just property/land (no house on property), but are forced to use 15 or 30 year adjustable rate mortgages? If you are putting down 10-20%, have excellent credit, and the property appraises at or above the selling price, what is the rational for not providing 30 year fix rate mortgages? Thanks for your answers.

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Hi Randy, It looks like you've done your research. All of your intial thoughts are accurate. Mos...

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Asked 06/15/2006 05:49 am CT (MILWAUKEE, WI)

If I refinanced a few months ago and had an appraisal done then, is there any reason why I would need to have an appraisal done again if I were to refinance now?

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Hi Gregg, Most of the new appraisal rules and regulations, require a new appraisal or "Re-cert" a...

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Asked 06/11/2006 08:54 pm CT (Pomona, NY)

Closed a difficult loan (refi) three weeks ago. I had a good relationship with the cutomer and he was in need of the cashout (120,000 cashout) to purchase a investment property. The loan took alot longer to close (3 mos) due to title issues. The rate had changed and the customer needed a bigger loan. The customer did not like that the rate had gone up, but he was going to pay the loan back in 5years and needed the money immediately or he would lose his deposit on his 2nd home.The loan was in his wife's name and she looked over all the docs and signed all. Three weeks later, customer calls me to explain that the social security on the paperwork was wrong. The correct social secuirty was pulled for credit scoring and program etc.Customer decides that he will hold it against us and not resign paerwork with the corrections unless we lower the rate!I explained that's not possible and if he did not want the loan he should have not signed and agreed to the loan. And he used all the cashout for a new purchase . He has threatened to take us to court. Does he have a case?

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Connie, Did you repull credit under the correct SSN#? Was it the same if you did? Are you sure ...

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Asked 04/21/2006 05:07 pm CT (Salt Lake City, UT)

If two people own property as joint tenants, can one of the parties barrow money against the property without the concent of the other perty. Do they own the equity equaly or does each own half?

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Great question Cindy. In order for any type of mortgage loan transaction to take place on a home a D...

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Asked 04/01/2006 01:00 pm CT (Lafayette, LA)

I am taking the first steps into buying a home. I've enrolled in score watch with both Equifax and Citi for about 4 months now. I've been monitoring my credit a lot. My score dropped from a 607 to a 475 in one year, because of 2 collections and a past due on my credit card that only has a 250 credit limit. My score has improved, but it is only at a 556 and the lowest with Experian is 534. I know that by the time that I am ready to buy a home, which would probably be in July that I will have at least a 600 again. But I was just wondering, I have only been on my job a year I make $649.12 Salary every two weeks, plus commisions and bonuses usually an extra $250 a month after taxes and I receive child support in the amount of $307 a month. I also have poor history in 2000 gateway filed a judgement against me and it is in the amount of $3,100. I haven't paid it and don't know if paying it would even help my situation. In July when I am ready to purchase my home I will have about $8,000 to put down and for closing or what not. What am I doing right or wrong to prepare for this and worst case scenarion my credit score don't get to 600 what are my chances and with the income that I have what would be the best mortgae that I would be able to afford?

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Simone, it seems to me you are on the right track as far as trying to clean up your credit. However,...

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