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Asked 06/05/2008 04:46 pm CT (aurora, IL)

My husband and I are first time home buyers. His score is 680 and mine is 585 will we still be able to get a home and a decision rate? What downpayment assistance programs are offered for first time home buyers?

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Hello Kim, Even though your score is a little low you can still qualify for a mortgage. Your bes...

[ Total Answers: 1 ]

 
 

Asked 05/10/2008 07:49 pm CT (Bourbonnais, IL)

I have another property in South Carolina, I need to sell it as fast as possible. The problem is I have a second mortgage on it. My wife and I paid it off ten years ago. We moved and never got the clear lien on it. The company has since gone bankrupt. So I have no idea how to get the lien cleared up so I can sell it. The finance company was First Plus Financial.

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Asked 05/01/2008 04:05 pm CT (Detroit, MI)

My Mortgage Company turned my home over to a Mortgage Brooker in the City of Detroit. The home is no longer in my name and has been put up for a sherrif sale. The second Mortgage is requesting I pay them over $900.00 in addition to other fees. Are they able to come after me for payment. I owe them $28,000. My first mortgage really did me wrong because we had set up fixed payment plan and because they claimed they did not receive agreement on a certain date, they just forclosed without my knowledge. I only found out when they returned my check for $718.00. They did this 2-24-08. Do I still have to pay the 2nd mortgage company. They call everyday. Please advise.

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Gloria I am sorry to hear about your difficult situation - unfortunately, all mortgage holders are e...

[ Total Answers: 1 ]

 
 

Asked 04/17/2008 10:19 am CT (ELK GROVE, CA)

My brother who lives in Elk Grove, CA purchased a house a few years back, then he decided to purchase a second house with the family money. I believe the interest on the second house is fixed. I am sorry, I don't know about the details. All I know, he and the whole family are really pressured due to work and finances. He hasn't been able to refinance the house due to severe real estate problems. He was thinking to give the house to the bank, but as you may know, he will still owe money to the bank and we will lose everything. Are there any creative way for us to be helped? Do you have any suggestions? He is thinking to move to the first house where we had a tenant. The tenant will move house soon, and they are going to move in and he is planning to give the house to the bank. As far as I know he still will owe money to the bank because they will respect the contract which was signed a few years back, even though the purchase price is very low at the moment. If you have any suggestions, please let me know. Regards, nasi

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One option might be to do what's called a "short sale" of the home where the lender might approve a ...

[ Total Answers: 1 ]

 
 

Asked 04/16/2008 10:50 am CT (sacramento, CA)

I hold a second on a house I sold. they are making there first mortgage payment. but stop making payments to me. I sent them a notie of default, but they think there is nothing I can do. What can I do and how do I get help?

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Asked 04/11/2008 09:05 pm CT (Hempstead, NY)

Filed chapter 7 in August discharged in November 2007. I surrendered my home to first mortgage company who told me I don't owe anyone once I move from property. Now my 2nd mortgage company is calling me to make payments. I don't understand why my 2nd mortgage company is telling me that I still have to pay them. My house is worth $380-410, I surrendered the property because I could not afford to pay hoping that I would be able to live without stressing any more. I owe 264k on the first and 63K on the 2nd. Why am I still getting harrassed when I could have reaffirmed but chose not to. I am really confuse, thanks.

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Asked 04/10/2008 09:29 am CT (Hartford, CT)

Hi...we are moving to Florida with my son. We have a home and have a home lined up for him. Can he get a mortgage if he has enough for a 20% down payment and I co-sign before he has a job. I have enough cash in the bank to cover the cost of the home. He would like to take $10,000. for his Roth IRA also for this as it is legal to do this for his first home. Or, am I better to buy it outright myself for him, and then sell it to him once he gets a job (he will get a mortgage to buy it from me)? Thank you.

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Dear Randy, There are many options available for financing your son's new home purchase. If you ar...

[ Total Answers: 2 ]

 
 

Asked 04/09/2008 01:46 pm CT (Orlando, FL)

My fiance are in the process of looking for our first home and he has really good credit and my is not as good(mid 6's) if i am not able to get on the morgage can I still be on the house title?

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Yes, you can be on the title. In addition, because you are in the State of Florida, once you are mar...

[ Total Answers: 2 ]

 
 

Asked 04/06/2008 03:32 pm CT (Zionsville, IN)

Assume closing on 5/1/08. You pay 30 days of interest at closing. Is first mortgage payment due on 6/1 or 7/1?

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Closing on 5/1/08 w/ 30 days of prepaid interest gets you to a first pymt date of 7/1. Since mortgag...

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Asked 03/27/2008 06:14 pm CT (Jacksonville, FL)

My husband and I got divorced. The divorce decree stated I needed to get a mortgage to refinance within 90 days after the final decree. I did get a mortgage. In the process of getting the mortgage I found that my ex had me taken off the mortgages, first and second. He quick deded the property over to me and I am now in the process of getting a warranty deed onthe property. I want to refinance the first mortgage without the second mortgage being involved. I never signed any papers to be taken off the mortgages. I don't know how he did that. Can the second mortgage still hold the property as collateral since he took me off that loan and the property has been quick deeded to me?

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Asked 03/24/2008 07:13 pm CT (Eielson AFB, AK)

We were told that we are pre-qualified for a home subject to 3 years tax returns, w-2's, and 2 months of my husbands bank statements. I understand the importance of the first 2 documents, but I am confused about the bank statements. It makes me nervous because my husband and I have 2 seperate accounts and I earn more and he pays most of the bills. I wondering if they look at that how much it will matter?

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Asked 03/21/2008 07:48 am CT (Agoura Hills, CA)

I recently acquired a 50K home equity loan from my credit union for home improvements. At the same time our son is purchasing his first home and could use some help. Is there any problem in using our home equity money to help him increase with his down payment amount?

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Jeff, if it is a true home equity line of credit (heloc) there are probably not any restrictions on ...

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Asked 03/20/2008 05:23 pm CT (Lake Elsinore, CA)

I have a fica score of 600+ and I intend to purchase my first home within the next 6 months and I want to get into real estate investing in this down market. Knowing that, my question is; I want to purchase 3 to 5 homes, I want to purchase the home and lease it for a monthly profit, puchase the next one, do the same, up to 5 homes (the last one purchased will be occupied by me) are mortgage companies ok with this? I have found homes as low as 125,000 and rents are $1300 to $1500 for those homes. What do you think?

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The short answer is yes...as long as you qualify based on lender criteria. However, it's difficult t...

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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 03/06/2008 08:10 pm CT (BLOOMINGTON, IL)

I am four years into a 30 year mortgage. I have inherited some money and want to pay off the mortgage. Since the interest is paid in the first ten years should I get a refund of some of this interest?

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Interest is non-refundable. It's the earnings for an investor. For example, you have your money in a...

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Asked 03/01/2008 11:45 am CT (Moreno Valley, CA)

If my first mortgage agrees to a modification.But the 2nd or equity line does not?Can they foreclose?How do expect to get paid if homes are so low in value,and then the first would be paid first.Could they not just paut a lien on home?Why I 2nd's so difficult to deal with?

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Asked 02/28/2008 04:44 am CT (houston, TX)

I an currently paying over 1400 a month in rent. my credit score is low just over 500. although I was recently able to purchase a new bmw and plasma tv in my own name over the last 6 months. I have a dismissed chapter 13 (dismissed with prejudice) due to a change in state from where I filed and paper work not being filed timely by my lawyer. I more over 76k. I am in the process of paying off the remaining items that weren't paid through the chapter 13. do I even stand a chance at getting a mortage? I would be a first time home buyer and looking at price range between 190-160k condo.

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Work on paying off your existing debt before getting into a whole messload of debt w/ a new mortgage...

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Asked 02/24/2008 11:16 am CT (Hackettstown, NJ)

I have a first mortgage and a second mortgage on my condo. My condo is worth less than the two mortgages together. I recently lost my job and will not be able to make both payments. What happens if they foreclose on my property? Can the second mortgage company come after me for the remaining money owed?

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Asked 02/19/2008 06:29 pm CT (saraland, AL)

my wife and i are looking to buy our first home and our credit scores are just below 600. i have recently been discharged from a chapter 13 and have no debt at all. my wife has kept a clean nose for a year now with no late payments and have never been late on the mobile home we are financing now (with only 10,000 left owing).our income together is 85k. what options due we have during this credit crunch we keep hearing about? can my wife alone finance without me on the loan?

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Rick, it is possible for your wife to obtain a home loan without you on the loan providing she can q...

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Asked 02/06/2008 09:58 pm CT (louisville, KY)

Ex fiancee and I, both on mortage. Shes listed first . Her credit , my money. relationship problems. She likes to threaten to call police during arguments, I found rental in another CO. for last 8 mons. locks changed ,wont let me in. Thinks it's hers. i Quit giving my half to apply pressure but shes holding on, barely. what can I do. All she has to do is call police and i'm out, wich hasnt been done yet.

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