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Asked 02/02/2008 07:51 pm CT (renton, WA)

to refriance a home, what should be first thing to look for, a fair apr rate or no cost refi. thanks

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First you should consider the cost, savings and most importantly how long do you intend on having th...

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Asked 01/31/2008 10:27 am CT (petaluma, CA)

If a first forecloses on a home, and the 2n'd is a recourse loan and lets it happen because the house has gone down in value and it's not worth it, Can the 2n'd still collect from me personally after the first takes the house back?

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Asked 01/28/2008 02:04 pm CT (henderson, NV)

My percetage rate on my second is 13.5% and the mortgage company will not bring t down they wrather see me go into difault i have ask them several times to bring it down but down also my loan is 30 years fixed and 15 years of interst first and 15 years prinsapol

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Asked 01/24/2008 01:30 pm CT (vineland, NJ)

hi...my husband and i are divorced. I kept the marital home & we have a first mortg in my name only & a second in his name & mine. Id like to short sale my house it is currently in forclosure. can i remove his name from the deed while it is in foreclosure.

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TLG - You should contact a RE atty to discuss this. Generally, he needs to agree to have his name ta...

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Asked 01/24/2008 03:04 am CT (paramus, NJ)

When we purchased our first home we were able to get a 3yr arm at 4.25 interest rate however the arm is up in april of 2008. It will go up to 6.25 for 12months if we do not refinance which is likely at this point because of poor credit scores due to loss of employment on my end. My husband's scores are in the 540s and I'm in the 630's. I would like to know if the bank can refuse to retain us when the arm expires bsed on history of late payments and poor credit scores. I am now employed and will gross 80k annually.

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You should sit down with someone and put all cards on the table. Your credit report and mortgage hi...

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Asked 01/21/2008 07:34 pm CT (greensboro, NC)

my interest rate is 7.5 for 30 yrs.monthly pymt.677.51. I moved in 9/07 with the first pymt made 11/01. since then i make 677.51 with 23.00 extra for principle rate only. My prin.bal.is 71,011.00. Say for instance,I want to take an extra 20 out of the 577.51 to add to prin.rate only,would that throw the pymt off or would it put me behind in any kind of way? If not, how would this benefit me,if at all?

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You may want to look at refinancing. THe rate seems high. You may be able to cut the term of your ...

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Asked 01/16/2008 06:39 pm CT (Peoria, IL)

Getting my first time house, can you borrow more money than the house sells for to do updates and repairs to the house??The house is selling for far below the appraisal value of the house.

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Yes you can. There are a variety of loan programs depending on where you live and what it is that yo...

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Asked 01/08/2008 06:03 am CT (portland, OR)

i have a friend w/bad credit and a bankruptcy due to a divorce--she did work 45 yrs and has a good pension and neary max soc sec DISABILITY which will be "grossed up" she wants to buy a house on a owner contract with me as a cosigner(i havw good credit and a conv mtge)she said if i cosign and do a "quit claim ?" asap then i have no risk if she cannot keep up with the payments to the owner/seller for the first 5 yrs NOR if she is unable to secure conv financing to balloon him out in 5 years??I do not want to impact my good credit nor be responsible in any way for the home she wants to buy pls advise thank you

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Asked 12/17/2007 11:31 am CT (lapeer, MI)

i am a first time homebuyer , my husband and i have about $10,000 in credit card debt and have been pre-approved for a 110,000 mortgage already but we want to buy a 90,000 home and borrow the extra to pay off the debt. can this be done so that it is all just the one mortgage payment?

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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 11/30/2007 08:09 am CT (sheboygan, WI)

we missed last months mortgage my husband just returned to work after a 5 month layoff we cant make this months payment either but we can mke our payment in dec thats when he gets his first check . our motgage cop. wont work with usthey said we had to make our payment by todaywe have a wheda loan no programs as they say, what do i do?

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Hi there, I have some questions I need answered before I can help you. 1. Has your loan payme...

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Asked 11/15/2007 11:01 pm CT (scottsdale, AZ)

I have two houses, the first house that I live in has much higher value than my second home. Now I cannot afford the payment for my first home anymore, and I may go for forclosure. Also, I have two loans on my first home, and I just refinanced the second loan and took out the heyloc on my first home to pay for debts that I owed before. Will there be a lien on my second home, if I forclose my first home?

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The easy answer is no, but there is a lot more that goes into this. Please give me a call at 480-229...

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Asked 11/15/2007 05:02 am CT (beaumont, TX)

i am a first time home buyer and i am about to close but i was wondering if i could take a personal loan with a bank to help pay the closing costs will this affect me when i close (less than a month)

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Do not take out a loan or advance from a credit card money to pay for closing. Any new debt must be...

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Asked 11/14/2007 06:58 am CT (Schenectady, NY)

I currently have a mean credit score of 542. I have a steady income and work history and my current salary is $36K. Can you tell me if it is possible to obtain a mortgage with these credentials? I am also going thru first time home buyer programs to obtain down payment assistance. Thank you for your help!

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The answer to your question is - Absolutely! I routinely provide financing for clients with your pr...

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Asked 11/13/2007 09:36 pm CT (san pablo, CA)

ive just recieved this mailer by a company called apf/ov.They are offering some kind of program called a NAPF program what is it??? ive been searching online for a web site or other info but they had neither a site or info on the program.We are in a BIG problem right now with our mortgage the 5yr fix prematurally ending after 2and a half years of paying and we are paying more than quadrupale the amount we were before and no one will help use!!!.They only gave us 3 options pay,forclose,or sell..Those options are hard we have a big family of 13 and mostly all of them are children and we owe more on the house than what it is worth!!..The peron who signed the loan for us didnt tell us about this happening or anything else she just wanted her money and didnt care if she screwed peoples lives up...we were uneducated because this is our first house CAN SOMEONE PLEASE HELP US OUT!!!

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Hi Chris: Sorry you got involved with a lender that did not explain te loan program you bought. If ...

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Asked 11/10/2007 12:22 pm CT (rialto, CA)

We just bought our home last Dec 2006.We have a 288 loan and a 80/20.We went in with a $30,000 equity loan.Now because of not being able to get parts back East,because of the weather condidions,we were forced top be laid off for 3 months.we got behind for three months on the first loan.Can we refinance and get our loan into one mortgage and get extra money to pay city taxes. The mortgage is a fixed loan and the first is 6.665 interest.We have tried but the lenders say no.We are senior citizens,but have a good income.What are our options?

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Asked 11/04/2007 07:59 pm CT (medford, OR)

Help! I need to know about after forclosure. I have a first and second, incomes have dropped along with value and credit scores.I owe more than I can sell for and cant keep up.What are my options? (cant BK/ 5 yrs ago) If just let it go to forclosure what are the odds I will owe and get garnished for the difference after the auction? What happens to second? If I give up the house will I still be paying for it ? I relize the effect on my credit but I\\\'m being eaten up with bills.What can I expect if I let it go? Thanks

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You will probably have a difficult time buying anything else for at least 3yrs. But hey, if you can'...

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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 10/29/2007 02:13 pm CT (BRONX, NY)

I WENT TO A HOUSE OPENING, THE HOUSE WAS GOING FOR $659,000.00, I MAKE AN OFFER FOR $650,000.00 THREE DAY LATER , THE OWN SENT THROUGH MY AGENT,STATING THAT HE WILL ACCEPT $665,00.00. PLEASE EXPLAIN SOME OF THE REASON WHY HE WOULD INCREASE, AFTER STATE ONE PRICE FIRST. THANK YOU

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Ask your agent to ask their agent.

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Asked 10/27/2007 01:12 pm CT (hebron, KY)

In looking at my credit report, I see that my second mortgage lender has "charged off" my account. Can you explain what this means? Can they foreclose? My second mortgage lender is different than my first. Thanks.

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