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Asked 10/21/2007 05:53 am CT (west haverstraw, NY)

my lawyer wants me to sign the deed over to my husband per our settlement for separation and divorce. My ex's lawyer is suppose to hold it in escrow. I got paid for half the hourse already, but don't understand why I have to sign deed now when my name should by removed once he pays my the other half of my money first. Should'nt his lawyer just hold the deed without my signing anything?

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Do not do anything with out consulting with your OWN lawyer that would have your best interest @ hea...

[ Total Answers: 1 ]

 
 

Asked 10/19/2007 09:08 am CT (Patterson, CA)

Hi, My boyfriend and I are first time home buyers and we are trying to get a loan on a house that is $260,000. I have a 550 credit score and he has a 650, we are using the FHA program. Will we be able to get a loan approved with those credit scores? I am really discouraged and stressing because we really want the house! HELP

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stop stressing buying your first home should be a happy time not a stressful one. We would have to ...

[ Total Answers: 2 ]

 
 

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...

[ Total Answers: 2 ]

 
 

Asked 10/14/2007 01:18 pm CT (Little Rock, AR)

My husband and I are first time home buyers and will have some money for down payment/closing cost. We were wondering if it is possible to get a loan for more than a price of a home to buy furniture or pay off a car etc?

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No and Yes. No you cannot borrow more than sales price to payoff debt but there are still 100% fina...

[ Total Answers: 1 ]

 
 

Asked 10/13/2007 06:35 am CT (Butler, TN)

I'm at the end of my first year of a ARM mortgage. I financed 237,000 at 9%. My payments are 1,777.50 monthly. I was told by my lender to wait 2yrs before refinancing or I would en cure high penalty's. Everything I've heard or read is telling me to refinance now. I can't find in my contract what my penalty's will be. I have a baby on the way and funds are getting tight. Any advice??

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More than likely you have a 2 year pre-pay on your loan. It could make sense to refinance anyway if...

[ Total Answers: 1 ]

 
 

Asked 08/28/2007 03:50 am CT (st. paul, MN)

for a first time home buyer, can you roll her debt into the loan or is it just for refinance, and what type of debt can you roll into your home loan, thanks

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As a rule, no. There are a couple of loan programs that allow you to roll closing costs into the lo...

[ Total Answers: 1 ]

 
 

Asked 08/28/2007 01:27 am CT (holmes, NY)

we bought our house in dec. 04 with an 80/20 no money down mortgage, the larger being adjustable. It was our first time, so we were happy just to get the mortgage. My husband worked construction and suffered a back injury that required surgery and we thought at the time was only temporary but later found that it was more permant, and requires further surgery, we cant afford our adjustable rate to go any higher what do we do

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Contact whomever you're making the mortgage payments to & ask for forebearance arrangement. You cou...

[ Total Answers: 1 ]

 
 

Asked 08/08/2007 01:52 pm CT (Dayton, OH)

My husband & I are trying to purchase our first home and the mortgage co we are working with has turned our packet over to 3 loan companies. The first company denied us & now the second comany is stating that because my husband was late 3 times last year with a credit card payment. (we are in a chpt 13 and obtained permission from the court to get a home loan). At this point we can not prove that the late payments were the credit card company fault. Which by all means I know it was my husbands fault. But the 3rd company that our packet was sent to is "Burmingham Mortgage"? I found a webste for them stating that they provide loans for not so good credit. My questions is, have you ever heard of this mortgage company & is there anyone that can actually get me into my dream home?

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Asked 07/31/2007 10:29 am CT (Gaithersburg, MD)

I had two mortages on my home, the second foreclosed and was bought at an auction. Now they are trying to sell the entire property even though I am still current with my first mortgage, what can i do? They claim that they bought the second mortgage and that gives them ownership of the entire property

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Asked 07/29/2007 12:30 am CT (Tempe, AZ)

My girlfriend and I have been living together for several years, and even though we have an "agreement" the house is ours it is in her name from a previous family title swap transaction. We both contribute to the total cost of buying, remodeling and maintaining the house and I would like to get on the loan (~25% of Title???) and make that official. I make $90k/yr., our house is worth ~$900k and we currently have a Mortgage of ~$260k. She has had two bad relationships in the past and has been hesitant about putting someone else's name on the house, but I continue to contribute and have expressed the need to make this official. My credit score is very average (670) from both a bad financial advisor and the fact that I have run up a significant credit card debt (~60k) on remodeling and getting a truck to work on the house. She has very good credit at 800+ and has conceptually agreed to put me on the title at some percentage, take out a load to pay off all my outside debt (~60k) which will then boost my credit rating to low to mid 700's as I was over 700 before current debt and currently have no Real Estate accounts. I feel the timing for this is very important and from what she understands she agrees as we are planning on either buying a new home or performing a significant remodel (~250k) in the next 6 mos. to a year and my improved credit score with no debt and still low mortgage would go a long way to making that happen and not hurting us on a bigger debt a lower credit scores. I hope this makes some sense, this is my first query related to this effort and I would greatly like the feedback of experts as my income is continuing to be used with no "Real" results. Thanks, RMc

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RMc, your issues are very common in the current marketplace. You are very accurate in your situatio...

[ Total Answers: 2 ]

 
 

Asked 07/26/2007 02:37 pm CT (southampton, MA)

my husband and i have talked of divorce.the house is in both our names mine being first. he is unemployed (planning on staying that way) i don\\\\\\\'t care if i keep the house or not. how can i buy him out so i can just leave without leaving my name on the mortgage?

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Hi Debbie, The best option might be for you to buy him out of the home. You could keep it or sell ...

[ Total Answers: 2 ]

 
 

Asked 07/25/2007 01:55 pm CT (portland, OR)

i have an average credit score of 554 and was trying to figure out if I could qualify for 0 down on first time home buyer program.. Sense I did pull that credit report I did pay off one of my collections

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Jeremy, give me a call and I'll shoot straight with you. Larry Morris, PDX-Mortgage.com, 503-476-385...

[ Total Answers: 2 ]

 
 

Asked 07/23/2007 07:13 am CT (Golden, MS)

Hi. I my wife and I are wanting to buy our first home together. We are still living with my in-laws at the moment. Both of our credit scores are low. My wife was sick for a while and we got behind on some of our payments. The house we fell in love with. They are asking $59,000. I can put 20 % down. My credit score is only 490 right now. Is there any companies out there that can help. The only places i could find on the internet you have to get a loan for a minimum of 50,000 with 30% down at that credit score.

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Asked 07/21/2007 10:01 am CT (kelseyville, CA)

I had little trouble this year with loans. I had one forclosure in which the first was honored, but the second wasnt and maybe one more loan with the same deal. I was looking into bankruptcy, but still have real estate assets in good standing, what is the seconds recourse if any? (both deed's of trust) I have contact with the one that took place still. What should I do to protect my othe real estate? Can they force sale on them? This is our retirement that I worked on very hard. Thank you

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The second can intiate foreclosure proceedings to protect their interests. If you have equity in yo...

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Asked 07/18/2007 08:25 am CT (Whitestone, NY)

i just closed on a 30 year FRM the first 10 of which are IO. my rate is 6.25%. will i save anything substantial by beginning to make principal payments now? if so, how much principal should i aim to pay per year? thank you!

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Asked 06/19/2007 04:57 pm CT (Tamarac, FL)

Hello. I am a first time home buyer. I currently rent an apartment in Florida but have found the house of my dreams in Georgia. Due to Georgia's teaching certification I will not be able to teach in Georgia until I satisfy the requirements for teaching in Georgia. Can I still work in Florida and secure a mortgage with a home in Georgia now or do I have to have a job in Georgia in order to have a mortgage for a Georgia home???I'm afraid if I wait until 2008 the home price will have skyrocketed by then.

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Kesha, you can most likley purchase it as a 2nd home. The rate might be slightly higher, but it will...

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Asked 06/09/2007 08:22 am CT (Mentor, OH)

I bought my house in December of 2004 $154,000 (including tax and title). At that time I was a single first time home buyer. I put 0% down and was put on an 80/20 loan. Two and a half years later I'm married with a child and the house is getting smaller. I make more money now then I did back then and my wife makes a decent living. We are looking to sell our house and build in a new development. We have some money saved up for a down payment. My question is - Is it possible to sell my house without taking a huge hit due to having that 80/20 loan. Thank you. Steve

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Asked 06/01/2007 01:19 pm CT (Lynchburg, VA)

i just purchased my home on december.. the loan company that i was dealing with no longer handles the type of mortgage that i have so they sold my mortgage..well, i am not pleased at all with this new company..not only have they lost my payments(which i have proof of)but when they cashed one they didnt put in the correct amount and it was less and they are now asking for all this interest. i am so afraid that they are going to be the cause of me lossing my home.. this is my first one and i truly love this house. i dont know what to do... thanks.... daphne :)

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Asked 05/09/2007 06:32 pm CT (Athens, IL)

I currently hav a first and second mortgage. First one is 885.00 a month, I owe approx. 110,000 on thios loan.(30 year) Interest rate 6.25 fixed(1st) the second mortgage is approx. 375.00 every two weeks, I owe approx. 62,000 (10.75 fixed on this loan, (15 year loan) My last apprasial was for 150,000 approx. 1.5 years ago. my salary is approx. 75,000 a year.I need more cash flow to make it and to be able to pay down on my loan. What is your suggestion? Also, my wife gets approx. 1,000 a month clear. Please email me with a suggestion soon.

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Edward, There are many programs out there that can help improve cash flow. Some of these program...

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Asked 04/24/2007 10:17 am CT (cleveland, PA)

I am going through a divorce where both my spouse and I are on the deed and the first mortgage. However, my spouse never had any income and the mortgage is based on my sole income. Is it possible to have my spouses name removed from the existing mortgage without refinancing if my spouse quick deeds the house to me?

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Your spouse can deed the house over to you but she will still remain on the loan unless you refinanc...

[ Total Answers: 2 ]



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