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Asked 04/23/2007 07:10 pm CT (Greensboro, NC)

My wife and I filed a Ch13 in 4/04. We continued making paymets on the first and second mortgage. We kept the Ch 13 and primary mortgage paid up but did get behind on the second lender. All loans are now current. We are currently selling the home, have paid off the Ch 13 (expecting discharge letter any day) adn will be paying off the first and second lender off in full. Our credit scores are 620+. We expect these to also rise by paying off 80-90% of our credit card debt from the home sale proceeds. We need 100% financing for a new home purchase. Can someone please point me to a reputable (non predatory) lender who can help - if possible....

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Ron, I would be more than happy to help you with your financing. This is the whole reason I start...

[ Total Answers: 1 ]

 
 

Asked 04/20/2007 06:04 pm CT (barnegat, NJ)

HI,,I wonder if you could help Iwant to refinance my second mortgage because its a very high rate 12% my first mortgage is 6.5% my fico score is around 570 and my wifes 640. there saying I have to combine the two mortgages to get a good rate. why wont they just refinance the second mortage because its less money?? are the guidlines much harder to do the second mortgage they are will to get my fico score up because two or three items on the report are not mine so they hired a company to bring up the fico score. buthey said they refinance the two mortgages not the second please explain why??

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sounds like you and wife are on the title together. if you want to lower you payment try an option a...

[ Total Answers: 1 ]

 
 

Asked 04/18/2007 09:37 pm CT (Cheswick, PA)

Right now my goal is to get out of this cramped trailer, and get into a much needed house with more space, since I have three growing children. I know I can't afford much, so am interested in a small 4 bedroom house in a decent low income area for 27900. Various calculators say I would be paying total cost a little less for this house than I do my current rent. One of the problems is that I don't work, and my husband doesn't exactly have a solid work history. Actually he is with a very good company that is well suited for him. He is now a Class A CDL truck driver. The first company that hired him, shouldn't have been hiring rookies right out of school. The second company was local where he worked for a year, but things wern't going so well. Then he drove for a temp agency. Now he has been working for a very good company for three months, he making the miles. The company seems to be happy with him, and he is basically happy with the company. Before he got trained in trucking, he worked 7 straight years with a low paying school bus driving job. My other problem is our creidt scores. I just bought my score and found out it was 657 not prime. Last year his was 647 high risk, but don't know what it is now. I decided to wait to get his until I feel like I can either move forward with a mortgage or paying off debt. Both were from experian. If I could get a hold of this house or another around that price range, I wouldn't be any worse off. I need a roof over my head one way or the other. Actually I might be a little better off, since it very well could free up some money even if it is just a little. I feel stuck because of the lack of a down payment, closing costs, my husband's work history (eventhough he is making the most he ever had in his life. This is still towards the low end of the payscale at .33 cent per mile averaging 2500 a week.), and our credit. Question 1: Is there any hope for me? Is there any way I could get into a house fairly quickly? Would it be better for me to wait and hope beyond hope something else pops up later when I have more money? There are not too many 4 bedroom houses for that low, and it does not look like a handy man special on the outside. From what my mom heard, the previous owners took fairly good care of it. Maybe I'm thinking to small, and need to wait until he gets a raise also. Maybe the market will fall more in that area also opening up more potential. There are already investors grabbing some for rentals though. I hate where I live currently. I already ran out of room a year ago. Question 2: Dealing with a little extra funds I'm going to have. I have a school loan I'm going to start repaying on next week. In nine months it is going to go up. The difference of what I'm going to pay now and payon later is about $130.00. Should I: A) Pay down the car loan - get it paid off quicker - then put the car loan money towards the school loan to help get that paid down quicker? B) Try to pay off some of the debt on our credit reports? C) Sock it away in savings to build up my cash to get a mortgage?

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Hi Suzanne: You need to apply with a quality loan officer and have your entire situation reviewed. ...

[ Total Answers: 1 ]

 
 

Asked 04/17/2007 09:16 am CT (PHILADELPHIA, PA)

HI, I AND MY FIANCE ARE LOOKING FOR A LOANE FOR FIRST TIME BUYERS. I MAKE OVER 50K/Y AND I BEEN ON SAME JOBE FOR OVER 4 YEARS ,BUT MY CREDIT IS BAD, MY SCORE IS 523 , I HAVE SOME HOSPITAL BILLS ON MY REPOR AND I THRY TO CLEAN THEM OUT. MY FIANCE MAKE OVER 45K/Y AND SHI HAS SCORE AROUND 700 SO CAN SOMEBODY HELP ME GET A LOAN FOR 160K WHIT 95-100% FINANCING THANK'S STAN

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THE ARE PRODUCTS FOR YOU AND YOUR WIFE.... FHA CONVENTIONAL, NON-PRIME, 100% FINANCING ITS HERE FOR ...

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Asked 04/15/2007 05:33 pm CT (sacramento, CA)

my husband and i recently purchased our home almost 2yrs ago. our first loan is a balloon loan, it adjust about $400 more after the 2yrs and the second loan is a fix rate at 11%. i'm looking towards refinancing my home, but due to the market now there is not enough equity in my home. i can't afford to pay $400 more every month once i hit that 2yr. what should i do? please help me!

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Hi Sandy, What could be done is to refinance your 1st mortgage only and leave the 2nd TD alone, eve...

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Asked 04/13/2007 04:27 pm CT (BRONX, NY)

I have a mortgate with a rate for 5.625 i also have 2 equity line of credit 100,000 100,000 i am trying to get a loan for 200,000 but i do not want to touch my first mortgage.i would like to take personal loan ? i went to several brokers and they are giving me a rate for 8.75 for 2oo,ooo please tell me what should ido

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I have the Best rate for your loan if you call it will be worth you time. 347-5739799...

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Asked 04/12/2007 08:40 am CT (rohnert park, CA)

i sold my house 9/06 to my boyfriend at that time. he lost his job and fell short on the payments, since then he owned another home and did a "short sale", he paid his first off, but not the second. 2 months ago the 2nd lender (citifinancial) gave him a "special circumstance" approval to wrap the loan around the property i sold him. on monday april 9, 2006 day before the house taxes were due, he asked me (now ex-boyfriend) if i wanted the house back, he "grant deeded" the home back to me 100% and was recorded the same day. my question is, i paid the taxes, however im a bit nervous about the closing of the second. citifinancial did obtain title insurance 2 months ago, however they are not aware of the change of title "grant deed", am i going to be responsible for the loan? My name is not on the loan at all, only the 1st. i feel like he did this to get out of paying the 2nd completely. we are in california

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Sonja, My sister lives in Rohnert Park... Beatuiful City. My advise to your would be to contact Cit...

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Asked 04/09/2007 09:51 am CT (Brownsville, TX)

I'm considering buying my first home. I got some numbers back from a local bankm and noticed that there are some fees that are added to processing the loan and on top of that, the interest rolls over every year on the loan, making the payoff 2.5 times more than the original loan. Is this common and if so, shouldn't the banks waive all fees if there going to get you with interest?

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Asked 04/07/2007 09:37 am CT (St. Augustine, FL)

Probably a stupid question. I've begun the process of buying my first home, and from my dad, I've heard that I'll get the equity check pretty much at the closing on the house, and then someone else told me no, it only happens if I refinance. Who's right? And is it different for every state, or the same? I'm so confused! (Lest anyone thinks I'm being greedy, I'm not; it'd be nice to have that equity money, but it's just the icing on the cake.)

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Let me explain through an example. lets assume you bought the house from your father for $100,000...

[ Total Answers: 2 ]

 
 

Asked 03/31/2007 09:39 am CT (Fairmont, MN)

If I was working with a company to refinance signed the papers to get it started and then found a lower rate from someone else am I required to close with the first company?

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Dan, no you are not. However, someone will always quote you a lower rate. There is more to a loan ...

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Asked 03/31/2007 03:49 am CT (Belton, MO)

We owned our home out right and recently took out a new loan to pay medical bills, credit card bills, and to fix up the home. Our issue is with one of the pay outs to a credit card company. The pay out date was 3-20 and as of 3-31 they havent received funds from the title company. I did a conferance call with title company & Visa and both gave me the run around about awaiting 30 days... Is there guidelines for title companies on paying out to 3rd parties such as visa? Lenght of time? Their resposibilities to insure pay out is made in a timely manner. I asked about canceling the first check and overnighting a new one but they wouldnt do it. HELP

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Asked 03/29/2007 10:21 pm CT (Long Beach, CA)

I have a first loan 3/1 ARM for $268k at 5.25. This loan will readjust June 2008 with a guarantee not to go up to more than 7.25. I also have a second loan 15 year fixed at 7.625 currently at $66,000. The good news is that my condo is worth about $30k more than I owe. I intend to keep it to rent out when I move. Is is possible to refinance both 1st and 2nd loans together into 1 loan? Can fees be wrapped into the loan or do I need to pay cash for the cost of the refi? Thanks.

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Yes. Since you don't adjust though until 06/08, you may seek to review whether it might benefit you...

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Asked 03/28/2007 05:48 pm CT (albany, GA)

The holder of a first mortgage on one of the properties securing this lender's loans has commenced foreclosure proceedings. Should the second mortgage lender be concerned?

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The second lender wil only get the "scraps" leftover after the first lender auctions the property a...

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Asked 03/26/2007 11:14 am CT (fort payne, AL)

me and my husband filed bk. discharged in aug.2002.we did not file on our home and farm and we have sense paid it off whant to borrow using our home and our farm dont know if should take out equity or do a first mortgage. we want to fix up our home and farm and purchase some income property.we have middle scores 700 & 720 now

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Assuming your good credit also means stable adequate income, you can take out a new mortgage. Main ...

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Asked 03/25/2007 10:26 am CT (New Bedford, MA)

When obtaining a mortgage when would the first payment generally be due

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Hi Anne Marie, I hope you found the previous question answered helpful. As to this one, usually pa...

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Asked 03/24/2007 04:03 pm CT (taft, CA)

I lost my job this year though I found a new one it is a large cut in pay. We have a first and second interest only mortgage and we are no longer able to pay all the bills. We owe about 80,000 more than what its worth... If we just walk away the first should be able to recoup most of its value but what happens to the second can they sue us. I really don't want to file bankruptcy but I cant afford to keep the house. We had it listed 6 months and our only offer wouldn't come close to paying it off

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Jeff is right. I would suggest that you contact both lenders regarding your situation and ask for th...

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Asked 03/19/2007 01:18 pm CT (Liberty, MO)

I got a second mortgage a couple years ago and I almost have all of the money to pay it off. The terms of the mortgage included a prepayment penalty of 2% of the REMAINING principle balance in paid off within 3 years. I have been saving up the money to pay this off and just have it sitting in an account. If I pay down the principal using the money already saved and then pay off the loan in a couple months when I have the rest of the money, will I get away with paying a much lower prepayment penalty since the outstanding principle balance will be almost nothing? Here is the exact language of the contract I signed: Consecutive monthly principal and interest installments of $xxx.xx first due on the xx day of xxxxx, xxxx. Such payments to continue until maturity when the remaining principal balance and any unpaid interest thereon shall be due and payable. In the event full prepayment is made within three (3) years of the date of the first monthly payment a prepayment penalty in the amount of two percent (2%) the remaining principal balance will be assessed.

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From what you stated in your question you would have to pay a penalty if you pay it off within 3 yea...

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Asked 03/14/2007 05:37 pm CT (Knoxville, TN)

If I close in April, will my first mortgage payment be due in May1st or June 1st?

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Most lenders will start your first payment on the second month after the month you close. There are ...

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Asked 03/11/2007 09:48 am CT (salem, OR)

Is there a 3 day right to cancel on a second loan when concurrent with a first loan on a purchase?

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Wendy, Jeff's right, it's related to refinances. For some reason I read refinance, not purchase. Goo...

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Asked 03/09/2007 02:13 am CT (Fenton, MI)

I closed on a refiance on November 30th of 2006. It is now March 9th 2007. The new mortgage still isn't recorded. I have called my mortgage company and the title company. The title company told me that the documents were sent out around January 19th. My county says it hasn't received anything but a discharge of the previous first mortgage. I need a copy of the new mortagage recorded. Is there anything else I can do? Is there a time limit to how long a company takes to record a refiance? If so, what actions do I need to take?

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The title company should be able to provide you with copies of your documents. They should have als...

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