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Asked 01/05/2008 04:09 pm CT (pittsburgh, PA)

I own a house and my brother is on the deed but not on the mortgage. he was supposed to fix it up with me and rent it out but has been absent. how can i get him off the deed, cause he wont sign it over to me. he thinks im gona do all the work and spend all the money so he can take half the profit?

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Asked 01/04/2008 12:19 pm CT (las vegas, NV)

my boyfriend and i want to buy a house. my credit is poor and hes going through a divorce and bankrupt. can we buy a house combining our income but having me as the only one on the loan.

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Asked 01/02/2008 07:03 pm CT (Los Angeles, CA)

My parents have a house, I have been making payments for 21 years, about 10 years ago i was added to the Grand Deed, because my credit was not too great, they have been wanting for me to change it under my name only, My credit is good now,what are the steps for that?

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Martha, Brian is right...there are a couple of different ways to no put the loan completely in your ...

[ Total Answers: 2 ]

 
 

Asked 01/02/2008 06:55 pm CT (Dallas, TX)

We leased a home with an option to buy last year the motgage went up i got laid off the owner agreed to extend the option clause. just today a man knocked on the door and said the house had been forclosed on and had a new owner and we need to vacate in 3-4 weeks, we have not been able to get in touch with the owner, and we have not been able to get answers as to whats going on, we have been as always just depositing the morgage into the owners acct each month. due to my lay off we have been short paying but paying every two weeks to keep current and catch up on balance. is this legal, doesnt somebody have to tell us something like who the new owner is or something

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On a "Lease Option to Buy" there is always the risk of the worst-case scenario... "A lease-optio...

[ Total Answers: 1 ]

 
 

Asked 01/02/2008 12:27 pm CT (Berkley, MI)

My fiance and I bought a house last year, with both of our names on the mortgage and title. We pay the mortgage/property taxes out of a joint account that is only used for housing expenses. Obviously, we would like to deduct the interest expense for taxes this year. The mortgage company only sent us one tax form with the total mortgage interest paid. When filing our taxes what are our options for deducting the interest since we cannot file jointly? Can I take the entire deduction or does it have to be split 50:50. If it has to be split 50:50, does the mortgage company need to send us two forms with the mortgage interest split in two or can we just divide it ourselves?

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Mike, this is a great question. I would suggest speaking with your tax preparer as this is ultimatel...

[ Total Answers: 1 ]

 
 

Asked 01/01/2008 05:43 am CT (colorado springs, CO)

my exhusband took out a 2nd on a home he was supposed to be refinancing without my authorization. We've been divorced for 8 years and he was supposed to have the house refinanced within 24 months of the divorce settlement. It's been 6 years now since he did that and because of the 2nd and him being in arrears and foreclosure proceedings on the 1st, he's not able to get me off the 1st. Hence, my credit has been damaged because of all of this, as well as my reputation, being that I work in the courthouse in which all of the Rule 120s are filed. Can I go after the bank because of this that loaned him the 2nd without my signature or authorization?

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Asked 12/30/2007 10:14 am CT (goldsboro, NC)

My husband and I are divorced and were separated for 6 years. We bought a house together during the marriage. I moved out of the house and remained out of the home to date. During the divorce we signed papers stating that I would give up rights to the home if he would have my name taken off of the house within 90 days. Well that was this past April. As a result I find out yesterday that he has not been paying the mortgage (which I had no idea) when I received a certified letter stating foreclosure. Question. To save my credit, is it possible to take his name off of the house, take over the payments, and possibly work out a deal with the mortgage company? I have good credit and this would ruin it.

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Good question. Since it sounds like the origional agreement was a part of the divorce decree, legall...

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Asked 12/29/2007 10:34 am CT (Gallatin, NY)

My daughter and her husband purchased a home in 2004 for $148,000. They refinanced in February 2006 for $275,000. Washington Mutual had an appraisal done at that time and appraised the property at $275,000. The mortgage was in my son-in-laws name only. He had poor credit at the time. They got an 80/20 mortgage the larger at 8 1/2 % and the smaller at a rate over 10%. The larger rate will go up in May. I have an excellent rating so in order to help them I went to Washington Mutual to try and refinance the house in my name using my ratting so they could afford to keep their house. I was told that I needed to have my name on the deed in order to refinance the house. My son-in-law had me but on the deed with rights of survivorship. This was done so when I died they would own their home and it would not go into my estate. Washington Mutual did an appraisal for me in August of 2007 and they now say the house is only worth $190,000, therefore they would not give me a mortgage. To complicate matters my son-in-law died unexpectedly 12/13, at the age of 47. My daughter can not afford to pay the mortgage and I can’t get one for a more reasonable rate because they say it is not worth the $274,000+ still owed on it. To make matter even worse the freeze the government put on the balloon rates only applies if you live in the house. The mortgage is in my son-in-laws name but he is dead. My daughter and her 3 children (her 3rd was born prematurely shortly after my son-in-law died) live in the house but the deed is now in my name (because of the right or survivorship clause) and I do not live in the house. I thought about letting the bank foreclose on the mortgage and then attempt to buy it back when they auction it off. The person I spoke to at the bank (WAMU) claims that even though the mortgage is in my son-in-laws name, I did not sign any papers assuming responsibility for the mortgage, and the mortgage was entered into before my name was on the deed that if they foreclose on the mortgage it will affect my credit ratting. I have no idea if this is true but can not understand how it could be. I have also been told about a short sale as a possibility of getting out of this mess but the mortgage has to be in arrears before the bank will consider this. That would hurt my credit ratting if what I have been told is true. I guess my question to you is, is there any solution to this situation. My daughter really would like to keep the home she and her husband made for their children if possible. My daughter and her husband purchased a home in 2004 for $148,000. They refinanced in February 2006 for $275,000. Washington Mutual had an appraisal done at that time and appraised the property at $275,000. The mortgage was in my son-in-laws name only. He had poor credit at the time. They got an 80/20 mortgage the larger at 8 1/2 % and the smaller at a rate over 10%. The larger rate will go up in May. I have an excellent rating so in order to help them I went to Washington Mutual to try and refinance the house in my name using my ratting so they could afford to keep their house. I was told that I needed to have my name on the deed in order to refinance the house. My son-in-law had me but on the deed with rights of survivorship. This was done so when I died they would own their home and it would not go into my estate. Washington Mutual did an appraisal for me in August of 2007 and they now say the house is only worth $190,000, therefore they would not give me a mortgage. To complicate matters my son-in-law died unexpectedly 12/13. My daughter can not afford to pay the mortgage and I can’t get one for a more reasonable rate because they say it is not worth the $274,000+ still owed on it. To make matter even worse the freeze the government put on the balloon rates only applies if you live in the house. The mortgage is in my son-in-laws name but he is dead. My daughter and her 3 children (her 3rd was born prematurely shortly after my son-in-law died) live in the house but the deed is now in my name (because of the right or survivorship clause) and I do not live in the house. I thought about letting the bank foreclose on the mortgage and then attempt to buy it back when they auction it off. The person I spoke to at the bank (WAMU) claims that even though the mortgage is in my son-in-laws name, I did not sign any papers assuming responsibility for the mortgage, and was entered into before my name was on the deed that if they foreclose on the mortgage it will affect my credit ratting. I have no idea if this is true but can not understand how it could be. I have also been told about a short sale as a possibility of getting out of this mess but the mortgage has to be in arrears before the bank will consider this. That would hurt my credit ratting if what I have been told is true. I guess my question to you is, is there any solution to this situation. My daughter really would like to keep the home she and her husband made for their children if possible. My daughter and her husband purchased a home in 2004 for $148,000. They refinanced in February 2006 for $275,000. Washington Mutual had an appraisal done at that time and appraised the property at $275,000. The mortgage was in my son-in-laws name only. He had poor credit at the time. They got an 80/20 mortgage the larger at 8 1/2 % and the smaller at a rate over 10%. The larger rate will go up in May. I have an excellent rating so in order to help them I went to Washington Mutual to try and refinance the house in my name using my ratting so they could afford to keep their house. I was told that I needed to have my name on the deed in order to refinance the house. My son-in-law had me but on the deed with rights of survivorship. This was done so when I died they would own their home and it would not go into my estate. Washington Mutual did an appraisal for me in August of 2007 and they now say the house is only worth $190,000, therefore they would not give me a mortgage. To complicate matters my son-in-law died unexpectedly 12/13. My daughter can not afford to pay the mortgage and I can’t get one for a more reasonable rate because they say it is not worth the $274,000+ still owed on it. To make matter even worse the freeze the government put on the balloon rates only applies if you live in the house. The mortgage is in my son-in-laws name but he is dead. My daughter and her 3 children (her 3rd was born prematurely shortly after my son-in-law died) live in the house but the deed is now in my name (because of the right or survivorship clause) and I do not live in the house. I thought about letting the bank foreclose on the mortgage and then attempt to buy it back when they auction it off. The person I spoke to at the bank (WAMU) claims that even though the mortgage is in my son-in-laws name, I did not sign any papers assuming responsibility for the mortgage, and was entered into before my name was on the deed that if they foreclose on the mortgage it will affect my credit ratting. I have no idea if this is true but can not understand how it could be. I have also been told about a short sale as a possibility of getting out of this mess but the mortgage has to be in arrears before the bank will consider this. That would hurt my credit ratting if what I have been told is true. I guess my question to you is, is there any solution to this situation. My daughter really would like to keep the home she and her husband made for their children if possible.

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Asked 12/28/2007 08:02 am CT (Albuquerque, NM)

I am trying to get rid of a house that me and my ex wife purchased just about a year ago. To prevent forclosure i have looked into a short sale and a deed in lue. I am not sure though which would be better to go with and what ways they may affect my credit. Any help would be appreciated

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Jon, If you can accomplish the short sale, it will be a less damaging option on your credit. The...

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Asked 12/25/2007 07:41 pm CT (des moines, IA)

I am about to lose my house in foreclosure. i have a 2nd mortgage. Am I still obligated to pay the 2nd mortgage, and what happens if I dont. What can the loan company do to me.

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Asked 12/22/2007 03:49 pm CT (lodi, CA)

I am recently divorced. I would like to take my name off of the second mortgage loan that me ex-husband and I did while married. He lives in the house, and makes the payments on the second. I just want to get rid of my name and all liabilities of this, how can I do that? I was told the only way is for him to refinance, but that is out of the question at this time. There has to be another way. Please help.

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Stacie - unfortunately, him refinancing is the only way unless he can convince the lender to release...

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Asked 12/19/2007 08:50 am CT (Randolph, NY)

Why is it impossible to refinance an ARM of 11.1% (!) while we're updating the wiring, plumbing, insulation, etc.?Doesn't it make sense to look for a lower mortgage payment in order to have more money to complete the remodel? What do we tell the Appraiser when he sees drywall and insulation? We've already paid the $300 for an appraisal and are afraid we'll lose it when he sees the house. We only have drywall and painting left to do...thanks.

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Hello Deb - It is not impossible at all. I've done a few refinances when work was in progress with ...

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Asked 12/19/2007 07:44 am CT (bucks county, PA)

My husband originally owned our house with his late wife. When we married, her name was removed from the deed, and mine added. But I was never added to the purchase money mortgage, only to a later 2nd. I am considering divorce. Since I'm not on the 1st-lien mtge but am on the deed, am I liable for payments on that mortgage? We've been married 4.5 yrs. There is decent equity in the house. Also, rather than selling (his high school kids still live there), is it reasonable for me to ask him to take out a loan to buy out my interest in the house?

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Hi. Sorry to hear you are having difficulty in your marriage. You are not personally liable for the ...

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Asked 12/16/2007 10:28 am CT (bayshore, NY)

The title deed to the house is in my name. The mortgage is in my friend's name. She is behind on the mortgage. There is some equity left in the house. My credit is mid 500. Can I get a loan in my name against the equity in left in the house? Or structure the loan to payoff the mortgage with cash out?

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Asked 12/14/2007 09:54 pm CT (henderson, NV)

My home was purchased by a relative using my money but their credit. I make all of the payments, and we got the house as an interest only purchase. Two weeks after purchase, the market started declining and we have no equity. The problem now is that my house and my relatives, are near each other, so they consider it income property, although I can prove that I have made all of the payments. We are having problems refinancing it because of the lack of equity, and with the continuous increase I can't afford it any longer. My question is, can you advice me on how we can approach the mortgage company and convince them that it would be better for them to work with us on a lower fixed rate, then to risk the house going into foreclosure?

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tommygirl, the info you need to help you with your options can be found at our website...www.lasvega...

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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...

[ Total Answers: 1 ]

 
 

Asked 12/12/2007 07:31 am CT (new orleans, LA)

i inherited my mother's home with a small mortgage. can i just continue making the mortgage payments? it is a small interest rate, and i live in the house

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Yes you can. You should contact lender and let them know though. Make sure Deed has been switched in...

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Asked 12/04/2007 09:53 pm CT (Columbus, OH)

What happenif my ex husband file bankruptcy chapter13 and later on he stop it because he got really sick and is unable to work and his ex wife is the one living at the house that was in chapter 13 and she didnt want to get out of the house and she didnt want to let my ex husband sell the house... Is there any way to push her to be out of the house and let my sick husband honor the mortgage selling this house? My husband is really sick and desperate. If the ex wife gets a loan by herself in an attempt to keep the house, should be that house under my husbands name?Please help!

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Asked 12/02/2007 11:41 am CT (Palm harbor, FL)

I have a mortgage in Indiana. I took a job in Florida 6 months ago and we placed the house up for sale. The real estate situation has gotten worse and worse as we all know and I can\\\\\\\'t sale the house. I have made the payment on the Indiana house but it is getting to a point that I will not be able to make both that mortgage payment and my rent payment in Florida. At the time we made the move we thought the house would sell in 6 months. I have been researching to see if anyone else has this problem as i understand that I took the Florida job on my own but the market has killed me and my hopes of selling. I have a great 30 year fixed rate(better then current rates). I could pay something but not the entire monthly amount. Should I contact the mortgage company and try to arrange something like interest only refinance? My current payment is about $1957.00, I could pay $1,000 and still do ity for at least 6 months. I am concerned that my credit which is very good will go bad and the I wonder if it\\\\\\\'s worth even trying to make a payment versus foreclosure. Please advise.

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RV, the first thing to do is contact the lender and fully explain your situation, there are numerous...

[ Total Answers: 1 ]

 
 

Asked 12/01/2007 01:46 pm CT (Portland, ME)

My husband's credit score is 750 and mine is 740, but my husband has court judgements on his credit report and credit report lists his credit as "fair". Can we put the house in my name and co borrow on the loan. (We need my husbands income to qualify for the loan)

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Hi Carrie, First off, your credit scores are excellent and you both should feel good about that. ...

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