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Asked 11/27/2007 08:46 am CT (Kennesaw, GA)

My God-Son bought us a house in 2005 and the mortgage is with HSBC. He paid on this house faithfully for the whole years and they sent us a letter saying that we had to much money in escrow and sent us a check.Then this year they send us a letter saying that we did not have enough money from escrow and the mortgage amount went from 469.00 to 888.00, Now there is no way he can pay this payment,I should also say that this house is in Rochester NY and we moved to Ga and are renting the house out,We moved for my daughter to go to a better high school and be elgible for the hope scholarship we are most definetly low income and could use whatever help is possible.

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Asked 11/26/2007 08:13 pm CT (Corona, CA)

My wife and I are looking to refinance our house. About 3 years ago i decided to go back to school and live off my wifes income. Everything was fine until we foolishly refinanced with a neg am loan. We thought no roblem since we had a whole lot of equity in the house. Well the rate jumed and started eating up our equity fast, luckily and unluckily the loan had a cap on how much equity it would eat up and now the bank wants the full payment. We cannot afford that, it more than doubled. My question is, will we be able to refi our loan being that my wife is the sole income. We were barley getting by with the payment were making with neg am. So really any more is going to put us in distress, and i am only a year away from getting my engineering degree. But i am not about to loose my home over it. We both are in the high 700's credit wise so that is not my worry. I am worried that if we own more on the house than its worth, will we get refinanced. Thank you your info is much appreciated.

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Hi Jon, You wrote out a good explanation but I need a little bit more information, before I can ...

[ Total Answers: 1 ]

 
 

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...

[ Total Answers: 1 ]

 
 

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 11/12/2007 07:42 pm CT (Sulphur, LA)

My Husband And I signed over the deed to our home July 16th 2007 because the Mortgage had become too much for us to keep up with. We were behind on a few payments and were trying to sell our house by owner and even with the help of a real estate agent. .After a few months of trying we decided to contact an investor who said if we signed an assumption of deed over to him, he would make the payments until he could find someone to purchase it. Well, he did find someone to do an owner finance for at a year..they paid him a generous down payment and then monthly payments as well. Since we were behind the investor had to work out a repayment plan with our lender. this was spread out over a years time,and is still reporting late on our credit...further damaging it and we are still responsible for the note even though we signed over the deed. I talked with him about selling the property now so we could be off the loan, but the agreement he signed with the people now living in our house says they must wait a year to obtain financing. The reason for this is we have equity in our home and will have even more when the pre-payment penalty drops off next year. he is stands to make at least$30,000 off our home and we walked away with nothing. He has not made one payment on time in the last few months and the Mortgage company keeps calling us. I called the people living in the home and discussed the arrangement they have w/the investor. He has mislead them in many ways and us! they were not aware that we were still on the loan! Now I am wondering what my legal rights are in reassuming my home or even working out something with the new tenants to sell outright to them at a lesser amount. Do we have any rights? Our credit is not in great shape because of late payments, A discharged Ch.7, medical bills( all three of our children had tonsils out), I have not worked for the past few years, etc. BUT I am now working again and our Monthly net income together is $5800. Could someone please help us to repair our damaged credit and possibly gain control of our home again so we can make a profit from it and further improve our credit. Jen

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Asked 11/12/2007 07:55 am CT (Middletown, NJ)

Does my wife have to be on the deed to our house they we are buying

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No. She does not have to be added. You can decide to add her later for minimal recording fees of ab...

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Asked 11/11/2007 05:22 am CT (Portsmouth, VA)

My wife & I have paid off our 1st mortgage & we have a line of credit that we obtained 7 have used to pay taxes & etc. Is it possible to refinance our house to do away with the equity line of credit?

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Absolutely, Yyou should be able to refinance the equity line into a variety of loan products such as...

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Asked 11/10/2007 12:12 pm CT (Fenton, MI)

My aunt has named me executor of her will when she passes. She has a mortgage that is more than the worth of the home. When she is gone, and I (or the bank in the case of a foreclosure) sell the house to pay the debt, am I responsible for the balance of the loan due? I am not listed on title, nor will I inherit anything. For her estate's purposes, and potential heirs, is it better for me to have the bank foreclose and write off the remainder?

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Asked 11/09/2007 10:37 am CT (Sacramento, CA)

When buying a home that is in need of a few cosmetic repairs, is it possible to borrow more than the purchase price in order to make repairs if the house is being sold below market value? For example, the house is worth $100k, but is being sold for $90k. Can I borrow the $100k and use the extra $10k to remodel?

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David, I have access to an excellant loan program taht will take into account the future value of th...

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Asked 11/09/2007 08:41 am CT (MissouriCity, TX)

I was leasing a house anf the landlord was not paying hte mortatge is there anything I cn do to get my money back?

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You would have to contact a lawyer for legal advice but I don't understand why you would get any mon...

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Asked 11/07/2007 06:03 pm CT (Columbia, SC)

I have purchase home and the loan is in my name. But my husband is on the deed and title...Well I just received paper that my house have a lien on it because of my husband back taxes..I also want to refinance. Can I remove him from my deed and title to get the lien of my home.

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Sonji, You need to check with an attorney to get proper legal advice. You mention you want to re...

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Asked 11/06/2007 05:03 pm CT (Nashville, TN)

I found a house that I would like to buy. The man that lived there recently went into the nursing home. The family seems to be more than willing to sell the house, however, the man's wife's name is on the deed. (They have been separated for some time now.) His name in only on the mortgage. What steps would the family need to take for me to take ownership of the house?

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The man and wife would have to sign the deed of the property over. If he is passes away a will and ...

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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 11/03/2007 09:00 pm CT (LONG BEACH, CA)

we are 3mo behinded on are morgage i call and talk with the lender and they tell me we can not get into a progam. that we have the money. last year we got a new home but before the loan close there was a fire. and we were going to rent the house we live in, down escrow said that we could close the loan and the inc.com would pay to fix the house but paid the old own of the new house she took the money and left. we had two mortgage payment now and had to sell the house that had the fire that took 9mos to sell had 150,000 damage. we had to do a short sell and losse 198,000 and down behind on the house we live in we need help we are faceing foreclosure i have worked over l year now to get a loan but because of that house with the fire 2007 was hell for our family. we need help.

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I don't quite understand. Not sure why you bought the house that caught on fire. Was there no insu...

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Asked 10/30/2007 11:02 pm CT (Rockwall, TX)

We purchased a home from a major bank 11/05. The bank (I was told) took it back from the previous owner. (Forclosure) Well..we did an ARM 2/1 and it is almost up and we can refi now and not pay any early payoff penalties. However, we have started refi.paperwork and all has gone well- until the bank we are trying to get our loan refi. with called and said their is a lain on it- from the prior owner, he owes to the bank we purchased it from. When we bought the house we used a real estate agent, title company, and the loan has also been sold from the original borrow to another major bank - but, now we want to refinace with who we want - What could have happened and how could so many people not notice this? Especially the title company in Dallas or when the 1st bank sold our loan to anothe rmajor bank? How do we clear this up so we can refi before our ARM increases? Many Thanks.

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Hi TXHORSES: You need to go back to the title company you closed with and file a claim. When you bo...

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Asked 10/30/2007 10:45 am CT (columbus, OH)

I am renting a house through a friend, but would like to try a lease/option. The problem is they have 2 mortgages. The payment is way to high. Is there anyway to get the house for what it is worth or do we have to keep it at what they owe.

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Asked 10/29/2007 05:03 pm CT (Cape Coral, FL)

We just found out we have an ARM due in Nov 2008, we currently owe 251,00.00 and pay 2360.00 9.75%, the problem is our house is valued at 220,000.00 are there options for our situation.

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My first suggestion would be to call your current mortgage company and request to have your loan mod...

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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 10/28/2007 11:38 pm CT (Canonsburg, PA)

We have 8.010 fixed on our mortgage from 3 yrs ago can we refinance at a lower rate now with 680 fico, also want to borrow 60,000 against to pay off credit cards, bills ect...Want to use only husbands SS but my income as well because my credit is not quite as good, is this possible. We would use about 118% of the value of our house, can you direct us to a lender that will not"grill" us for information and that would be easy to use to get a refinance and that extra $$ to pay off debts. We really appreciate your help!

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Asked 10/25/2007 09:55 am CT (tonawanda, NY)

i just purchased a house on 05/29, and i am wondering if i can claim the interest paid being that i havent owned the home for more than 1 year. Please let me know...thanks

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