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Asked 05/29/2009 11:09 am CT (Tacoma, WA)

My husband and I bought house 4-1/2 years ago using our money but my Uncle's credit. My uncle no longer wants the house and has agreed to let us take it over, I know we cannot assume the loan but can he Quit Deed the house to us? How does that work? Do we have to contact his mortgage company on the home? What's the best way to do this?

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Quit Claim deed transfer ownership only, Your uncle would still be responcible for the mortgage....

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Asked 05/13/2009 12:01 am CT (Modesto, CA)

im two years in a chapter 13 bankrupcy i have one year to go i want to buy a house california morg is trying to get me approved. but every lender is turning me down i missed a payment about 15 months ago. so i have 15 months of clean payment history.my credit score is about 640 is it possible to get a lender to take me.i make about 54000 a year

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On a FHA loan the requirement is at least 12 months of current payments to the trustee. you would ha...

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Asked 05/04/2009 05:00 pm CT (Fort Worth, TX)

hi i just got laid off 2 weeks ago and i have some money saved up , i want to buy a house cash and rent it out. can i refinance the house if i have no job but i can provide the rental contract?

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Hi Tony, You would need to show two years rental history in order to use the income in your debt ...

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Asked 05/02/2009 12:24 pm CT (Abilene, TX)

My question is, my husband\'s credit score is 566, i am not sure what mine is but is probably lower than that, we have been leasing a house for the last 4 years but would like to purchase it now. The price on the house is $70,000, are there any lenders to go through without putting a huge amount of money down?

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Laura, We have programs that can help you, with our free credit repair service. Depending on your...

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Asked 04/22/2009 10:37 am CT (Louisville, KY)

My husband and I are wanting to sell our home and buy another home in a nicer neighborhood. The house asking price is $199, we have seven thousand saved to put down... my husbands credit score is 652, I do not know mine, but it is probably really bad. Can he be approved for a 199 loan on his income alone of $50 grand? We will also more than likely take a loss on our house of $6 grand. Any ideas as of where to go for assistance on a down payment loan or if a lender will allow us to borrow more than the asking price to cover the loss in the current house. We are really clueless as what to do!! My income is $33 grand a year

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Asked 04/20/2009 06:24 pm CT (San Francisco, CA)

my dad and i are foreclosing the house. his name is solely on the loan, but my name is added onto the title when we refy. is my credit going to be affected and also, will it show in my history record that the house was foreclose?

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If your name is not on the loan then it won't affect your credit....

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Asked 04/20/2009 03:30 pm CT (Colorado Springs, CO)

Three years ago I purchased a home with an 80/20 loan. I automatically went to a bank soon thereafter to set the terms of the 20 into a 15 year mortgage at over 8 percent. The 80 is still interest only due to set at as an ARM in two years. The house was purchased at 335, 000 but on current mean estimates like Zillow is currently at 311. I obviously have little equity in the house. I am wondering if I can refinance the 80 into a payment that will not be too much higher than what I currently have. I am not having trouble making payments and could afford higher. My credit is excellent, but I am beginning to consider options at this point. Thank you.

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Hi: In order to refinance your first mortgage, the second mortgage holder must agree to subordinate,...

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Asked 04/14/2009 06:27 pm CT (Cincinnati, OH)

I was seperated the past 5 yrs from my ex husband after 27 yrs of marriage we own a home which I stayed in after he left 5 yrs ago we finally divorced aug 08 i didnt think I could afford to keep it and he didnt want it then he gets a g/f 20 yrs his jr decides he wants the house during the divorce for her (of course). In the decree it states he was to refinance the home he has not thus far, I let him and her move in nov 08 i moved into an apartment. he borrowed 3000.00 towards paying me my half of the equity, he still owes me money and both our names remain on the mortgage and deed.he really doesnt want the house but i do and to boot I recently found out the g/f who is living in our home has a violent criminal record and has even been in prison she is very unstable I did not know about this or I would have never agreed for her to move into the house. he doesnt want to know and shes hounding him for her name to go on the deed which cant happen because there is no way my name comes off the deed while I am still on the mortgage. I am very concerned she may go "off the deep end" yet again and do something to the house as I said her criminal record shows she is clearly unstable she has thrown our daughter out of the home and moved her 13 yr old son in. Since he failed to refinance and the house remains in both our names he cant refinance as he waited too long and now is paying spousal support to me while Im in college. my 2 questions are what rights do i have to the house? and is it possible to evict this woman before she does irrevocable damage? he wont face this wont listen doesnt want to know if he chooses to live with a convicted violent felon thats his perogitive but I do not choose to have that living in a home I still own and am responsible for.I would much rather give him the 3000.00 back he has paid me and not take anymore payments from him and take back my house ..any advce?

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Asked 04/12/2009 06:15 am CT (Anderson, IN)

Should I be paying Insurance on a house that I'm buying on contract without my name on the policy. Please let me know what to do because I think somethings not right because he won't put my name on his policy.

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The insurance on the home you have under contract should be in your name. If you rented an apartment...

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Asked 04/08/2009 03:12 pm CT (Anderson, IN)

I'm buying a house on contract, and for the past two years i've been paying his insurance. He told me if anything happened to the house he would sign the check over to me. Should I be paying this or is this a scam.

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James, Generally, you would pay for renters insurance but the home owners insurance would be paid...

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Asked 04/08/2009 09:51 am CT (Des Moines, IA)

My boyfriend and I live together. He was divorced over a year ago and part of the divorce decree stated that his ex wife got there home and all the responsibilty she was supposed to remove him from everything in a certain day period. Which would have been Nov 08. Well she did not do this and now the house is being foreclosed on and she NEVER got him off any of it. So now we are getting letters and phone calls saying they will be foreclosing on the house and it is going to effect his credit. The morgage companies say that there is nothing they can do even though the divorce says it is all her responsibilty. The lawyer we talked to said that the only thing they can do is get her arrested on contempt of court? This does not seem right is there any help!! We plan to have a life together and I do not want this hanging over our heads for the next 7 years =(

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Unfortunately the lender on the house was never invited to the divorce. The divorce was only an agre...

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Asked 03/03/2009 12:26 pm CT (Jacksonville, FL)

i am in my fourth year of a five year arm in desperate need of a refi. my current rate is at 7.85% with the chance to jump to who knows what when my arm matures. when i bought my house i anticipated a lot of work, regular payments on my mortgage, and an increase of my credit score, resulting in an easy refi. unfortunatelly, i work in the construction industry, so the last four years have been an uphill battle and with the economy and lending being at the levels that they are at, i worry that, without some sort of stimulous help, i might be running out of options. what resources or institutions would you suggest that i research?

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Call your mortgage holder and discuss a modifaction option with them....

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Asked 03/01/2009 10:28 am CT (Buffalo, NY)

We own two houses in New York (His & Mine prior to marriage) One is paid for with a home equity loan 45K, the other has a small mortgage 43K and a Atruim Villa in Florida four years ago for 190K - we owe 155K its on the market for only what we owe & not selling. With out my income we can't afford all our mortages, taxes and association fee's - If we walk away from Florida would the bank come after our homes in Florida that we listed as assets on the mortgage? Are we better off to stop borrowing money and allow it to fall into foreclouse or try to give deed back?

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Asked 03/01/2009 05:15 am CT (Louisville, KY)

WE ARE FOUR MONTHS BEHIND ON OUR HOUSE PAYMENT - WE HAVE RECEIVED FORCLOSURE NOTICE - WE HAVE THREE MONTHS OF MONEY TO PAY BUT THEY WON'T ACCEPT IT - IS THAT LEGAL - WE CAN MAKE THE FOUR ONE NEXT MONTH AND THEN CATCH UP WITH ANOTHER NEXT MONTH - SHOULD WE GO TO HUD OR FANNIE MAE?

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Asked 02/25/2009 10:08 pm CT (Los Angeles, CA)

I am paying on a Townhouse that I owe only $117,230.87 and the interest rate is only 5.50%. I am current on my mortgage. I have a loan for $45,000.00 and Equity Credit Line for $20,000.00. My credit score is 780 and I wanted to refinance everything under one payment but the value of the property has dropped from $262,000.00 to $130,000.00. What other possible options do I have or should I just leave everything alone and concentrate on paying the equity line off first and then the loan? Thanks for your input.

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You have no real refinance options that will help with consolidating your debts. Your best bet is to...

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Asked 02/10/2009 07:53 am CT (Clearwater, FL)

My mortgage balance is 260,000. Market value for my house is only 160,000 and is going down. I am two months behind on payments. I would like to keep my house but can't keep up with payments due to reduced income. Is it possible to reduce mortgage balance to current market value, because that would be only way for me to afford monthly payment? Thank You, DH!

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You need to contact your lender's loss mitigation dept to determine what options are available for y...

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Asked 01/13/2009 05:43 pm CT (Canton, OH)

In 2004 our house went into forclosure. In 2005 we filed bankruptcy. We just found out in December 08 that the house was still in our names, how is that possible and how can we get that house out of our names? We would like to purchase another home and it may stop us from doing so....

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Asked 01/13/2009 09:15 am CT (Cleveland, OH)

I am in the process of buying a house from someone who started to gut and remodel. The kitchen cabinets and sink have been removed and the main bathroom has been gutted. The owner bought from the bank and was just going to fix up and sell. I want to buy before he fixes up so I can save money and repair as needed. The loan officer I spoke to told me that the kitchen and bathroom have to be in working condition and the house has to be liveable before I could get a loan. I would be buying the house as-is. Is there any truth that these would have to be fixed before I could get a loan? And I would be living at home until the bathroom and kitchen would be remodeled. Can you give me some direction or if I should choose another lender?

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Asked 01/12/2009 03:13 pm CT (Atlanta, GA)

I have 2 mortagages one on my primary residence of about $580,000.00 on a house worth about 1,000,000.00. The second on a Lake house of about $550,000.00 on a house worth about 1,300,000.00. Our rate is 6.5 on a 10 year interest only loan. We were told by our banker that mortgages over $400,000.00 could not legally qualify for an interest rate lower than we have. Our credit is very good. My question is: Is this true? If so, why? If not, were can I get the best rate for my loan? Would a credit union be a viable answer? I know that is more than one question however, I hope you can help me. Thanks, Barry Grubb

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Asked 01/12/2009 01:34 pm CT (Griffin, GA)

Hello, I originally had my mortgage through Homebanc and then it was sold to Chase. My original mortgage payment was $1259 per month. Due to a miscalculation in taxes my mortgage payment was increased to $1457.10. Chase told me that my mortgage payment would go back down after 1 year. Unfortunately my mortgage was sold to American Home Mortgage Servicing Inc. It has been over 1 year since my payment went up so I called AHMSI to find out why my payment has not gone back down and they said I am paying the absolute minimum. Is there anything I can do to get my payment back down to what it was when I first bought the house? --Mike Sciacca

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Mike: You should have your servicer send you an analysis of your escrow account from the time the p...

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