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Asked 01/26/2007 07:21 am CT (Naugatuck, CT)

My husband and i are facing forcloser and we want to save our house is there a company that will refinance our loan even if our credit score is under 500? Please can you help us?

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With those scores, most lenders would not lend you more than 70% of the value of your home. Be caut...

[ Total Answers: 3 ]

 
 

Asked 01/24/2007 04:35 pm CT (fontana, CA)

My former boyfriend credit was used to get the house I am living right now. He paid about half of the down payment and put my name on the title. My question is as he is now an ex boyfriend what is the best way to get his name out. Is it by me reapplying for another loan, my credit is very bad. But I can prove that I am paying the loan amount from day one. Can I assumed the loan since I am the one paying it? Thanks for your help!

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If the loan if an FHA or VA, it may be assumable. You would have to contact the current lender. Fi...

[ Total Answers: 5 ]

 
 

Asked 01/21/2007 12:53 pm CT (gilbert, AZ)

Can you use rental income from a home that is not a legal 2 family house and the income is not reported to the government for your income to secure a loan

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Linda, NO, if you are not reporting this income then mortgage professionals cannot use this income ...

[ Total Answers: 2 ]

 
 

Asked 01/20/2007 11:35 pm CT (Mesquite, TX)

Is it plausable to deed in lu of foreclosure and continue paying a portion of the paymentand sign a guarantee to pay out any of there lossess and the keep it off my credit? house is empty and worth 300.000+ i owe 278.000 appx. 1 payment late they just bought this mortgage. Ive never been late before. The house is empty. I told them i was in a temporary financial situation for about 6 months they didn't care and ask if i wanted to deed it to them in lu of foreclosure. My lawyer advised me on this idea but really couldn't answer.I cant consider any kind of bankruptsy. im in a bind but not broke. Thank you kindly. Regards Gary Jordan

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Drew, I hope you found an answer to the question of whether you could deed in lu of forclosure. If...

[ Total Answers: 2 ]

 
 

Asked 01/17/2007 11:43 am CT (Akron, OH)

how do i signoff on house loan. see when bought it me an my xwife both sign it now my credit is messed up cause of her being late on payment

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Hi Tim, In order for you to get yourself out of the responsibility of the mortgage, you would need y...

[ Total Answers: 1 ]

 
 

Asked 01/11/2007 11:51 am CT (YARDLEY, PA)

I OWN MY HOME AND HAVE NO MORTGAGE PAYMENTS..MY CREDIT RATING IS AAA WITH NO BAD MARKS. I THINK I NEED WHAT THEY MAY CALL A BRIDGE LOAN..SOMEONE SAID GET A HOME EQUITY LOAN, IT SAVES YOU MANY FEES AND APPRAISAL FEES..I NEED 400,000.00 IF I DON'T HAVE MY HOUSE SOLD BY THE TIME I MAKE SETTLEMENT IN THE NEW HOME. I WOULD NEED 100,000.00 IF I SOLD AND SETTLED WITH MY PRESENT HOME PRIOR TO SETTLEMENT WITH NEW HOME..I EXPECT NO LESS THEN 400,000.00 NET FOR THE SALE OF MY PRESENT HOME AND NEED 500,000.00 FOR THE NEW HOME...I ALREADY PAID 25,000.00 IN DEPOSITS FOR NEW HOME..WHAT DO YOU RECCOMMEND

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Hi Al, Here is a good article about Bridge Loans. Just cut and paste the following link into your we...

[ Total Answers: 3 ]

 
 

Asked 01/10/2007 11:26 am CT (ofallon, MO)

If I get a 2nd mortgage or home equity loan, and I sell the house within the next two years, will I have to pay any kind of penalty or gains tax like that if you don't live in your primary residence for 2 years and sell your home?

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Matt, Regarding capital gains tax, you should ask your accountant about this since an accountant is...

[ Total Answers: 1 ]

 
 

Asked 01/09/2007 05:46 pm CT (Brighton, CO)

We recently lost our fatherand my mother is concerned about what we should do about her house. She wants to put it in my name in case something happens to her. Is this a good idea? How do we go about doing this?

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Dennis, Sorry about your Dad. Preston's first suggestion is the best advice here. You absolutely nee...

[ Total Answers: 4 ]

 
 

Asked 01/09/2007 11:13 am CT (St. Paul, MN)

This is regarding my mother's house, she has lost her renters and can't afford to pay her house payments. How long can she stay in the house until the mortgage company or bank take back the house? Thank you,

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Patrick, She will receive a Notice of Default at 120 days of deliquency. Then when the mortgage is...

[ Total Answers: 1 ]

 
 

Asked 12/26/2006 12:39 pm CT (Columbia, IL)

Just finished getting out of chapter 13 plan..Considering selling house..Will I be able to get another loan, let's say with 35,000 down, with yearly income of 25,000..And if so with no bills being due, how much loan may I obtained?

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Hi James, We have programs that offer loans to borrowers with just one day out of bankruptcy. That...

[ Total Answers: 2 ]

 
 

Asked 12/25/2006 12:47 am CT (Alexandria, VA)

pls.give me information,about Las Vegas Real estate investment.Single house,3 BR,2 car garage,price below $300.000.00 new house. Thank you.

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Hi Nancy, If you are looking to buy an investment property in Las Vegas, your first step is to pre-...

[ Total Answers: 1 ]

 
 

Asked 12/23/2006 12:55 pm CT (Gilbert, AZ)

I have problems and need answers. I have a home in Arizona that I bought for $370,500 and financed $250,000. I recently took out a home equity loan for 130,000 to put down on a new home purchase in Illinois. My house in AZ has not sold and I can't afford both. If I voluntarily forclose on the house in AZ and the home equity can they take my house in Illinois? Will the effect on my credit be better if I let the bank take the house back before the payments get really behind?

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Dena, Your credit rating is one of your most valuable assets. You should do everything possible ...

[ Total Answers: 1 ]

 
 

Asked 12/23/2006 08:19 am CT (Lithia, FL)

We have a house with a 1st and 2nd mortgage. Together they total more than the house could be sold at to break even and walk away clean. This includes prepayment penalties added to the total. We have talked with an investor who wants us to deed the house over to him and advised us not to make our payments as within three months the bank would start foreclosure proceedings and he could either find a buyer or purchase the house from our lender himself to resell at a later time. I am very leery of this suggestion and want to know if there are other options for us to pursue? We have worked very hard to get our credit where it is today which is respectable but we are facing a financial crisis and can not afford the house regardless anymore. The taxes came in way above expectations and I changed jobs and was unemployed for approx. 1 1/2 mos which hurt us financially. We just want to get out from underneath the financial burden which means giving up our house. Can you please help? We understand not making payments will affect our credit rating but it is going to suffer anyway as we have more outgoing than income coming in. How does it work if an investor gets your house deeded to him and when do we become not liable anymore?

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good news diane! brain and darrell have given you sound advice and I am proud they are on the bestin...

[ Total Answers: 4 ]

 
 

Asked 12/19/2006 11:00 am CT (Camden, NJ)

My husband and I our looking to buy a new house within the next 6-9 months. Before me and my husband got married he had already brought a house with his brother being the co-borrower, now my husband wants to sell the house but the co-borrower (brother) would like to keep it if he could. My husband has been making all the mortgage payments. Is there any way they can refinance the house and my brother-in-law can be on the title alone, and sign over the equity to my husband?

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Hello there!!! If your husband's brother is on title already they could refinance and pull the equi...

[ Total Answers: 1 ]

 
 

Asked 12/18/2006 10:35 am CT (brick, NJ)

My wife and i have a mortgage in both our names and we are getting a divorce. Would it be considered a new purchase or a refinance when she applies for a mortgage? She will be taking over the house and paying me for my share, and thus the new mortgage will be in her name only.

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Hi Glen, Your wife is refinancing her house. No new property is being introduced to the mortga...

[ Total Answers: 1 ]

 
 

Asked 12/13/2006 12:22 pm CT (woodstock, CT)

i'm planning to sell my house but someone already made an offer. i owe the bank 186500 and my offer is 190000. my real estate commission is 4.5% what happen if i don't have enought to payoff mortgage or commission? is there any way i can cancel the offer if i already sign the offer? what i should do?please help me the answer. the closing date is in 2 week 11/29/2006

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If there is not enough equity to pay off the existing mortgage, you are obligated to bring the balan...

[ Total Answers: 1 ]

 
 

Asked 12/06/2006 01:07 pm CT (staten island, NY)

My wife and I are starting to have interest in buying our first house however my credit is less than stellar(mid 6's) and her's is excellent (over 800). I make a good living at about six figures and she is a stay at home mom. Will this be enough to get a mortgage? And how much could I expect to get approved for?

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Larry, As a very approximate rule of thumb, you can easily borrow 2 to 3 times your total gross annu...

[ Total Answers: 1 ]

 
 

Asked 12/02/2006 02:28 pm CT (Charlotte, NC)

I was suppose to sell my house Nov.30. The day of the closing the buyer backed out of the deal. His financing was completed and all his paperwork was completed. He had the money for closing as well. His reason for not closing was that he just didn't feel like spending the money at this time. To get so close to selling my house and have this happen is extremly frustrating. Which leads me to my questions first I was under the understanding that this was a legally binding contract and if so what are my options against this buyer. Secondly I'm stuck paying two mortgages do you have any suggestions because I'm running low on funds. thanks

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Trae, Did you have an attorney represent you in this deal? NC requires them for title work, but n...

[ Total Answers: 2 ]

 
 

Asked 11/29/2006 05:25 pm CT (CONVERSE, TX)

Have an 80/20 loan on my house if it forecloses on the 1st does the same foreclosure timeline go for the second when I received different dates on the collection notice?

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Asked 11/28/2006 05:41 pm CT (Las Vegas, NV)

I am currently looking to move out of state to Washington. I want to purchase my first house. I already quit my job in anticipation of the move (as well as other issues). What are my chances of getting a home loan on my own with no job, about 600K in the bank (I don't want to buy the house with cash) and decent credit. Will I need a co-signer who has a job first?

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I must concur with Darrell Justin Coleman

[ Total Answers: 2 ]



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