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Asked 01/10/2009 11:18 pm CT (Milwaukee, WI)

Hello... Just a quick question. OK... I have a refi in progress, and we should close by the last week of Jan. I learned that I am going to lose my job (closing our plant) on Jan 31. I am getting a nice severence, and still have a nice nest egg saved up in case of problems (2-3 years), so I'm not too worried about foreclosure. (If anything, a refi will help me to pay it off faster, as I would be paying less...) Do I need to disclose this at the closing, or to my loan officer? Or, since I'm technically still employed at the time of closing - can it be my little secret? Basically, is withholding this information considered fraud, or does the fact that I am truthful in all my statements (regarding CURRENT employer) mean I should be in the clear? I obviously don't want to do anything that will jeopardize my house.

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You would need to disclose that at closing. There will be a document that you will need to sign tha...

[ Total Answers: 1 ]

 
 

Asked 01/10/2009 05:33 pm CT (Peoria, IL)

We purchased our house in September of 2008. We have excellent credit but did not receive a good rate. We think our rate should be lower than 6.5%. We would like to refinance but do not know where to turn and a couple places said to wait a year. What should we do?

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Jane, I would need more information to advise you. I need to know what your loan is compared to th...

[ Total Answers: 1 ]

 
 

Asked 01/08/2009 07:06 pm CT (New York, NY)

Three-four years ago my mother deeded to my father and then my father to me through an irrevocable trust with my mother as the lifetime beneficiary. My mother has Alzheimer's and was in need of homecare services. The house now needs repairs and I am attempting to get a home equity loan for the trust. I understand that it is not sound to have a new deed as we would lose the benefits of the trust. I live in the home with my mom. The property is mortgage free. My credit score is 647. I had 4 judgments and a tax lien - all of which have paid over the past 4 years. I need about $30,000 but understand that many banks would not offer such a small amount. Any ideas, please.

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Asked 01/08/2009 06:50 pm CT (Edina, MN)

I have a second home (investment purposes only) in Florida and have a five year interest only loan (comes due in a few months). Since values have plunged, the bank holding the Florida mortgage will not refinance since we owe more than the home is worth. Our primary home in MN is paid for. How do I know what the best route to go is with the home in Florida? I don't really want to take an equity loan out on main residence and put the liability back on that house.

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You could sell the Florida property, or refinance your current home and paf off the Florida propertr...

[ Total Answers: 1 ]

 
 

Asked 01/08/2009 05:37 pm CT (Tucson, AZ)

we bought our house a year ago at 6.5% and were wondering if we should refinance at 5.0% or wait and see if it's going to go down? do you think the rates are going to lower anymore?

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Yes, rates are at thier lowest so now would be the time to refi into your long term mortgage strateg...

[ Total Answers: 1 ]

 
 

Asked 01/05/2009 08:24 pm CT (Blaine, MN)

I bought a house with a friend out of college 4 years ago. Since then we have refinanced the 2nd Mortgage under just his name due to credit score reasons at the time. I recently got married and we were able to get the 1st mortgage in both me and my wife's name, however, the 2nd mortgage carrier wouldn't allow me and my wife to "assume" the 2nd mortgage from my friend and release his name entirely. So we now have a 1st mortgage with me and my wife's name on it, and a 2nd mortgage with just my friend's name on it. The question is: My friend now wants to move out, and we owe more than what the house is worth. Me and the wife plan on staying in the house, but due to a recent drop in pay we are unable to afford the 2nd mortgage that my friend currently pays. My friend has talked about just walking away because there is no reason for him to stay, and he doesn't care that it will affect his credit significantly. I'm assuming this will also affect me and my wife if he walks, but how? Does the 2nd Mortgage carrier then file for foreclosure and being we owe more on the house than it is worth would the 2nd mortgage carrier still buy out the first mortgage carrier and foreclose entirely? Should I have my friend try to negotiate with the 2nd mortgage carrier to lower the amount of $$$ owed? What do you suggest we do? Thank you!

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If the 2nd mortgage is secured by the home you are living in, and that mortgage goes into default, t...

[ Total Answers: 1 ]

 
 

Asked 01/02/2009 12:45 pm CT (Annapolis, MD)

My son's wife moved out of their house a few months ago. She took care of all bill payments. Now he finds out that she did not make the second mortgage payment for a very long time and they will no longer accept a monthly payment. He is working two jobs just to pay the monthly bills and has two children with him. He tried to draw out his 401K to pay on the second mortgage but was not able to get more than $1200 from the fund. His first mortgage is fine. What can he do about this situation? Can the second mortage company foreclose on his house? Thank you for your reply.

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Yes, the 2nd mortgage lender can foreclose. However, the property would have to sell for a sufficie...

[ Total Answers: 1 ]

 
 

Asked 01/02/2009 12:27 pm CT (Annapolis, MD)

My son's wife recently moved out of his house. She was the person making the bill payments each month. Now he finds out that she has not made a payment on the second mortgage for some time. The second mortgage company wants the entire $22,000 and will no longer accept monthly payments. He has two children and is working two jobs just to pay the monthly bills. He tried to cash in his 401K but was told that he can only receive $1200 a year and not the $11,000 in the retirement fund. What should he do? Can the second mortgage company foreclose on his house? Thank you for your reply.

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The second mortgage company should be willing to negotiate with the way the market is going. Negoti...

[ Total Answers: 1 ]

 
 

Asked 01/01/2009 09:55 pm CT (Kansas City, MO)

Currently the mortgage is in my name. Since I am not working can my wife refinance only under her name? She is on the title but I was the one that took out a loan. Is it possible to have my wife to refinance the house under her name only?

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Yes it is possible if she is currently on title and you can show vested interest for her in the prop...

[ Total Answers: 1 ]

 
 

Asked 12/29/2008 02:35 pm CT (San Francisco, CA)

I just got married. My credit score is 795 while my wife\'s is 550. We are still a couple years out from house purchase but want to qualify at the lowest possible interest rate. Some have suggested that we buy the house in my name only. If we do so, how is income qualified? Should we be filing our tax returns seperately as opposed to joint? Thanks for your help. Dave

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Hi Dave, If you are still a couple of years out from purchasing a home then I'd suggest focusing ...

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Asked 12/29/2008 08:40 am CT (Reston, VA)

Hi, I need to find out is it possible to ask our mortgage lender to skip a month payment?. My husband were out of job and we ended moved to Virginia 2 years ago from Hawaii when he got a job here. We have a house in Hawaii. Tried to sell it but no luck. We survived paying our mortgage by renting it out. 3 months ago our house was vacant again and we were struggling to find a tenant. Finally we got one unfortunately they going to move at the end of the month which will put us no money left to pay mortgage for this month. My question is, is it possible if we ask the mortgage lender to skip a monht payment knowing the money will come in next month forward?. We never miss our payment so far. This is consider our only house since we are renting in Virginia now. Thank you so much.

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Norlidah, thank you for your question. First of let me explain a bit about your mortgage payment. Y...

[ Total Answers: 1 ]

 
 

Asked 12/28/2008 12:44 pm CT (Miramar, FL)

I am married and we own a house that's under both of our names. We want for my husband to keep the house under his name only, we are not getting divorce. I want to buy an apartment under my name and if I have a loan I will not qualify. What steps do we have to take so I can withdrawl myself from my current loan. Thank You Julia

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The only way that you can get the debt out of your name is to refinance the property in your husband...

[ Total Answers: 1 ]

 
 

Asked 12/01/2008 05:49 pm CT (Atlanta, GA)

I was wondering if i am on a mortgage with my husband does he need my signature to sell the house?

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Only if your name is on the deed.

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Asked 11/28/2008 10:44 am CT (Houston, TX)

I would like to know if it is worth refinancing the mortgage on my house. We cuurently owe about $265000 on a house worth around $700000. Our current loan is at 5.625% on a 30 year fixed and we have been in our house about 5 years. We plan to stay in this house for many many years. I have been looking into rates and was offered a 5.00% mortgage on a 15 year fixed loan with 1/2 point to buy this rate. We can afford the extra payment, but is it worth it? Since I currenly pay about 4 to 5 hundred extra toward the principal each month on my current loan. Or w

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If you refinance to a 15 year loan your payment will increase about $493 per month. If on your curre...

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Asked 11/26/2008 09:55 am CT (Bowling Green, KY)

I'm a single father raising my 2 sons. I refinanced my house with a 95% loan a couple of years ago with a ARM after my divorce. I make all my payments on time but it's not always easy. With the drop in housing prices I'm sure my house is not worth what I owe and my rate changes next year. With all the buzz surrounding the "bailouts" does any of this pertain to me?..Does it help me at all?

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The bailout does not apply to you however the current economic environment is helpful in your situat...

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Asked 11/20/2008 05:47 pm CT (Abilene, TX)

I am going to get divorced my husband dosn't want the house. I guess I have to keep it.My mortage is payment is $1170.00 per month. 30 year mortage at 6.89 % house is worth $112,000. I only make $1920 very monthly.I don't know what to do?

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Will you be getting child support or any other type of income? How much do you owe on the home and w...

[ Total Answers: 1 ]

 
 

Asked 11/20/2008 02:11 pm CT (Toledo, OH)

can a mortgage loan be used for more than just paying for a house?

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Asked 11/15/2008 06:13 pm CT (Peoria, IL)

I owe more than my house is worth. I am behind a month on my mortgage and cant get caught up.How do i refinance to lower payments and help out my credit and bill situation

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Hi Jim, If you owe more on your mortgage then your home is worth you can't refinance unless you ...

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Asked 11/13/2008 05:54 pm CT (Everett, WA)

Hello I'm currently In a Loan with Well Fargo 5/1 Arm (intrest only). I have been in the house for almost 3 years and I'm looking to re-finance. My loan amount is 403500. Is it a good ideal to try to refinance now or wait until my loan (5/1) is at the end of it's term. My Fico score is 800. Do you have any sugestions?

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Hi Leroy - Since your question, rates have come down enough to make a refinance very timely. Are yo...

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Asked 11/12/2008 12:27 pm CT (Tulsa, OK)

My wife and I are looking to buy a house. Our monthly gross income is $5,000 a month. Currently our debt to income ratio is around 19%. We have $10,000 dollars to put down and both have credit scores over 650 mine being closer to 700.We have also both been on the job for 2 plus years. What are the chances of us being able to get a home loan for $140,000 dollars?

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