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Asked 11/11/2008 01:18 pm CT (Waterloo, IA)

My husband and I are currently renting a two bedroom house, but 4 months ago we had our second child so we are now looking to BUY our first house. I have poor credit and my husband has no credit. We are current on all of our bills and my husband just got a new job 3 months ago. My husbands take home pay is about $3200.00-$4000.00 per month. I get paid an hourly wage, but also make commission which makes it so i can't prove my income but I bring home about $1200.00-$1600.00 per month. My husband did have a judgement against him because someone didn't pay a bill they were suppose to pay- but we are now paying it. We need to move to make room for our family.

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[ Total Answers: 1 ]

 
 

Asked 11/09/2008 04:21 am CT (Flint, MI)

I have a mortgage with 12 years left on the mortgage. My son has made all the mortgage payments. Can I add my son to the mortgage? Incase something happens to use I don't want him to loose the house he has been paying for.

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You don't need to add your son to mortgage for him to take over payments. He will inherit house and...

[ Total Answers: 1 ]

 
 

Asked 11/05/2008 03:35 pm CT (State College, PA)

First I must say that you do not have the city I live in on your list so I just picked one. Anyway here is my situation. I need to refinance my home to lower my payment, repair my roof and lower my interest rate and I have done everything that I have been asked to do. I have a manufactured home and land appraised at 75,000. My credit is good and I actually pass FHA inspection and have released the title to my home. The only problem I run into is there is no properties such as mine that have sold in the past two years. Now I do live in the smallest county in PA we only have 5300 people and sales are a little slower. There are a lot of manufactured homes being purchased as they are affordable for folks but no one is selling. I am at my wits end and don't know what to do. I am struggling to maintain my house payment the way it is and am afraid I will have to let it go back. The current lender will not consider refinancing the loan. Do you have any suggestions?

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Asked 11/03/2008 12:57 pm CT (Tulsa, OK)

I signed a quit-claim deed and let my ex husband have the house in our divorce 4 years ago. The divorce decree states that I shall be "held harmless" when it comes to the mortgage My name remains on the mortgage. He rarely makes a house payment on time and has trashed his credit right along with mine. I have defintely been harmed. I am unable to obtain a credit card, a car loan, or any type of loan whatsoever. He only owes $11,000 on the house and it is worth around $150,000. Still yet, with his poor credit and low cash flow (he is self-employed) he says he can not find anyone to refinance the mortgage and release my name; nor does he have the cash to pay it off. He does seem to come up with money when he wants to...e.g. a new Harley Davidson, 2 SUV's, a boat, 2 sea-do's, etc. etc., however, that was before the economy got so bad. My parents have hired an attorney on my behalf and plan to take this matter to the court's in hopes of the issue being resolved. I have researched the matter and am afraid that they might be wasting their hard earned money. Am I completely out of luck, or is there a possibilty this could be resolved somehow? Thank you in advance for any advice you can give me.

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Asked 10/29/2008 10:11 pm CT (Sacramento, CA)

I want to buy a home that is being sold as a bank owened property.. it is through a realestate co. I am in the process of trying to sell my first house but this is a short sale on the other ... I dont have money for a down before sale and they wont do a contingant. could I get a second morgage to cover it? we owe 141,000. ( worth 160,000-180,000) on my home now, the other home is only 92,000. we could afford both morgages untill the sell of first but like I said no money for that down... and how to get anouther loan still oweing on first. what are my best options??

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Hi Crystal, It appears by how you describe your situation that you may think about receiving a Gift...

[ Total Answers: 1 ]

 
 

Asked 10/29/2008 03:25 pm CT (Detroit, MI)

What does it mean that my mortgage was charged off? Do I have to move? Who owns the house? I was told that they are not planning to put into a foreclosure. They asked me for a settlement amount.

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It probably means the lender doesn't think your property is worth enough to foreclose on. You want ...

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Asked 10/13/2008 01:43 pm CT (Baltimore, MD)

My ex-husband and I on a mortgage and deed together. He abandoned myself and my son in 2007, and I have been paying for the house. Tried to refinance into my name, but couldn't get approved. He now has a case with the court, and I do not want to ruin my credit since I have been making all payments on time. What can we do??

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Olubusi; You will need to get a court order to have your ex-husband removed. Consult with a real...

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Asked 10/07/2008 07:42 am CT (St. Petersburg, FL)

Me and my fiancee are in a bit of a mess. He is not working as much right now due to not enough work going on so the only income is mine which is not enough. Our 2 yr fix rate will be up April 2009 so getting very scared. We are having a hard time getting people to help us either refinance or anything. We talked to our mortgage company and they seem hopeless. We owe more on our house then what is worth. Is there anywhere we can go that can help us? Pretty much have given up.

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Celeste - you still have time on the 2 year ARM, so don't get discouraged yet. Are you at least abl...

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Asked 09/22/2008 09:41 am CT (San Bernardino, CA)

September 2011 is the 5th year of our 5 year ARM mortgage. Our Plan A: buy a new home with a fixed rate then keep our old home as long as we can (family will rent it) in case we will be able to refinance it before 2011. Disadvantage: With this economy, its very unsure. We need to save also. It would be hard paying for two houses. Plan B: Get a new home with with a fixed rate then let go (foreclose) of our old home. Is plan B "illegal"? will that put us in trouble of taking advantage of the situation? Or is it totally okay giving us a chance not to be under water when our mortgage will shoot up to the roof? We just want to be safe in this economy. We don't want to get stuck and wait for our mortgage to balloon with our ARM mortgage. We've been trying to have it refinanced but it's been really impossible.

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Hi There! You never want to "Let Go" of a house. Any time you have a foreclosure on your home it...

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Asked 09/22/2008 09:39 am CT (San Bernardino, CA)

September 2011 is the 5th year of our 5 year ARM mortgage. Our Plan A: buy a new home with a fixed rate then keep our old home as long as we can (family will rent it) in case we will be able to refinance it before 2011. Disadvantage: With this economy, its very unsure. We need to save also. It would be hard paying for two houses. Plan B: Get a new home with with a fixed rate then let go (foreclose) of our old home. Is plan B "illegal"? will that put us in trouble of taking advantage of the situation? Or is it totally okay giving us a chance not to be under water when our mortgage will shoot up to the roof? We just want to be safe in this economy. We don't want to get stuck and wait for our mortgage to balloon with our ARM mortgage. We've been trying to have it refinanced but it's been really impossible.

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Gina, you may want to consider doing a loan modification on the property instead of a refinance or l...

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Asked 09/22/2008 09:21 am CT (San Bernardino, CA)

September 2011 is the 5th year of our 5 year ARM mortgage. Our Plan A: buy a new home with a fixed rate then keep our old home as long as we can (family will rent it) in case we will be able to refinance it before 2011. Disadvantage: With this economy, its very unsure. We need to save also. It would be hard paying for two houses. Plan B: Get a new home with with a fixed rate then let go (foreclose) of our old home. Is plan B "illegal"? will that put us in trouble of taking advantage of the situation? Or is it totally okay giving us a chance not to be under water when our mortgage will shoot up to the roof? We just want to be safe in this economy. We don't want to get stuck and wait for our mortgage to balloon with our ARM mortgage. We've been trying to have it refinanced but it's been really impossible.

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Hi Gina, Loss Mitigation is probably your best avenue. There are many ways to change/save your cur...

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Asked 09/19/2008 12:50 pm CT (Whitefish, MT)

I have a house in washington but live in Montana I don't have any equity to speak of yet and if i sell I may actually owe at the end of the sale I want to trade my house for something where I live. Is this even possible

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Katheryn, your option would be to short sale your property. Which means you will have to negotiate ...

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Asked 09/19/2008 12:49 pm CT (Whitefish, MT)

I have a house that I am on a repayment plan that is killling us. Is there any hope I can get my mortgage company to redo my loan to a fixed rate and a payment i can live with.

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You always have the option to modify you loan. You should make sure you speak with someone who knows...

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Asked 09/19/2008 12:08 pm CT (Sacramento, CA)

This one is bad ... at least for me. We have several mortgages on the house we're living in. The house was purchased on a 80/20 with zero down at the peak of the market for $670K. The first is $540K, the second is $130K. Shortly after that we got an equity line from Bank of America for $210K to start landscaping at what not. At that time the house appraised for nearly $900K. Being adjustable the payment went OUT OF SIGHT last November. I stupidly figured as a stop gap I could borrow against the HELOC to make the payment. Well the rest is history ... although the payment which adjusted first in November (OUT OF SIGHT) came back to more normality in May (the next adjust is November 08). Now the HELOC has been shut off by Bank of America (at about $180K) and we are $3K short per month. I think I'm out of options as I've been pulling a rabbit out the hat for months. What should I do?? I'm considering not paying Bank of America and second for a period to keep us a float. Calling them (various lenders) to see if they'll work some type of solution. Praying for salvation ... etc. In this mix I actually have another home which is not upside down. Which we are renting out (with a payment we can afford). I'm guessing the various lenders can't touch that home ... so we're considering evicting the tenants, stopping paying the others and moving back there. Any pointers or insights you could provide would be helpfull. I can't pull money from anywhere and am down to the point where we'd be Bankrupt if I made the next months payments (read broke). I also owe $11K in tax on the problem home. I didn't pay that to enable myself to meet the mortgage for a 3 extra months. Thanks in advance.

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Jim, tough situation. It's obvious you can't service the debt you have. It will be a stretch to...

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Asked 09/10/2008 01:13 pm CT (East Brunswick, NJ)

We just bought a house in NJ two weeks ago with 30 yrs fixed mortgate at 6.375. Since this week the rate really goes down to 5.875, can we still ask our lender to adjust our rate!??!

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Asked 08/26/2008 01:18 pm CT (paducah, KY)

I filed Bankruptcy, and the mortgage company was supposed to foreclose on my house,my guess is because it had roof damage, ect. I got a letter saying that they charged it off and cancelled the sale. I know I can live in it and rent it out, but can't sell it until they release the deed. I don't want to put alot of money into it if they can come back again. How do I get them to release the deed? or can they come back after they charged it off? Homeless

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Asked 08/19/2008 08:09 am CT (Levittown, PA)

Sister and I on a mortgage and deed together. She moved out Jan. 2008 and I have been paying for the house. Tried to refinance into my name, but couldn't get approved. She now wants to file bankruptcy, but doesn't want me to lose the house or ruin my credit since I have been making all payments on time. What can we do??

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Asked 08/19/2008 08:01 am CT (Levittown, PA)

Sister and I on a mortgage and deed together. She moved out Jan. 2008 and I have been paying for the house. Tried to refinance into my name, but couldn't get approved. She now wants to file bankruptcy, but doesn't want me to lose the house or ruin my credit since I have been making all payments on time. What can we do??

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Asked 08/15/2008 07:41 am CT (pittsburgh, PA)

My husband and I are about to forclose on a house. The loan is in his name only, but I am on the deed. How will my credit be affected. We are getting a divorce & I will need to find a new home

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If you're not liable for the note this loan is not part of your credit profile. The foreclosure sho...

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Asked 08/14/2008 06:53 am CT (land o lakes, FL)

I need to take out a second mortgage on my property for a down payment on a short sale house. I currrently have my property up for sale and the lender refused me. I have a 791 credit score and owe $245,000 on a house worth $425,000. I do not want to lose the short sale as i picked it up at a great price. What can I do I need about $65,000 for down payment?

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James is right. A bridge loan is your best bet. There are a few ways this can be structured. If y...

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