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Asked 03/17/2008 05:07 pm CT (las vegas, NV)

my husband had bought this house about 4 years ago before we had got married. so my name is not on it. my questions is it going to ruin my credit also if he foreclouse on it? we can no longer afford the payments. And could i buy another house in my name?

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If he qualified and purchased the home on his own, any problems w/ the home would only affect his pe...

[ Total Answers: 1 ]

 
 

Asked 03/10/2008 12:49 pm CT (Jackson, MS)

If a house is asking 50,000 to buy is it possible to apply for a loan that is greater than 50,000? and If so, how much more can you apply for?

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Just about anything is possible. However, it would likely be what is called a Hard Money Loan which ...

[ Total Answers: 1 ]

 
 

Asked 03/09/2008 11:20 pm CT (Evansville, IN)

After my husband died I was unable to keep up with my mortgage pmts. The attorney suggested a chapter 13 since the house is half paid for& is now an asset. How can I refinance to pay off the bankcruptcy and still have a mortgage pmt with bad credit from the bankcruptcy?

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If you are 62 or older you may want to consider a reverse mortgage You can call me to discuss this ...

[ Total Answers: 2 ]

 
 

Asked 03/06/2008 08:31 pm CT (las vegas, NV)

I have a 80/20 my rate will go up in april according to countrywide the value of the house prohibits refinancing although we make good money,any suggestion?

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I'm assuming value is less than you owe?!?! If so, you could attempt a short sale where the bank wo...

[ Total Answers: 2 ]

 
 

Asked 02/29/2008 10:51 am CT (Minniapolis, MN)

I was wondering, there are several new construction homes going up for forclosure and My wife anfd I were wanting to try and get into one. The problem is our credit is not good, Im about a 545 and she is 530. the house we are wanting is 200,000. She does not work and I work seasonaly. I really cant prove my income. Is it possible for us to get into a home with no money down. I have a mortgage right now and have had it for about 7 yrs and have about 6 30 day lates...My wife is not on my hoe laon or car loans. Is this possible?

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It's not realistic. Work on building up a down pymt and improving your credit score. That will go a ...

[ Total Answers: 1 ]

 
 

Asked 02/29/2008 04:21 am CT (baltimore, MD)

Hi I am doing a refiance of a mortgage from a bank in house closing and received the closing paper by mail to sign as of 2/27 i \'ve closed ,now i must send in the closing paper and closing cost plus extra cash to pay off some credit card debt ,on 3/4 the fund will be debust my prolem is i must get this extra cash for a line of credit accont because i did not expect to pay off my credit cards if i borrow this money will this stop the closing of this loan , the funds will be at the agent office on time I just have to get it from my line of credit account

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Asked 02/26/2008 05:10 pm CT (chicago, IL)

We bought a townhouse w my exboyfriend a 3.5 years ago. He is from Europe and in December2007 he went back. Refused sign the deed for me and just left. He is never coming back becasue he was not legal in USA. His name is on the deed and mortgage. He also left some debt on the credit card. Credit cards are only on his name. Is there anything I can do to get him off the deed? I dont even have a contact to reach him. I dint think I will ever hear from him again.Thank you for any of your advice.

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Asked 02/26/2008 04:52 pm CT (houston, TX)

I am in the process of selling my home in a minority area of Houston that has been plagued with foreclosures and short sales. Unfortunatly, most homes aren't even covering the loan amount in the sale and I'm worried. I will be relocating to another city and must sale. However, I have credit score of about 700 and have never been late on a payment. How will this effect me for getting a house within the next 2 years or a car? Is it possible for a credit score not to drop 80-100 pts? Is moving to another city due to family even considered a hardship? I can't afford to pay for 2 places at 1 time, so if they don't approve me for a short sale, the house will probably go into foreclosure? Do you know of a home advisor, CPA, attorney that doesn't charge a huge fee to discuss my specific financial situation in Houston? Thanks.

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Protect your credit score w/ your life if you can. Consider offering it as a lease option where the ...

[ Total Answers: 1 ]

 
 

Asked 02/26/2008 08:40 am CT (copley, OH)

Like a lot of people we owe more than the house than it is worth. What will happen if we just simply stop making the mortgage payments? we filed bankrupsy 3 yrs. ago and tried to keep the house.unfortunatley it's not gonna work that way. Is there a way that we can sell the house back to the lender?

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Foreclosure is inevitable if you stop paying. You can get approval from lender to do a "short sale" ...

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Asked 02/22/2008 08:35 am CT (Chantilly, VA)

My mother and bough a home together in 03 suing the 80/20 principle which mean we have two mortgages. We are both listed on them both and share a 50/50 payment and ownership rule. I am having a nightmare time applying for an auto loan due to my dept to income ratio which is primarily the home. I have a few credit card that hold a very low balance to credit limit. I have heard that I can claim my mothers contributions as income to help my debt/credit ratio. Since the bank does not look at the fact that there are two head of household here that are both claiming 50/50 ownership and payments. Please provide me with any information that could potentially help both of us reduce this ratio to obtain credit for an auto loan.

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Asked 02/21/2008 04:15 pm CT (RENTON, WA)

I have been seperated from my wife for 2 years. She is living in the house. When we refinanced 3 years ago the loan was only in my name. Her parents had been making the mortgage payments for her. To help make things easier I signed a quit claim deed to my wife and then she in turned did the same to her parents so they could refiance the property to lower the payments. After 9 months they still hadn't refied. They also always late with the mortgage but kept telling me they were working on it. Now the mortgage is 3 months late and they are now my inlaws and wife are going to let it go into foreclosure. Now I am scrambling because one the mortgage company says I'm responsible for the loan but now my credit is ruined and they also informed me that we did not have their permission to do the quit claiming. However county records are showing my inlaws. I do understand that I am responsible for the loan. What is the resonsiblity of my inlaws? When they did they were aware of an IRS tax lien and a unpaid sewer lien. Are they liable at all? What course can I take here? I'm scrambling to try to sell it but I haven't had any luck. Thanks Tom

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Tom, I am sorry to hear about your troubles. Your situation is very complex, and my best advice is...

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Asked 02/20/2008 02:35 pm CT (Eagle, CO)

We own a home on 18.25 acres. We are considering selling the 8.25 to our neighbors, keeping the house on 10. As our mortgage is for the house on the full 18.25, can we sell the 8.25? What interest does our mortgage company have in this? As long as our value stayed above what we owe could we hold off on refinancing? Or would a refi be required? If so, when - at the closing of the sale of the land? before we begin the subdivide? after we have closed? Do we have to disclose our intent to sell the acreage to the mortgage company? or just let them know afterwards? Thanks!

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You can not sell the banks collateral without their agreeing to it. 99% of the time a refi would be ...

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Asked 02/17/2008 06:03 pm CT (Bloomington, IN)

I am currently renting a nice townhouse and my lease ends the last day of May, 2008. I am looking to buy a house but have less than good credit. My scores are 575, 610 and 641. Do I have any chance of getting a 100% financed home loan? I have been at the same job for 6 years and make 41K/year. I live in Indiana and am really looking for an expert to help me out. Thanks!

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Hi Teresa, 100% financing generally starts at 620 fico...you're pretty close - perhaps we can give y...

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Asked 02/17/2008 03:15 pm CT (Coconut creek, FL)

I have two homes: home A is rented and break even. home B is the family residence but mortgage has become unbearable $3600.00 monthly mortdage. the house which was worth 480k, (bought it for $430k) is now worth App $360k after two years of owenership. My question is whats my option besides walking away and move into home A @ a $1500 mtly mortgage. House hold income 75K. family investment 100k in the market, kid is college freshman

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Short sale Home B and get into something more affordable. Lender would have to approve a short sale ...

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Asked 02/13/2008 07:49 am CT (Fort Wayne, IN)

We refinanced our house December 7 2004 we received an adjustable rate mortgage. I tried to refinance it last month to lock in the rate to a fixed rate .The banks said we owe more than its worth.We had it appraised December 2004.Is it possible that they used faulty or incorrect appraisal information. The interest rate increased last month to the higher rate.Would we qualify for the HOPE program or mortgage bailout

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Doug, though it is possible that the original apprasial was in error, but more likely your market ma...

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Asked 02/13/2008 05:12 am CT (Rochester, NY)

If my husband files bankruptcy (chapter 13 or 11) what will happen to my half of the equity in the house? I am not on the mortgage, but my name is on the title/deed. Will the bank take control of my portion of the equity?

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Jen, you will need to consult with an attorney on this, as there are many different scenarios that c...

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Asked 02/12/2008 10:08 pm CT (san diego, CA)

My mother owed her house outright. right before she passed away she took out a 2nd on the house for $75,000. (Her home is worth well over $500,000.) The house was left to my brother and me, however my brother who is claiming he was made the trustee just before she died (her lawyer was it as far as I knew) now is saying he will not pay the loan because it was our mothers loan. Even thought the loan company is asking for a payment. However if the house was used as collarterial can't the loan company demand or expect payment from us since the house was left to us? Or with her death does the loan go away? My brother has since rent out the house way under fair rental rates for the area and is telling me that I can do nothing and that he will buy me out in a year or so. Thank you for your help.

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You should be concerned. if the home was used as collateral for the "2nd" loan, then yes, the loan ...

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Asked 02/12/2008 09:27 am CT (sewell, NJ)

My husband and I would like to purchase a house. I have a recent bankrupcy so he will have to do the mortage by himself. His credit scores are not great 556,562,570 . Would a mortage of about 170K be possible with these numbers? we are looking into a FHA loan or similar with a very low down payment

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Asked 02/12/2008 12:40 am CT (Woodbine, GA)

I own a piece of property that has a mobile home, we are wanting to sell the mobilie home to build a house on the property, how do I go about doing this if there is still a mortgage on the property and mobile home?

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Tammy, is the mobile home in fact a mobile home? in that if it has it's own debt on it, separate fr...

[ Total Answers: 1 ]

 
 

Asked 02/10/2008 01:28 pm CT (phoenix, AZ)

My Wife and I moved in to a town house a year ago is it possible to sell it and get a larger house? What if the amount of the homes around the area are lower than what we were loaned for? Can we apply the difference to the new loan???

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HI Tony, You will not be able to apply the difference of your current loan to a new loan on another ...

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