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Asked 02/08/2008 03:08 pm CT (Stafford, VA)

I want to know if I can have my son buy into my existing mortgage and the remainder i can hold as a second trust .He qualifies for 3000,000 and the house is appraised at 550,000.I owe approx 430,000 I am planning on traveling so i dont want to stay in house.Can we both own it or how does that work?Can I continue to pay the remainder after his 3000,000 is put on it or liked I asked do I hold a second for the 130,000 left? Thank you

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D, there are many things to take into consideration here. Generally speaking, yes, your son can "bu...

[ Total Answers: 1 ]

 
 

Asked 02/08/2008 07:24 am CT (Fort Wayne, IN)

We have a 1st and 2nd mortage on our house. We are never late paying our 1st mortgage, but this past month I send out the 2nd mortgage payment in enough time but the mortgage company didn't post it unti it was 4 days past the due date. We have now received a letter from the 2nd mortage company saying we are in default and they are going to start foreclosure. Can they do this?

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Asked 02/08/2008 05:47 am CT (Reading, PA)

My husband and I have decided to relocate to North Carolina. With the sale of our small row home we plan to have 20% to put down on a house in the 115K range. Our credit is in the mid 600s. How do we go about securing a loan in another state and do we need to have jobs in the new state before we apply for the loan?

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Michele,,. I am a local lender to you now and could pre-qualify you for a home mortgage in NC. Plea...

[ Total Answers: 1 ]

 
 

Asked 02/07/2008 03:15 pm CT (Reno, NV)

My husband and I purchased a home in 2006 with a 2 year fixed rate that is due to reset in aug 2008, we will not be able to pay our mortgage when this happens however so far we have no history of late payments, we tried to see if we could refinance with our lender they said do to our loan being now worth more than our house is they will not be able to do so.. is there any other options we have other than forclosure

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Asked 02/07/2008 11:51 am CT (kenosha, WI)

im looking to buy a house my credit score was 676 last month, the thing is i just started my job and barely worked the last 2 yrs, how long should i wait before i start looking for a loan?

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Asked 02/06/2008 10:47 am CT (San Diego, CA)

Mortgage Company is refusing payment to steal old lady’s house Hello, My 83 year old Grandmother owns a 450,000 house. About 9 months ago she refinanced it for 187,000. She pays 780.00 a month on the mortgage. She let it go for 3 months and now owes 2500 in back payments. I started to pay it off last month by sending them $1000.00. They said that it was ok for me to pay them last month, but this month they are refusing payment. I now have the money to pay off the entire amount that is due, but they are still refusing payment. They made it difficult for me to help my grandmother with this: She had to call them many times and we sent in signed documents to get them to talk to me and allow me to make payment arrangements. Now they are going back on it. Due to their lies and behavior, I feel that they want the house and not the money. What can I do to force them to accept the money that would bring her current, rather then let them foreclose and get a 450,000 house for 187,000? I don’t really have the money for a layer, but I do have a very strong sense of justice, enough to keep working on this 24/7 until it is resolved. Thanks much for any info

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It sounds as if you have done everything right. I am surprised that if you negotiated payment plan,...

[ Total Answers: 1 ]

 
 

Asked 02/05/2008 12:12 pm CT (greenlawn, NY)

If I want to refi $140,000 of a house worth $375,000 at a lower rate with the same bank,what would the dollar amount of NY State taxes be? Thanks JeffB

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Jeff, You can avoid NY Mortgage tax entirely with a CEMA. What number can I reach you at today an...

[ Total Answers: 1 ]

 
 

Asked 02/04/2008 06:35 pm CT (Waterford, MI)

My wife has filed Chapter 7 Bankruptcy and it will be discharged on Feb 11, 2008. The Sherrifs Sale is on Feb 12, both of our names are on the house and deed. We have someone who is interested in doing a short sale, but because my soon to be ex wife filed Chapter 7, an attorney said she can't sign over anything, not even a quick claim deed to me so I can sell the property. Neither of us can afford the property and neither of us live there. What can we do?

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Asked 02/04/2008 05:46 pm CT (Murrieta, CA)

I currently have an Adjustable ARM loan and recently recieved a letter from my loan company telling me that the loan will eventually go up to a higher interest rate. I contacted the loan company and ask about re-negotiating the loan to a more reasonalbale rate. the loan value is $566.000 and the home value is less than the loan value. The person that I spoke with told me that the only thing they could do is a "Short Sale" on the house because evenn if they were to give me a loan with "0" an interest rate, I still would not be able to make the payments. I found a deal on new less expensive homes in the area with 30 yr fixed mortgage rates that I can afford. If I purchase the new home and the current home went into some form of forclosure or deed in-lieu of forclosure, can the loan company try to seize the new home? They're leaving me no options to head off a forclosure if and when the loan resets to a higher rate.

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Asked 02/02/2008 08:42 am CT (Bartlett, TN)

Someone told me you can't have 2 mortgage loans at the same time on property within 100 miles of each other. Is this true? I am interested in flipping a house and currently have a low balance on my existing mortgage.

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Racer, that statement may stem from having an owner occupied dwelling and a "2nd home". Some lender...

[ Total Answers: 2 ]

 
 

Asked 02/01/2008 08:05 am CT (Marion, MA)

My wife and I purchased a home two years after we were married. We've owned the home since 2004, and unfortunately are about to be seperated. I will likely move out of the home into an apartment which I will have to rent. My question is, in Massachusetts, what are my responsibilities towards paying the mortgage at the house I am leaving, which she will be living in with two kids from her previous marriage? She and I have no kids together. Am I obligated to pay 50% of the mortgage payment until which time that the home is either sold or the mortgage is re-done in her name only? Due to our bad credit, and thus a very high interest rate, our equity in the house is less than $10,000. Obviously, I need a suitable living location, and having to pay half of the mortgage will severely decrease the amount of money I will have available to pay rent at my own place. Thanks for all help you can provide in advance.

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Asked 01/31/2008 07:16 pm CT (summerville, SC)

I am a 23 year old that makes about 32,000 a year. My wife doesn't make anything but recives 8,000 a year in child support. We both have very bad cridet. I have a score of 512. I have two kids and one more on the way. We rent a 2 apartment. We really want to but a cheap house or mobile home for some more room. We have about 2,000 to put down on place. I think the only way to get a loan is a FHA loan. But everyone I appiled to hasn't returned my calls or emails. Should I just give up or keep going. Where do I go? I really need to do this quick. Like within the next 30 to 60 days.

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Asked 01/31/2008 10:41 am CT (Enola, PA)

Hi, my mother passed in 2002 and my husband and I moved in with my father and I am his power of attorney. I have 7 other siblings and they all agreed on the POA. His home is paid for. He is 86 years old and in pretty good health. As of right now he has a will and a living will. In his will he has it stated that when he passes all living siblings split everything. His house his worth about two hundred thousand. My husband is going to be 58 years old and I told my siblings that if we have to live with my father for another 5 years or so until he does pass that my husband and I will not be able to go out and by a house and get a mortgage anywhere and asked them what they thought about my dad's house being put in my name. They all agreed with this and I talked to my dad about it and he doesn't have a problem with leaving me the house so my husband and I have a place to live after my father passes. The house is starting to need some repairs and my father doesn't have the money for them so I thought if my name was on the deed or whatever then my husband and I could refinance the house and get a home equity loan and use that money to fix the house up and my husband and I would make the payments on the loan. What can we do in this situation, I told my siblings that if we don't start taking care of the house repairs it isnn't going to be worth much in 5 or 10 years down the road if I don't get on the deed and do something about it. Other wise I told them i am going to have to move out rather than put my own money into a house that isn't mine.

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You're absolutely right. Keeping up on home maintenance is one of the best ways to preserve the val...

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Asked 01/31/2008 10:27 am CT (petaluma, CA)

If a first forecloses on a home, and the 2n'd is a recourse loan and lets it happen because the house has gone down in value and it's not worth it, Can the 2n'd still collect from me personally after the first takes the house back?

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Asked 01/29/2008 12:41 pm CT (Forks, WA)

We are refinancing our house. Right when we started our refinancing I was offered and accepted a new job. I am afraid this will cause problems with the refinancing if i terminate my employment with my current employer and move to my new employer. Is this something i should even broach with my mortgage company?

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Asked 01/27/2008 04:48 pm CT (The Woodlands, TX)

After a nasty divorce in early 2006 and a huge dispute with a loan, that has yet to be resolved, my credit rating is at an all-time low of 518. The dispute with the loan will be resolved and removed from my credit in September 2008. In the meantime, my husband (who has a FICO of 670, because he has new credit - no true negatives) and I have been building a house in Texas that will be ready in late February of this year. We have around 5% to put down (11-12k) on a loan house purchase price of $259,000. Our income combined is $112,000 per year. We both make exactly $45,000 per year, plus his military pension of $12,000 and an additional $10,0000 in yearly income (yearly gift from my parents). We were originally told we could get an FHA loan, even with my credit, and we believed it. Unfortunately, I was naive enough to not check deeply into the FHA loans and the person arranging the loan was from New Jersey and didn't find out that the FHA loan limit in TX was $201,000. Not having $58k for a down payment, this was not an option. Now, with a brand new house looming ready in four weeks, we are desperate. Is there any way we can get a loan for this house with my 518 credit score, his 670, our low down payment and our income???

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Dear Ready to Buy Your Home, I'm was sorry to hear about your experience withthe FHA. I am in D...

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Asked 01/24/2008 01:30 pm CT (vineland, NJ)

hi...my husband and i are divorced. I kept the marital home & we have a first mortg in my name only & a second in his name & mine. Id like to short sale my house it is currently in forclosure. can i remove his name from the deed while it is in foreclosure.

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TLG - You should contact a RE atty to discuss this. Generally, he needs to agree to have his name ta...

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Asked 01/24/2008 11:03 am CT (Palmyra, VA)

My husbacn and i have rented a house for 4 years on 01.17.08 he closed for the house, I am not on the deed or the loan, but I help pay all the bills here. He didnt have any inheritence or old money or savings when we got married in other words he was poor. What happens 2 or 3 or even years down the road we would get a divorce do I still get my half? no one but him is on the loan and deed.. he said he did this because of my medcial bill. the truth is Greed.. selfish.. please let me know Natalie in virginia

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Natalie - Sounds like a question for your future Divorce Atty. If it were me, I wouldn't help with t...

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Asked 01/24/2008 07:24 am CT (Bronx, NY)

We live in a house owned by my mother who moved to Florida. We would like to buy a share of the house (30%). Can I get a mortgage for buying a share of this house? If not, any suggestions?

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Asked 01/24/2008 05:42 am CT (houston, TX)

if my ex finance and I purchased a home together and both names are on the mortgage. Bought house in 2005 and he has moved out in Aug 2006. can I take him to court for breech of contract since he has not paid his half of the loan

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