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Asked 09/11/2006 04:13 pm CT (brownsville, PA)

Hello, my niece and her husband were going through a broker,their closing is scheduled for 09/15/06 this friday at the request of the sellers attorney, my niece and her husband put money down on the property as well. Now 4 days from closing the broker calls and tells them the bank sold out to another that will not honor the loan ! but if they had a co-signer with a score of 580 they could. so her father called to give his information. his score is 659 and self employed, he has been going thur a divorce and has pd alimony,and child support. now the ex wife was requesting he pay their exisiting mortage off as part of divorce. he agreed he paid his attorney 2,000.00 cash today. the mortgage pay off was 1,600.00 . when the broker ran him through he said that the mortgage was 120 days late, he has been legaly seperated 5yrs and divorce proceedings almost a year. the loan is now satisfied, pd in full . is there anything we can do or someone that will help us?

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Sherry, I would find another broker ASAP. I'm not licensed in PA, but if you look under "Find an...

[ Total Answers: 1 ]

 
 

Asked 09/06/2006 07:49 am CT (kanapolis, NC)

My in laws are willing to sell us their home for the remaining portion of their mortgage. My husband has credit issues that are keeping us from getting normal financing. We were planning on taking the 5k we have saved and attacking his debt, but they are offering us the house with 5k down and 650 a month. My q is- will these payments help his credit like standard mortgage payments or should we look into seller financing with an actual promissory note?

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If you may still need help with your credit please see the website at www.genesiscreditgroup.com...

[ Total Answers: 2 ]

 
 

Asked 09/05/2006 07:09 am CT (Ronceverte, WV)

1 year ago, my husband and I sold our home. An attorney's office handled the closing but never paid off the loan until I had to get my own attorney. They finally paid off the loan 6 months after we sold the house. Meanwhile, our credit kept taking hits for 6 months while the attorney kept the money and wouldn't pay off the loan. We have received a letter from the mortage company stating that we need to present the letter if we ever try to get another mortage stating the situation was not our fault. Our credit still has a black mark on it from this. How will this affect us getting another mortgage?

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As it stands, it would cause you quite a bit of trouble getting another mortgage. Your scores would...

[ Total Answers: 1 ]

 
 

Asked 08/31/2006 12:14 am CT (phila., PA)

I want to buy a house that cost 300000 with 100% fiance. I have no back up money and i live week by week check. my husband and i make about 70000 a year. Therefore, I want to refiance my parents' house...take out $30,000 and use this to pay my mortgage. Or should i take out equity in their house? Is this a good idea? With $30000 I can pay off my credit cards bills value at $16000...i've only have mine and his student loan about $400 a month...that all the bills i have beside utilities. With the leftover amount i want to use it for backup money to pay for my mortgage....does this sound good?

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To truly answer that question, I'd have to know much more information. On the face of it, you may be...

[ Total Answers: 1 ]

 
 

Asked 08/26/2006 04:38 pm CT (Ottawa, IL)

me and my husband just recently refinanced, the loan is in my husbands name, they had me sign a document waiving my homestead rights, I am on the title, but what does that mean

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You signed away your rights to homestead. Meaning if they have to foreclose you can't claim homeste...

[ Total Answers: 1 ]

 
 

Asked 08/02/2006 08:00 am CT (tucson, AZ)

My husband was scammed by his own brother to the tune of a $500K refi loan. My husband cannot get out of paying the loan or having a forclosure for junk property happen to him. I'm looking to protect our current assets, ie., home, buisness, etc., from the bank looking collect on this debt my husband incurred. Can he quit claim the title of the house, buisness's, etc., to me in order to avoid us from losing everything because of his own stupidity and his brothers shady deal? Help, please!

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While I'm not sure of laws in Arizona, I wouldn't think that quit claiming would work, there is a pa...

[ Total Answers: 1 ]

 
 

Asked 07/25/2006 10:36 am CT (new haven, CT)

My husband just obtained a construction mortgage without my name on it. My name is on the deed for the property. Will this affect me in any way if we were to get divorced since I am not on the mortgage?

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Hi Julie: Hopefully this information will never needed to be used, but since you are not on the mor...

[ Total Answers: 1 ]

 
 

Asked 07/24/2006 05:01 am CT (Havre de Grace, MD)

My mother-in-law and her friend bought a house together (each owns 50%) in Delaware as an investment, which they ended up living in (they are not a couple). Now my mother-in-law has a terminal illness and wants her friend to "buy her out" so she can move in with family. He doesn't want to refi because their rate is 5%, but says he will give her half of the appraised value (above the existing loan balance) and draft a "letter" that states she is not liable for the mortgage. My husband and I believe that as long as his mother's name is on the note, she (and/or her estate) are liable for the mortgage if her friend defaults. My husband is the executor of his mother's estate and they are trying to iron things out ahead of time. Any suggestions?

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Angie, I would have to agree that she is liable for the mortgage. Unless you can get the bank to ...

[ Total Answers: 1 ]

 
 

Asked 07/19/2006 09:15 pm CT (Lithia Springs, GA)

My husband and I received a Chpt 7 discharge this past January. We remain in our house which has three mortgages. The 1st and 3rd are included in the bankruptcy(we make reg pmts), the 2nd we reaffirmed. What are our options if we want to leave the house? Or if we sale, is it possible that we can get the second to make the $14K a personal loan since we can't file bankruptcy anymore. The third question is, the 3rd mortgage is interest only (but did not start off as such, it was done to try and save money on monthly pmts), the bank claims that they cannot switch it back to regular payments, is that true/can they do that? I'm paying $200+ monthly and it's going nowhere, all interest.

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Hi Kit, Yes its true. Once you have secured a note with terms, that is a legal binding agreement...

[ Total Answers: 1 ]

 
 

Asked 07/16/2006 07:53 am CT (toledo, OH)

hi, my husband and I bought our first house about 10 months ago. On the day of closing we found out that I was pregnant with our third child- a little unexpected. Anyways, we purchased the house knowing we would be comfortable with our payments because we both worked full time. During the pregnancy I had to cut my hours down in half then I had an unexpected c-section which put me further out of commision from work. Now the baby is 3 months old and we have already taken one house payment and spread it out over 9 months. However, we are so behind on everything that i'm not sure what to do. Would we have an option of a second morgage to get back on track? The house was appraised at 11,000 more than what we bought it for. Furthermore, our rate was 5.85% can we refinance at the higher rate to get extra funds? Please help with any suggestions.Thank You

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Kristi, Jeff's answer is good, but I would consider selling before you put yourself in a worse si...

[ Total Answers: 2 ]

 
 

Asked 07/13/2006 07:38 pm CT (Pocahontas, AR)

I had a house in pocahontas and i was number one and he was number two on the bank loan. we divorced and i done a quitclaim deed. I recieved my credit history in the mail and it still shows that i still have a loan for the house. Well my ex husband is about to let the house be foreclosed on. do i have any rights to the house to try to keep it from being on my credit history as a foreclosure or maybe can i take up payments on the house since the loan is still in my name too.

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Hi Heather, You still have an obligation to the loan. Although you have quit-claimed the propert...

[ Total Answers: 1 ]

 
 

Asked 07/01/2006 03:45 am CT (saint charles, MO)

My husband and I were just approved for a home equity loan. We had to get the loan without the pre payment penalty because they said we would pay a penalty if we refinanced our home. Well right now we have an A.R.M and it is up in 2008. What will happen when we refinance the house?

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Hey Vanessa, Chances are they meant only a penalty was going to occur on your 2nd mortgage. But ...

[ Total Answers: 2 ]

 
 

Asked 06/29/2006 11:14 am CT (Spartanburg, SC)

My husband and his wife purchased a house from my husband's father, who retained a life estate on the property. When his ex-wife decided to leave him, she went to the bank and refinanced the property as a single woman, claiming full ownership of the property. They refinanced the loan for more than twice what had been owed previously. Neither my husband nor his father knew about this new mortgage until the divorce was filed, and neither was asked nor agreed to it. Is this legal?

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You'll need to ask a lawyer that question, but who is on title?...

[ Total Answers: 1 ]

 
 

Asked 06/20/2006 09:12 pm CT (moreno valley, CA)

I currently have a credit score of 542. My husband has a credit score of 614. We are trying to see if there will be away for us to get mortgage loan for 1st home buyers with the scores we currently have. We have decent monthly incomes over 7500 monthly.

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We have a Free Home Buyers Education Book available online at www.chrisgrauteam.com. It can answer ...

[ Total Answers: 6 ]

 
 

Asked 05/30/2006 04:55 am CT (houston, TX)

I filed bankruptsy and it was discharged 2/06. My husband did not file bankruptsy. We want to buy a new home under his name b/c his credit is good. However, his income is half of mine. Can he include my income as a means of repaying the loan so we can qualify for a larger loan?

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Hi Pam, You may want to look at a stated income loan if his credit is in the upper 600's ( ie. 68...

[ Total Answers: 1 ]

 
 

Asked 05/27/2006 10:08 am CT (St. Amant, LA)

My husband and I have a rental property that we owe $50000 and our home that we owe $110000. We would like to sell the home we are living in but still keep the rental property. When we apply for a loan, would they count the rental property as a debt? If so, would the amount we qualify for have the $50000 subtracted?

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Hi Jodi, I need a little more info to give you the correct answer. It depends if you own the rent...

[ Total Answers: 1 ]

 
 

Asked 05/19/2006 07:30 pm CT (long island, NY)

My father holds the mortgage for my home. My husband, parents and I are all on the deed to the house my husband and I live in. We have 5 yrs till the mortgage has to be changed ( 5/1 arm) then my dad will let it go and my husband and I will be the only ones on the deed. How does this work, can the mortgage be transferred or do we have to buy out my father?

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Hi Al, Well the normal thing to have happen is simply when you refinance just have you and your h...

[ Total Answers: 1 ]

 
 

Asked 05/15/2006 01:09 pm CT (Dubois, WY)

Is there any possible way that a person applying for refinance on a mortgage would be allowed to use "another person's income to qualify" (say like an ex-husbands), without that person (the ex-husban) being responsible for making the loan payments, should the loanee not make payments? Or does offering your income for qualification on a mortgage automatically make you responsible for the loan payments, even though your name is NOT on the property that is financed?

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Candis, If you put someones name on the application to be considered for financing then if its ap...

[ Total Answers: 1 ]

 
 

Asked 05/08/2006 03:28 pm CT (glenview, IL)

hi my husband is in the military and we want to use a va loan, my question is can you have any outstanding unpaid collections when applying for a home loan or does every thing need to be paid off, including current accounts ,we are looking to buy in jacksonville nc. thanks.

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You have a great many options open to you. Don't get your head stuck on a VA loan, though. It might ...

[ Total Answers: 2 ]

 
 

Asked 04/20/2006 07:07 pm CT (Macon, GA)

My husband & I bought a house about 9 years ago and had a VA loan. In 2000, we filed bankruptcy (Chapter 7) and included the house in the bankruptcy. Can we use the VA on another home loan now? We are currently renting. If so, how do we go about it?

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If you have reestablished your credit after the BK 7 you should be able to use your VA eligibility. ...

[ Total Answers: 1 ]



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