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Asked 01/18/2008 08:28 am CT (Glendale, AZ)

My husband bought a second home as an investment property. We've had this home for more than 2 years but now we are not able to make the payments. We have used up all of our savings, tapped into our own home's equity to keep up with the other property's payments and just went into total debt. We just want to get rid of this house and avoid as many financial problems as possible since we don't have much money left and we don't want to owe the IRS or our lender any more money. Is a died in lieu or foreclosure our best option here?

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Asked 01/17/2008 02:01 pm CT (boca raton, FL)

My husband and i are looking to apply for a mortgage soon. My husband has fair credit, some late pays, but a good income and steady job for several years, he also qualifies for a va loan. I am worried that some of the late pays and high credit card debt, will prevent us from getting a mortgage, we are paying down our cards, about $11,000 left. Should we give up hope on qualifying? or just wait until we pay down the cards? thanks for any help

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Asked 01/17/2008 07:55 am CT (Sardinia, OH)

My husband @ I divorced 3 yrs ago. I stupidly wrote up our decree when we divorced. I used the word or instead of an when it came to him refinancing the house and second mortgage.After divorce was final cort said this gave him a choice so he does not have to refinance. I have been unable to get loans and now my credit is awful. I can never buy anything house, loans etc / debt to ratio looks bad. I tried to refinance loans he is still on that I have and was denied/ debt to ratio probs. When we divorced right after court he said I promise to refinance if you sign over the deed. I trusted him ( Stupid ). We went to a bank immediatly and signed it over. Three yrs later he refuses to refiance what can I do?? Pleas help me.

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Asked 01/16/2008 07:09 am CT (Greenwood, AR)

Ex husband filing for bankruptcy. The house i live in has both of our names on it. What do i do? Will this affect me? Thanks.

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Asked 01/15/2008 07:42 am CT (tuscumbia, AL)

me an my husband have lived on this property for 19 years it is deeded to his familys heirs is there any way we can get the deed in our name without family having to sign? weve also paid taxes since weve been here weve also built a house here.

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You should consult with an attorney that specializes in estate planning and real estate law. to loc...

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Asked 01/15/2008 07:34 am CT (tuscumbia, AL)

my husbands parents passed , the will was never recorded or witnessed, there were 4 sons, one son wants to buy the estate 2 sons agree can you force a quick claim? 1 son,not the one who wont sign, but 1 son lived in the house for 15 years before the parents died. Has he any rights to the house?

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This is a question better served by an attorney that specializes in estate planning and real estate ...

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Asked 01/13/2008 08:36 pm CT (Centerville, OH)

My husband will hopefully be attending medical school this coming Fall in Oklahoma. We will both be students and neither of us will be working. Our only income will be student loans / financial aid. We would like to buy a house but are unsure whether or not we can even get approved. We will not have a cosigner. Do you have any advise or input on our situation?

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Asked 01/10/2008 08:30 am CT (monroe, MI)

I live in a manufactacured home. I need to get out of it. It has been for sale for 1 year but no bites. My dad is a co-signer on my mortgage. If I walk away how will this hurt him and also can they come after my husband since he is not on the mortgage or the deed? Is there any other way to do this without causing that much damage?

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Asked 01/09/2008 08:22 pm CT (Graylsake, IL)

What percentage down is needed to purchase a house and not have to use credit scores or is that even possible? Would you then just need income verification? My husband and I both have poor credit but a huge inheritance fund and would like to get into another home of our home.

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Depending on the loan size and if you can qualify for a government loan, credit score does not matte...

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Asked 01/07/2008 07:41 pm CT (picton, Ontario)

I co-signed on a mortgage for my sister 10 years ago because her husband's credit was bad. I want off of the mortgage, but now her husband has to much credit and owns too much money. My sister only locks in the mortgage for 5 years, what will happen if i choose not to sign for another 5 years if her husbands credit is not good enough to go on the mortgage instead of me?

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Hi Jamie It's difficult to give you a good answer because there are so many variables. Does your s...

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Asked 01/04/2008 06:05 pm CT (Savannah, GA)

my husband ha s a credit score of 514,508, and a 512. we want to try for a mobile home with land purchase or home. I was wondering if he can get mortgaged. He financed a care almost a year ago. He has been with the same company for almost 4 years and have bene living in the same place for a year. He has an an nual salary of 34k. what do you think?

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Asked 01/01/2008 05:43 am CT (colorado springs, CO)

my exhusband took out a 2nd on a home he was supposed to be refinancing without my authorization. We've been divorced for 8 years and he was supposed to have the house refinanced within 24 months of the divorce settlement. It's been 6 years now since he did that and because of the 2nd and him being in arrears and foreclosure proceedings on the 1st, he's not able to get me off the 1st. Hence, my credit has been damaged because of all of this, as well as my reputation, being that I work in the courthouse in which all of the Rule 120s are filed. Can I go after the bank because of this that loaned him the 2nd without my signature or authorization?

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Asked 12/30/2007 10:14 am CT (goldsboro, NC)

My husband and I are divorced and were separated for 6 years. We bought a house together during the marriage. I moved out of the house and remained out of the home to date. During the divorce we signed papers stating that I would give up rights to the home if he would have my name taken off of the house within 90 days. Well that was this past April. As a result I find out yesterday that he has not been paying the mortgage (which I had no idea) when I received a certified letter stating foreclosure. Question. To save my credit, is it possible to take his name off of the house, take over the payments, and possibly work out a deal with the mortgage company? I have good credit and this would ruin it.

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Good question. Since it sounds like the origional agreement was a part of the divorce decree, legall...

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Asked 12/29/2007 10:34 am CT (Gallatin, NY)

My daughter and her husband purchased a home in 2004 for $148,000. They refinanced in February 2006 for $275,000. Washington Mutual had an appraisal done at that time and appraised the property at $275,000. The mortgage was in my son-in-laws name only. He had poor credit at the time. They got an 80/20 mortgage the larger at 8 1/2 % and the smaller at a rate over 10%. The larger rate will go up in May. I have an excellent rating so in order to help them I went to Washington Mutual to try and refinance the house in my name using my ratting so they could afford to keep their house. I was told that I needed to have my name on the deed in order to refinance the house. My son-in-law had me but on the deed with rights of survivorship. This was done so when I died they would own their home and it would not go into my estate. Washington Mutual did an appraisal for me in August of 2007 and they now say the house is only worth $190,000, therefore they would not give me a mortgage. To complicate matters my son-in-law died unexpectedly 12/13, at the age of 47. My daughter can not afford to pay the mortgage and I can’t get one for a more reasonable rate because they say it is not worth the $274,000+ still owed on it. To make matter even worse the freeze the government put on the balloon rates only applies if you live in the house. The mortgage is in my son-in-laws name but he is dead. My daughter and her 3 children (her 3rd was born prematurely shortly after my son-in-law died) live in the house but the deed is now in my name (because of the right or survivorship clause) and I do not live in the house. I thought about letting the bank foreclose on the mortgage and then attempt to buy it back when they auction it off. The person I spoke to at the bank (WAMU) claims that even though the mortgage is in my son-in-laws name, I did not sign any papers assuming responsibility for the mortgage, and the mortgage was entered into before my name was on the deed that if they foreclose on the mortgage it will affect my credit ratting. I have no idea if this is true but can not understand how it could be. I have also been told about a short sale as a possibility of getting out of this mess but the mortgage has to be in arrears before the bank will consider this. That would hurt my credit ratting if what I have been told is true. I guess my question to you is, is there any solution to this situation. My daughter really would like to keep the home she and her husband made for their children if possible. My daughter and her husband purchased a home in 2004 for $148,000. They refinanced in February 2006 for $275,000. Washington Mutual had an appraisal done at that time and appraised the property at $275,000. The mortgage was in my son-in-laws name only. He had poor credit at the time. They got an 80/20 mortgage the larger at 8 1/2 % and the smaller at a rate over 10%. The larger rate will go up in May. I have an excellent rating so in order to help them I went to Washington Mutual to try and refinance the house in my name using my ratting so they could afford to keep their house. I was told that I needed to have my name on the deed in order to refinance the house. My son-in-law had me but on the deed with rights of survivorship. This was done so when I died they would own their home and it would not go into my estate. Washington Mutual did an appraisal for me in August of 2007 and they now say the house is only worth $190,000, therefore they would not give me a mortgage. To complicate matters my son-in-law died unexpectedly 12/13. My daughter can not afford to pay the mortgage and I can’t get one for a more reasonable rate because they say it is not worth the $274,000+ still owed on it. To make matter even worse the freeze the government put on the balloon rates only applies if you live in the house. The mortgage is in my son-in-laws name but he is dead. My daughter and her 3 children (her 3rd was born prematurely shortly after my son-in-law died) live in the house but the deed is now in my name (because of the right or survivorship clause) and I do not live in the house. I thought about letting the bank foreclose on the mortgage and then attempt to buy it back when they auction it off. The person I spoke to at the bank (WAMU) claims that even though the mortgage is in my son-in-laws name, I did not sign any papers assuming responsibility for the mortgage, and was entered into before my name was on the deed that if they foreclose on the mortgage it will affect my credit ratting. I have no idea if this is true but can not understand how it could be. I have also been told about a short sale as a possibility of getting out of this mess but the mortgage has to be in arrears before the bank will consider this. That would hurt my credit ratting if what I have been told is true. I guess my question to you is, is there any solution to this situation. My daughter really would like to keep the home she and her husband made for their children if possible. My daughter and her husband purchased a home in 2004 for $148,000. They refinanced in February 2006 for $275,000. Washington Mutual had an appraisal done at that time and appraised the property at $275,000. The mortgage was in my son-in-laws name only. He had poor credit at the time. They got an 80/20 mortgage the larger at 8 1/2 % and the smaller at a rate over 10%. The larger rate will go up in May. I have an excellent rating so in order to help them I went to Washington Mutual to try and refinance the house in my name using my ratting so they could afford to keep their house. I was told that I needed to have my name on the deed in order to refinance the house. My son-in-law had me but on the deed with rights of survivorship. This was done so when I died they would own their home and it would not go into my estate. Washington Mutual did an appraisal for me in August of 2007 and they now say the house is only worth $190,000, therefore they would not give me a mortgage. To complicate matters my son-in-law died unexpectedly 12/13. My daughter can not afford to pay the mortgage and I can’t get one for a more reasonable rate because they say it is not worth the $274,000+ still owed on it. To make matter even worse the freeze the government put on the balloon rates only applies if you live in the house. The mortgage is in my son-in-laws name but he is dead. My daughter and her 3 children (her 3rd was born prematurely shortly after my son-in-law died) live in the house but the deed is now in my name (because of the right or survivorship clause) and I do not live in the house. I thought about letting the bank foreclose on the mortgage and then attempt to buy it back when they auction it off. The person I spoke to at the bank (WAMU) claims that even though the mortgage is in my son-in-laws name, I did not sign any papers assuming responsibility for the mortgage, and was entered into before my name was on the deed that if they foreclose on the mortgage it will affect my credit ratting. I have no idea if this is true but can not understand how it could be. I have also been told about a short sale as a possibility of getting out of this mess but the mortgage has to be in arrears before the bank will consider this. That would hurt my credit ratting if what I have been told is true. I guess my question to you is, is there any solution to this situation. My daughter really would like to keep the home she and her husband made for their children if possible.

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Asked 12/22/2007 03:49 pm CT (lodi, CA)

I am recently divorced. I would like to take my name off of the second mortgage loan that me ex-husband and I did while married. He lives in the house, and makes the payments on the second. I just want to get rid of my name and all liabilities of this, how can I do that? I was told the only way is for him to refinance, but that is out of the question at this time. There has to be another way. Please help.

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Stacie - unfortunately, him refinancing is the only way unless he can convince the lender to release...

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Asked 12/19/2007 07:44 am CT (bucks county, PA)

My husband originally owned our house with his late wife. When we married, her name was removed from the deed, and mine added. But I was never added to the purchase money mortgage, only to a later 2nd. I am considering divorce. Since I'm not on the 1st-lien mtge but am on the deed, am I liable for payments on that mortgage? We've been married 4.5 yrs. There is decent equity in the house. Also, rather than selling (his high school kids still live there), is it reasonable for me to ask him to take out a loan to buy out my interest in the house?

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Hi. Sorry to hear you are having difficulty in your marriage. You are not personally liable for the ...

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Asked 12/17/2007 11:31 am CT (lapeer, MI)

i am a first time homebuyer , my husband and i have about $10,000 in credit card debt and have been pre-approved for a 110,000 mortgage already but we want to buy a 90,000 home and borrow the extra to pay off the debt. can this be done so that it is all just the one mortgage payment?

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Asked 12/12/2007 04:28 pm CT (Hoffman Estates, IL)

My husband (prior to us being married)bought a house 7 years ago and due to a job change, moved to another state in '05. He put up his house for sale at that time and wasn't able to sell it. In '06, he rented it out to a couple who were supposed to do a rent to own. Based on this, we signed on to build a house together in the state we are currently living in. 6 months into it, the renters stopped paying rent. He had to evict them. They trashed the house and we had to spend about $5,000 getting it back into selling shape. He put the house back on the market in Feb. of this year. The house wasn't selling still so he took it off the market and tried to rent it out again. No luck. Meanwhile, we moved into our new house in July and could no longer pay the other mortgage so he told the bank in October that he would no longer be able to make the payments. He also has a home equity loan on the first house. THe bank told him to put that house up for sale again and lo and behold, we got an offer. The offer is at a loss(due to the home equity loan, of which we would not be able to pay about $22,000 of with the offer we got). We figure we have to take the offer because this is the only offer in almost 3 years that we've gotten. My question is, is it better to short the home equity loan or pay off the home equity loan with credit cards? We are going to have to refinance our current home in about 5 years as one of the loans that we have is an ARM so we are wondering which is going to hurt us more, the shorted loan that much more credit card debt? Please help. Thank you.

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Nikki, There are several issues here to consider. First, generally speaking you would probably b...

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Asked 12/04/2007 09:53 pm CT (Columbus, OH)

What happenif my ex husband file bankruptcy chapter13 and later on he stop it because he got really sick and is unable to work and his ex wife is the one living at the house that was in chapter 13 and she didnt want to get out of the house and she didnt want to let my ex husband sell the house... Is there any way to push her to be out of the house and let my sick husband honor the mortgage selling this house? My husband is really sick and desperate. If the ex wife gets a loan by herself in an attempt to keep the house, should be that house under my husbands name?Please help!

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Asked 12/01/2007 01:46 pm CT (Portland, ME)

My husband's credit score is 750 and mine is 740, but my husband has court judgements on his credit report and credit report lists his credit as "fair". Can we put the house in my name and co borrow on the loan. (We need my husbands income to qualify for the loan)

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Hi Carrie, First off, your credit scores are excellent and you both should feel good about that. ...

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