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Asked 08/29/2008 06:48 am CT (Cranston, RI)

A member of my family has an adjustable rate mortgage and an interest only mortgage. She is behind by 2 payments on both. She heard there is a way to remodify her mortgage. Can someone explain what that means. Thank you.

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Asked 08/22/2008 06:16 pm CT (Oxford, MA)

I have a loan I refinanced. The interest rate jumped from 6.875 to 7.875 on day of closing. My broker's name was 'HLFS' who recieved $4k. My loan package contained a lock doc saying 'First Horizon Home Loans' was a broker with 1.000 at 6.785. First Horizon was the lender. Three questions: Did First Horizon take a 'base' commission in addition to HLFS? Did HLFS get a YSP in addition to $4k? Is there a base commission at 1.000? AND ... Are there any HONEST brokers out there????????????????????????????? I need to refinance.

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Hi Jim, Do have copies of all of your paperwork? It is possible that First Horizon, charged you a ...

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Asked 08/15/2008 08:45 am CT (Sebastian, FL)

On a 100,000 home purchase price with 15% down, what current interest rates for a 30 yr and 15 year $85K mortgage, with a 716 fico would I get? Thank you.

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Phil, I have a couple of questions. What city and state is this home purchase going to be in. Als...

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Asked 08/10/2008 05:07 pm CT (Vero Beach, FL)

interested in purchasing $900,000 house... will put 20% down... excellent credit... what is best option for lowest payments, etc, as I hope to stay in it for>10 years

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Although combining a conforming first with a HELOC may give you the best rate on the first mortgage,...

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Asked 07/01/2008 07:16 pm CT (Las Vegas, NV)

I have a house that is valued at $281,000.00 I owe a principal amount of $311,000.00 I am making interest only payments $2,141.00 The loan is schedule to readjust in 2012. Do you recommend continue making making the payments?

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Asked 05/06/2008 05:02 pm CT (Marlboro, NY)

I'm getting married. My fiance owns his own home. The mortgage and deed are both in his name. He owes about 75% of the value of the home on the loan. We want to get a Home Equity, with me as the primary, for a better interest rate. Can he just add me to the deed? Does the primary mortgage holder have to OK me being added to the deed since I'm not on the mortgage? Also, if I need to be on the primary mortgage, can I just be added to the mortgage without having to refinance the primary loan?? Note: the primary mortgage has a great interest rate, so I don't want to refinance it. Also, I have excellent credit and have already been preapproved elsewhere for well over the mortgage balance.

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Asked 04/29/2008 07:59 am CT (Shawnee, KS)

Divorced last Oct. 2007. had qcd done removing my interest off of property but still on mtg due to him having 'til this oct. to refi. he has tried but cannot due to deb to income ratio too high. he can no longer afford mtg and wants to file chap 7. per div. decree, he has til oct to refi to remove my name. will I be involved in the chap 7 and my credit go bad?

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Sorry to say but yes. The mortgage company will come to you for payments if he files chapter 7. He...

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Asked 04/25/2008 08:23 am CT (Margate, FL)

I'm interested into buy a house in Broward (Florida) that doesn't have the appliances. It doesn't have the refrigerator and the stove but i have (own) those appliances in my apartment that i can take them with me. Can i still get a loan? or the bank (appraisal) will have a problem with it. Thanks

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Johanna, This would not be a problem. You do not need t an addendum. Im a lic. loan officer in fl...

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Asked 04/24/2008 10:41 am CT (chicago, IL)

My mother is moving to a nursing home and her income which is paying for the mortgage on her home will follow her to the nursing home. The house has been on the market for six months through Buy Owner and with the declining economy and neighborhood the probablity that the house will not sell is great. The appraised value is $140,000, amount due including loan is approximately $100,000. I have no interest in property and would like to know the best way to unload it.

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Go to an investor group meeting and offer the house to them. Or put it on the market with a Realtor...

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Asked 04/17/2008 10:19 am CT (ELK GROVE, CA)

My brother who lives in Elk Grove, CA purchased a house a few years back, then he decided to purchase a second house with the family money. I believe the interest on the second house is fixed. I am sorry, I don't know about the details. All I know, he and the whole family are really pressured due to work and finances. He hasn't been able to refinance the house due to severe real estate problems. He was thinking to give the house to the bank, but as you may know, he will still owe money to the bank and we will lose everything. Are there any creative way for us to be helped? Do you have any suggestions? He is thinking to move to the first house where we had a tenant. The tenant will move house soon, and they are going to move in and he is planning to give the house to the bank. As far as I know he still will owe money to the bank because they will respect the contract which was signed a few years back, even though the purchase price is very low at the moment. If you have any suggestions, please let me know. Regards, nasi

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One option might be to do what's called a "short sale" of the home where the lender might approve a ...

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Asked 04/15/2008 12:45 pm CT (Minneapolis, MN)

My husband and I have an 80/20 mortgage and want to take advantage of the low interest rates. We asked our mortgage broker and they indicated that due to the decrease in the value of our home we cannot refinance. Is this true? Are there other options out there?

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Sally - there actually may be another option for you. FHA loans will allow a second mortgage to rem...

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Asked 04/14/2008 09:24 am CT (Concord, NC)

My husband and I recently tried to refinance, after having a bad experience with another mortgage company who promised to help us with a refinance after we accepted an 8.5% arm to help clean up our credit. After the six months, we returned to the mortgage company to start the refinance process which was to be free of charge the second time around. (this was a big joke) The company would never return our calls to start the new refinance. I went online and got a copy of our credit reports and my husbanand I had a score of 650-700 depending on the reporting agency. This was a great improvement from where we were when we did the original refinance 6 months prior. We did some research online and decided to try for a FHA loan. Everything seemed to be running on course. We had an appraisel done and the house came in way above it's value. The company that we were working with told us that they would not order the appraisel, if they were not confident that they could get the loan approved. I am self-employed and my husband works for a company. They had no problems sending out loan paperwork with a 7% interest rate and PMI. We refused the loan and explained that we were not desperate to refinance. They came back and with new loan documents with a 6.7% interest rate and a one time PMI fee, but had tacked on various other points that made the closng cost $10,000. They have since contacted us and told us that they cannot do the loan because my husbands credit score is too low and his dept ratio is too high. I understand this but I think they should have made this decision before we paid for the $350 appraisel. Since I have had a profit loss in my business, they could not consider my credit score or income. Are there any loans that I can look into as a self-employed person.

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It's a typical scenaro for self-employed individuals to have difficulty documenting their income. Th...

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Asked 04/10/2008 09:04 am CT (Bayonne, NJ)

I am presently out of work. Do you have to be employed to refinance your home? I want to refinance paying only the interest for now, can I do that?

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Dear Patty: There used to be numerous options for financing borrowers who didn't have jobs. These l...

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Asked 04/06/2008 03:32 pm CT (Zionsville, IN)

Assume closing on 5/1/08. You pay 30 days of interest at closing. Is first mortgage payment due on 6/1 or 7/1?

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Closing on 5/1/08 w/ 30 days of prepaid interest gets you to a first pymt date of 7/1. Since mortgag...

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Asked 04/04/2008 07:08 pm CT (Stafford, VA)

I'm interested in purchasing a foreclosed home. Countrywide is requiring that I get prequalified through them in order to make an offer on the home. Would this not tell Countrywide what I'm able to afford, and effectively strengthen their negotiation position by alerting them to my mortgage ceiling? Is this legal to require me to get preapproved through a particular company for the right to make an offer ona home? This just doesn't seem right. Any and all assistance would be greatly appreciated!

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It's not likely illegal since they aren't requiring that you take their loan. Instead, they're likel...

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Asked 03/30/2008 07:22 pm CT (Shakopee, MN)

I filed for chapter 7 bankruptcy last year which was discharged. My boyfriend and I want to get married April 2008 but he wants to buy a home after we get married and would i have to be included on the mortgage loan he gets? We were told it could affect his rates etc., Do you have to apply for a joint mortgage loan if married? Can't he apply as married using just his income and expenses and credit to qualify for a mortgage? I would not be on the loan documents but listed as having an interest in the home. Is this possible?

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Asked 03/30/2008 06:33 am CT (denham springs, LA)

i owned my lot then built my house before i married. after being married i refinanced.in the refinance papers my wife signed to mortgage any interest she may have had tsaid property "in rem" only, andto waive any homestead exemption rights to which she may be entitled under any louisiana law and any federal laws.this was in exhibit "a".also the exhibit "a". a statement that i was mortgaging the hereinafter described property as my seperate property. my wife signed these papers , is she intitled to anything out of my property?

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Asked 03/21/2008 07:01 am CT (Sevierville, TN)

With the recent Fed rate cuts, do you think the interest rate on new home loans will come down and if so, how soon?

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Randy. Contrary to popular belief (and that of the media) when the feds "Cut rates" that can be vie...

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Asked 03/19/2008 07:21 am CT (marine city, MI)

I'm in an adjustable rate mortgage at 5.25 due to adj. in may to 4.375 the fed just dropped interest rates again after i received a notice from my mortgage co. of the change will my rate adj. even more before may.

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ARMs adjust based on a index such as LIBOR or CMT plus a margin (index + margin). Find out which ind...

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Asked 03/06/2008 08:10 pm CT (BLOOMINGTON, IL)

I am four years into a 30 year mortgage. I have inherited some money and want to pay off the mortgage. Since the interest is paid in the first ten years should I get a refund of some of this interest?

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Interest is non-refundable. It's the earnings for an investor. For example, you have your money in a...

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