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Asked 02/24/2008 05:25 am CT (Thomasville, GA)

I have tried, unsuccessfully, to find someone to refinance my 2001 Homestead 16x80 mobile home. It is financed through Greentree with a variable interest rate (presently 14.625). Greentree will not refinance nor will they consider financing for anyone wanting to purchase this home. I tried to sell it but found that, due to the amount owed on it (roughly $27,000)it makes more sense to buy a new home than to buy this one. I have a good tenant living in it who wants to buy it herself but her credit is poor. I have a chapter 7 bankruptcy which was discharged in November 2005. My fico scores are right under 600. I am desperate to find someone to refinance this home on a fixed interest rate so that the payment will be more affordable and predictable. The current payment is $374.89 and she must also pay $150.00 lot rent. If the payment continues to rise, I will lose my tenant. No one seems willing to take a chance on refinancing for me although I have a good job I have been working for 6 years, with a decent salary (appx. $35,000/yr). I just got a promotion and will be moving in the next week or so to start my new job. I would love to get this mobile home refinanced (or financed for my tenant) before I go. Does anyone know of a mortgage company who would refinance for me?

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Ask your neighbors. Find out which lenders are financing all the other mobile homes and then approac...

[ Total Answers: 1 ]

 
 

Asked 02/21/2008 01:45 pm CT (arleta, CA)

My Parents have a conv jumbo pay option ARM loan, their payments are $2600-$3000 a month and have an adjustable interest rate which at times has gone up to 8.25%.They have a prepayment penalty which is 6 months advance interest. The loan was for $360,000.00 and it is now $382,000 because they pay the minimum payment.Is there anything that someone can recommend? Thank You

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Alice...Brian is right...another issue is that if they continue to defer interest and home values co...

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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 ...

[ Total Answers: 1 ]

 
 

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 02/04/2008 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...

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Asked 02/01/2008 12:19 pm CT (San Diego, CA)

We refinanced in Jan 07. The previous loan was an asjustable rate with several payment options. For most of CY06 we paid the minimum, thereby racking up a bunch of deferred interest (i.e. negative amortization). When we refinanced in Jan 07, and paid of the outstanding balance of that previous loan, I believe we paid off all that deferred interest. We received a 1098 form this month from that previous bank for $12000. So, in addition to all the interest we paid in 2007 with our new mortgager, we can also deduct this $12K since we paid all of that interest in Jan 07 under our refinance - right?

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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 07:33 am CT (Washington, DC)

We had a second home that we foreclosed on in 2007. We did pay the mortgage payment on the second home from January 2007-May 2007 (both 1st and 2nd mortgage). Will received a 1098 for interest paid during these five months from both mortage companys (1st and 2nd)?

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Asked 01/24/2008 04:29 pm CT (Lampasas, TX)

I received a Form 1098 for a timeshare property we are currently paying on. It is deeded property. Can I use the Mortgage Interest paid as a deduction on my tax return?

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Erin - While I'm not a CPA and recommend that you consult one, my wife and I own membership in a Tim...

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Asked 01/24/2008 03:04 am CT (paramus, NJ)

When we purchased our first home we were able to get a 3yr arm at 4.25 interest rate however the arm is up in april of 2008. It will go up to 6.25 for 12months if we do not refinance which is likely at this point because of poor credit scores due to loss of employment on my end. My husband's scores are in the 540s and I'm in the 630's. I would like to know if the bank can refuse to retain us when the arm expires bsed on history of late payments and poor credit scores. I am now employed and will gross 80k annually.

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You should sit down with someone and put all cards on the table. Your credit report and mortgage hi...

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Asked 01/23/2008 06:37 am CT (Indy, IN)

I wnated to know when you send in your mortage payment and you want to apply an additional $100 or so, what is the best way to have that applied to knock of time of the loan. Do I have the extra amount added to the interest or the principal of the loan?

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Asked 01/21/2008 07:34 pm CT (greensboro, NC)

my interest rate is 7.5 for 30 yrs.monthly pymt.677.51. I moved in 9/07 with the first pymt made 11/01. since then i make 677.51 with 23.00 extra for principle rate only. My prin.bal.is 71,011.00. Say for instance,I want to take an extra 20 out of the 577.51 to add to prin.rate only,would that throw the pymt off or would it put me behind in any kind of way? If not, how would this benefit me,if at all?

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You may want to look at refinancing. THe rate seems high. You may be able to cut the term of your ...

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Asked 01/20/2008 05:29 pm CT (Bay Point, CA)

What does each decrease of .5% interest reduce a 30 year $300,000 mortgage?

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Hi Steve, This would lower your Principal & Interest Payment roughly $96 per month. If you have ot...

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Asked 01/12/2008 08:19 am CT (PEQUANNOCK, NJ)

MY WIFE AND I ARE LOOKING TO PURCHASE A SECOND HOME FOR MOSTLY RECREATIONAL USE. WE HAVE PLENTY OF EQUITY AND NO OUTSTANDING DEBTS. WE HAVE 9 YRS LEFT ON A 15YR. MORTGAGE WITH AN INTEREST RATE OF 5 3/8%. WOULD WE BE BETTER OFF DOING A CASH OUT REFI USING THE PROCEEDS TO BE A MORE ATTRACTIVE BUYER, AVOIDING THE MORTGAGE TAX, AND PURCHASE QUICKLY OR TAKE OUT A NEW MORTGAGE FOR ABOUT 200K IN UPSTATE NY?

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Hi Chris, The best and or most complete answer can only be provided after a thorough review of your ...

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Asked 01/03/2008 04:50 pm CT (San Francisco, CA)

I have been behind on my payments due to recent divorce and medical disability, but I was able to get 1st loan modified and was approved at a lower interest before it got foreclose. But when I called GMAC bank for my 2nd loan for help, the representative told me that GMAC already put my loan as Bad Debt and the only options I have is to negoatiate to pay it full or make payment arreangement and they can't modify my 2nd loan. They also told me that my 1st loan was noted in their account a forelosure. Since they declared my loan as bad debt, what's the best thing for me to do? I don't have the money to pay off the 2nd loan. please advise. Thank you for your help.

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Asked 01/02/2008 12:27 pm CT (Berkley, MI)

My fiance and I bought a house last year, with both of our names on the mortgage and title. We pay the mortgage/property taxes out of a joint account that is only used for housing expenses. Obviously, we would like to deduct the interest expense for taxes this year. The mortgage company only sent us one tax form with the total mortgage interest paid. When filing our taxes what are our options for deducting the interest since we cannot file jointly? Can I take the entire deduction or does it have to be split 50:50. If it has to be split 50:50, does the mortgage company need to send us two forms with the mortgage interest split in two or can we just divide it ourselves?

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Mike, this is a great question. I would suggest speaking with your tax preparer as this is ultimatel...

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Asked 12/21/2007 06:51 pm CT (Waterford, NJ)

I really need your help! The remaining term on my mortgage is 28years and 5 months. I have a 30 yr. jumbo payoption with an arm and PMI. I also have a 3.575% margin with a max limit of 115.00% What does the margin mean and what kind of interest rate am I really paying? Right now my interest rate for the month is 8.5% , but am I really paying 12% because of the margin? I need to know the best thing for me to do. If I put $ 20,000 on my mortgage right now will it lower my payment? I owe $ 309,000 right now. Hope to hear from you soon . Thank You, Lauren Nicholson

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Lauren Your rate is computed from adding the margin which you said is 3.575% to the index on your l...

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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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