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Asked 12/14/2007 09:54 pm CT (henderson, NV)

My home was purchased by a relative using my money but their credit. I make all of the payments, and we got the house as an interest only purchase. Two weeks after purchase, the market started declining and we have no equity. The problem now is that my house and my relatives, are near each other, so they consider it income property, although I can prove that I have made all of the payments. We are having problems refinancing it because of the lack of equity, and with the continuous increase I can't afford it any longer. My question is, can you advice me on how we can approach the mortgage company and convince them that it would be better for them to work with us on a lower fixed rate, then to risk the house going into foreclosure?

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tommygirl, the info you need to help you with your options can be found at our website...www.lasvega...

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Asked 12/12/2007 07:31 am CT (new orleans, LA)

i inherited my mother's home with a small mortgage. can i just continue making the mortgage payments? it is a small interest rate, and i live in the house

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Yes you can. You should contact lender and let them know though. Make sure Deed has been switched in...

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Asked 12/02/2007 11:41 am CT (Palm harbor, FL)

I have a mortgage in Indiana. I took a job in Florida 6 months ago and we placed the house up for sale. The real estate situation has gotten worse and worse as we all know and I can\\\\\\\'t sale the house. I have made the payment on the Indiana house but it is getting to a point that I will not be able to make both that mortgage payment and my rent payment in Florida. At the time we made the move we thought the house would sell in 6 months. I have been researching to see if anyone else has this problem as i understand that I took the Florida job on my own but the market has killed me and my hopes of selling. I have a great 30 year fixed rate(better then current rates). I could pay something but not the entire monthly amount. Should I contact the mortgage company and try to arrange something like interest only refinance? My current payment is about $1957.00, I could pay $1,000 and still do ity for at least 6 months. I am concerned that my credit which is very good will go bad and the I wonder if it\\\\\\\'s worth even trying to make a payment versus foreclosure. Please advise.

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RV, the first thing to do is contact the lender and fully explain your situation, there are numerous...

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Asked 12/02/2007 12:21 am CT (LITHONIA, GA)

11/18/2007] MY CREDIT SCORES ARE 595, 547, AND 554. I FILED FOR CHAPTER 7 IN JAN OF 07. I HAVE A DEFAULT STUDENT LOAN (CURRENTLY PAYING A YEAR AND A HALF WITH A GARNISHMENT OF $450 A MONTH)AND $850 ( I DON\\\'T KNOW IF PAYING IT WILL HELP AT THIS POINT) WORTH OF STATE TAXES SINCE 1998. I MAKE ABOUT 47,000 A YEAR. CAN I GET A MORTGAGE LOAN.(FIXED RATE WITH LOW INTEREST NO MONEY DOWN) [PFP, LITHONIA GA]

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Asked 11/29/2007 10:32 am CT (Livonia, MI)

I have a 3-yr interest-only ARM on a condo ending in 5/08, and will need to refi. Problem is, I also have *a lot* of revolving credit debt. I'm really worried about what my refi'd payment will be on a 30-hr fixed. I have been working to pay off the credit debt, but would it be better to send the extra cash towards the mortgage, or continue to try and lower credit debt, even if its just reducing by a small amount? Or is there something else I should be doing? Any guidance is greatly appreciated!

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Hi Sue, Definitely pay down your credit cards. I wouldn't send one cent extra to the mortgage co...

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Asked 11/18/2007 06:36 pm CT (LITHONIA, GA)

MY CREDIT SCORES ARE 595, 547, AND 554. I FILED FOR CHAPTER 7 IN JAN OF 07. I HAVE A DEFAULT STUDENT LOAN (CURRENTLY PAYING A YEAR AND A HALF WITH A GARNISHMENT OF $450 A MONTH)AND $850 ( I DON\\\'T KNOW IF PAYING IT WILL HELP AT THIS POINT) WORTH OF STATE TAXES SINCE 1998. I MAKE ABOUT 47,000 A YEAR. CAN I GET A MORTGAGE LOAN.(FIXED RATE WITH LOW INTEREST NO MONEY DOWN)

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Asked 11/10/2007 12:22 pm CT (rialto, CA)

We just bought our home last Dec 2006.We have a 288 loan and a 80/20.We went in with a $30,000 equity loan.Now because of not being able to get parts back East,because of the weather condidions,we were forced top be laid off for 3 months.we got behind for three months on the first loan.Can we refinance and get our loan into one mortgage and get extra money to pay city taxes. The mortgage is a fixed loan and the first is 6.665 interest.We have tried but the lenders say no.We are senior citizens,but have a good income.What are our options?

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Asked 11/01/2007 09:33 am CT (West Lafayette, IN)

I was curious if this is unusual: My origional mortage payment was about 986/mo. After about 5 months the payment dropped to 844/mo. As I figured this drop was due to a reduction in my home's value as the difference was in the escrow portion to cover county property taxes - yay for me. Interestingly, after another 15 months, my payment has jumped back up to 986/mo to cover an increase in property taxes. Could they have changed their mind on my home's value? Thrown out an assessment? (the number reverted back to within a dollar of the original amount) Was I lucky and they were wrong for over a year on my payment? Or should I suspect an error that I need to have corrected?

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Asked 10/31/2007 05:25 pm CT (evans, NY)

I am going through a mortgage broker. My total cost of the loan in 173,000. I am financing 155,700. There is no loan origination fee but there is a 3 % yeild spread premium at 6.375 interest rate. I was offered a rate of 6.0 for 1.5 points. Is a YSP of 3 % excessive and is it better to buy the points?

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Sounds a little high to me but there could be other factors. But if you can get 6% without increasi...

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Asked 10/30/2007 12:31 pm CT (helendale, CA)

I have the funds and I want to buy down the interest rate on a home loan by 2 %age points. How does this work?Some lenders are saying they can't do it. P;ease answer soon!

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Don, please give me a call. Larry 888-660-2842

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Asked 10/25/2007 09:55 am CT (tonawanda, NY)

i just purchased a house on 05/29, and i am wondering if i can claim the interest paid being that i havent owned the home for more than 1 year. Please let me know...thanks

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Asked 10/14/2007 04:41 am CT (Baltimore, MD)

I have three years left to pay the balance of $19,000 on my home at $670.00 per month. Would it be beneficial to me to add additional principle each mont in order to lower the interest?

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I would recomend you consult directly with a mortgage professional who can review your entire situat...

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Asked 10/09/2007 12:39 pm CT (Washington, DC)

Hello, My husband filed chpt. 13 in order to save our home, however the loan company "worked" out an agreement in which we paid $2300 a month not inclusive of the rent we pay of $1100 monthly. Needless to say it was a disaster. The house went to foreclosure in sept. The loan was in his name. I am interested in purchasing a home in a few months and wanted to know if I could include him on in the obtaining of a mortgage? I plan on purchasing in the next 6-7 months , at that time he would have been in clpt. 13, 19 months. How does the foreclosure affect the chpt. 13?

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Sorry, I meant Nicole!

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Asked 10/05/2007 05:56 am CT (Friendswood, TX)

I have credit score 570, can I get home equity loan with an interest rate of no more than 5.5%

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Tony, I would first consider using a credit repair company to boost your credit score. If you wou...

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Asked 09/23/2007 04:49 am CT (Severna Park, MD)

I have a 5 year ARM that will expire in April 2008. The interest rate is very good, and I am trying to hang onto it for as long as I can. When should I actually refinance to get another loan? I've been told that I have decent credit and my house has built up about quite a bit of equity in 5 years. Thanks!

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Doreen,. Now may be the time to consider taking action on a refinance for your ARM. Rates are at lo...

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Asked 09/04/2007 09:23 pm CT (Los Angeles, CA)

My husband and I have two loans. 1st is a fixed loan and the second loan is at a high interest rate. Our credit scores are 520 and above. We are showing behind on our house loan, because of a mistake countrywide made back in Oct of 06. Countrywide put us on a repayment plan and increased our payment double. Is there any company out there that will take us with our credit scores and consolidate both loans?????

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We have a credit consultant that would be able to correct the late payment error on your credit repo...

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Asked 08/14/2007 08:24 pm CT (Jay, ME)

I am a disabled woman, I am 39 and 2 years ago I refinanced my home and was put on an adjustable rate. They said I could get a fixed rate after a year. When the year was up they said my credit was to bad. It was the same then as it was a year before. Now the interest rate has gone up 3 times, I can no longer afford the payments which do not include the escrow. It went from $825. to $1,100.00 @ 12+%. Was it legal for them to put me on an adjustable rate mortgage knowing my income was fixed on disability, and also knowing that in 2 years I would loose my daughters SS payments because of turning 18 and graduating. I dont know what to do. Other mortgage companies say it is illegal. Is it true?

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Asked 07/25/2007 08:04 am CT (Saint Charles, IL)

I am thinking about buying a new home or refinancing what we have with someone I am not married to - Can we both write of a portion of the interest, or can only one person write it off?

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I am both a loan originator and a licensed tax preparer. The only individuals who can legally write...

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Asked 07/25/2007 08:04 am CT (Saint Charles, IL)

I am thinking about buying a new home or refinancing what we have with someone I am not married to - Can we both write of a portion of the interest, or can only one person write it off?

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Asked 06/27/2007 03:53 pm CT (Clermont, FL)

I refinanced my home 5 months ago. The lender I refinanced with went out of business the day I closed on loan. They paid of previous lienholder (i have satisfaction of deed). I have been mailing my payments to payment address for 4 months now and NOT ONE check has been cashed. No lien has been placed on property and no one has any idea who I can contact because the lender is closed. I am assuming they have not sold my loan yet. I have someone interested in buying home now. Any suggestions on what to do? No representatives are working for the lender anymore.....

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Hi Jenifer: Which lender are you speaking of? You should go back to where you closed the loan and ...

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