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Asked 06/07/2007 09:15 am CT (Wesley Chapel, FL)

I have been divrced 2 years. the court ordered ex to pay martgage untill I move. He has been making pmts & ded taxes & interest. We are trying to refinance and because ex shares an appt with his girlfriend, the mtg co is saying the house is not his primary residence & is trying to increase the rate as an investment.

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Unfortunately that is probably correct. If you are able to refi on your own then it should be ok. Is...

[ Total Answers: 1 ]

 
 

Asked 06/02/2007 03:01 pm CT (Indianapolis, IN)

I have an FHA mortgage that I've had for almost a year. The FHA rep sent me a letter saying that I could qualify for a lower interest rate (I'm a 7.0% now and could go as low as 5.875%) Is this an ok thing to do? Or am I going to pay penalities? Also, do I now get another 30 year mortgage even though I've paid for one year already?

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Sara, You will not be required to pay any penalties with an FHA mortgage. You may actually quali...

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Asked 06/01/2007 01:19 pm CT (Lynchburg, VA)

i just purchased my home on december.. the loan company that i was dealing with no longer handles the type of mortgage that i have so they sold my mortgage..well, i am not pleased at all with this new company..not only have they lost my payments(which i have proof of)but when they cashed one they didnt put in the correct amount and it was less and they are now asking for all this interest. i am so afraid that they are going to be the cause of me lossing my home.. this is my first one and i truly love this house. i dont know what to do... thanks.... daphne :)

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Asked 05/12/2007 05:34 pm CT (Jamestown, PA)

I am presently paying on a mortgage and I am going to be changing jobs and the new job will be lower pay and I was wanting to know if it is possible to pay just the interest on the mortgage for a time until my pay increases?

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Hi Troy, It depends on the terms of your mortgage. If your mortgage was set up that way you would b...

[ Total Answers: 1 ]

 
 

Asked 05/09/2007 06:32 pm CT (Athens, IL)

I currently hav a first and second mortgage. First one is 885.00 a month, I owe approx. 110,000 on thios loan.(30 year) Interest rate 6.25 fixed(1st) the second mortgage is approx. 375.00 every two weeks, I owe approx. 62,000 (10.75 fixed on this loan, (15 year loan) My last apprasial was for 150,000 approx. 1.5 years ago. my salary is approx. 75,000 a year.I need more cash flow to make it and to be able to pay down on my loan. What is your suggestion? Also, my wife gets approx. 1,000 a month clear. Please email me with a suggestion soon.

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Edward, There are many programs out there that can help improve cash flow. Some of these program...

[ Total Answers: 3 ]

 
 

Asked 04/21/2007 06:30 am CT (Plantation, FL)

My Fiancee and I are interested in purchasing a new home. But our credit is horrible. My score is 553, and hers is 547. I make 54K a year and she makes about 24k a year. I have been at my job for 7.5 years, and she's been at her job for about 3 years.We have three childrens. We have very little money to put down, we have been re-establishing our credit since Oct of 06. We purcahsed a vehicle in oct, and another one in march of 07, and we have about 6 credit cards combined that we have been paying on time. All of this credit has been obtatined from oct06-march of 07. Could we even qualify for a mortgage right now? Should we wait a little longer? Please help.

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HI Ed: The only way for you to know if now is the right time to to apply with a lender. Tere are 24...

[ Total Answers: 1 ]

 
 

Asked 04/20/2007 08:46 am CT (Eagan, MN)

My fiance and I bought a townhouse. The mortage and title is in my name only because he wasn't living there at the time. We both put the same amount of money down, although I made mtg payments myself for a year. He's since moved in and is making all mtg payments for this year. I promised after he put an equal amount of money into the house, I'd put his name on the title. I think his name should be on the mortgage, too, but it doesn't sound like this is possible unless we refinance? My interest rate is 5.5% and I don't think we can get anything better than that! I will REFUSE to put his name on title unless we can get his name on the mortgage as I do not want any hassles about the house in case one of us or either of us should die. Is there anyway to get his name on the mortgage? Thank you.

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It is not common but you may check with your current mortgage company to see if they would modify yo...

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Asked 04/20/2007 12:12 am CT (Las Vegas, NV)

Hi I bought the house I'm living in about one year ago . At the time when I was looking for a home I couldn't find anything for 300,000 now the house is worth 275,000 which means I'm upside down on my loan. I have an 80/20 sub prime loan with a two year interest only/arm I want to refinance but from what I hear it's gonna be pretty impossible. Do I have any options besides losing my house when the 2 year is up. By the way I have no prepayment penalty. Can you give me any advice greatly appreciate . Adolfo Sanchez

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Hi Adolfo, If you can give me more information I can possibly help you, please e-mail me at rama@...

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Asked 04/19/2007 06:45 pm CT (Dallas, TX)

I just purchased my home 10 months ago. My credit was not the best so I got a higher interest rate than I wanted. I wanted to know how soon can I refinance to get a lower interest rate now that my credit has improved drastically.

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You need to talk to a mortgage professional to give an evaluation if you refinance how much will it ...

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Asked 04/18/2007 09:37 pm CT (Cheswick, PA)

Right now my goal is to get out of this cramped trailer, and get into a much needed house with more space, since I have three growing children. I know I can't afford much, so am interested in a small 4 bedroom house in a decent low income area for 27900. Various calculators say I would be paying total cost a little less for this house than I do my current rent. One of the problems is that I don't work, and my husband doesn't exactly have a solid work history. Actually he is with a very good company that is well suited for him. He is now a Class A CDL truck driver. The first company that hired him, shouldn't have been hiring rookies right out of school. The second company was local where he worked for a year, but things wern't going so well. Then he drove for a temp agency. Now he has been working for a very good company for three months, he making the miles. The company seems to be happy with him, and he is basically happy with the company. Before he got trained in trucking, he worked 7 straight years with a low paying school bus driving job. My other problem is our creidt scores. I just bought my score and found out it was 657 not prime. Last year his was 647 high risk, but don't know what it is now. I decided to wait to get his until I feel like I can either move forward with a mortgage or paying off debt. Both were from experian. If I could get a hold of this house or another around that price range, I wouldn't be any worse off. I need a roof over my head one way or the other. Actually I might be a little better off, since it very well could free up some money even if it is just a little. I feel stuck because of the lack of a down payment, closing costs, my husband's work history (eventhough he is making the most he ever had in his life. This is still towards the low end of the payscale at .33 cent per mile averaging 2500 a week.), and our credit. Question 1: Is there any hope for me? Is there any way I could get into a house fairly quickly? Would it be better for me to wait and hope beyond hope something else pops up later when I have more money? There are not too many 4 bedroom houses for that low, and it does not look like a handy man special on the outside. From what my mom heard, the previous owners took fairly good care of it. Maybe I'm thinking to small, and need to wait until he gets a raise also. Maybe the market will fall more in that area also opening up more potential. There are already investors grabbing some for rentals though. I hate where I live currently. I already ran out of room a year ago. Question 2: Dealing with a little extra funds I'm going to have. I have a school loan I'm going to start repaying on next week. In nine months it is going to go up. The difference of what I'm going to pay now and payon later is about $130.00. Should I: A) Pay down the car loan - get it paid off quicker - then put the car loan money towards the school loan to help get that paid down quicker? B) Try to pay off some of the debt on our credit reports? C) Sock it away in savings to build up my cash to get a mortgage?

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Hi Suzanne: You need to apply with a quality loan officer and have your entire situation reviewed. ...

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Asked 04/16/2007 10:31 am CT (Renton, WA)

We have two loans on the house...we received a letter from the bigger of the two loans that they would be increasing our interest rate and they could increase it every 6 months from this point on. We had a pre-payment penality for 3 years but that 3 years will be up this month...the only thing is that my husband filed bankruptcy probably about a year ago. At the time we weren't married but we both owned the house with me being primary owner. We have no been married for about 4 months. Initially I had good credit but he had the money. I still have the better credit but I owe alot. My question is...how long typically should we wait before we refinance especially with the bankruptcy? Would it be better to refinace now in hopes that we get it at a fixed rate? Or should we wait a little longer even though the interest rate will continue to increase every 6 months?

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Melita- Well I disagree on the value of the house declining. Maybe in other parts of the countRy...

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Asked 04/14/2007 10:05 am CT (Weston, FL)

I had a banmruptcy less than two years ago.I need a home equity line of credit NOT a 2nd mortgage to pay off some high interest credit cards,I own my home and have more than enough equity to cover the amount of money i need to borrow.

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home equity or 2nd mortgage rate are about the same. if credit to lower refin want be so bad. 347-57...

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Asked 04/11/2007 02:57 pm CT (lake worth, FL)

i am interested in finding out about extending the term on my mortgage. i have recently had a loss in income and need to lower my mortgage payment. i have a line of equity on my home already which is interest only.

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Good morning! There are several options available to you at this time. In order to find the best p...

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Asked 04/10/2007 08:45 am CT (philadelphia, PA)

Can I refinance my mothers mortgage? I live with my mother and wish to refinance her mortgage using my income as she is having health problems and can't work. Her interest rate is 8% and I believe I could get a lower rate. Thanks for any help you can provide.

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You can be added to the title and refinance into your name at that point. Some banks may require you...

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Asked 04/09/2007 09:51 am CT (Brownsville, TX)

I'm considering buying my first home. I got some numbers back from a local bankm and noticed that there are some fees that are added to processing the loan and on top of that, the interest rolls over every year on the loan, making the payoff 2.5 times more than the original loan. Is this common and if so, shouldn't the banks waive all fees if there going to get you with interest?

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Asked 04/08/2007 04:04 pm CT (port st lucie, FL)

I own a home in upstate ny and have a 15 yr mortgage to pay for about 13 more years so i don't have a lot of equity yet now i am very interested in purchasing a second home in florida and probably sell the NY home what are my options i may have 15,000 for money on hand if needed

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Valerie, good afternoon. I apologize we didn't get to your questions sooner. If you are still intere...

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Asked 04/06/2007 03:00 pm CT (Camden county, NJ)

We need help! Two years ago one of our parent was very sick and where she was there was not medical insurance and her medication and hospital bill was causing about $500 weekly plus . We tried to work something out with our mortgage company but we got nowhere. We were paying but late. Plus interest keep going up From 1400 to 3000montly. Our mom did not make she died. We try to refinance, but becase of late payment we were turned down.We try with our current lender, everytime I talk to them it was a different story. They told to do this and that we do it . And we call again they tell us another thing. Please what can we do we just want a lower payment so we can get our live back on track.

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Hello, I may have a solution to your very unfortunate situation. Although there is no direct way ...

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Asked 04/06/2007 12:51 pm CT (Washington, MO)

I have a credit score around 650 and my wife's is a little lower. I have been on my job for 5.5 years and she has been on her's for 2.5. We have a combined income of about $76,000 per year. We are paying $900 a month in rent of a house. Is there any programs where we can get a good house with no money down and what kind of payments and interest could we expect to pay?

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Delvic, Great Question. There are many excellent loan programs available for you. There are a fe...

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Asked 04/04/2007 08:41 am CT (Ruther GLen, VA)

I just got a transfer and I need to move by June 07. Problem is I have a mortgage for $274000 and that is what the market will bring on the home right now. Question is could I do a interest only loan which would get me lower payments and rent the house out maybe giving me time to pay off the mortgage some.I been in the house for two years and it a 30year loan. Please advise I lost

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Switching to an interest only, or a longer term loan could be an option to lower the payment, so tha...

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Asked 04/03/2007 07:26 pm CT (suffolk, VA)

I submitted an offer for the housing. The only thing I asked was the seller will pay for $8000 closing cost. My Realtor agent never gave me a copy of the offer agreement. The seller came back and stated that he can only pay up to $6000. My Realtor agent then turned around and told me I am suppose to pay for the prepaid items (prepaid interest, 14 months home owner insurance, etc) which is around $2000. So my agent told me that it is fine with the seller counter offer since it is my responsibility to pay for the prepaid items. She told me it is not part of the closing cost and I should take the seller counter offer. I didn't agree with her. The seller came back this morning and agree with my original offer on phone without any paper since they are in Europe. Today, my agent called me and told me that I need to meet with a mortgage officer that she knows tomorrow since by Virginia Law I have to have my loan with in 3 days from the day the seller accept the offer. Is there a law like that in Virginia? Are there anyway that I can get out of the deal without losing my deposit?

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The problem with a lot of Realtor's is that they dont know a whole lot about mortgage guidelines. th...

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