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Asked 02/14/2008 06:30 pm CT (Houston, TX)

We are trying to purchase a home that is a foreclosure maybe a REO- the construction was never completed -so there isn't a CO- a bit left to complete. The realator suggested a construction loan and at that time we were told that we could include a fence and a pool in the construction loan we have never thought there is $50k remaining inside of work to complete. Now that we have been told that the pool would be a seperate loan - how can we finance without a construction loan - or does anyone sell a construction loan for less than 50k, or can we put $50k into an account and lock it with only the lender able to draw to a contractor to complete the construction and the pool? We have good credit and rental properties free and clear but we do not want to offer collaterol - our debt to equity should be really good we don't have a lot of debt and we have equity in our current home of around 100k.? Please advise asap

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Molly, depending on your down payment (ltv, or Loan to Value) many construction loans will fund not ...

[ Total Answers: 1 ]

 
 

Asked 02/12/2008 10:08 pm CT (san diego, CA)

My mother owed her house outright. right before she passed away she took out a 2nd on the house for $75,000. (Her home is worth well over $500,000.) The house was left to my brother and me, however my brother who is claiming he was made the trustee just before she died (her lawyer was it as far as I knew) now is saying he will not pay the loan because it was our mothers loan. Even thought the loan company is asking for a payment. However if the house was used as collarterial can't the loan company demand or expect payment from us since the house was left to us? Or with her death does the loan go away? My brother has since rent out the house way under fair rental rates for the area and is telling me that I can do nothing and that he will buy me out in a year or so. Thank you for your help.

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You should be concerned. if the home was used as collateral for the "2nd" loan, then yes, the loan ...

[ Total Answers: 1 ]

 
 

Asked 02/12/2008 09:27 am CT (sewell, NJ)

My husband and I would like to purchase a house. I have a recent bankrupcy so he will have to do the mortage by himself. His credit scores are not great 556,562,570 . Would a mortage of about 170K be possible with these numbers? we are looking into a FHA loan or similar with a very low down payment

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Asked 02/10/2008 04:48 pm CT (Olive Branch, MS)

We closed on a home over a year and a half ago, and on the last day of closing, we were shocked to find out that the PMI attached to our loan was $830. My credit score isn't good now, averaging around 547 and my wife's credit score is similar. Our rate on the mortgage is 7.75; however, the PMI is killing us? Any way we can refinance with at least a smaller PMI?

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Asked 02/10/2008 01:28 pm CT (phoenix, AZ)

My Wife and I moved in to a town house a year ago is it possible to sell it and get a larger house? What if the amount of the homes around the area are lower than what we were loaned for? Can we apply the difference to the new loan???

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HI Tony, You will not be able to apply the difference of your current loan to a new loan on another ...

[ Total Answers: 1 ]

 
 

Asked 02/10/2008 04:16 am CT (raleigh, NC)

We are refinaning.We have aready signed the final papers on 2/6/08 but we havent given our closing cost yet.Its due tomorrow.Is it too late to tap into some cash to pay off our car loan?

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karen, you need to discuss this with your lender. Depending on how much equity you have, your quali...

[ Total Answers: 1 ]

 
 

Asked 02/08/2008 01:40 pm CT (Ann Arbor Area, MI)

My ex & I finalized divorce in March 2007. I have been the sole income and paid both the primary and secondary mortgage. The Lawyers sprung Liens on the property in court without prior knowledge or resulting adverse effects. The money was available to pay the lawyers and ex off. However the credit union and title company interepretted the liens as primary, and wanted a suborndiation agreement. The subornination agreement was finalized after the market plunged, and mortgage applicaton expired. No equity left in the home as there are foundation repairs. The ex was to issue a quit claim deed, but never did. I have made all payments. Under advisement with the courts to refinance, however my credit fell as I attempted to refinance and get loans, causing the loan to value and credit scores not to align. My lawyer won't lift the lien. Question: What are the creative options for me to remove my ex from the title and deed. I cannot refinance, and the foundation is needing repair.

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Asked 02/08/2008 05:47 am CT (Reading, PA)

My husband and I have decided to relocate to North Carolina. With the sale of our small row home we plan to have 20% to put down on a house in the 115K range. Our credit is in the mid 600s. How do we go about securing a loan in another state and do we need to have jobs in the new state before we apply for the loan?

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Michele,,. I am a local lender to you now and could pre-qualify you for a home mortgage in NC. Plea...

[ Total Answers: 1 ]

 
 

Asked 02/07/2008 03:15 pm CT (Reno, NV)

My husband and I purchased a home in 2006 with a 2 year fixed rate that is due to reset in aug 2008, we will not be able to pay our mortgage when this happens however so far we have no history of late payments, we tried to see if we could refinance with our lender they said do to our loan being now worth more than our house is they will not be able to do so.. is there any other options we have other than forclosure

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Asked 02/07/2008 11:51 am CT (kenosha, WI)

im looking to buy a house my credit score was 676 last month, the thing is i just started my job and barely worked the last 2 yrs, how long should i wait before i start looking for a loan?

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Asked 02/07/2008 04:47 am CT (River Ridge, LA)

I have a credit score in the 540's range. Am I elgible for any home loan?

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Asked 02/06/2008 02:20 pm CT (pembroke, GA)

I'm on home loan; ex-spouse is only on deed, but how can i remove him legally if he won't remove his name off title.

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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...

[ Total Answers: 2 ]

 
 

Asked 02/01/2008 12:31 pm CT (Olive Branch, MS)

My wife and I are in a terrible situation. We closed on a home over a year and a half ago, and on the last day of closing, we were shocked to find out that the PMI attached to our loan was $830. My credit score isn\\\\\\\'t good now, averaging around 547 and my wife\\\\\\\'s credit score is similar. Our rate on the mortgage is 7.75; however, the PMI is killing us? Any way we can refinance with at least a smaller PMI?

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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 01/31/2008 07:16 pm CT (summerville, SC)

I am a 23 year old that makes about 32,000 a year. My wife doesn't make anything but recives 8,000 a year in child support. We both have very bad cridet. I have a score of 512. I have two kids and one more on the way. We rent a 2 apartment. We really want to but a cheap house or mobile home for some more room. We have about 2,000 to put down on place. I think the only way to get a loan is a FHA loan. But everyone I appiled to hasn't returned my calls or emails. Should I just give up or keep going. Where do I go? I really need to do this quick. Like within the next 30 to 60 days.

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Asked 01/31/2008 10:41 am CT (Enola, PA)

Hi, my mother passed in 2002 and my husband and I moved in with my father and I am his power of attorney. I have 7 other siblings and they all agreed on the POA. His home is paid for. He is 86 years old and in pretty good health. As of right now he has a will and a living will. In his will he has it stated that when he passes all living siblings split everything. His house his worth about two hundred thousand. My husband is going to be 58 years old and I told my siblings that if we have to live with my father for another 5 years or so until he does pass that my husband and I will not be able to go out and by a house and get a mortgage anywhere and asked them what they thought about my dad's house being put in my name. They all agreed with this and I talked to my dad about it and he doesn't have a problem with leaving me the house so my husband and I have a place to live after my father passes. The house is starting to need some repairs and my father doesn't have the money for them so I thought if my name was on the deed or whatever then my husband and I could refinance the house and get a home equity loan and use that money to fix the house up and my husband and I would make the payments on the loan. What can we do in this situation, I told my siblings that if we don't start taking care of the house repairs it isnn't going to be worth much in 5 or 10 years down the road if I don't get on the deed and do something about it. Other wise I told them i am going to have to move out rather than put my own money into a house that isn't mine.

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You're absolutely right. Keeping up on home maintenance is one of the best ways to preserve the val...

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Asked 01/31/2008 10:27 am CT (petaluma, CA)

If a first forecloses on a home, and the 2n'd is a recourse loan and lets it happen because the house has gone down in value and it's not worth it, Can the 2n'd still collect from me personally after the first takes the house back?

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Asked 01/28/2008 02:04 pm CT (henderson, NV)

My percetage rate on my second is 13.5% and the mortgage company will not bring t down they wrather see me go into difault i have ask them several times to bring it down but down also my loan is 30 years fixed and 15 years of interst first and 15 years prinsapol

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