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Asked 01/27/2008 07:51 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 01/27/2008 04:48 pm CT (The Woodlands, TX)

After a nasty divorce in early 2006 and a huge dispute with a loan, that has yet to be resolved, my credit rating is at an all-time low of 518. The dispute with the loan will be resolved and removed from my credit in September 2008. In the meantime, my husband (who has a FICO of 670, because he has new credit - no true negatives) and I have been building a house in Texas that will be ready in late February of this year. We have around 5% to put down (11-12k) on a loan house purchase price of $259,000. Our income combined is $112,000 per year. We both make exactly $45,000 per year, plus his military pension of $12,000 and an additional $10,0000 in yearly income (yearly gift from my parents). We were originally told we could get an FHA loan, even with my credit, and we believed it. Unfortunately, I was naive enough to not check deeply into the FHA loans and the person arranging the loan was from New Jersey and didn't find out that the FHA loan limit in TX was $201,000. Not having $58k for a down payment, this was not an option. Now, with a brand new house looming ready in four weeks, we are desperate. Is there any way we can get a loan for this house with my 518 credit score, his 670, our low down payment and our income???

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Dear Ready to Buy Your Home, I'm was sorry to hear about your experience withthe FHA. I am in D...

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Asked 01/26/2008 05:03 pm CT (Ashburn, VA)

The mortage is approved in my name, using my credit, so if a down payment is necessary, could my spouse take out a loan and give it to me to use for the down payment?

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Possibly. It depends on the lender and program. If the downpayment requires "sourcing and seasoning"...

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Asked 01/24/2008 11:03 am CT (Palmyra, VA)

My husbacn and i have rented a house for 4 years on 01.17.08 he closed for the house, I am not on the deed or the loan, but I help pay all the bills here. He didnt have any inheritence or old money or savings when we got married in other words he was poor. What happens 2 or 3 or even years down the road we would get a divorce do I still get my half? no one but him is on the loan and deed.. he said he did this because of my medcial bill. the truth is Greed.. selfish.. please let me know Natalie in virginia

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Natalie - Sounds like a question for your future Divorce Atty. If it were me, I wouldn't help with t...

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Asked 01/24/2008 05:42 am CT (houston, TX)

if my ex finance and I purchased a home together and both names are on the mortgage. Bought house in 2005 and he has moved out in Aug 2006. can I take him to court for breech of contract since he has not paid his half of the loan

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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 01/22/2008 05:10 pm CT (cambridge city, IN)

Hello. My situation is this. We have been trying to sell a house for 3 and a half years almost. It does need a little work but it's priced reasonably at 58,000. We went ahead and built a brand new home because we could afford two house payments. We are thinking of filing bankruptcy to get out from under that house because we don't see any other way. Our market is extremely terrible here where we live. Houses are sitting for years. If we were to file a chapter 13 bankruptcy how much of the 60,000 that we owe on that house would we have to pay back? Also would filing bankruptcy affect the new house? Would they be able to mess up our loan on the new house or take it away from us? Thank you for your information. Ray

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Asked 01/19/2008 10:56 am CT (Holden, MO)

my husband and i have a house that we cannot afford we have had it up for sale for about 6 months and have had no call. we are about to lose it. someone told me that we can do what it called transfer of deed in lue of foreclosure and give it back to the loan company to try to save our credit. is this true and if it is how do i go about doing this. thanks

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Asked 01/18/2008 01:08 pm CT (ST. PETERSBURG, FL)

I WAS PLANNING ON BUYING A HOME LAST YEAR , BUT CHANGED MY MIND AND DECIDED TO BUY A CAR.I BOUGHT A 2006 PONTIAC GP GT ALMOST A YEAR AGO. BUT NOW I WANT A HOME. I HAVE BEEN MAKING THE PAYMENTS ON TIME $466.BUT I BELIEVE IN ORDER TO GET A HOME I NEED TO SELL THE CAR. BUT I OWE TOO MUCH MORE THAN IT IS WORTH. CAN I SELL THE CAR FOR LESS AND GET A LOAN FOR THE BALANCE, AND MAKE PAYMENTS?,,,,OR COULD I JUST VOLUNTARY GIVE THE CAR BACK, WILL IT HURT MY CREDIT RATING AND CHANCE TO BUY THE HOME, IF I DO THE LATTER? THANKS ROD

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Asked 01/17/2008 02:01 pm CT (boca raton, FL)

My husband and i are looking to apply for a mortgage soon. My husband has fair credit, some late pays, but a good income and steady job for several years, he also qualifies for a va loan. I am worried that some of the late pays and high credit card debt, will prevent us from getting a mortgage, we are paying down our cards, about $11,000 left. Should we give up hope on qualifying? or just wait until we pay down the cards? thanks for any help

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Asked 01/17/2008 07:55 am CT (Sardinia, OH)

My husband @ I divorced 3 yrs ago. I stupidly wrote up our decree when we divorced. I used the word or instead of an when it came to him refinancing the house and second mortgage.After divorce was final cort said this gave him a choice so he does not have to refinance. I have been unable to get loans and now my credit is awful. I can never buy anything house, loans etc / debt to ratio looks bad. I tried to refinance loans he is still on that I have and was denied/ debt to ratio probs. When we divorced right after court he said I promise to refinance if you sign over the deed. I trusted him ( Stupid ). We went to a bank immediatly and signed it over. Three yrs later he refuses to refiance what can I do?? Pleas help me.

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Asked 01/14/2008 05:59 am CT (tazewell, TN)

my husban and I are seperating. I am moving with my kids to another state to be with an ill family member. He don't want to go and I know he dosen't have the money to pay for the home. He is the borrower on the loan and had me just on the title. If this home forecloses will it effect me or me getting a home for me and my kids?

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No, if you hadn't signed on the loan, then you have no obligation to pay the debt. However, be awar...

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Asked 01/13/2008 08:36 pm CT (Centerville, OH)

My husband will hopefully be attending medical school this coming Fall in Oklahoma. We will both be students and neither of us will be working. Our only income will be student loans / financial aid. We would like to buy a house but are unsure whether or not we can even get approved. We will not have a cosigner. Do you have any advise or input on our situation?

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Asked 01/12/2008 12:17 am CT (Rainelle, WV)

I have been through a divorce i am on the loan still with my ex-wife we are both remarried and i neeed to refinance the house to get her name off of the loan so she can by a new house. The bank we are through will not refinance me because of my poor credit and my new wife does not have any credit but dont have bad credit can she get the loan or what do i need to do?

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Hello Joe, generally most lenders won't count the debt against her if you can demonstrate that you ...

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Asked 01/10/2008 08:21 pm CT (Valley Center, CA)

Hi, If I am not on the loan, but am on the deed with my fiance, as tenenats in common, am I legally liable for the loan in the State of CA? Just curious for tax reasons. Thanks

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Hello Linda, No, you would not be legally liable for the loan, if you didnt' sign for it. Howeve...

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Asked 01/10/2008 05:48 pm CT (Chantilly, VA)

I have never been late on a payment (of any kind) in my life, however I have been forced to file Bankruptcy because of two failed real estate investments. My credit is obviously hurting for a while, but my wife's is stellar. We'd like to buy a new home, but we won't be able to without the bank considering BOTH of our salaries. Is it possible to use both salaries, yet ONLY use her name/credit on the loan? Am I doomed to rent for the next 5 years?

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Yes we can make a loan to your wife and still ahve you on title. To find out how much she house you...

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Asked 01/08/2008 10:10 am CT (Raleigh, NC)

I have a friend who has filed for bankruptcy due to loss of job and finding employment in another state at a 1/3 cut in pay. They were advised to surrender their house in the other state, with an equity loan, in the bankruptcy. They are currently renting a home here. Now, their parents, who are not physically well, want to sell their home and want my friends to use that money to buy a place that has two homes on it and then take care of them. Is there a mortgage company that would consider this. I don't believe the parents want anything to do with the paperwork, or having their name on the property. With the sale of the parents property, they would have about a 50% down payment on a new place. The friend has a good steady job now. Would a bank take the down payment and employment into consideration above the bankruptcy and surrendering the other property?

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Asked 01/05/2008 06:13 pm CT (Batavia, IL)

My elderly parents have a mortgage on a property in FLA. They are about to go into assisted living and might be defaulting on the loan. What are the repercussions?

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Asked 01/05/2008 10:14 am CT (savannah, GA)

can you purchase a forclosed home with a VA loan?

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Asked 01/04/2008 12:19 pm CT (las vegas, NV)

my boyfriend and i want to buy a house. my credit is poor and hes going through a divorce and bankrupt. can we buy a house combining our income but having me as the only one on the loan.

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