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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 01/01/2008 05:43 am CT (colorado springs, CO)

my exhusband took out a 2nd on a home he was supposed to be refinancing without my authorization. We've been divorced for 8 years and he was supposed to have the house refinanced within 24 months of the divorce settlement. It's been 6 years now since he did that and because of the 2nd and him being in arrears and foreclosure proceedings on the 1st, he's not able to get me off the 1st. Hence, my credit has been damaged because of all of this, as well as my reputation, being that I work in the courthouse in which all of the Rule 120s are filed. Can I go after the bank because of this that loaned him the 2nd without my signature or authorization?

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Asked 12/25/2007 07:41 pm CT (des moines, IA)

I am about to lose my house in foreclosure. i have a 2nd mortgage. Am I still obligated to pay the 2nd mortgage, and what happens if I dont. What can the loan company do to me.

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Asked 12/22/2007 03:49 pm CT (lodi, CA)

I am recently divorced. I would like to take my name off of the second mortgage loan that me ex-husband and I did while married. He lives in the house, and makes the payments on the second. I just want to get rid of my name and all liabilities of this, how can I do that? I was told the only way is for him to refinance, but that is out of the question at this time. There has to be another way. Please help.

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Stacie - unfortunately, him refinancing is the only way unless he can convince the lender to release...

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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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Asked 12/17/2007 12:09 pm CT (Sarasota, FL)

Where can you get a personal loan with a credit score of 508 and you rent? Is it even possible?

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Asked 12/17/2007 09:55 am CT (Boise, ID)

I have a credit score of 518, 498 and 480. I have approx. 80k in equity in my home, no bank rubcy and am self employed. but cant find a equity loan.

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Asked 12/16/2007 10:28 am CT (bayshore, NY)

The title deed to the house is in my name. The mortgage is in my friend's name. She is behind on the mortgage. There is some equity left in the house. My credit is mid 500. Can I get a loan in my name against the equity in left in the house? Or structure the loan to payoff the mortgage with cash out?

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Asked 12/12/2007 04:28 pm CT (Hoffman Estates, IL)

My husband (prior to us being married)bought a house 7 years ago and due to a job change, moved to another state in '05. He put up his house for sale at that time and wasn't able to sell it. In '06, he rented it out to a couple who were supposed to do a rent to own. Based on this, we signed on to build a house together in the state we are currently living in. 6 months into it, the renters stopped paying rent. He had to evict them. They trashed the house and we had to spend about $5,000 getting it back into selling shape. He put the house back on the market in Feb. of this year. The house wasn't selling still so he took it off the market and tried to rent it out again. No luck. Meanwhile, we moved into our new house in July and could no longer pay the other mortgage so he told the bank in October that he would no longer be able to make the payments. He also has a home equity loan on the first house. THe bank told him to put that house up for sale again and lo and behold, we got an offer. The offer is at a loss(due to the home equity loan, of which we would not be able to pay about $22,000 of with the offer we got). We figure we have to take the offer because this is the only offer in almost 3 years that we've gotten. My question is, is it better to short the home equity loan or pay off the home equity loan with credit cards? We are going to have to refinance our current home in about 5 years as one of the loans that we have is an ARM so we are wondering which is going to hurt us more, the shorted loan that much more credit card debt? Please help. Thank you.

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Nikki, There are several issues here to consider. First, generally speaking you would probably b...

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Asked 12/10/2007 05:38 pm CT (Landing, NJ)

Can one spouse take out a mortgage and the other spouse not use their credit just there salary for a loan. my wife has a loan she can not get off her credit due to bankruptcy but she paid the car loan off even though she paid it off Ford Motor Credit will not send her a letter that is paid off, so she can't get a loan without showing the car is paid, even though her current car loan has this vehicle as a trade with her current car loan. She makes more money than I do, so can we use my credit and salary and her salary without using her credit?

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Dwayne, No, most lenders will not use her income w/o considering her credit. However, you shouldn'...

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Asked 12/04/2007 09:53 pm CT (Columbus, OH)

What happenif my ex husband file bankruptcy chapter13 and later on he stop it because he got really sick and is unable to work and his ex wife is the one living at the house that was in chapter 13 and she didnt want to get out of the house and she didnt want to let my ex husband sell the house... Is there any way to push her to be out of the house and let my sick husband honor the mortgage selling this house? My husband is really sick and desperate. If the ex wife gets a loan by herself in an attempt to keep the house, should be that house under my husbands name?Please help!

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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 12/01/2007 01:46 pm CT (Portland, ME)

My husband's credit score is 750 and mine is 740, but my husband has court judgements on his credit report and credit report lists his credit as "fair". Can we put the house in my name and co borrow on the loan. (We need my husbands income to qualify for the loan)

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Hi Carrie, First off, your credit scores are excellent and you both should feel good about that. ...

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Asked 11/30/2007 10:53 pm CT (pittsburgh, MI)

My wife and I are currently looking to close on loan quickly. We will be relocationg to a different city and the property we are purchasing is located there. However, in order to close on the loan quickly (as we are in a hurry to close), the broker told us that he would file it as a second home and not a primary place of residence so that we would not have to do a job verification at the new place. We both have jobs that are currently in negotations at the new location, although we do not have our official contracts yet, but this definitely will not a problem as we will be receiving the final contracts within the next month or so. The broker thought this would slow down the loan process or may not be able to close on time if the lender/bank may require this employment verification letter. And since we need to close on a tight schedule, he wanted to make sure we could close the loan on time. Although we will be working and also have ample funds to pay for the loan regardless if we didn\\\'t work for a month, I\\\'m a little worried about this since this home will be our primary place of residence. The broker told us that after the loan is closed, we could just let the bank know that we had decided to make it our primary place of residence and there would not be any problems. Is this true? Is this something we need to be concerned with? What problems could potentially arise in this situation? We would appreciate any thoughts or words of wisdom.

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Hi there, If the home is going to be your primary residence, then your application should state t...

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Asked 11/30/2007 08:09 am CT (sheboygan, WI)

we missed last months mortgage my husband just returned to work after a 5 month layoff we cant make this months payment either but we can mke our payment in dec thats when he gets his first check . our motgage cop. wont work with usthey said we had to make our payment by todaywe have a wheda loan no programs as they say, what do i do?

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Hi there, I have some questions I need answered before I can help you. 1. Has your loan payme...

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Asked 11/28/2007 12:45 pm CT (vacaviile, CA)

We have 3 properties, 2 rentals and occupy the third. We have no late pymts and our credit scores are good (700+). The loans on all homes are still in the 2yr prepayment period, but considering to refi anyways due to the mortgages becoming too much for us. How will trying to refinance all loans at one time affect us (credit sdcores, lenders, etc)? Or is it better trying to refi only one home at a time, and doing the others later?

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Cade, I concur with the suggestion of doing all three at the same time...you should also ask the len...

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Asked 11/26/2007 08:13 pm CT (Corona, CA)

My wife and I are looking to refinance our house. About 3 years ago i decided to go back to school and live off my wifes income. Everything was fine until we foolishly refinanced with a neg am loan. We thought no roblem since we had a whole lot of equity in the house. Well the rate jumed and started eating up our equity fast, luckily and unluckily the loan had a cap on how much equity it would eat up and now the bank wants the full payment. We cannot afford that, it more than doubled. My question is, will we be able to refi our loan being that my wife is the sole income. We were barley getting by with the payment were making with neg am. So really any more is going to put us in distress, and i am only a year away from getting my engineering degree. But i am not about to loose my home over it. We both are in the high 700's credit wise so that is not my worry. I am worried that if we own more on the house than its worth, will we get refinanced. Thank you your info is much appreciated.

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Hi Jon, You wrote out a good explanation but I need a little bit more information, before I can ...

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Asked 11/25/2007 10:24 am CT (lexington, MO)

We would like to sell, but have a Home Equity loan. How do we get around this? Do we continue to pay on the note or transfer it to a new property or are we required to pay this off if we sell?

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Asked 11/23/2007 07:08 pm CT (Pine Hill, NJ)

My mother just passed away her name was on the mortage loan for the home that is deeded in both our names what steps do I need to take to keep my home

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Asked 11/19/2007 10:21 pm CT (Los Angeles, CA)

Would it be advisable to enter into a mortgage in which the broker would secure us a high rate loan, to obtain a higher commission, then split it with us to lower our rate?

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Jay, I believe you meant he would split the commission with you to lower you FEES or COSTS, not the ...

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