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Asked 09/15/2007 06:10 pm CT (Lynchburg, VA)

If I loan money to someone as a second mortgage against their home what are my rights as a lender in second position should they default? There is equity in the home. Thanks. DB

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Asked 09/05/2007 03:05 pm CT (San Diego, CA)

My daughter and her boyfriend bought a house in El Dorado Hills, CA in Aug., 2007. My daughter paid the total downpayment of $91,000 from a gift from her grandmother. They have broken up, tried to sell for six months to no avail. She wants to keep the house, he is fine with that, however wants his name off of the title and mortgage. What do we need to do in order to help her? She can\'t qualify for the total loan by herself, so we are willing to co sign or get on the mortgage with her. The house has gione down in value a minimum of $50,000 minus realtor fees. We are willing to have her stay in the house. Does she totally have to refinanace the loan or can she just make the same payments with0ut him on the loan?We are very concerned about getting a new mortgage with the current financial situation. We could pay off the loan if necessary, but don\'t want to do that. Help us please.

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Karen, In order to get the ex boy friend off of the mortgage, she would need to refinance. There a...

[ Total Answers: 4 ]

 
 

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...

[ Total Answers: 3 ]

 
 

Asked 08/28/2007 08:03 am CT (Hemphill, TX)

I am a mortgage processer at a bank in Hemphill, Texas. We have to wait 5 days after we receive a flood determination before we can fund a home equity or home improvement loan. Why do we do this and where did this rule come from?

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Asked 08/28/2007 03:50 am CT (st. paul, MN)

for a first time home buyer, can you roll her debt into the loan or is it just for refinance, and what type of debt can you roll into your home loan, thanks

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As a rule, no. There are a couple of loan programs that allow you to roll closing costs into the lo...

[ Total Answers: 1 ]

 
 

Asked 08/15/2007 07:27 pm CT (W Fargo, ND)

I have a home in WA State and a 2nd home in ND that my daughter is living in. We have been trying to sell it since April with no luck. The type of loan we have states we can not rent it out. Can we do in lu of foreclosure on this home without it effecting my primary home in WA state?

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A Deed-in-Lieu should not effect your home in WA. Be careful though, you could end up with a 1099 f...

[ Total Answers: 1 ]

 
 

Asked 08/15/2007 09:48 am CT (COLUMBUS, OH)

What is a govvie loan and what is the guidelines for it?

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Asked 08/08/2007 01:52 pm CT (Dayton, OH)

My husband & I are trying to purchase our first home and the mortgage co we are working with has turned our packet over to 3 loan companies. The first company denied us & now the second comany is stating that because my husband was late 3 times last year with a credit card payment. (we are in a chpt 13 and obtained permission from the court to get a home loan). At this point we can not prove that the late payments were the credit card company fault. Which by all means I know it was my husbands fault. But the 3rd company that our packet was sent to is "Burmingham Mortgage"? I found a webste for them stating that they provide loans for not so good credit. My questions is, have you ever heard of this mortgage company & is there anyone that can actually get me into my dream home?

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Asked 08/02/2007 08:49 am CT (Buffalo, NY)

Is there any assurance(or insurance) on protecting the home value. Is there any way to be safe on a loaned house of $xx and it falls in value to $x over time? So if the mortgage is for $100000,and the value falls to $25000....is there any way to protect oneself? Thanks....Jim Kulbacki

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Asked 08/01/2007 12:24 am CT (BALTIMORE, MD)

WE ARE THINKING ABOUT REFI AND PART OF DOING SO WE ARE ASKED TO SHOW A COPY OF OUR IRA ACCOUNT CAN I ASSUME THAT THE REASON FOR THIS THAT THIS WILL BE USED SOMEWHERE WITHIN THE LOAN AGREEMENT THAT IF WE FAULT ON THE LOAN FOR ANY REASON THAT THEY CAN TAKE OUR ASSETS.I THINK SO BUT THEY SAY THIS IS JUST A STANDARD PART OF THEIR LOAN PROCESS.ANY ADVISE I THINK I KNOW WHAT OUR DECISION WOULD BE BUT ANY SUGGETIONS

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John, they shouldn't ask to use your IRA funds as collateral against the loan. What they are most li...

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Asked 07/29/2007 12:30 am CT (Tempe, AZ)

My girlfriend and I have been living together for several years, and even though we have an "agreement" the house is ours it is in her name from a previous family title swap transaction. We both contribute to the total cost of buying, remodeling and maintaining the house and I would like to get on the loan (~25% of Title???) and make that official. I make $90k/yr., our house is worth ~$900k and we currently have a Mortgage of ~$260k. She has had two bad relationships in the past and has been hesitant about putting someone else's name on the house, but I continue to contribute and have expressed the need to make this official. My credit score is very average (670) from both a bad financial advisor and the fact that I have run up a significant credit card debt (~60k) on remodeling and getting a truck to work on the house. She has very good credit at 800+ and has conceptually agreed to put me on the title at some percentage, take out a load to pay off all my outside debt (~60k) which will then boost my credit rating to low to mid 700's as I was over 700 before current debt and currently have no Real Estate accounts. I feel the timing for this is very important and from what she understands she agrees as we are planning on either buying a new home or performing a significant remodel (~250k) in the next 6 mos. to a year and my improved credit score with no debt and still low mortgage would go a long way to making that happen and not hurting us on a bigger debt a lower credit scores. I hope this makes some sense, this is my first query related to this effort and I would greatly like the feedback of experts as my income is continuing to be used with no "Real" results. Thanks, RMc

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RMc, your issues are very common in the current marketplace. You are very accurate in your situatio...

[ Total Answers: 2 ]

 
 

Asked 07/23/2007 07:13 am CT (Golden, MS)

Hi. I my wife and I are wanting to buy our first home together. We are still living with my in-laws at the moment. Both of our credit scores are low. My wife was sick for a while and we got behind on some of our payments. The house we fell in love with. They are asking $59,000. I can put 20 % down. My credit score is only 490 right now. Is there any companies out there that can help. The only places i could find on the internet you have to get a loan for a minimum of 50,000 with 30% down at that credit score.

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Asked 07/21/2007 02:27 pm CT (Madisonville, KY)

I baught a house from hud at auction they made me a deed after i fixed it up to rent i try to borrow money on it and find it has another mortgage on it and cant get title insurance on it so no loan but the lean holder is out of business in the stste of ky so how can i clear up my deed no help from hud

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Asked 07/21/2007 10:01 am CT (kelseyville, CA)

I had little trouble this year with loans. I had one forclosure in which the first was honored, but the second wasnt and maybe one more loan with the same deal. I was looking into bankruptcy, but still have real estate assets in good standing, what is the seconds recourse if any? (both deed's of trust) I have contact with the one that took place still. What should I do to protect my othe real estate? Can they force sale on them? This is our retirement that I worked on very hard. Thank you

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The second can intiate foreclosure proceedings to protect their interests. If you have equity in yo...

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Asked 07/11/2007 08:05 pm CT (cross, SC)

my husband was hurt and was out of work long time we filed bankrupsy and still got behind a payments on [mobile home] case was cancel my morgage co. demanded a balloon payment of $2700 dollars they agreed after that payment we would work out payment plan monthly,parents help us with that payment,couple days later recieved ph call from morgage co.that our loan had been solded & new morgage co told us that wasnt good enough that they wanted a balloon payment sent IT. my problem is had another phone caLL FROM LENDING Co.again infoming me me contract has been sold again and co wants another $2700 we are tryin been makin monthy payment is doubled ,lender still tells me dont send any more payments they wont accept it and will foreclose on my home anyway tellin me that contract promising me we could make paymentasnt any good because of new lenders we r tryin, can company legally foreclose without even keeping theier end of agreementwe dont want to lose our home and we making payments what rights do we have

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Your situation is too complex for anyone to anwer over the internet. I recommend consulting an atto...

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Asked 07/11/2007 07:55 pm CT (Columbia, SC)

I got approved for 100% financing on a 125000 loan. I know I have to have PMI, but question is, he quoted me 273 a month for the payment. Does that sound right? My score is 601 and intrest rate is 8.875% fixed.

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Dana,. Also - look at some options for 100% financing without PMI. We have programs that offer Lend...

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Asked 07/05/2007 01:33 pm CT (Charlotte, NC)

I have fairly terrible credit, and I am looking to buy a house within the next 6 months. Are there any verifiable, guaranteed lenders out there? I've applied with several that supposedly 'offer bad credit loans', but either they don't get back to me or they decline me. What can I do? Thanks.

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Christina, I would like to get a little more information about your scenario. Please email me whe...

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Asked 07/05/2007 08:05 am CT (Centereach, NY)

Hi im in the process of buying a home. We should be closing by the end of this week, but my loan officer is telling me he cant get me a loan. Now the sellers attorney is going to release the money I put up at contract ($5,000) to the sellers. Everyone is telling me im going to loose my money, what can I do? I did everything I was supposed to do, now im going to loose the house I want and the my money, please help me. Thank you

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Diana, Please email me more details. I need to know why you can not get loan approval, is there a...

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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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Asked 06/24/2007 05:14 am CT (nanticoke, PA)

if bank forecloses on my house and sells it for less than what my loan is ....do i have to still pay the balance of loan to the bank

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YES unless you had Private Mortgage Insurance on the property....

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