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Asked 04/05/2007 12:05 am CT (owensboro, KY)

I have a credit score of 641 and yearly income of 72,000. I am wanting to purchase a home valued at 84,000 from my soon to be ex-wife for 65,000. Where should I go to try to get the best loan and would I have to have any money down?

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I'm not sure why this wouldn't be considered a refinance instead of a purchase? Is the home the pr...

[ Total Answers: 1 ]

 
 

Asked 04/04/2007 06:14 pm CT (Rochester, NY)

I have a primary mortgage with Citifinancial. They are willing to take the house back as a deed in lue of foreclosure. I have a second mortgage with HFC - Express Equity Loan. What happens to the 2nd mortgage? I filed chapter 7 bankruptcy in Sept. 2005 and it was discharged in December 2005. The house was fully "encumbered" as a result.

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Not sure what you mean by "encumbered"? I would highly reommend speaking with an experienced real e...

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Asked 04/04/2007 10:23 am CT (buford,, GA)

My husband and I are thinking of turning our current home into a rental property. and using some of the rental income to pay our mortgage on the new home. the home we are in now we do not have a mortgage on, we own it free and clear. My big question is do we need a downpaymnet for our new house or can we use our paid for house a collateral when securing the loan?

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Good question. The answer largely depends on your credit score. With current changes in the lending ...

[ Total Answers: 1 ]

 
 

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 04/04/2007 08:10 am CT (nashville, TN)

Can I get a home equity loan in my name only if the original mortgage is in my spouses and my name?

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Typically, yes you can...If your spouse's name is on the title of the home, you would both need to s...

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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...

[ Total Answers: 3 ]

 
 

Asked 04/02/2007 08:03 pm CT (San Diego, CA)

My husband and I own a property in Vermont that we have not lived in since 1999. We moved to California, and rent a condo here. Our adult children lived in the VT home for 3 years and they rented rooms to their friends (we received the rent). Since then we have been renting it to tenants. We have refinanced it since we moved to CA. Now we are considering refinancing again - the loan company is in Florida (located by us on the internet). They have discussed with my husband that it would be a better loan if we call the VT property our primary residence or possibly a 2nd residence. I am concerned that they are trying to convince us to do something illegal. Am I right?

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Hi Lauri, I'm a Mortgage Advisor Specialist from San Diego CA; I agreed with David, as far as tha...

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Asked 04/02/2007 03:37 am CT (Jackson, TN)

What contract/loan language do I use for a friend who will be the guarantor on a bank loan that I am applying for to establish a private school?--ie I want to back up my friends' guarantee with a pledge/collateral of my IRA to him for being the guarantor on the bank loan--as a fail safe to my friend for enabling me to get the bank loan(I canNOT pledge my IRA to the bank as collateral). Thank you.

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Asked 04/01/2007 06:09 pm CT (Pawtucket, RI)

If you go for a no doc loan is the 20% down still required if the agreed sales price is far below the apraisal giving the lender the 20% in equiaty?

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Hi Susan: When purchasing a new home, the lender will always use the lesser of either the purchase ...

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Asked 04/01/2007 05:01 pm CT (Oakland, CA)

We did an owner carry back on our primary home to the buyer. He has passed his 1 year payback time nad has not paid us the balance of the loan, Can we place a lein againist the property.

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Jacqueline This is something you should have done immediately when you sold the property. Did you ...

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Asked 03/31/2007 05:51 pm CT (petaluma, CA)

i recieved my loan docs at signing for an option arm and to my suprise the margin was at 4pts and not 2pts! not happy with this at all i signed my 3 day right to recission. *for* time sakes, rather than going through all the process again, can i have another broker renegotiate the same deal through the same lender on the same approval?

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Yes. The 3 Day Recission Period is there to protect consumers in just this type of situation. I woul...

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Asked 03/31/2007 03:49 am CT (Belton, MO)

We owned our home out right and recently took out a new loan to pay medical bills, credit card bills, and to fix up the home. Our issue is with one of the pay outs to a credit card company. The pay out date was 3-20 and as of 3-31 they havent received funds from the title company. I did a conferance call with title company & Visa and both gave me the run around about awaiting 30 days... Is there guidelines for title companies on paying out to 3rd parties such as visa? Lenght of time? Their resposibilities to insure pay out is made in a timely manner. I asked about canceling the first check and overnighting a new one but they wouldnt do it. HELP

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Asked 03/29/2007 10:21 pm CT (Long Beach, CA)

I have a first loan 3/1 ARM for $268k at 5.25. This loan will readjust June 2008 with a guarantee not to go up to more than 7.25. I also have a second loan 15 year fixed at 7.625 currently at $66,000. The good news is that my condo is worth about $30k more than I owe. I intend to keep it to rent out when I move. Is is possible to refinance both 1st and 2nd loans together into 1 loan? Can fees be wrapped into the loan or do I need to pay cash for the cost of the refi? Thanks.

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Yes. Since you don't adjust though until 06/08, you may seek to review whether it might benefit you...

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Asked 03/29/2007 09:45 am CT (Grant, MI)

My parents cosigned a home loan for my syster and husband last year. My father will die with in the next month from cancer. What will happen to the loan and do they have to take my mother's name off the mortgage?

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Nothing will happen to the loan as long as someone continues to make payments. If someone stops mak...

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Asked 03/29/2007 09:19 am CT (Chicago, IL)

My wife and I decided to divorce last year. I bought a house based on the fact that she said she would not live with me when we moved. She did not communicate any other wishes. I bought the house for me and our three kids in June,06. She returns from a month with Alanon in July and moves in with me. I said I wanted to refinance the loan to get a better rate. She refuses to sign the Homestead waiver Act form, subsequently I can't refi w/o her signature. Is this true and is there a way I can refi w/o her signature? Technically we are still married but currently in divorce proceedings.

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Not only are you not able to refi, but she may have a claim to the equity in the new home. I highly...

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Asked 03/28/2007 05:48 pm CT (albany, GA)

The holder of a first mortgage on one of the properties securing this lender's loans has commenced foreclosure proceedings. Should the second mortgage lender be concerned?

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The second lender wil only get the "scraps" leftover after the first lender auctions the property a...

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Asked 03/27/2007 09:16 pm CT (Arlington, TX)

Bought a 2nd house to live & plans to rent 1st house for investment.The bank gave us 'no money down loan because we said we'd live there(2nd)> My 9yr. son now is crying everyday not wanting to move outto 2nd house. Q.Is it possible for me to rent out the 2nd house instead? Is the bank monitoring us if we really live in the 2nd house or not? The reason why we get a n o morey down is because we'd live in this 2nd house otherwise they wanted us to put 20% down, Pls answer. Thanks

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If you move back into the first home & rent out the 2nd home, you'll be technically in default of yo...

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Asked 03/27/2007 05:35 am CT (hillsboro, MO)

I have a 550 middle score and 2 scores around 500 low I have child support in arrears but it is being ammended its 27000 dollars how do i I am trying to get a loan for a house I have child support in arrears of 27000 it is now being ammended due to chane of jobs how can I get a loan with no money down I also have 2 pevious loans paid off i i

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You'll likely need to build your credit payment history for some time before you can receive attract...

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Asked 03/26/2007 08:16 am CT (Kirkwood, MO)

I am trying to buy a house with my fiance', but she doesn't have much income right now in college. Her credit score is high 700s and mine is 640ish. I make in the high 40s per year. We want to buy a house in the 190,000 range so we are using her grandparents as cosigners. It will be just me and them on the loan, not her. They make great money and have credit scores in the 800s. My current loan guy is a relative and i think he might be screwing us. He seems to think that a 3% FHA loan is my only option. He says we can't do an ARM, interest only, 80/20 or anything else. i want to spend as little as possible out of pocket. The ONLY way we've been able to put a contract in is by having the seller's front our closing costs and the 3% down. No one has really been keen on the idea of the 3%, but they all agreed to the closing costs. We don't want to drain our savings to get this house and then be strapped when an emergency comes up. Do you know of any other options. I'm also in the Army if that helps.

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Bryan, you are wise to consider being House Rich and Cash Poor. It sounds like other programs (like...

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Asked 03/25/2007 05:03 am CT (Atlanta, GA)

*Working with lender since 1/25/07 on a refi. Was told that loan looks good and shouldnt be a problem. *3/5/07 Day prior to foreclosure sale on 3/6/07. Lender tells me taht the bank will not be able to provide any closing date or contract yet that my loan is still processing. But should be ready to in 2 -3 days. *Lender then advised I must file Chapter 13 and I can do it myself. *Chapter 13 filed on 3/6/07 which was completed the morning of the sale at 10:40 am. Prior notification was provided to the Foreclosure attorney of my lender by my closing attorney. Lender was also aware that we had been working on lending solution to pay off loan. *Foreclosure sale was completed at 10:20 am 20 minutes prior to the Chapter 13 being recorded. *Now have bankcruptcy attorney who has talked to Fannie Mae attorney since they purchsed home at sale and nothing has been recorded regarding the foreclosure. They have agreed that if we can provide pay off they will not record the foreclosure and we can keep the house. *Am talking with private investors which seems like the worst possible option but the only option we have to "save" our house. Everyone wants this and that of my equity. Finally - my question - ????????????? IS THERE ANY WAY TO KEEP MY NAME ON TITLE IF I CAN FIND AN INVESTOR/LENDER? OR AM I JUST STUCK WITH A LEASE PURCHASE AND MUST GIVE UP MY HOME OWNERSHIP AND EQUITY UNTIL I CAN REFINANCE????????? **the ability to pay off home is contiguent upon judge allow the house to be dismissed from the court with a pay off which with the cash out we will be able to eliminate the other debt and not have to continue with Chapter 13. Thanks in advance. Sorry for the long message. Just Hopeful That I Don't Have To Move and Keep My Home!!!

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