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Asked 03/24/2007 09:01 am CT (Cary, NC)

My husband and I are separating, and I want to purchase the property that we now own jointly. In essence, I would like to buy him out by taking a home loan to pay off the existing mortgage plus enough to cover his share of the equity in the house. Would this be considered a refinance in my name only, or is it an actual purchase where I have to come up with a down payment, etc. I'm just graduating from medical school this May with a firm job offer, but my personal savings after 10 years of school don't amount to much. Thank you.

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Hi Jananne, Ryan is correct in that you would not be required to make a downpayment. However, th...

[ Total Answers: 3 ]

 
 

Asked 03/23/2007 10:20 pm CT (orlando, FL)

I was wondering. if I have a 30 year fixed mortgage with a minim payment of let's say $ 1000, paying more than that every month will reduce also my minimum payment over the months like an auto loan or will only let me repay early? Thanks for your time Marco

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Marco, Your payment will be reduced if your mortgage is an Interest Only loan. If you loan is a tra...

[ Total Answers: 1 ]

 
 

Asked 03/23/2007 02:48 pm CT (akron, OH)

I have a prior bankruptcy two years ago this march it included a home that was not resold until 13 months ago and at that time my name was taken off the title at the time of bankruptcy my lawyer did not tell me to have that removed. So I have a foreclosure only 13 months. My credit score remains low after bankruptcy (590) I am a single mother and have a good job but no savings at this time is there any 100% loans I qualify for or any programs to help me pay for down payment?

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Asked 03/22/2007 02:24 pm CT (Irvine, CA)

When we bought our house my wife did not appear in any of the documents of the house (loan or title) our divorce is final and she is now buying a condo while the house we bought will go in foreclosure is there a way that the foreclosure people can some after her condo to pay whatever diff. exist in the LVT of the house since it has depreciated 60K

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Louis, unfortunately not. She was not responsible for that loan. There may be help for you if ther...

[ Total Answers: 2 ]

 
 

Asked 03/22/2007 12:15 pm CT (yarnell, AZ)

My wife and I are getting divorced, we own 2 houses, she getting 1 house and I the other. We are both on title and loan for both houses. Can we be removed from the loan on the others homes somehow?

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Larry, usually not, depending upon who the lender is and what type of loan you have. However, in ou...

[ Total Answers: 2 ]

 
 

Asked 03/21/2007 03:34 pm CT (cape coral, FL)

What recourse do I have if we obtained a refinance loan and found out after the loan was closed that the appraisal used to get the loan was actually on a different property? We want to sell our home but we have found out that the value of our home is much less than our current mortgage.

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In addition, seek legal advice as the servicer of your loan (the company receiving your payments eac...

[ Total Answers: 2 ]

 
 

Asked 03/21/2007 12:43 pm CT (Gilbert, AZ)

Does anyone have any experiences of submitting loans on a wholesale basis to ING Bank? If so, please tell me what you think.

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Asked 03/21/2007 11:41 am CT (Dallas, TX)

1) I have a higher than ideal debt to income ratio but a good credit score. I am retired and have about $225K in my IRA that I have access to. Will my IRA help me in qualifying for a higer loan amount?

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WARNING: the poster of the above message (Tim) is recommending a credit repair company that the mor...

[ Total Answers: 4 ]

 
 

Asked 03/21/2007 07:10 am CT (Dubuque, IA)

I have a credit score of 686 and make about 23.000/year, my wife has a similar score and salary, what kind of rate and payment can we expect on a 140,000 loan.

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WARNING: the poster of the above message has an interest in the credit company he recommends. It i...

[ Total Answers: 2 ]

 
 

Asked 03/19/2007 05:58 pm CT (Davis Junction, IL)

How hard is it to get my ex-husbands name off of a va loan, he agreed to sign over house, I don\\\'t want to refinace due to credit issues he created, I would like just to have him taken off the mortgage, is that possible.

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[ Total Answers: 5 ]

 
 

Asked 03/19/2007 01:18 pm CT (Liberty, MO)

I got a second mortgage a couple years ago and I almost have all of the money to pay it off. The terms of the mortgage included a prepayment penalty of 2% of the REMAINING principle balance in paid off within 3 years. I have been saving up the money to pay this off and just have it sitting in an account. If I pay down the principal using the money already saved and then pay off the loan in a couple months when I have the rest of the money, will I get away with paying a much lower prepayment penalty since the outstanding principle balance will be almost nothing? Here is the exact language of the contract I signed: Consecutive monthly principal and interest installments of $xxx.xx first due on the xx day of xxxxx, xxxx. Such payments to continue until maturity when the remaining principal balance and any unpaid interest thereon shall be due and payable. In the event full prepayment is made within three (3) years of the date of the first monthly payment a prepayment penalty in the amount of two percent (2%) the remaining principal balance will be assessed.

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From what you stated in your question you would have to pay a penalty if you pay it off within 3 yea...

[ Total Answers: 2 ]

 
 

Asked 03/19/2007 10:35 am CT (oshawa, Ontario)

I have to much debt and would like to consolidate. I am behind on several payments and have tried to get a consolidation loan through several places and keep getting turned down. I do not want to dod a consumer proposal or go bankrupt. What would you suggest.

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Unless you own a home with a decent amount of equity, you don't have many options. I would contact ...

[ Total Answers: 1 ]

 
 

Asked 03/19/2007 07:31 am CT (Ravenna, OH)

I have a loan I am going to purchase from one of our brokers. My question is, this is a construction perm loan. The original loan was carried by our broker. We are buying the refi of the construction loan. Is a ROR required on such a loan? Thank you, Kathy Mount

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ROR do not pertain to closed notes or loans you buy whether at a discount or not from another indivi...

[ Total Answers: 1 ]

 
 

Asked 03/15/2007 12:20 pm CT (oneonta, AL)

I've recently divorced and my ex-husband is trying to buy property. He is not able to get the loan only in his name so he has asked me to co-sign with him. We are getting a contract written that states that if he fails to pay I can sell the property without his consent. Is there anything else that I should have stated in this contract?

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Good advice from Larry. I would add that you consider staying out of the deal unless you are in to...

[ Total Answers: 2 ]

 
 

Asked 03/11/2007 09:48 am CT (salem, OR)

Is there a 3 day right to cancel on a second loan when concurrent with a first loan on a purchase?

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Wendy, Jeff's right, it's related to refinances. For some reason I read refinance, not purchase. Goo...

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Asked 03/09/2007 03:28 pm CT (Ft. Wayne, IN)

I had gotten a Divorce about 9 years ago. At that time our place of residence was decreed to my Ex-wife. Now I have the mortgage company sending me a Certified letter stating that I am in default of the loan. What should I do?

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Dave, while your house was decreed to your ex, if you weren't taken off the loan you are liable for ...

[ Total Answers: 1 ]

 
 

Asked 03/08/2007 05:28 pm CT (sacramento, CA)

If i want to refinance my house and have a prepayment penalty for a year, what is the best option for me to do ,and which lender can pay my closing cost. Are there any lenders who can takeover my loan and i am wiling to pay 10% of the loan amount so that i have equity in the house.

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The best option for you regarding your prepayment penalty would depend on what you are trying to acc...

[ Total Answers: 1 ]

 
 

Asked 03/08/2007 02:42 pm CT (charlotte, NC)

I am trying to get a loan on a house, the first loan I was declined because they didnt like the way the house was laid out (they said my finances were not the problem) and then I went to another loan agency who was really giving me a hard time and not taking all my wages and lying to me about the closing date so I quit with them. Is this going to make my credit look bad by having to try for another loan again? I am a first time buyer is there any tips or a certain route I should try? Thanks

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Raven, As a rule of thumb you want to avoid having your credit ran too much... while shopping for ...

[ Total Answers: 1 ]

 
 

Asked 03/05/2007 01:14 pm CT (Sarasota, FL)

My husband and I are in our fifties and are going to buy our first home. My husbands credit is exellent and mine is good. We make about 40,000 a year. What are the chances of getting a loan on a 1983 manufactured home in a land owned over 55 comunity? The home is on a lot that has been appraised at $95,000, they are asking $209,000 because of the location, the land is on the Mayaka river. The home is old in need of repair and our cash flow is low. A home in a park where you don't own the land is less , $95,000 for a 1996 in great condition and furnished but the rent is 550.00 a month. Help!!! Thankyou.

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Pam, There are lenders who will lend on manufactured homes on lots that are owned by residents. You ...

[ Total Answers: 2 ]

 
 

Asked 03/01/2007 09:10 am CT (new york, NY)

can someone get a loan has no credit history but owns a busniess and, is willing to put 100,000

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Absolutley. Are you a first time homebuyer? There are programs for this scenario. Home much is the h...

[ Total Answers: 1 ]



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