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Asked 06/03/2009 05:10 pm CT (New Bedford, MA)

my wife purchased a home through a nonconventional loan prior to our marrige in 2007 basically the hight of the market, mortgage and deed both in her name only. Due to the economy we have gotten behind a bit on the mortgage which has caused her some credit issues, my credit is still good. We wanted to refiance but were told my name had to be listed on the deed before they could do this for us. We filed the paper work to list me 45 days ago and have just found out today they will not refinance with us because we have lost so much equity in the house, upside down almost 50,000. Being this far behind we are almost ready to just let it go or possibly try a short sale and start over again with something much smaller and more affordable. will i no longer qualify for an FHA loan in my name now because of the deed status, and also if this is the case is there a way to reverse it, kinda like a nullification period where it has only been 45 days since the addition of my name? any answer or advice is greatly appreciated, thank you

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Now that you are on title, you could potentially refinance under new programs that just came out whi...

[ Total Answers: 1 ]

 
 

Asked 06/03/2009 10:05 am CT (Ann Arbor, MI)

I have a co-signer along with myself on my mortgage loan. My husband did not qualify become of self employment income. We are current on our loan, but having some trouble making the payments, and would like to inquire about a loan modification program. Is this unrealistic since we are current, and have a co-signer because their income will be included with mine, although they are not helping make the payments ? Also, my husband and I claimed ch 7 bankruptcy last year (because of the business debt) and received discharge in December 2008. So re-finance is out for us to release cosigner from obligation. Is there any hope for us to get a lower payment??

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To get a loan modification, you have to prove financial hardhship and that you can't affford the cur...

[ Total Answers: 1 ]

 
 

Asked 06/01/2009 01:27 pm CT (Mansfield, OH)

I went through a bad divorce in 2001.And I ended up with all of the dept.I had to file bankrupptcy chapt 7 I think.Well.with the economy I lost my job in November 2008.Had a house fire in December 08 2 weeks before x-mas.Well we lost all of our vehicles 3..and we are getting sued by ins comp ,student loans,the leftover balance on vehicles.We can not even keep our head above water.We are sinking.My question is.Can we file bankruptcy????We have no other choice.It is at a point where it is taking a toll on my husbands health?

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Asked 05/29/2009 11:09 am CT (Tacoma, WA)

My husband and I bought house 4-1/2 years ago using our money but my Uncle's credit. My uncle no longer wants the house and has agreed to let us take it over, I know we cannot assume the loan but can he Quit Deed the house to us? How does that work? Do we have to contact his mortgage company on the home? What's the best way to do this?

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Quit Claim deed transfer ownership only, Your uncle would still be responcible for the mortgage....

[ Total Answers: 1 ]

 
 

Asked 04/22/2009 10:37 am CT (Louisville, KY)

My husband and I are wanting to sell our home and buy another home in a nicer neighborhood. The house asking price is $199, we have seven thousand saved to put down... my husbands credit score is 652, I do not know mine, but it is probably really bad. Can he be approved for a 199 loan on his income alone of $50 grand? We will also more than likely take a loss on our house of $6 grand. Any ideas as of where to go for assistance on a down payment loan or if a lender will allow us to borrow more than the asking price to cover the loss in the current house. We are really clueless as what to do!! My income is $33 grand a year

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Asked 04/20/2009 06:24 pm CT (San Francisco, CA)

my dad and i are foreclosing the house. his name is solely on the loan, but my name is added onto the title when we refy. is my credit going to be affected and also, will it show in my history record that the house was foreclose?

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If your name is not on the loan then it won't affect your credit....

[ Total Answers: 1 ]

 
 

Asked 04/20/2009 03:30 pm CT (Colorado Springs, CO)

Three years ago I purchased a home with an 80/20 loan. I automatically went to a bank soon thereafter to set the terms of the 20 into a 15 year mortgage at over 8 percent. The 80 is still interest only due to set at as an ARM in two years. The house was purchased at 335, 000 but on current mean estimates like Zillow is currently at 311. I obviously have little equity in the house. I am wondering if I can refinance the 80 into a payment that will not be too much higher than what I currently have. I am not having trouble making payments and could afford higher. My credit is excellent, but I am beginning to consider options at this point. Thank you.

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Hi: In order to refinance your first mortgage, the second mortgage holder must agree to subordinate,...

[ Total Answers: 1 ]

 
 

Asked 04/14/2009 02:23 pm CT (Altus, OK)

If a re-fi on a home loan is approved for 90k, while the need of the amount owed is actually only 88k, am I losing money in any way by taking the 90k amount and making an near immediate 2k payment that comes from the difference? Thanks

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Asked 04/08/2009 11:16 am CT (Minneapolis, MN)

I need some help! I bought a condo in 06 with an ARM thinking I could refinace to a fixed rate to get a lower payment before it goes up again but Countrywide (who bought my loan) says since my apprasial is less than I paid for the condo there is nothing no one can do to help me and it is what it is. they did offer a modification of $4 a month for an ARM loan. I have a car payment/credit card payments and 2 jobs. Can anyone help me?

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My advice would be to contact Bank of America since they now own Countrywide. They may be able to d...

[ Total Answers: 1 ]

 
 

Asked 04/03/2009 07:59 pm CT (Brentwood, NY)

I applied for a mortgage and was pre approved .My question by any chance last minute can the deny the loan?I will not be making any purchases or make any late payments on anything. Some people say last minute contract does not go through. What does this mean?

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Ana, Were you Pre-Approved by a bank or broker? If you fax me a copy of your initial pre-approva...

[ Total Answers: 1 ]

 
 

Asked 03/17/2009 07:26 am CT (Lubbock, TX)

Hello! I have a credit score of 574 can I get a FHA mortgage loan? What are my options? I appreciate your assistance. I can be contacted at 806/946-7338 or email. Thanks Rebecca

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Rebecca, the minimum credit score for FHA is 620, please call me at toll free 1-866-711-8195 ext 102...

[ Total Answers: 2 ]

 
 

Asked 03/13/2009 08:29 am CT (Waldorf, MD)

Krista, How familiar are you with New American Funding? I am currently working with Lloyd Kerr at New American Funding on a possible Loan modification via a FHA loan and would like your feedback. Thanks!

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I am not sure if this was meant for me, but I am not familiar with New American Funding. Our compan...

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Asked 03/12/2009 10:46 am CT (Mishawaka, IN)

We currently have a 1st mortgage with a balance of 150,000 and a home equity loan with a 39000 balance. Our home value is $190,000. We also have unsecured debt totaling $86,000. We are current on our bills but wanted to know if we could get a loan or 2nd mortgage that would consolidate our current home equity loan and unsecured debt into one loan of $125,000 and set up a payment plan to pay back $750.00 the 1st and last week of each month?

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Unfortunately, now most lenders will only lend up to 85% of the value of your home. The total of you...

[ Total Answers: 1 ]

 
 

Asked 03/12/2009 10:29 am CT (Addison, IL)

what is a loan modification? and what is a second morgage?

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Asked 03/05/2009 11:37 am CT (San Francisco, CA)

My husband and I both owned homes prior to marriage, intended to sell his but cannot. We bought a home together, I am the sole person on the mortgage loan of our joint home but he is on the title. Our circumstances have dramatically changed and can no longer afford his home. I am not on the mortgage or title as he bought this two years before we were married in Jan. His home was never refinanced and is the original loan. We paid 15% down on the current home but likely have very little equity. If he forecloses on his home, will it affect my credit? Also, can they put a lien on the current home for which he is on the title but not on the loan? Thank you so much.

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Consult an attorney. However, your credit cannot be affected by a default on a mortgage you never q...

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Asked 03/01/2009 10:28 am CT (Buffalo, NY)

We own two houses in New York (His & Mine prior to marriage) One is paid for with a home equity loan 45K, the other has a small mortgage 43K and a Atruim Villa in Florida four years ago for 190K - we owe 155K its on the market for only what we owe & not selling. With out my income we can't afford all our mortages, taxes and association fee's - If we walk away from Florida would the bank come after our homes in Florida that we listed as assets on the mortgage? Are we better off to stop borrowing money and allow it to fall into foreclouse or try to give deed back?

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Asked 02/28/2009 01:54 pm CT (ogden, UT)

I am married due to religous reasons I will stay married but I would like to buy my own home. I have been removed from my husbands mortgage. I have excellent credit have been approved for 150000.00 loan but due to the marriage lenders wont give me a fha loan what can be done?

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Traci - you're going to want an FHA loan. Did they give you reasons why you can't be approved for a...

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Asked 02/25/2009 10:08 pm CT (Los Angeles, CA)

I am paying on a Townhouse that I owe only $117,230.87 and the interest rate is only 5.50%. I am current on my mortgage. I have a loan for $45,000.00 and Equity Credit Line for $20,000.00. My credit score is 780 and I wanted to refinance everything under one payment but the value of the property has dropped from $262,000.00 to $130,000.00. What other possible options do I have or should I just leave everything alone and concentrate on paying the equity line off first and then the loan? Thanks for your input.

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You have no real refinance options that will help with consolidating your debts. Your best bet is to...

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Asked 02/25/2009 06:47 pm CT (Orlando, FL)

If my name is on my homes deed but not on the loan but I pay the mortgage and the taxes can I claim the property taxes, and real-estate taxes on my taxes

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Consult your tax advisor. However, I have personal experience w/ the same situation where I claim t...

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Asked 02/20/2009 04:53 pm CT (Spokane, WA)

I live in Pullman, WA. I am married and we have a joint mortgage loan. I would like to take out either a home equity loan (preferably) or a personal loan individually because the credit card debt we have is mine, not my husband's. Since Washington is a community peoperty state, would he have to be on the home equity loan or can I take it out alone?

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You can take out the Home Equity loan yourself, based exclusinvely on your credit and income. Howev...

[ Total Answers: 1 ]



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