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Asked 01/08/2009 06:50 pm CT (Edina, MN)

I have a second home (investment purposes only) in Florida and have a five year interest only loan (comes due in a few months). Since values have plunged, the bank holding the Florida mortgage will not refinance since we owe more than the home is worth. Our primary home in MN is paid for. How do I know what the best route to go is with the home in Florida? I don't really want to take an equity loan out on main residence and put the liability back on that house.

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You could sell the Florida property, or refinance your current home and paf off the Florida propertr...

[ Total Answers: 1 ]

 
 

Asked 01/07/2009 08:28 am CT (Hempstead, NY)

I want to buy a home and all my credit scores are above 750 and I own a business. Problem is, even though i make enough, I do not have all the proper documentations to prove all of my income. I also saved up about 17000 as a down payment. My question is, can i still get approved in this economy for a home loan with what I have? And if so, who is best to turn to? I am Twenty seven yrs old

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Hi Angela! Congrats on yoru business and being financially disciplined to save up the money. T...

[ Total Answers: 1 ]

 
 

Asked 01/05/2009 07:26 pm CT (Drexel Hill, PA)

I have made my 360th 30 year fixed rated payment this past October of 2008, the loan maturity date. I have just received a Modification Agreement to sign for 22,000.00. The original loan amount was 59,900 in 1978. Why would I still owe more than 1/3 of the original loan amount? I have asked for documentation for 3 months now and all I have received was this new agreement to sign. I don\'t know where to direct further inquiries aoubt this. Thank you, Lil

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Asked 01/05/2009 11:15 am CT (Anaheim, CA)

Hello, my fiance and I are saving up to buy a home and I have concerns regarding my credit score. His credit score is in the mid 800s and my Equifax credit report is 652, Experian credit report is 682 and my TransUnion credit report is 682. His aunt is in the real estate industry and she said that due to my credit it is best to NOT have me on the loan. What gives? Is my score really bad? Should we just get the loan with him alone or should we not listen to the aunt?

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Your credit score may not give you the best pricing or make available a few Lending Products that ar...

[ Total Answers: 2 ]

 
 

Asked 01/05/2009 11:15 am CT (Anaheim, CA)

Hello, my fiance and I are saving up to buy a home and I have concerns regarding my credit score. His credit score is in the mid 800s and my Equifax credit report is 652, Experian credit report is 682 and my TransUnion credit report is 682. His aunt is in the real estate industry and she said that due to my credit it is best to NOT have me on the loan. What gives? Is my score really bad? Should we just get the loan with him alone or should we not listen to the aunt?

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Ashley, The best loan available with the least amount for down payment and credit scores as low ...

[ Total Answers: 1 ]

 
 

Asked 01/05/2009 11:14 am CT (Anaheim, CA)

Hello, my fiance and I are saving up to buy a home and I have concerns regarding my credit score. His credit score is in the mid 800s and my Equifax credit report is 652, Experian credit report is 682 and my TransUnion credit report is 682. His aunt is in the real estate industry and she said that due to my credit it is best to NOT have me on the loan. What gives? Is my score really bad? Should we just get the loan with him alone or should we not listen to the aunt?

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If you can qualify without, it's to your benefit to not be on the mortgage. Should anything happen ...

[ Total Answers: 1 ]

 
 

Asked 01/03/2009 06:33 pm CT (Columbia, SC)

I am interested in purchasing a rental property that has current leases on both apartments in the duplex. Does the rental income count towards my income when applying for the loan?

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Asked 01/01/2009 09:55 pm CT (Kansas City, MO)

Currently the mortgage is in my name. Since I am not working can my wife refinance only under her name? She is on the title but I was the one that took out a loan. Is it possible to have my wife to refinance the house under her name only?

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Yes it is possible if she is currently on title and you can show vested interest for her in the prop...

[ Total Answers: 1 ]

 
 

Asked 01/01/2009 11:28 am CT (San Francisco, CA)

My mortgage is at 6.875%. I owe $43,000 on it. It is 15 years old.And a 30 year mortgage. My question: Does it make sense to \\\"refinance \\\" at a lower rate so for a 15 year fixed loan? My concerns are that right now I am paying More principal with each payment since the loan is seasoned...Does this matter.Please advise. Ginger Thank You

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Hello - I just looked at the amortization schedule using your numbers and it makes a lot of sense to...

[ Total Answers: 2 ]

 
 

Asked 01/01/2009 11:28 am CT (San Francisco, CA)

My mortgage is at 6.875%. I owe $43,000 on it. It is 15 years old.And a 30 year mortgage. My question: Does it make sense to \\\"refinance \\\" at a lower rate so for a 15 year fixed loan? My concerns are that right now I am paying More principal with each payment since the loan is seasoned...Does this matter.Please advise. Ginger Thank You

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I think you would be best staying where you are. If you can afford to make an extra payment each ye...

[ Total Answers: 1 ]

 
 

Asked 01/01/2009 11:28 am CT (San Francisco, CA)

My mortgage is at 6.875%. I owe $43,000 on it. It is 15 years old.And a 30 year mortgage. My question: Does it make sense to \\\"refinance \\\" at a lower rate so for a 15 year fixed loan? My concerns are that right now I am paying More principal with each payment since the loan is seasoned...Does this matter.Please advise. Ginger Thank You

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Hi Ginger, If you haven't refinanced yet, it absolutely makes sense to do so. You can lower your ...

[ Total Answers: 1 ]

 
 

Asked 01/01/2009 11:27 am CT (San Francisco, CA)

My mortgage is at 6.875%. I owe $43,000 on it. It is 15 years old.And a 30 year mortgage. My question: Does it make sense to \\\"refinance \\\" at a lower rate so for a 15 year fixed loan? My concerns are that right now I am paying More principal with each payment since the loan is seasoned...Does this matter.Please advise. Ginger Thank You

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The problem you are going to have is finding anyone that will actually do the loan for you since you...

[ Total Answers: 1 ]

 
 

Asked 01/01/2009 11:27 am CT (San Francisco, CA)

My mortgage is at 6.875%. I owe $43,000 on it. It is 15 years old.And a 30 year mortgage. My question: Does it make sense to \\\"refinance \\\" at a lower rate so for a 15 year fixed loan? My concerns are that right now I am paying More principal with each payment since the loan is seasoned...Does this matter.Please advise. Ginger Thank You

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I think you would be best staying where you are. If you can afford to make an extra payment each yea...

[ Total Answers: 1 ]

 
 

Asked 12/30/2008 03:06 pm CT (Fresno, CA)

I am a broker looking for a lender for a non-owner occupied, 75% LTV, cash-out refinance and the borrower has a 760 middle FICO. This is a really clean loan with only one issue (isn't there always?) The borrower just took the property off the market a month ago, opting to keep the property as a rental. Does anyone have any idea of a lender that won't have a problem with the fact that the property has been on the market?

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Hi Cynthia - Does he have fewer than four properties?

[ Total Answers: 1 ]

 
 

Asked 12/28/2008 12:44 pm CT (Miramar, FL)

I am married and we own a house that's under both of our names. We want for my husband to keep the house under his name only, we are not getting divorce. I want to buy an apartment under my name and if I have a loan I will not qualify. What steps do we have to take so I can withdrawl myself from my current loan. Thank You Julia

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The only way that you can get the debt out of your name is to refinance the property in your husband...

[ Total Answers: 1 ]

 
 

Asked 12/22/2008 08:50 pm CT (Atlanta, GA)

NEED INFORMATION ON OPTIONS FOR PAST DUE 2ND MORTGAGE. I HAVE 2 MORTGAGES MY FIRST MORTGAGE I DID A MODIFICATION ON IT AND I AM CURRENT ON IT. MY SECOND MORTGAGE COMPANY DID NOT OFFER ANY RELEIF OR LOAN MODIFICATION PROGRAMS. I AM NOT ABLE TO REPAY THE PAST DUE BALANCES TO BRING IT CURRENT. THEY HAVE SENT THE ACCOUNT TO AN ATTORNEY. DO I HAVE ANY OPTIONS?

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Asked 12/19/2008 11:46 am CT (North Las Vegas, NV)

I have a 4 bdrm 2 1/2 bth 2200 sq ft 4yr old home in a 1 story community. I paid $341,000 for the home and received 32,000 in free upgrades. It is a upscale home with a 17ft granite bar maple cabinets all with roll out drawers, Huge pantry and laundry room. Large lot with long flat drive landscape front and back with huge back covered patio. I put down $64,000 down and the home is now worth maybe $250,000. I took 1 of the choose yr pmt loans and have been adding $700.00 per month for about a year as I could no longer afford even the interest only pmt. What can I do if anything to keep my home or do I just walk away from $64,000 dwn pmt and all the pmts for 4 yrs??

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Asked 12/19/2008 10:07 am CT (Orlando, FL)

How can I lower my mortgage payment without refinancing and what is a loan modification?

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You would have to talk to your Lender to see if they are offering any type of "Loan Modification". ...

[ Total Answers: 1 ]

 
 

Asked 12/17/2008 10:01 pm CT (San Jose, CA)

I have been hearing and reading for the past year about the mortagage crisis and resulting foreclosures and don't understand why these experts are coming to this conclusion. I can't wait until my loans convert. I have a 5.75% fixed rate that will convert shortly. My index is the 12 month treasury moving average which is at 2.0%. My margin is 2.25% giving me a fixed rate for the next twelve months of 4.25% which I confirmed with my lender if my loan were to convert today ie. a lower payment. I believe that most of the no interest loans originated three to five years ago would be fixed for the initial period at approx. 5.375% to 6.25% with margins of 2.25% to 2.75%. Also, most indexs used are the 6 mo. LIBOR, 12 mo. LIBOR, 11 district or one year treasury, all very low. By adding the margin most of these loans should refix at very favorable rates. Yes, there will be principal (repaid to yourself) and a 25 year amort period. Nevertheless, is the whole world wrong or am I not seeing this right? This mortgage resetting is a monumental part of this national crisis and causing widespread foreclosures because of supposedly higher monthly payments. As far as I can see the numbers just don't support higher payments and this foreclosure meltdown. Can you please clarify. Thanks, Rick

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Rick: Great analysis. Thank you for taking the time to show how a good adjustable rate mortgage is...

[ Total Answers: 1 ]

 
 

Asked 12/16/2008 06:18 pm CT (Albany, NY)

I purchased a home at a real estate auction with a 10% buyers premium. My bid price was $80,000 making the total purchase price $88,000 with the 10% buyers premium. I had to give a deposit of $5000 the day of the auction (earnest money). Now I am approved for a loan with a commitment letter but the bank will only finance the bid price of $80,000 instead of $83,000 which I owe the seller. They also want an addendum to the sales contract to state the total purchase price is $80,000 instead of $88,000. They say the buyers premium is a cost to the borrower. Most real estate auctions have a buyers premium. Is this right what this bank is doing, do most banks include the buyers premium for total purchase price like my contract is written?

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