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Asked 04/14/2008 01:43 am CT (knoxville, TN)

My wife and I are applying for a home loan and have been turned down once already for a conv. loand and a fha loan through the same lender...We are now trying to go with a progam at the bank where she works. We meet all the requirements so far but they want to see a profit loss statement since im self employed. Is this normal? Will this statement determine if we get approved or not?

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Asked 04/03/2008 11:59 am CT (Fontana, CA)

I got a private loan secured by a 2nd deed on my house. The loan is now paid off. How do I remove the deed from the house?

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The owner of the 2nd deed of trust should have reconveyed. If they haven't, then contact them to fa...

[ Total Answers: 1 ]

 
 

Asked 04/01/2008 07:51 pm CT (crossville, TN)

I am a vet, honorable discharge and 58 years old. I am currently a caretaker for my mother who is 88 years old , does not require medical care- but daily physical care ( making sure she gets food prepped, a bath, transportation to dr. visits etc..) I have 8 living bro/sisters..and I get paid by them monthly of $800.00 in personal check form, along with a retirement check of $125.00 per month..I want to take advatage of my Va benefits by applying for a VA mortgage loan. I have just begun this job this past year of taking care of my mother and will file taxes at end of 08. (was taking care of her w/out financial income last yr)..can I still qualify for a VA mortgage loan? I would only need about $45,000 or less- my daughter has property (14 acres) and I want to get a small 1 bedroom log cabin kit to put up on the property..would I be allowed to do that and qualify for a mortgage loan thru the VA..my daughter said she'd sign any needed paperwork approving me to put a dwelling (no bigger than a barn on the property, they have already had a spot perked approved for me to put in a home. thanks so much for a helpful site to an old guys questions:-) Jerry

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Asked 03/30/2008 07:22 pm CT (Shakopee, MN)

I filed for chapter 7 bankruptcy last year which was discharged. My boyfriend and I want to get married April 2008 but he wants to buy a home after we get married and would i have to be included on the mortgage loan he gets? We were told it could affect his rates etc., Do you have to apply for a joint mortgage loan if married? Can't he apply as married using just his income and expenses and credit to qualify for a mortgage? I would not be on the loan documents but listed as having an interest in the home. Is this possible?

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Asked 03/30/2008 02:03 pm CT (evansville, IN)

I have about 60K in debt and I see these homes for 60-70k under appraisal..I make good money and could pay off my debt over 5 years,but i was wondering.If I found a home for 60-70k under appraisal could i get a loan for the appraisal value to buy the home and pay off my own debt,too. thanks

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Asked 03/28/2008 04:51 am CT (livonia, MI)

we our paying our back loan payments today at the lenders bank, but we are 4 days from the sherrifs sale. we will pay with cash, and will be current, we have the lender telling us that they will stop the sale,but we also have the law firm holding the forclosure notice telling us they have to get all the money. who is right and can i trust the lender and there agreement with me. thank you

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Asked 03/27/2008 06:14 pm CT (Jacksonville, FL)

My husband and I got divorced. The divorce decree stated I needed to get a mortgage to refinance within 90 days after the final decree. I did get a mortgage. In the process of getting the mortgage I found that my ex had me taken off the mortgages, first and second. He quick deded the property over to me and I am now in the process of getting a warranty deed onthe property. I want to refinance the first mortgage without the second mortgage being involved. I never signed any papers to be taken off the mortgages. I don't know how he did that. Can the second mortgage still hold the property as collateral since he took me off that loan and the property has been quick deeded to me?

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Asked 03/27/2008 11:12 am CT (Pensacola, FL)

I'm divorced but I have been living with my ex in our house for over a year trying to sell it. She wants to refi the house in her name but the appraisal came back less than what we owe. At the time re did the refi the house was valued at $240K we currently owe $192K and the appraisal came back at $185K. Because of the divorce neither of have the money to put down for the down payment. I want my name off the house so I can purchase my own home. My ex wants the house and has already been approved for an FHA loan but the appraisal is too low. Does anyone have any idea how we can work this out. I need my name off this mortgage.

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Asked 03/25/2008 10:00 pm CT (Laguna Hills, CA)

My husband and I bought a condo 2.5 yrs ago with a 2 yr fixed rate and had planned to refinance in hopes of getting a better rate. Due to the market crashing we are unable to get a decent rate and are now paying on an adjustable rate. My name is only on the title and not on the actual loan. My husband and I were wondering if it is possible to get my name off of the loan and foreclosing under his name. He has a BK on his record that's about 4yrs old. My credit is pretty good and I would like to keep it that way in hopes to buy a house in the future. We didn't put any money down and have nothing to loose. We've been paying close to $3000 per month for a 1 bedroom 895 sq ft condo and it' just not worth it anymore killing ourselves to pay something we can't start a family in. What would be the process if it is possible? Please advise. Thanks

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Asked 03/25/2008 10:45 am CT (Greer, SC)

How does Fannie Mae Regulations effect my mortgage loan? I was getting 80% financing on a home in Greer, SC (for my daughter) - and our contract with the seller stipulated the Seller pays closing costs. Halfway through the process, the loan person contacts me and says "Fannie Mae has changed their regulations," and all of a sudden I have to pay $2K in closing costs. (This was two weeks ago.) Do you think this is legal and valid? I wasn't financing through Fannie Mae. How is this allowed to happen? He wanted me to sign an addendum to the contract and everything - agreeing to these terms.

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Asked 03/22/2008 04:42 pm CT (marshfield, WI)

I had tried to get a house though mortgage experts, had signed papers for the bank and we were pre qualified for the loan, 2 days before closing they told me and my girlfriend that we werent accepted because i am on a commision based income, 2 weeks later i got a letter stating i am liable for the 325 dollar appraisal fee. i looked through the papers and it did not state i am liable for this. am i liable for this bill or what can i do to fight it?

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Asked 03/21/2008 08:53 pm CT (san antonio, TX)

We are closing on a new home in 3 weeks. We have a good faith estimate from CTX mortage. We have not signed any formal loan documents. We called and locked at a rate of 6.5 we have now found a rate of 5.85. Are we still required to go with the CTX because we locked in our rates?

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You should be able to tell your LO at CTX to get you a lower rate. If he won't call me and i will pu...

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Asked 03/21/2008 09:32 am CT (reading, PA)

We currently have a 30 fixed at 6.5 (103K) and a 2nd mortgage at 7.0 (19K). We have done a lot of improvements to the home and are considering refi. Our estimated home value is @ 300K. We have 7K on a credit card and about 7K in the bank. I also have a personal loan with a balance of @3400. My questions are: we would like to refi to a 15 yr at the best rate and cash out to satisfy the home equity loan and the credit card balances, leaving us with a small bit of money to complete a final home project. We plan to stay in the home for the balance of the 15 yr. mortgage. Our credit is good. Are we in a postion to refi and does it make sense? We really want to reduce the mortgage term and satisfy the loan and credit balances. These seems to be the best way to get to that point. Your thoughts?

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shouldi.a debt consolidation loan will take care of your situation but there are some more informati...

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Asked 03/21/2008 07:48 am CT (Agoura Hills, CA)

I recently acquired a 50K home equity loan from my credit union for home improvements. At the same time our son is purchasing his first home and could use some help. Is there any problem in using our home equity money to help him increase with his down payment amount?

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Jeff, if it is a true home equity line of credit (heloc) there are probably not any restrictions on ...

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Asked 03/21/2008 07:01 am CT (Sevierville, TN)

With the recent Fed rate cuts, do you think the interest rate on new home loans will come down and if so, how soon?

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Randy. Contrary to popular belief (and that of the media) when the feds "Cut rates" that can be vie...

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Asked 03/20/2008 07:36 pm CT (Colorado Springs, CO)

Loan origination fee is 1% of the total loan. Is it negotible, can it be eliminated in the deal or is it required

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If it's a true origination fee, yes it's negotiable. Assuming you're working w/ a broker, we earn co...

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Asked 03/19/2008 10:59 am CT (Ramsey, MN)

I am 100% loan to value currently with my two mortages from last April. My payments for 235,000.00 loan are 1860.00/Mo. Home values are down since then. Is there anything I can do to reduce my monthly payments.

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Find the lowest comparable sales in the area and then contact your county to lower the "assessed val...

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Asked 03/18/2008 06:10 am CT (Houston, TX)

My wife and I are attempting to sell our home in Dallas Texas. We received an offer but we will be paying $16,000 for closing and fees and we would like to purchase another house in the next 4 to 6 months and we do not have the total amount for closing and fees. What would be the best way to secure the closig on our house but still be able to purchase a new house within our timeframe without getting a bridged loan?

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Asked 03/17/2008 11:25 am CT (Ivins, UT)

My husband and I bought a home about 8 years ago. It was our first home and we got scammed into taking on a balloon payment of $20,000 due after the first 2 years. Needless to say we couldn't pay that much all at once. We went to a place trying to refinance and they ran our credit so many different times that they decreased our credit score below what they said they would allow and refused to refinance us. This took so long that by the time they told us they wouldn't refinance us the balloon payment was up and we were being threatened with forclosure. We decided then to do a chapter 13 bankruptcy to pay back this amount owed in a way that we could more readily afford. Between now and the time that we filed the bankruptcy I have lost my job 4 times. 2 times due to downsizing companies, once due to health problems, and once due to an employer who decided after hiring someone they knew they would have to train, that they couldn't spare the time. Through all of this I have tenaciously found the way to make my mortgage payments along with my chapeter 13 payments. Now however it seems to me like my mortgage company is trying it's darnedst to take my home (which has risen in value to almost 3 times what we initially got the loan for). I was late on a mortgage payment once and they filed for a dismissal of my chapter 13 so that they could forclose. I pulled it out and made all the payments needed so they dropped it. The legal document filed, however, said that if after 3 times of payments not being on time they could dismiss the 13 and forclose right away. Since the first time I have paid my payments on time and made sure to get proof of delivery from the postal service each time. They have since claimed that I was late once before, which I proved incorrect, and now they have sent me a document that says that I have alledgedly been late again and they are going to forclose. I have only $500.00 left on my chapter 13. If I get my bankrupcy lawyer to fight it, he will tack on more money for his services to the 13 and it will take longer and I'm not sure this mortgage company is going to give up on trying to forclose on me! What should I do? Even when the 13 is over I will still be with the same mortgage company and probably still be facing forclosure every time they decide they want to mess with me!

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Get away from that mortgage company AND make your pymts on time. If you can't afford the home, I'd s...

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Asked 03/13/2008 04:10 pm CT (Arlington, TX)

show me how to eliminate private mortgage insurance(PMI) from my mortgage loan.

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This is quite easy to do in today's market. There are multiple opportunities to take advantage of bu...

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