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Asked 02/26/2008 08:40 am CT (copley, OH)

Like a lot of people we owe more than the house than it is worth. What will happen if we just simply stop making the mortgage payments? we filed bankrupsy 3 yrs. ago and tried to keep the house.unfortunatley it's not gonna work that way. Is there a way that we can sell the house back to the lender?

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Foreclosure is inevitable if you stop paying. You can get approval from lender to do a "short sale" ...

[ Total Answers: 1 ]

 
 

Asked 02/25/2008 07:34 am CT (Conyers, GA)

I contacted my mortgage company 4 months ago for help. My husband\'s pay decreased and we were beginning to have a difficult time paying our mortgage. They told me I qualified for a Loan Modification. I did as they asked and sent in a financial worksheet, pay stubs etc.. They said I would get an answer in about 4 to 6 weeks and I didn\'t need to make any payments until I heard from them. Two months later I hadn\'t heard anything. I contacted them to find out the status. They said they were running behind and I should hear something soon. Well last week I received a letter from an attornys office informing us that our home was going into foreclosure. My mortgage company now tells me they need my information to be sent in again and if they are not done by the date of foreclosure they would postpone it. I am afraid at this point. I have a feeling they won\'t be done with my modification in time. Is it true a mortgage company would postpone a foreclosure in order to work out a loan modification? What should I do?

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Asked 02/24/2008 11:16 am CT (Hackettstown, NJ)

I have a first mortgage and a second mortgage on my condo. My condo is worth less than the two mortgages together. I recently lost my job and will not be able to make both payments. What happens if they foreclose on my property? Can the second mortgage company come after me for the remaining money owed?

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Asked 02/24/2008 06:22 am CT (wakefield, MA)

my wife has high credit card debt, I would like to apply for a mortgage on my own, is this possible?

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Yes. People apply on their own all the time.

[ Total Answers: 1 ]

 
 

Asked 02/24/2008 05:25 am CT (Thomasville, GA)

I have tried, unsuccessfully, to find someone to refinance my 2001 Homestead 16x80 mobile home. It is financed through Greentree with a variable interest rate (presently 14.625). Greentree will not refinance nor will they consider financing for anyone wanting to purchase this home. I tried to sell it but found that, due to the amount owed on it (roughly $27,000)it makes more sense to buy a new home than to buy this one. I have a good tenant living in it who wants to buy it herself but her credit is poor. I have a chapter 7 bankruptcy which was discharged in November 2005. My fico scores are right under 600. I am desperate to find someone to refinance this home on a fixed interest rate so that the payment will be more affordable and predictable. The current payment is $374.89 and she must also pay $150.00 lot rent. If the payment continues to rise, I will lose my tenant. No one seems willing to take a chance on refinancing for me although I have a good job I have been working for 6 years, with a decent salary (appx. $35,000/yr). I just got a promotion and will be moving in the next week or so to start my new job. I would love to get this mobile home refinanced (or financed for my tenant) before I go. Does anyone know of a mortgage company who would refinance for me?

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Ask your neighbors. Find out which lenders are financing all the other mobile homes and then approac...

[ Total Answers: 1 ]

 
 

Asked 02/22/2008 11:43 pm CT (Hesperia, CA)

What can you tell me about a company called APF/OV from San Diego, CA. Offering something called the NAPF Program for homeowners to lower their mortgage rates starting at 3.4% fixed. I cannot find out anything about them.

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Dear K, Other consumers have recently asked questions on this website about this company and loan. ...

[ Total Answers: 1 ]

 
 

Asked 02/22/2008 09:57 am CT (Philadelphia, PA)

I recently refinanced my home mortgage in order to pay off my car loan. Now I feel uncomfortable with the high mortgage payment I have as a result. How soon can I refinance in order to bring my mortgage payment down?

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If you consolidated your car loan into your mortgage, I can only assume that there was a pymt saving...

[ Total Answers: 2 ]

 
 

Asked 02/22/2008 08:35 am CT (Chantilly, VA)

My mother and bough a home together in 03 suing the 80/20 principle which mean we have two mortgages. We are both listed on them both and share a 50/50 payment and ownership rule. I am having a nightmare time applying for an auto loan due to my dept to income ratio which is primarily the home. I have a few credit card that hold a very low balance to credit limit. I have heard that I can claim my mothers contributions as income to help my debt/credit ratio. Since the bank does not look at the fact that there are two head of household here that are both claiming 50/50 ownership and payments. Please provide me with any information that could potentially help both of us reduce this ratio to obtain credit for an auto loan.

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Asked 02/21/2008 04:15 pm CT (RENTON, WA)

I have been seperated from my wife for 2 years. She is living in the house. When we refinanced 3 years ago the loan was only in my name. Her parents had been making the mortgage payments for her. To help make things easier I signed a quit claim deed to my wife and then she in turned did the same to her parents so they could refiance the property to lower the payments. After 9 months they still hadn't refied. They also always late with the mortgage but kept telling me they were working on it. Now the mortgage is 3 months late and they are now my inlaws and wife are going to let it go into foreclosure. Now I am scrambling because one the mortgage company says I'm responsible for the loan but now my credit is ruined and they also informed me that we did not have their permission to do the quit claiming. However county records are showing my inlaws. I do understand that I am responsible for the loan. What is the resonsiblity of my inlaws? When they did they were aware of an IRS tax lien and a unpaid sewer lien. Are they liable at all? What course can I take here? I'm scrambling to try to sell it but I haven't had any luck. Thanks Tom

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Tom, I am sorry to hear about your troubles. Your situation is very complex, and my best advice is...

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Asked 02/20/2008 03:32 pm CT (syracuse, NY)

an we qualify for a FHA mortgage? My husband currently has our home mortgage in his name ony (I filed for bankruptcy 4 years ago and could not be on mortgage because it wasn't long enough). the current mortgage has been over 30 days late several times in the last 1 year due to loss of a job. his credit score is 618 mine is 692 we are paying all of his credit cards in full in the next week with tax refund but keeping accounts open. We are looking to purchase a home in Georgia. with this negative credit with current FHA mortgage what are the chances.Any lender suggestions for the Atlanta georgia area Our combined income is 99,000.00

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Gina, FHA is known for its less stringent guidelines than fannie mae. Thank you for the details yo...

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Asked 02/20/2008 02:35 pm CT (Eagle, CO)

We own a home on 18.25 acres. We are considering selling the 8.25 to our neighbors, keeping the house on 10. As our mortgage is for the house on the full 18.25, can we sell the 8.25? What interest does our mortgage company have in this? As long as our value stayed above what we owe could we hold off on refinancing? Or would a refi be required? If so, when - at the closing of the sale of the land? before we begin the subdivide? after we have closed? Do we have to disclose our intent to sell the acreage to the mortgage company? or just let them know afterwards? Thanks!

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You can not sell the banks collateral without their agreeing to it. 99% of the time a refi would be ...

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Asked 02/17/2008 03:15 pm CT (Coconut creek, FL)

I have two homes: home A is rented and break even. home B is the family residence but mortgage has become unbearable $3600.00 monthly mortdage. the house which was worth 480k, (bought it for $430k) is now worth App $360k after two years of owenership. My question is whats my option besides walking away and move into home A @ a $1500 mtly mortgage. House hold income 75K. family investment 100k in the market, kid is college freshman

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Short sale Home B and get into something more affordable. Lender would have to approve a short sale ...

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Asked 02/14/2008 07:10 am CT (nogal, NM)

the mortgage broker gave me a good faith estimate before the contract was signed anouther one when signed and now 10 days to closing a $650 lender fee showed up raising my cost to close. any recourse?

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Hi Dee, There isn't much you can do for recourse except switch your loan to another lender. What I ...

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Asked 02/13/2008 07:49 am CT (Fort Wayne, IN)

We refinanced our house December 7 2004 we received an adjustable rate mortgage. I tried to refinance it last month to lock in the rate to a fixed rate .The banks said we owe more than its worth.We had it appraised December 2004.Is it possible that they used faulty or incorrect appraisal information. The interest rate increased last month to the higher rate.Would we qualify for the HOPE program or mortgage bailout

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Doug, though it is possible that the original apprasial was in error, but more likely your market ma...

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Asked 02/13/2008 05:12 am CT (Rochester, NY)

If my husband files bankruptcy (chapter 13 or 11) what will happen to my half of the equity in the house? I am not on the mortgage, but my name is on the title/deed. Will the bank take control of my portion of the equity?

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Jen, you will need to consult with an attorney on this, as there are many different scenarios that c...

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Asked 02/12/2008 12:40 am CT (Woodbine, GA)

I own a piece of property that has a mobile home, we are wanting to sell the mobilie home to build a house on the property, how do I go about doing this if there is still a mortgage on the property and mobile home?

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Tammy, is the mobile home in fact a mobile home? in that if it has it's own debt on it, separate fr...

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Asked 02/11/2008 10:50 am CT (Irvine, CA)

I plan to retire within the next few months. I will be relocating. I do not currently own a home. When I retire, I will have a modest annual pension ($15,000). I plan to work part time for a couple of years. I will supplement my pension and income from my investments. At present, these total approximately $420,000. (I’d feel a lot better if the stock market would go up.) I have no debt. My question is this. Will I be able to get a mortgage at retirement based on my financial position? I will be looking for a mortgage of roughly $160,000. Second question, is it likely I could get a mortgage prior to leaving my current job? The mortgage would be for a home in another part of the country. Thanks for your assistance.

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Hello JN. If you have good credit, and have a decent down payment (say a minimum of 20%), you shoul...

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Asked 02/11/2008 09:07 am CT (Holland, MI)

Can a mortgage company apply a monthly payment entirely to escrow?

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Asked 02/10/2008 04:48 pm CT (Olive Branch, MS)

We closed on a home over a year and a half ago, and on the last day of closing, we were shocked to find out that the PMI attached to our loan was $830. My credit score isn't good now, averaging around 547 and my wife's credit score is similar. Our rate on the mortgage is 7.75; however, the PMI is killing us? Any way we can refinance with at least a smaller PMI?

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Asked 02/08/2008 03:08 pm CT (Stafford, VA)

I want to know if I can have my son buy into my existing mortgage and the remainder i can hold as a second trust .He qualifies for 3000,000 and the house is appraised at 550,000.I owe approx 430,000 I am planning on traveling so i dont want to stay in house.Can we both own it or how does that work?Can I continue to pay the remainder after his 3000,000 is put on it or liked I asked do I hold a second for the 130,000 left? Thank you

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D, there are many things to take into consideration here. Generally speaking, yes, your son can "bu...

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