BestInMortgage.com Post Your Mortgage Question Find mortgage expert in your area
You are not logged in. Login here. Not a user? Sign Up
Email: Password:
 
Search by Mortgage Terms: Ask My Question


Search: "Mortgage"

Pages:  1 
 
 2 
 
 3 
 
 4 
 
 5 
 
 6 
 
 7 
 
 8 
 
 9 
 
 10 
 
 11 
 
 12 
 
 13 
 
 14 
 
 15 
 
 16 
 
 17 
 
 18 
 
 19 
 
 20 
 
 > 
 
 
 

Asked 01/12/2008 08:19 am CT (PEQUANNOCK, NJ)

MY WIFE AND I ARE LOOKING TO PURCHASE A SECOND HOME FOR MOSTLY RECREATIONAL USE. WE HAVE PLENTY OF EQUITY AND NO OUTSTANDING DEBTS. WE HAVE 9 YRS LEFT ON A 15YR. MORTGAGE WITH AN INTEREST RATE OF 5 3/8%. WOULD WE BE BETTER OFF DOING A CASH OUT REFI USING THE PROCEEDS TO BE A MORE ATTRACTIVE BUYER, AVOIDING THE MORTGAGE TAX, AND PURCHASE QUICKLY OR TAKE OUT A NEW MORTGAGE FOR ABOUT 200K IN UPSTATE NY?

Keywords:
    

Hi Chris, The best and or most complete answer can only be provided after a thorough review of your ...

[ Total Answers: 1 ]

 
 

Asked 01/10/2008 08:30 am CT (monroe, MI)

I live in a manufactacured home. I need to get out of it. It has been for sale for 1 year but no bites. My dad is a co-signer on my mortgage. If I walk away how will this hurt him and also can they come after my husband since he is not on the mortgage or the deed? Is there any other way to do this without causing that much damage?

Keywords:
          

 
 

Asked 01/08/2008 10:10 am CT (Raleigh, NC)

I have a friend who has filed for bankruptcy due to loss of job and finding employment in another state at a 1/3 cut in pay. They were advised to surrender their house in the other state, with an equity loan, in the bankruptcy. They are currently renting a home here. Now, their parents, who are not physically well, want to sell their home and want my friends to use that money to buy a place that has two homes on it and then take care of them. Is there a mortgage company that would consider this. I don't believe the parents want anything to do with the paperwork, or having their name on the property. With the sale of the parents property, they would have about a 50% down payment on a new place. The friend has a good steady job now. Would a bank take the down payment and employment into consideration above the bankruptcy and surrendering the other property?

Keywords:
                              

 
 

Asked 01/07/2008 07:41 pm CT (picton, Ontario)

I co-signed on a mortgage for my sister 10 years ago because her husband's credit was bad. I want off of the mortgage, but now her husband has to much credit and owns too much money. My sister only locks in the mortgage for 5 years, what will happen if i choose not to sign for another 5 years if her husbands credit is not good enough to go on the mortgage instead of me?

Keywords:
              

Hi Jamie It's difficult to give you a good answer because there are so many variables. Does your s...

[ Total Answers: 1 ]

 
 

Asked 01/07/2008 09:40 am CT (Fallon, NV)

My mom is looking at filing bankruptcy she has some property that used to have a mobile home on it. She still has a mortgage on the property and she had the mobile removed from the property. What can her mortgage company do to her for moving the mobile without their consent and without owning it if she files bankruptcy??

Keywords:
                  

 
 

Asked 01/05/2008 06:13 pm CT (Batavia, IL)

My elderly parents have a mortgage on a property in FLA. They are about to go into assisted living and might be defaulting on the loan. What are the repercussions?

Keywords:
            

 
 

Asked 01/05/2008 04:09 pm CT (pittsburgh, PA)

I own a house and my brother is on the deed but not on the mortgage. he was supposed to fix it up with me and rent it out but has been absent. how can i get him off the deed, cause he wont sign it over to me. he thinks im gona do all the work and spend all the money so he can take half the profit?

Keywords:
        

 
 

Asked 01/04/2008 06:05 pm CT (Savannah, GA)

my husband ha s a credit score of 514,508, and a 512. we want to try for a mobile home with land purchase or home. I was wondering if he can get mortgaged. He financed a care almost a year ago. He has been with the same company for almost 4 years and have bene living in the same place for a year. He has an an nual salary of 34k. what do you think?

Keywords:
                

 
 

Asked 01/02/2008 12:31 pm CT (calgary, Alberta)

Can you explain what a cosigner for a mortgage can do? What is the benefit? Does it improve my cahnces in getting a mortgage?

Keywords:
    

 
 

Asked 01/02/2008 12:27 pm CT (Berkley, MI)

My fiance and I bought a house last year, with both of our names on the mortgage and title. We pay the mortgage/property taxes out of a joint account that is only used for housing expenses. Obviously, we would like to deduct the interest expense for taxes this year. The mortgage company only sent us one tax form with the total mortgage interest paid. When filing our taxes what are our options for deducting the interest since we cannot file jointly? Can I take the entire deduction or does it have to be split 50:50. If it has to be split 50:50, does the mortgage company need to send us two forms with the mortgage interest split in two or can we just divide it ourselves?

Keywords:
                            

Mike, this is a great question. I would suggest speaking with your tax preparer as this is ultimatel...

[ Total Answers: 1 ]

 
 

Asked 12/30/2007 10:14 am CT (goldsboro, NC)

My husband and I are divorced and were separated for 6 years. We bought a house together during the marriage. I moved out of the house and remained out of the home to date. During the divorce we signed papers stating that I would give up rights to the home if he would have my name taken off of the house within 90 days. Well that was this past April. As a result I find out yesterday that he has not been paying the mortgage (which I had no idea) when I received a certified letter stating foreclosure. Question. To save my credit, is it possible to take his name off of the house, take over the payments, and possibly work out a deal with the mortgage company? I have good credit and this would ruin it.

Keywords:
                                    

Good question. Since it sounds like the origional agreement was a part of the divorce decree, legall...

[ Total Answers: 1 ]

 
 

Asked 12/29/2007 10:34 am CT (Gallatin, NY)

My daughter and her husband purchased a home in 2004 for $148,000. They refinanced in February 2006 for $275,000. Washington Mutual had an appraisal done at that time and appraised the property at $275,000. The mortgage was in my son-in-laws name only. He had poor credit at the time. They got an 80/20 mortgage the larger at 8 1/2 % and the smaller at a rate over 10%. The larger rate will go up in May. I have an excellent rating so in order to help them I went to Washington Mutual to try and refinance the house in my name using my ratting so they could afford to keep their house. I was told that I needed to have my name on the deed in order to refinance the house. My son-in-law had me but on the deed with rights of survivorship. This was done so when I died they would own their home and it would not go into my estate. Washington Mutual did an appraisal for me in August of 2007 and they now say the house is only worth $190,000, therefore they would not give me a mortgage. To complicate matters my son-in-law died unexpectedly 12/13, at the age of 47. My daughter can not afford to pay the mortgage and I can’t get one for a more reasonable rate because they say it is not worth the $274,000+ still owed on it. To make matter even worse the freeze the government put on the balloon rates only applies if you live in the house. The mortgage is in my son-in-laws name but he is dead. My daughter and her 3 children (her 3rd was born prematurely shortly after my son-in-law died) live in the house but the deed is now in my name (because of the right or survivorship clause) and I do not live in the house. I thought about letting the bank foreclose on the mortgage and then attempt to buy it back when they auction it off. The person I spoke to at the bank (WAMU) claims that even though the mortgage is in my son-in-laws name, I did not sign any papers assuming responsibility for the mortgage, and the mortgage was entered into before my name was on the deed that if they foreclose on the mortgage it will affect my credit ratting. I have no idea if this is true but can not understand how it could be. I have also been told about a short sale as a possibility of getting out of this mess but the mortgage has to be in arrears before the bank will consider this. That would hurt my credit ratting if what I have been told is true. I guess my question to you is, is there any solution to this situation. My daughter really would like to keep the home she and her husband made for their children if possible. My daughter and her husband purchased a home in 2004 for $148,000. They refinanced in February 2006 for $275,000. Washington Mutual had an appraisal done at that time and appraised the property at $275,000. The mortgage was in my son-in-laws name only. He had poor credit at the time. They got an 80/20 mortgage the larger at 8 1/2 % and the smaller at a rate over 10%. The larger rate will go up in May. I have an excellent rating so in order to help them I went to Washington Mutual to try and refinance the house in my name using my ratting so they could afford to keep their house. I was told that I needed to have my name on the deed in order to refinance the house. My son-in-law had me but on the deed with rights of survivorship. This was done so when I died they would own their home and it would not go into my estate. Washington Mutual did an appraisal for me in August of 2007 and they now say the house is only worth $190,000, therefore they would not give me a mortgage. To complicate matters my son-in-law died unexpectedly 12/13. My daughter can not afford to pay the mortgage and I can’t get one for a more reasonable rate because they say it is not worth the $274,000+ still owed on it. To make matter even worse the freeze the government put on the balloon rates only applies if you live in the house. The mortgage is in my son-in-laws name but he is dead. My daughter and her 3 children (her 3rd was born prematurely shortly after my son-in-law died) live in the house but the deed is now in my name (because of the right or survivorship clause) and I do not live in the house. I thought about letting the bank foreclose on the mortgage and then attempt to buy it back when they auction it off. The person I spoke to at the bank (WAMU) claims that even though the mortgage is in my son-in-laws name, I did not sign any papers assuming responsibility for the mortgage, and was entered into before my name was on the deed that if they foreclose on the mortgage it will affect my credit ratting. I have no idea if this is true but can not understand how it could be. I have also been told about a short sale as a possibility of getting out of this mess but the mortgage has to be in arrears before the bank will consider this. That would hurt my credit ratting if what I have been told is true. I guess my question to you is, is there any solution to this situation. My daughter really would like to keep the home she and her husband made for their children if possible. My daughter and her husband purchased a home in 2004 for $148,000. They refinanced in February 2006 for $275,000. Washington Mutual had an appraisal done at that time and appraised the property at $275,000. The mortgage was in my son-in-laws name only. He had poor credit at the time. They got an 80/20 mortgage the larger at 8 1/2 % and the smaller at a rate over 10%. The larger rate will go up in May. I have an excellent rating so in order to help them I went to Washington Mutual to try and refinance the house in my name using my ratting so they could afford to keep their house. I was told that I needed to have my name on the deed in order to refinance the house. My son-in-law had me but on the deed with rights of survivorship. This was done so when I died they would own their home and it would not go into my estate. Washington Mutual did an appraisal for me in August of 2007 and they now say the house is only worth $190,000, therefore they would not give me a mortgage. To complicate matters my son-in-law died unexpectedly 12/13. My daughter can not afford to pay the mortgage and I can’t get one for a more reasonable rate because they say it is not worth the $274,000+ still owed on it. To make matter even worse the freeze the government put on the balloon rates only applies if you live in the house. The mortgage is in my son-in-laws name but he is dead. My daughter and her 3 children (her 3rd was born prematurely shortly after my son-in-law died) live in the house but the deed is now in my name (because of the right or survivorship clause) and I do not live in the house. I thought about letting the bank foreclose on the mortgage and then attempt to buy it back when they auction it off. The person I spoke to at the bank (WAMU) claims that even though the mortgage is in my son-in-laws name, I did not sign any papers assuming responsibility for the mortgage, and was entered into before my name was on the deed that if they foreclose on the mortgage it will affect my credit ratting. I have no idea if this is true but can not understand how it could be. I have also been told about a short sale as a possibility of getting out of this mess but the mortgage has to be in arrears before the bank will consider this. That would hurt my credit ratting if what I have been told is true. I guess my question to you is, is there any solution to this situation. My daughter really would like to keep the home she and her husband made for their children if possible.

Keywords:
                                                  

 
 

Asked 12/28/2007 07:10 pm CT (Dwight, IL)

How will being married affect my mortgage application?

Keywords:
        

Being married won’t affect your mortgage application at all if you choose to be the only applicant...

[ Total Answers: 1 ]

 
 

Asked 12/25/2007 07:41 pm CT (des moines, IA)

I am about to lose my house in foreclosure. i have a 2nd mortgage. Am I still obligated to pay the 2nd mortgage, and what happens if I dont. What can the loan company do to me.

Keywords:
              

 
 

Asked 12/22/2007 03:49 pm CT (lodi, CA)

I am recently divorced. I would like to take my name off of the second mortgage loan that me ex-husband and I did while married. He lives in the house, and makes the payments on the second. I just want to get rid of my name and all liabilities of this, how can I do that? I was told the only way is for him to refinance, but that is out of the question at this time. There has to be another way. Please help.

Keywords:
                        

Stacie - unfortunately, him refinancing is the only way unless he can convince the lender to release...

[ Total Answers: 1 ]

 
 

Asked 12/21/2007 06:51 pm CT (Waterford, NJ)

I really need your help! The remaining term on my mortgage is 28years and 5 months. I have a 30 yr. jumbo payoption with an arm and PMI. I also have a 3.575% margin with a max limit of 115.00% What does the margin mean and what kind of interest rate am I really paying? Right now my interest rate for the month is 8.5% , but am I really paying 12% because of the margin? I need to know the best thing for me to do. If I put $ 20,000 on my mortgage right now will it lower my payment? I owe $ 309,000 right now. Hope to hear from you soon . Thank You, Lauren Nicholson

Keywords:
              

Lauren Your rate is computed from adding the margin which you said is 3.575% to the index on your l...

[ Total Answers: 2 ]

 
 

Asked 12/19/2007 08:50 am CT (Randolph, NY)

Why is it impossible to refinance an ARM of 11.1% (!) while we're updating the wiring, plumbing, insulation, etc.?Doesn't it make sense to look for a lower mortgage payment in order to have more money to complete the remodel? What do we tell the Appraiser when he sees drywall and insulation? We've already paid the $300 for an appraisal and are afraid we'll lose it when he sees the house. We only have drywall and painting left to do...thanks.

Keywords:
                    

Hello Deb - It is not impossible at all. I've done a few refinances when work was in progress with ...

[ Total Answers: 2 ]

 
 

Asked 12/19/2007 07:44 am CT (bucks county, PA)

My husband originally owned our house with his late wife. When we married, her name was removed from the deed, and mine added. But I was never added to the purchase money mortgage, only to a later 2nd. I am considering divorce. Since I'm not on the 1st-lien mtge but am on the deed, am I liable for payments on that mortgage? We've been married 4.5 yrs. There is decent equity in the house. Also, rather than selling (his high school kids still live there), is it reasonable for me to ask him to take out a loan to buy out my interest in the house?

Keywords:
                          

Hi. Sorry to hear you are having difficulty in your marriage. You are not personally liable for the ...

[ Total Answers: 1 ]

 
 

Asked 12/17/2007 11:31 am CT (lapeer, MI)

i am a first time homebuyer , my husband and i have about $10,000 in credit card debt and have been pre-approved for a 110,000 mortgage already but we want to buy a 90,000 home and borrow the extra to pay off the debt. can this be done so that it is all just the one mortgage payment?

Keywords:
                    

 
 

Asked 12/16/2007 10:28 am CT (bayshore, NY)

The title deed to the house is in my name. The mortgage is in my friend's name. She is behind on the mortgage. There is some equity left in the house. My credit is mid 500. Can I get a loan in my name against the equity in left in the house? Or structure the loan to payoff the mortgage with cash out?

Keywords:
                



Pages:  1 
 
 2 
 
 3 
 
 4 
 
 5 
 
 6 
 
 7 
 
 8 
 
 9 
 
 10 
 
 11 
 
 12 
 
 13 
 
 14 
 
 15 
 
 16 
 
 17 
 
 18 
 
 19 
 
 20 
 
 >