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Asked 12/14/2007 09:54 pm CT (henderson, NV)

My home was purchased by a relative using my money but their credit. I make all of the payments, and we got the house as an interest only purchase. Two weeks after purchase, the market started declining and we have no equity. The problem now is that my house and my relatives, are near each other, so they consider it income property, although I can prove that I have made all of the payments. We are having problems refinancing it because of the lack of equity, and with the continuous increase I can't afford it any longer. My question is, can you advice me on how we can approach the mortgage company and convince them that it would be better for them to work with us on a lower fixed rate, then to risk the house going into foreclosure?

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tommygirl, the info you need to help you with your options can be found at our website...www.lasvega...

[ Total Answers: 1 ]

 
 

Asked 12/12/2007 04:28 pm CT (Hoffman Estates, IL)

My husband (prior to us being married)bought a house 7 years ago and due to a job change, moved to another state in '05. He put up his house for sale at that time and wasn't able to sell it. In '06, he rented it out to a couple who were supposed to do a rent to own. Based on this, we signed on to build a house together in the state we are currently living in. 6 months into it, the renters stopped paying rent. He had to evict them. They trashed the house and we had to spend about $5,000 getting it back into selling shape. He put the house back on the market in Feb. of this year. The house wasn't selling still so he took it off the market and tried to rent it out again. No luck. Meanwhile, we moved into our new house in July and could no longer pay the other mortgage so he told the bank in October that he would no longer be able to make the payments. He also has a home equity loan on the first house. THe bank told him to put that house up for sale again and lo and behold, we got an offer. The offer is at a loss(due to the home equity loan, of which we would not be able to pay about $22,000 of with the offer we got). We figure we have to take the offer because this is the only offer in almost 3 years that we've gotten. My question is, is it better to short the home equity loan or pay off the home equity loan with credit cards? We are going to have to refinance our current home in about 5 years as one of the loans that we have is an ARM so we are wondering which is going to hurt us more, the shorted loan that much more credit card debt? Please help. Thank you.

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Nikki, There are several issues here to consider. First, generally speaking you would probably b...

[ Total Answers: 1 ]

 
 

Asked 12/12/2007 07:31 am CT (new orleans, LA)

i inherited my mother's home with a small mortgage. can i just continue making the mortgage payments? it is a small interest rate, and i live in the house

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Yes you can. You should contact lender and let them know though. Make sure Deed has been switched in...

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Asked 12/10/2007 05:38 pm CT (Landing, NJ)

Can one spouse take out a mortgage and the other spouse not use their credit just there salary for a loan. my wife has a loan she can not get off her credit due to bankruptcy but she paid the car loan off even though she paid it off Ford Motor Credit will not send her a letter that is paid off, so she can't get a loan without showing the car is paid, even though her current car loan has this vehicle as a trade with her current car loan. She makes more money than I do, so can we use my credit and salary and her salary without using her credit?

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Dwayne, No, most lenders will not use her income w/o considering her credit. However, you shouldn'...

[ Total Answers: 1 ]

 
 

Asked 12/10/2007 03:30 pm CT (newbedford, MA)

hi im wondering if i can obtain a mortgage with this situation: my most recent tax return reflrcting my newly opened business starting 2 years ago stated only 20,000 I am making much more money now and Im looking to buy a home i have my heart set on that is asking only 119,000 my parent own multiple homes and are willing to co-sign AND pay half of my mortgage for me. with this information do u think iam able to obtain a mortgage with a very reliable co signer using my last tax return? and also during the interview process is the cosigners income combined with mine to look at the broad range of income put together ? thanks

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There are a few options and ways this can happen. The best thing to do is call my office 401-349-312...

[ Total Answers: 1 ]

 
 

Asked 12/08/2007 01:34 pm CT (Sarasota, FL)

Hi. My name is John and I am extremely fustrated and hope you can help. My sister and I purchased two pre-construction homes together in Sarasota. Upon completion, I took over one home she took over the other. On my home, she is on both the deed and the mortgage. On her home, I am only on the deed. My fiance and I moved into our home immediately and in fact homesteaded recently. My sister however, she decided not to move into hers and has not made payments since July 2007. Today an officer came to my home and dropped off lawsuit papers for her home. He stated that since I am on the deed I am required to get these papers as well. AM I BEING SUED OR JUST HER? WILL MY CREDIT BE AFFECTED? I am getting married in March and my finace is a wreck over this. Could could credit be affected too? Or worse yet, could they come after our home because her name is on it? Please HELP!

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John, if you did not sign the note, then it will not affect your credit. The lender is obligated to...

[ Total Answers: 1 ]

 
 

Asked 12/07/2007 05:15 pm CT (Philadelphia, PA)

Is it possible to qualify for a mortgage with a 550 credit score and an auto repossesion showing?

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Taree, There may be some opportunity. However, the market especially for this type of loan is in m...

[ Total Answers: 1 ]

 
 

Asked 12/04/2007 09:53 pm CT (Columbus, OH)

What happenif my ex husband file bankruptcy chapter13 and later on he stop it because he got really sick and is unable to work and his ex wife is the one living at the house that was in chapter 13 and she didnt want to get out of the house and she didnt want to let my ex husband sell the house... Is there any way to push her to be out of the house and let my sick husband honor the mortgage selling this house? My husband is really sick and desperate. If the ex wife gets a loan by herself in an attempt to keep the house, should be that house under my husbands name?Please help!

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Asked 12/02/2007 11:41 am CT (Palm harbor, FL)

I have a mortgage in Indiana. I took a job in Florida 6 months ago and we placed the house up for sale. The real estate situation has gotten worse and worse as we all know and I can\\\\\\\'t sale the house. I have made the payment on the Indiana house but it is getting to a point that I will not be able to make both that mortgage payment and my rent payment in Florida. At the time we made the move we thought the house would sell in 6 months. I have been researching to see if anyone else has this problem as i understand that I took the Florida job on my own but the market has killed me and my hopes of selling. I have a great 30 year fixed rate(better then current rates). I could pay something but not the entire monthly amount. Should I contact the mortgage company and try to arrange something like interest only refinance? My current payment is about $1957.00, I could pay $1,000 and still do ity for at least 6 months. I am concerned that my credit which is very good will go bad and the I wonder if it\\\\\\\'s worth even trying to make a payment versus foreclosure. Please advise.

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RV, the first thing to do is contact the lender and fully explain your situation, there are numerous...

[ Total Answers: 1 ]

 
 

Asked 12/02/2007 12:21 am CT (LITHONIA, GA)

11/18/2007] MY CREDIT SCORES ARE 595, 547, AND 554. I FILED FOR CHAPTER 7 IN JAN OF 07. I HAVE A DEFAULT STUDENT LOAN (CURRENTLY PAYING A YEAR AND A HALF WITH A GARNISHMENT OF $450 A MONTH)AND $850 ( I DON\\\'T KNOW IF PAYING IT WILL HELP AT THIS POINT) WORTH OF STATE TAXES SINCE 1998. I MAKE ABOUT 47,000 A YEAR. CAN I GET A MORTGAGE LOAN.(FIXED RATE WITH LOW INTEREST NO MONEY DOWN) [PFP, LITHONIA GA]

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Asked 11/30/2007 08:09 am CT (sheboygan, WI)

we missed last months mortgage my husband just returned to work after a 5 month layoff we cant make this months payment either but we can mke our payment in dec thats when he gets his first check . our motgage cop. wont work with usthey said we had to make our payment by todaywe have a wheda loan no programs as they say, what do i do?

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Hi there, I have some questions I need answered before I can help you. 1. Has your loan payme...

[ Total Answers: 1 ]

 
 

Asked 11/30/2007 07:02 am CT (Thornton, IL)

my seller wants me to quick deed the property back to him,he pledges to make all mortgage payments until he\\\'s ready to quick deed.what kind if contract to we sign? is this legal?

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Proceed with EXTREME CAUTION!!!!!! To give you good advice or an opinion I will need a lot more inf...

[ Total Answers: 1 ]

 
 

Asked 11/29/2007 10:32 am CT (Livonia, MI)

I have a 3-yr interest-only ARM on a condo ending in 5/08, and will need to refi. Problem is, I also have *a lot* of revolving credit debt. I'm really worried about what my refi'd payment will be on a 30-hr fixed. I have been working to pay off the credit debt, but would it be better to send the extra cash towards the mortgage, or continue to try and lower credit debt, even if its just reducing by a small amount? Or is there something else I should be doing? Any guidance is greatly appreciated!

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Hi Sue, Definitely pay down your credit cards. I wouldn't send one cent extra to the mortgage co...

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Asked 11/28/2007 12:45 pm CT (vacaviile, CA)

We have 3 properties, 2 rentals and occupy the third. We have no late pymts and our credit scores are good (700+). The loans on all homes are still in the 2yr prepayment period, but considering to refi anyways due to the mortgages becoming too much for us. How will trying to refinance all loans at one time affect us (credit sdcores, lenders, etc)? Or is it better trying to refi only one home at a time, and doing the others later?

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Cade, I concur with the suggestion of doing all three at the same time...you should also ask the len...

[ Total Answers: 4 ]

 
 

Asked 11/28/2007 07:56 am CT (Bascom, FL)

If pay off my mortgage can the lein holder force me to sell my land.

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No, they cannot force you to sell. As an owner, you have the right to sell. A lien holder or mortg...

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Asked 11/27/2007 10:14 am CT (Dearborn, MI)

My Father purchased a Home for us in 2005 .He pass away two days later Mine and my Husbands name are on the Quit Claim deed but not the mortgage .We have been making the payments and paying the taxes ..My Father did not have a will and the mortgage company will not let us discuss anything about the mortgage because our names are not on it ..Do you have any suguestions ? Thanks

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Did you get what you needed for your question?

[ Total Answers: 5 ]

 
 

Asked 11/27/2007 08:46 am CT (Kennesaw, GA)

My God-Son bought us a house in 2005 and the mortgage is with HSBC. He paid on this house faithfully for the whole years and they sent us a letter saying that we had to much money in escrow and sent us a check.Then this year they send us a letter saying that we did not have enough money from escrow and the mortgage amount went from 469.00 to 888.00, Now there is no way he can pay this payment,I should also say that this house is in Rochester NY and we moved to Ga and are renting the house out,We moved for my daughter to go to a better high school and be elgible for the hope scholarship we are most definetly low income and could use whatever help is possible.

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Asked 11/25/2007 01:04 pm CT (galena, MO)

My monthly mortgage pay't includes my escrowed taxes and insurance (an extra $200/mo). Am I able to stop this action and just pay the mortgage amount or is it required by law? I deal with Countrywide.

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Asked 11/20/2007 08:45 am CT (Wheatley, Ontario)

Can you sell for less than you owe if you transfer the old mortgage to your new property ?

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Asked 11/19/2007 10:21 pm CT (Los Angeles, CA)

Would it be advisable to enter into a mortgage in which the broker would secure us a high rate loan, to obtain a higher commission, then split it with us to lower our rate?

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Jay, I believe you meant he would split the commission with you to lower you FEES or COSTS, not the ...

[ Total Answers: 2 ]



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