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Asked 10/05/2007 03:10 pm CT (Camden, NJ)

If someone is named as the sole owner on a deed to a house, and their partner, who is married to someone else, holds the mortgage on the property, what rights does the partner\'s spouse have upon his death? Simplified, if someone has and affair with a married man and her name is the sole name on a deed to a house, but the mortgage is in his name, what rights does the married man\'s wife have to the house if he dies?

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Asked 10/03/2007 02:05 pm CT (Aragon, GA)

My son is wanting to building a house and is in the proces of applying for a const/perm loan. He has a good job, no debt, and overall in good financial shape at 24 yrs. Since he has very little debt,, I agrreed to help him qualify for the const/perm loan . Is there any way for me to do that without being held responsible for the mortgage if somethin should happen. His father and are in good financial shape, our house is paid for and we are in no real debt which is why I agreed to sign with him on the constr. /perm loan. What is the best way to help my son without the responsiblilty of being responsible for the mortgage.

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Kay, I work wiht one of the nations top lenders for constuction loan fiancing. I can put you in t...

[ Total Answers: 1 ]

 
 

Asked 10/01/2007 09:40 am CT (Nanaimo, British Columbia)

What is equity? What is the term used discribed the amount that has been paid off on the mortgage? I am having a co-habitation agreement drawn up and I am willing to pay back a possible 33% that has been paid on the mortgage, not including the increased market value. Thank you, Erin

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Asked 09/27/2007 08:37 pm CT (Wayland, MI)

My ex and I just got divorced, the home that we had is in foreclosure status, the realtor has it listed in a short sale. He has an offer for about $57000 less that what is owing on it. He wants me to come to closing. My name was never on the mortgage or the deed of the home. The defiency that will be left owing on it, will that be his responsibility or to the both of us? Please let me know.

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Technically, you should not be liable since you were never on the mortgage or deed. However, it real...

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Asked 09/25/2007 08:22 pm CT (New York, NY)

Can someone cosign a mortgage without being referenced on the deed??

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Asked 09/24/2007 02:55 pm CT (Largo, FL)

How long can I wait to record a mortgage I am holding for another party after signing? Is there a maximum time limit or is it indefinite until the mortgagee decides to refinance or sell?

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Patrick, you need to realize that the recording of the mortgage puts the world on notice that you ha...

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Asked 09/22/2007 01:44 pm CT (matthews, NC)

I am going to cosign for my brother. he has a credit score of 801, and has 10% to put down on 162,000, he makes 29,000 a yr. Will the mortgage co. factor in my debt to income as well. thanks for your time

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Matt, Yes, your debt to income will be considered in the overall financing. Is there a reason you n...

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Asked 09/21/2007 05:39 am CT (Riverside, CA)

I am 3 mos late on mortgage, been in home 30 yrs, FICA appx 548, income $2100/mo, home appraised in June $300,000 and need to borrow 188,000. Is there ANY hope in re-financing and getting payment llunder $800/mo=even w/a 50 yr loan. Thanks, Gladia

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Gladia, possibly. As Dawn mentioned, a Reverse Mortgage could be your solution. You may also call me...

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Asked 09/20/2007 01:08 pm CT (Fuquay Varina, NC)

I got caught up in those on line pay day loans when I went through a bad financial situation a few months ago. It took me months to get them paid off, but I paid off the last of them last month. I have been trying to buy a house, got credit cleaned up, all scores over 620 and have pre-approval for a mortgage. I have a meeting scheduled with the mortgage company and didn't realize they would need my bank statements. Of course the payday loans show up. He asked me to bring two months of statements. Will those pay day loans keep me from getting a mortgage even though they are paid off.

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Asked 09/19/2007 06:24 pm CT (Center Moriches, NY)

My boyfriend has been going through divorce proceedings with his wife for 3 years now. We have been together for a year and a half and would like to buy a house. His divorce was supposed to be finalized this month, but the house is being contested. He originally offered her the house, which he built, and just asked for his property from the house. She declined this offer and wanted to sell his belongings because she claimed they were marital property (tools, guns, etc.). He has not lived in the home for years. She claimed she wanted the house, but now she has missed two mortgage payments and is letting the house go into foreclosure. Is there any way to get his name off the mortgage before this happens? Also, if the house is foreclosed on, what happens to his property? He has thousands worth of tools and guns in the house. His lawyer told him that everything would be sold. Who regulates this sale? How is the property divided? Can't she just move all of her things out of the house and have them sell all of his things? She has already started giving things of his away (like his riding mower).

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Asked 09/18/2007 03:07 pm CT (Seattle, WA)

My mother just passed away last month, in August. She left a will leaving all of her property (2) to me-her only child (no grandchildren). A year before her death she entered into a reverse mortgage and I need to know how do I legally have the property title put into my name so that I can apply for a refi/cash out loan to put both properties into my name? "Friends" have told me to file the will at the county courthouse-which I have done and to also file a Quit Claim deed as well, is this correct??

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Asked 09/18/2007 08:56 am CT (swansea, SC)

i am late x 1mth on mortgage. i have not returned phone calls to mtg co. they sent rep from company to leave a card on my door @ my home. he went 1 step further and went next door,which happens to be a relative, and left card with her. stated i won't return his calls. is this legal?? isn't there some confidentiality clause being broken?

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Hi Wanda, Whenever you get behind on your mortgage, the WORST thing you can do is to not return t...

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Asked 09/15/2007 06:10 pm CT (Lynchburg, VA)

If I loan money to someone as a second mortgage against their home what are my rights as a lender in second position should they default? There is equity in the home. Thanks. DB

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Asked 09/05/2007 03:05 pm CT (San Diego, CA)

My daughter and her boyfriend bought a house in El Dorado Hills, CA in Aug., 2007. My daughter paid the total downpayment of $91,000 from a gift from her grandmother. They have broken up, tried to sell for six months to no avail. She wants to keep the house, he is fine with that, however wants his name off of the title and mortgage. What do we need to do in order to help her? She can\'t qualify for the total loan by herself, so we are willing to co sign or get on the mortgage with her. The house has gione down in value a minimum of $50,000 minus realtor fees. We are willing to have her stay in the house. Does she totally have to refinanace the loan or can she just make the same payments with0ut him on the loan?We are very concerned about getting a new mortgage with the current financial situation. We could pay off the loan if necessary, but don\'t want to do that. Help us please.

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Karen, In order to get the ex boy friend off of the mortgage, she would need to refinance. There a...

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Asked 08/29/2007 12:42 pm CT (New York, NY)

If i agree to purchase a house for $3 million, but the house is appraised at $13 million, can i borrow more than the agreed purchase price of $3 million from a bank (or mortgage broker)?

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Hello Joseph - Yes, but typically it would need to be in two loans. The first transaction would be ...

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Asked 08/28/2007 08:03 am CT (Hemphill, TX)

I am a mortgage processer at a bank in Hemphill, Texas. We have to wait 5 days after we receive a flood determination before we can fund a home equity or home improvement loan. Why do we do this and where did this rule come from?

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Asked 08/28/2007 01:27 am CT (holmes, NY)

we bought our house in dec. 04 with an 80/20 no money down mortgage, the larger being adjustable. It was our first time, so we were happy just to get the mortgage. My husband worked construction and suffered a back injury that required surgery and we thought at the time was only temporary but later found that it was more permant, and requires further surgery, we cant afford our adjustable rate to go any higher what do we do

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Contact whomever you're making the mortgage payments to & ask for forebearance arrangement. You cou...

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Asked 08/27/2007 12:40 pm CT (New York City, NY)

What are the possibilities to get a mortgage if you\'re an illegal in this country? (Have a SSN, pays taxes, excellent credit rating).

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Illegal aliens do not have SSN's or Tax IDs. Atleast not legitimate ones. Are you referencing a No...

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Asked 08/18/2007 01:21 pm CT (westbrook, ME)

me and my girlfriend want to buy the house we live in the price is $231,000 we have $300,000. our credit scores are under 500. could we buy it out right (there is a house around the corner that we love) buying this house and get a 2nd mortgage to buy the other house I can rent this house and a small attached apt for $1800 a month. and how long will we have to wait to take a mortgage out on the house after we buy it

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You may want to consider private contracts with the sellers. They may require large down payments as...

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Asked 08/17/2007 02:22 pm CT (Smithtown, NY)

I own a home in NY. I have been in here 15 months, and have 800+ credit. I was sharing the cost (4k monthly) with my fiance, and now we have decided to part ways. I can't possibly afford the payments, and wanted to know the difference between bankrupcy and mortgage default. I'm told I don't need to declare, and default has less of an impact on my credit. What are the differences between them? Thank you very much.

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