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Asked 08/14/2007 08:24 pm CT (Jay, ME)

I am a disabled woman, I am 39 and 2 years ago I refinanced my home and was put on an adjustable rate. They said I could get a fixed rate after a year. When the year was up they said my credit was to bad. It was the same then as it was a year before. Now the interest rate has gone up 3 times, I can no longer afford the payments which do not include the escrow. It went from $825. to $1,100.00 @ 12+%. Was it legal for them to put me on an adjustable rate mortgage knowing my income was fixed on disability, and also knowing that in 2 years I would loose my daughters SS payments because of turning 18 and graduating. I dont know what to do. Other mortgage companies say it is illegal. Is it true?

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Asked 08/14/2007 07:59 pm CT (haddonfield, NJ)

I had my mortgage with American Home Mortgage and went banckrupt my city is demanding their tax payment and I dont know if I just pay my tax payment and deducted from my mortgage payment. What should I do.? and what is allowed.

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Asked 08/08/2007 01:53 pm CT (potomac, MD)

can mortgage be transfered from a family member to me even when I am not in the deed ?

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Asked 08/08/2007 01:52 pm CT (Dayton, OH)

My husband & I are trying to purchase our first home and the mortgage co we are working with has turned our packet over to 3 loan companies. The first company denied us & now the second comany is stating that because my husband was late 3 times last year with a credit card payment. (we are in a chpt 13 and obtained permission from the court to get a home loan). At this point we can not prove that the late payments were the credit card company fault. Which by all means I know it was my husbands fault. But the 3rd company that our packet was sent to is "Burmingham Mortgage"? I found a webste for them stating that they provide loans for not so good credit. My questions is, have you ever heard of this mortgage company & is there anyone that can actually get me into my dream home?

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Asked 08/02/2007 08:49 am CT (Buffalo, NY)

Is there any assurance(or insurance) on protecting the home value. Is there any way to be safe on a loaned house of $xx and it falls in value to $x over time? So if the mortgage is for $100000,and the value falls to $25000....is there any way to protect oneself? Thanks....Jim Kulbacki

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Asked 08/01/2007 11:25 am CT (Chesterfield, VA)

My brother-in-law and wife have bad credit but really want to buy a home. I have found a foreclosure in there area for 145000. If they cannot qualify for sufficient mortgage, what can my husband and I do to help that would be best to help them establish credit and perhaps get things in their name? Thanks!

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You may be able to co-sign with them, but this frequently is not a good opion as their credit will b...

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Asked 07/31/2007 10:29 am CT (Gaithersburg, MD)

I had two mortages on my home, the second foreclosed and was bought at an auction. Now they are trying to sell the entire property even though I am still current with my first mortgage, what can i do? They claim that they bought the second mortgage and that gives them ownership of the entire property

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Asked 07/29/2007 12:30 am CT (Tempe, AZ)

My girlfriend and I have been living together for several years, and even though we have an "agreement" the house is ours it is in her name from a previous family title swap transaction. We both contribute to the total cost of buying, remodeling and maintaining the house and I would like to get on the loan (~25% of Title???) and make that official. I make $90k/yr., our house is worth ~$900k and we currently have a Mortgage of ~$260k. She has had two bad relationships in the past and has been hesitant about putting someone else's name on the house, but I continue to contribute and have expressed the need to make this official. My credit score is very average (670) from both a bad financial advisor and the fact that I have run up a significant credit card debt (~60k) on remodeling and getting a truck to work on the house. She has very good credit at 800+ and has conceptually agreed to put me on the title at some percentage, take out a load to pay off all my outside debt (~60k) which will then boost my credit rating to low to mid 700's as I was over 700 before current debt and currently have no Real Estate accounts. I feel the timing for this is very important and from what she understands she agrees as we are planning on either buying a new home or performing a significant remodel (~250k) in the next 6 mos. to a year and my improved credit score with no debt and still low mortgage would go a long way to making that happen and not hurting us on a bigger debt a lower credit scores. I hope this makes some sense, this is my first query related to this effort and I would greatly like the feedback of experts as my income is continuing to be used with no "Real" results. Thanks, RMc

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RMc, your issues are very common in the current marketplace. You are very accurate in your situatio...

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Asked 07/28/2007 07:41 am CT (north providence, RI)

im set to close on a house but my income has dropped i wont be able to afford the mortgage can i back out of the deal and will i lose my deposit my p&s was contingent on financing

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You can always back out of the purchase prior to signing. Whther or not you can get your escrow depe...

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Asked 07/26/2007 02:37 pm CT (southampton, MA)

my husband and i have talked of divorce.the house is in both our names mine being first. he is unemployed (planning on staying that way) i don\\\\\\\'t care if i keep the house or not. how can i buy him out so i can just leave without leaving my name on the mortgage?

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Hi Debbie, The best option might be for you to buy him out of the home. You could keep it or sell ...

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Asked 07/25/2007 12:42 pm CT (boca, FL)

refinnaced my condo for 97000 in june of 2006 my conndo was appraisaed at 153000 now the condo in my area is going for about 90.000and I must move back up north and my mortgage is 1005.00 a mounth and I cant pay that any more I called the lender to see if i can get a short sale but thy will not give it to me so if I let them foreclose on my condo what will hapen to me? and will I have to pay any of the lone money back Iam on a fix income and dont have any money saved I must move up to chicago going to live with my daughter

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Depends on what state you are in. Also depends whether or not they are a "trust deed" state or a "m...

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Asked 07/24/2007 08:59 pm CT (Petitcodiac, New Brunswick)

My husband and I are currently living in Ireland ,due to the high cost of living over there, and circumstances we may have to move back to NB. When it comes to buying our own property here, how long will we have to be in employment in this country before we can apply for a mortgage. Also, do you know if there will be a difficulty in us gettingmortgage protection as my husband is a diabetic. This is the problem we encountered in Ireland.What other information should we know...we really don\'t want to have to rent along time when we come back...also will my husband\'s credit score or history from Ireland be used here when applying? thank you

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Hi Stacy Getting a mortage will rely on a number of things. Are you both Canadian? Do you have any...

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Asked 07/21/2007 02:27 pm CT (Madisonville, KY)

I baught a house from hud at auction they made me a deed after i fixed it up to rent i try to borrow money on it and find it has another mortgage on it and cant get title insurance on it so no loan but the lean holder is out of business in the stste of ky so how can i clear up my deed no help from hud

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Asked 07/08/2007 08:23 pm CT (tulsa, OK)

can I get a second mortgage on a home I own If I had it on the market for sale recently?

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Scott, Many lenders have restricted Home Equity lines for homes that were recently listed. I ...

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Asked 06/19/2007 04:57 pm CT (Tamarac, FL)

Hello. I am a first time home buyer. I currently rent an apartment in Florida but have found the house of my dreams in Georgia. Due to Georgia's teaching certification I will not be able to teach in Georgia until I satisfy the requirements for teaching in Georgia. Can I still work in Florida and secure a mortgage with a home in Georgia now or do I have to have a job in Georgia in order to have a mortgage for a Georgia home???I'm afraid if I wait until 2008 the home price will have skyrocketed by then.

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Kesha, you can most likley purchase it as a 2nd home. The rate might be slightly higher, but it will...

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Asked 06/18/2007 09:23 am CT (Las Vegas, NV)

How do I become a listed Mortgage Professional on your website? I see others who have their names & numbers posted - I have even been to one website where the Mortgage Banker had testimonials listed. Jonathan

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Jonathon, this is a servie provided for subscribers to bntouch mortgage CRM. THeir link is at the bo...

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Asked 06/05/2007 09:45 pm CT (wimberley, TX)

I am currently working with a mortgage broker who is trying to get my husband and I an FHA loan. I, however, have not worked for the same company for the last two years. She seems to think this is a big problem. Will this prevent me from getting a loan?

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Hi Lisa: This is a much easier question to answer with me knowing all the facts. There are 27 diffe...

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Asked 06/05/2007 07:39 am CT (uxbridge, Ontario)

i am having problems securing a mortgage due to low income i have already put down $25,000 can i get my money back .

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Asked 06/04/2007 09:30 am CT (Miami, FL)

Hi, my question is can you get/use a mortgage for key money for a retail store.

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Jason, You may have some commercial mortgage options available to you. Give me a call and we can...

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Asked 06/02/2007 03:01 pm CT (Indianapolis, IN)

I have an FHA mortgage that I've had for almost a year. The FHA rep sent me a letter saying that I could qualify for a lower interest rate (I'm a 7.0% now and could go as low as 5.875%) Is this an ok thing to do? Or am I going to pay penalities? Also, do I now get another 30 year mortgage even though I've paid for one year already?

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Sara, You will not be required to pay any penalties with an FHA mortgage. You may actually quali...

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