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Asked 03/03/2009 12:26 pm CT (Jacksonville, FL)

i am in my fourth year of a five year arm in desperate need of a refi. my current rate is at 7.85% with the chance to jump to who knows what when my arm matures. when i bought my house i anticipated a lot of work, regular payments on my mortgage, and an increase of my credit score, resulting in an easy refi. unfortunatelly, i work in the construction industry, so the last four years have been an uphill battle and with the economy and lending being at the levels that they are at, i worry that, without some sort of stimulous help, i might be running out of options. what resources or institutions would you suggest that i research?

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Call your mortgage holder and discuss a modifaction option with them....

[ Total Answers: 1 ]

 
 

Asked 03/02/2009 07:03 am CT (Atlanta, GA)

I own a home that I paid about 530K for about a year and a half ago. It is 100% financed. I would absolutely love to refinance and get the rates being offered today but based on some comps in my neighborhood I am looking at being upside down in my mortgage by about $60-$80K. Plus I imagine 100% financing has kind of gone away. Is there anything I can do to refinance and not have to bring $100K to the closing table? Or am I just completely up the proverbial creek with no paddle?

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Asked 03/01/2009 10:28 am CT (Buffalo, NY)

We own two houses in New York (His & Mine prior to marriage) One is paid for with a home equity loan 45K, the other has a small mortgage 43K and a Atruim Villa in Florida four years ago for 190K - we owe 155K its on the market for only what we owe & not selling. With out my income we can't afford all our mortages, taxes and association fee's - If we walk away from Florida would the bank come after our homes in Florida that we listed as assets on the mortgage? Are we better off to stop borrowing money and allow it to fall into foreclouse or try to give deed back?

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Asked 02/28/2009 01:54 pm CT (ogden, UT)

I am married due to religous reasons I will stay married but I would like to buy my own home. I have been removed from my husbands mortgage. I have excellent credit have been approved for 150000.00 loan but due to the marriage lenders wont give me a fha loan what can be done?

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Traci - you're going to want an FHA loan. Did they give you reasons why you can't be approved for a...

[ Total Answers: 2 ]

 
 

Asked 02/26/2009 11:04 pm CT (San Jose, CA)

Are you familiar with mortgage acceleration programs? (not bi-weekly payment or prepayments). These programs are already quite common in Europe and other countries now. Are you currently using an acceleration program or recommending acceleration programs to your clients. There is a lot of information avaiable on the internet these days and the approach seems solid but I wanted to get some opinions from people in the industry tonight. Thanks, Rick

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You have the keys to a mortgage acceleration program in your own hands right now. You simply need t...

[ Total Answers: 1 ]

 
 

Asked 02/25/2009 10:08 pm CT (Los Angeles, CA)

I am paying on a Townhouse that I owe only $117,230.87 and the interest rate is only 5.50%. I am current on my mortgage. I have a loan for $45,000.00 and Equity Credit Line for $20,000.00. My credit score is 780 and I wanted to refinance everything under one payment but the value of the property has dropped from $262,000.00 to $130,000.00. What other possible options do I have or should I just leave everything alone and concentrate on paying the equity line off first and then the loan? Thanks for your input.

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You have no real refinance options that will help with consolidating your debts. Your best bet is to...

[ Total Answers: 1 ]

 
 

Asked 02/25/2009 06:47 pm CT (Orlando, FL)

If my name is on my homes deed but not on the loan but I pay the mortgage and the taxes can I claim the property taxes, and real-estate taxes on my taxes

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Consult your tax advisor. However, I have personal experience w/ the same situation where I claim t...

[ Total Answers: 1 ]

 
 

Asked 02/20/2009 04:53 pm CT (Spokane, WA)

I live in Pullman, WA. I am married and we have a joint mortgage loan. I would like to take out either a home equity loan (preferably) or a personal loan individually because the credit card debt we have is mine, not my husband's. Since Washington is a community peoperty state, would he have to be on the home equity loan or can I take it out alone?

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You can take out the Home Equity loan yourself, based exclusinvely on your credit and income. Howev...

[ Total Answers: 1 ]

 
 

Asked 02/10/2009 07:53 am CT (Clearwater, FL)

My mortgage balance is 260,000. Market value for my house is only 160,000 and is going down. I am two months behind on payments. I would like to keep my house but can't keep up with payments due to reduced income. Is it possible to reduce mortgage balance to current market value, because that would be only way for me to afford monthly payment? Thank You, DH!

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You need to contact your lender's loss mitigation dept to determine what options are available for y...

[ Total Answers: 1 ]

 
 

Asked 01/30/2009 11:20 am CT (, TX)

I had only one payment left on my mortgage with Celink. I phoned and asked them for a payoff amount and they verbally added approximately $200 in charges and fees to the payoff amount and refuse to send me a Satisfaction of Loan unless I pay these charges. These fees are not listed in my contract and I have never been notified of such fees in the past. Once a loan is paid in full isn't a lender required to send a Satisfaction to the borrower?

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This is normal, you will find that your interest fees are paid a month in arrears, therefore, when y...

[ Total Answers: 1 ]

 
 

Asked 01/29/2009 06:55 am CT (New York, NY)

I have a credit score of 480 and my husband is 490, I want to be able to get approved for a mortgage for at least 335k. My husband makes 55k and I make 45k. I understand my credit score is crappy but there has to be someone out there to help me get a home.

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Not really. No conventional lender that I know of will offer a loan w/ those scores. The only opti...

[ Total Answers: 1 ]

 
 

Asked 01/27/2009 12:16 pm CT (New York, NY)

I am a first time buyer. I am looking to buy a coop. I have a 570 credit score, but the same steady job for 8 years. No judgments, bankruptcy, etc.. I've been paying all my bills on time for the past year. Will I be able to get a mortgage?

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p.s. - FHA loans are typically easier to qualify for...

[ Total Answers: 2 ]

 
 

Asked 01/23/2009 11:28 am CT (New York, NY)

my husband and i own (purchased together 10 years ago) property in upstate new york. his only is listed on the deed (the mortgage is paid). he passed away on thanksgiving - how would i be able to sell or how do i get my name on the deed. i am his sole beneficiary.

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Consult an attorney or ask the county recorder's office what they require to record a new deed....

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Asked 01/19/2009 10:01 am CT (Dothan, AL)

I lost my job in December and am unable to pay my second mortgage. i can pay my first. What will happen?

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Asked 01/18/2009 04:24 pm CT (Plano, TX)

Feel free to email me back. My question is: I have accumulated a total debt of approximately $60k with a net worth of roughly -$16k. The debts are with numerous companies for numerous reasons including credit cards, auto loans, student loans, etc. What I want to know is, with the current foreclosure market being like it is and so many homes being "dumped" so cheaply and under value, is it possible to find a home with a built-in equity to purchase that I can turn around and finance my other debts into the equity on the mortgage loan? I would consider it the opportunity to buy a home, while also "consolidating" my debts into the remaining equity of the home and reducing my number of payments and overall payment amount. Does this sound like a realistic and possible scenario that can be pursued?

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Becker, Hi. Regarding your question about taking equity out to consolidate your bills you must h...

[ Total Answers: 1 ]

 
 

Asked 01/16/2009 06:07 am CT (Tampa, FL)

I hold a mortgage on a property that is owned by a trust please tell me who is lable, is it the oner of the trust or those people who appear in the trust

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Asked 01/15/2009 08:21 am CT (Dayton, OH)

How do have my mortgage loan continue after my death. I want my son to be able to continue with the loan.

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Asked 01/13/2009 01:49 pm CT (Los Angeles, CA)

My husband and I have secondary property that is in foreclosure. The properth has a first and second mortage loan. We were told that we must pay the second mortgage loan or we will be sued.

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I do not believe that is true, what I suspect will happen is when the property is foreclosed on you ...

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Asked 01/13/2009 01:48 pm CT (Los Angeles, CA)

My husband and I have secondary property that is in foreclosure. The properth has a first and second mortage loan. We were told that we must pay the second mortgage loan or we will be sued.

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Not necessarily true and there is no point in paying the 2nd if you can't pay the first. The 2nd wil...

[ Total Answers: 1 ]

 
 

Asked 01/13/2009 01:47 pm CT (Los Angeles, CA)

My husband and I have secondary property that is in foreclosure. The properth has a first and second mortage loan. We were told that we must pay the second mortgage loan or we will be sued.

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Not true.

[ Total Answers: 1 ]



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