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Asked 12/18/2008 02:30 pm CT (Rochester, MN)

Can the owners of a mortgage be modified from individuals to a Trust?

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You would need to contatct the lender that is currently servicing your loan and ask that question....

[ Total Answers: 1 ]

 
 

Asked 12/17/2008 10:01 pm CT (San Jose, CA)

I have been hearing and reading for the past year about the mortagage crisis and resulting foreclosures and don't understand why these experts are coming to this conclusion. I can't wait until my loans convert. I have a 5.75% fixed rate that will convert shortly. My index is the 12 month treasury moving average which is at 2.0%. My margin is 2.25% giving me a fixed rate for the next twelve months of 4.25% which I confirmed with my lender if my loan were to convert today ie. a lower payment. I believe that most of the no interest loans originated three to five years ago would be fixed for the initial period at approx. 5.375% to 6.25% with margins of 2.25% to 2.75%. Also, most indexs used are the 6 mo. LIBOR, 12 mo. LIBOR, 11 district or one year treasury, all very low. By adding the margin most of these loans should refix at very favorable rates. Yes, there will be principal (repaid to yourself) and a 25 year amort period. Nevertheless, is the whole world wrong or am I not seeing this right? This mortgage resetting is a monumental part of this national crisis and causing widespread foreclosures because of supposedly higher monthly payments. As far as I can see the numbers just don't support higher payments and this foreclosure meltdown. Can you please clarify. Thanks, Rick

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Rick: Great analysis. Thank you for taking the time to show how a good adjustable rate mortgage is...

[ Total Answers: 1 ]

 
 

Asked 12/12/2008 07:04 am CT (Tampa, FL)

Is it possible to have someone with good credit co-sign with a NPO (or a business) on a residential mortgage?

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No. You still have to have good credit to get a mortgage. However if income is the problem you are...

[ Total Answers: 1 ]

 
 

Asked 12/04/2008 10:57 am CT (Newark, NJ)

i am approved for a mortgage in california and i am buying the townhome i live in 4 months out of every year. i need to get the fha loan, so that i can get 3% down; this can be done by having a co signer.does the co signer have to be a family member, or can the person that i live with their co sign???? thanks

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Asked 12/01/2008 05:49 pm CT (Atlanta, GA)

I was wondering if i am on a mortgage with my husband does he need my signature to sell the house?

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Only if your name is on the deed.

[ Total Answers: 1 ]

 
 

Asked 11/28/2008 10:44 am CT (Houston, TX)

I would like to know if it is worth refinancing the mortgage on my house. We cuurently owe about $265000 on a house worth around $700000. Our current loan is at 5.625% on a 30 year fixed and we have been in our house about 5 years. We plan to stay in this house for many many years. I have been looking into rates and was offered a 5.00% mortgage on a 15 year fixed loan with 1/2 point to buy this rate. We can afford the extra payment, but is it worth it? Since I currenly pay about 4 to 5 hundred extra toward the principal each month on my current loan. Or w

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If you refinance to a 15 year loan your payment will increase about $493 per month. If on your curre...

[ Total Answers: 1 ]

 
 

Asked 11/28/2008 07:02 am CT (Biloxi, MS)

I am very low on money this month, I dont have enough for my mortgage payment, what can I do? I've never been in this position before. The money comes out my checking account automatically, but their's not enough to cover it this month. What can I do?

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Asked 11/28/2008 07:02 am CT (Biloxi, MS)

I am very low on money this month, I dont have enough for my mortgage payment, what can I do? I've never been in this position before. The money comes out my checking account automatically, but their's not enough to cover it this month. What can I do?

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Asked 11/26/2008 07:38 am CT (Mobile, AL)

I have a mortgage and a line of credit with my home. Can I still take a 2nd mortgage out for debt consolidation.

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Asked 11/24/2008 02:08 pm CT (Sparks, NV)

I own a single family home with a mortgage balance of approx $175K on a 6.25% FHA 30-yr fixed. The home's market value has declined steadily and is now worth approx $140K. I am not behind on any payments yet, and my credit is excellent with a current FICO of 768. I'm expecting a 20% reduction in work hours - and thus a 20% reduction in income - effective 1/1/09. This loss of job hours will inevitably result in falling behind on the mortgage payments at their current level. Will I likely be more successful in approaching the mortgage company for a loan modification for 1) a substantially lower interest rate on the current balance (propose approx 3%); or 2) reducing the balance to the realistic market value; or 3) some other measure or combination of the above?

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Asked 11/24/2008 09:15 am CT (Norwich, CT)

My husband's father passed away this November. Before he passed he quick claimed his home to my husband. My question is, do we have to refinance the home in our names, or can we take over his mortgage with the low percentage rate that he had?

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It depneds on what type of mortgage he had. Today's rates are the lowest in years. so it would be a ...

[ Total Answers: 1 ]

 
 

Asked 11/20/2008 02:11 pm CT (Toledo, OH)

can a mortgage loan be used for more than just paying for a house?

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Asked 11/17/2008 09:03 am CT (Dodge City, KS)

Should a Kansas Mortgage Document have a maturity date?

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Asked 11/15/2008 06:13 pm CT (Peoria, IL)

I owe more than my house is worth. I am behind a month on my mortgage and cant get caught up.How do i refinance to lower payments and help out my credit and bill situation

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Hi Jim, If you owe more on your mortgage then your home is worth you can't refinance unless you ...

[ Total Answers: 1 ]

 
 

Asked 11/14/2008 06:06 am CT (Greensboro, NC)

I would like to get a mortgage put into just my name. We have owned it for a year. We bought it as a investment property together but he is not able to make his side of the payments. If I do get it put into just my name can I sell it in 1 year and not pay capital gains tax or will I have to wait another 2 years before I can sell? Thank you, Deno

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The two year requirement for avoiding capital gains applies to primary residences, not investment pr...

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Asked 11/10/2008 01:31 pm CT (, MD)

Can they default my mortgage payment for being 45 days late?

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No, you will be charged late fee's as outlined in your finance agreement and may report you late to ...

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Asked 11/09/2008 04:21 am CT (Flint, MI)

I have a mortgage with 12 years left on the mortgage. My son has made all the mortgage payments. Can I add my son to the mortgage? Incase something happens to use I don't want him to loose the house he has been paying for.

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You don't need to add your son to mortgage for him to take over payments. He will inherit house and...

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Asked 11/05/2008 01:08 pm CT (Bend, OR)

My father-in-law died 2 1/2 years ago. He was a widower. There may or may not have been a will... a mystery. The payments have been kept current but my in-laws have never notified the mortgage company. Their credit scores are horrible at best. What could happen if they can't qualify for a loan? What happens about the last 2 1/2 years will there be a penalty if the did qualify? What should their first step be?

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Asked 11/03/2008 12:57 pm CT (Tulsa, OK)

I signed a quit-claim deed and let my ex husband have the house in our divorce 4 years ago. The divorce decree states that I shall be "held harmless" when it comes to the mortgage My name remains on the mortgage. He rarely makes a house payment on time and has trashed his credit right along with mine. I have defintely been harmed. I am unable to obtain a credit card, a car loan, or any type of loan whatsoever. He only owes $11,000 on the house and it is worth around $150,000. Still yet, with his poor credit and low cash flow (he is self-employed) he says he can not find anyone to refinance the mortgage and release my name; nor does he have the cash to pay it off. He does seem to come up with money when he wants to...e.g. a new Harley Davidson, 2 SUV's, a boat, 2 sea-do's, etc. etc., however, that was before the economy got so bad. My parents have hired an attorney on my behalf and plan to take this matter to the court's in hopes of the issue being resolved. I have researched the matter and am afraid that they might be wasting their hard earned money. Am I completely out of luck, or is there a possibilty this could be resolved somehow? Thank you in advance for any advice you can give me.

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Asked 10/30/2008 08:21 pm CT (Indianapolis, IN)

We are moving in with my mother. She has the mortgage and title in her name only. She would like to add us to both. How is this done?

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You have several options, your Mother can contact a Real Estate Attorney and have your names added t...

[ Total Answers: 1 ]



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