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Asked 05/01/2008 04:05 pm CT (Detroit, MI)

My Mortgage Company turned my home over to a Mortgage Brooker in the City of Detroit. The home is no longer in my name and has been put up for a sherrif sale. The second Mortgage is requesting I pay them over $900.00 in addition to other fees. Are they able to come after me for payment. I owe them $28,000. My first mortgage really did me wrong because we had set up fixed payment plan and because they claimed they did not receive agreement on a certain date, they just forclosed without my knowledge. I only found out when they returned my check for $718.00. They did this 2-24-08. Do I still have to pay the 2nd mortgage company. They call everyday. Please advise.

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Gloria I am sorry to hear about your difficult situation - unfortunately, all mortgage holders are e...

[ Total Answers: 1 ]

 
 

Asked 04/28/2008 09:28 am CT (Lithonia, GA)

Are you allowed to write off PMI every year on your mortgage. Or just if the house was purchased in the year you are filing?

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Can writeoff every year your income qualifies.

[ Total Answers: 1 ]

 
 

Asked 04/27/2008 11:43 am CT (Edwardsville, KS)

My mortgage has pmi insurance and the payment just went up because of insurance and taxes. I cannot afford the payments anymore even though I am current. If I default on the mortgage exactly what does the \"PMI\" do? and how much can they come back to me for?

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The PMI will refund the lender some of their losses on your foreclosed loan. Whether or not the len...

[ Total Answers: 1 ]

 
 

Asked 04/26/2008 03:25 pm CT (crystal lake, IL)

We have a 15 year mortgage at 4.65% with 9 years to go. We have 20,000 in credit card debt and 16,000 on a home equity line of credit. We have 140,000 of equity in our home,our home is worth aprox. 280,000 Do we refinance to a 30 year fixed to pay off our debt? or hang in there.

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Great answer from Jason!

[ Total Answers: 2 ]

 
 

Asked 04/24/2008 10:37 pm CT (little rock, AR)

We are set to close on our house next Wednesday, and we had some of our closing costs rolled in, and the seller paying some as well. However, we were still told we need $1100 to close, and we do not have the money in the bank (or will have it by Wednesday) Can we put the closing off for another 2 weeks until we have more money? And/Or, should I consider taking out a personal loan to pay for the costs, we already have been approved for the mortgage, it's just the darn closing costs.

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Didn't you get a Good Faith Estimate at application about how much you'd need to close? Putting the...

[ Total Answers: 1 ]

 
 

Asked 04/24/2008 10:41 am CT (chicago, IL)

My mother is moving to a nursing home and her income which is paying for the mortgage on her home will follow her to the nursing home. The house has been on the market for six months through Buy Owner and with the declining economy and neighborhood the probablity that the house will not sell is great. The appraised value is $140,000, amount due including loan is approximately $100,000. I have no interest in property and would like to know the best way to unload it.

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Go to an investor group meeting and offer the house to them. Or put it on the market with a Realtor...

[ Total Answers: 1 ]

 
 

Asked 04/21/2008 10:56 am CT (dunn, NC)

I WAS A COSIGNER OF A MORTGAGE AFTER THE DIVORCE IT WAS STATED THAT I WAS REPONSIBLE FOR THE MORTGAGE.IF IT IS FORECLOSED ON ARE WE BOTH RESPONSIBLE?

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Asked 04/17/2008 01:18 pm CT (Tolleson, AZ)

I have a pay option arm on my 1st mortgage and I also have a second mortgage on my primary home. My question: Is there any options to get my loan into a fixed rate loan even though the value of the property has dramatically dropped?

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Asked 04/16/2008 07:28 pm CT (Lithonia, GA)

I am living in my house for three years, it was quick deed over to me, my name is not on the mortgage, am I entiled to claim the interst on my tax form?

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It's a question for your tax advisor. However, I believe if the individual that's on the mortgage is...

[ Total Answers: 1 ]

 
 

Asked 04/16/2008 12:27 pm CT (tulsa, OK)

I have a 30 year fixed rate. My property tax went up to $2.00. Can the Mortgage company change my monthy amount even if it's a fixed rate?

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Yes. Since you have a contract for your 30yr FRM, they cannot change the amount of your mortgage pym...

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Asked 04/16/2008 10:50 am CT (sacramento, CA)

I hold a second on a house I sold. they are making there first mortgage payment. but stop making payments to me. I sent them a notie of default, but they think there is nothing I can do. What can I do and how do I get help?

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Asked 04/15/2008 12:45 pm CT (Minneapolis, MN)

My husband and I have an 80/20 mortgage and want to take advantage of the low interest rates. We asked our mortgage broker and they indicated that due to the decrease in the value of our home we cannot refinance. Is this true? Are there other options out there?

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Sally - there actually may be another option for you. FHA loans will allow a second mortgage to rem...

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Asked 04/14/2008 09:24 am CT (Concord, NC)

My husband and I recently tried to refinance, after having a bad experience with another mortgage company who promised to help us with a refinance after we accepted an 8.5% arm to help clean up our credit. After the six months, we returned to the mortgage company to start the refinance process which was to be free of charge the second time around. (this was a big joke) The company would never return our calls to start the new refinance. I went online and got a copy of our credit reports and my husbanand I had a score of 650-700 depending on the reporting agency. This was a great improvement from where we were when we did the original refinance 6 months prior. We did some research online and decided to try for a FHA loan. Everything seemed to be running on course. We had an appraisel done and the house came in way above it's value. The company that we were working with told us that they would not order the appraisel, if they were not confident that they could get the loan approved. I am self-employed and my husband works for a company. They had no problems sending out loan paperwork with a 7% interest rate and PMI. We refused the loan and explained that we were not desperate to refinance. They came back and with new loan documents with a 6.7% interest rate and a one time PMI fee, but had tacked on various other points that made the closng cost $10,000. They have since contacted us and told us that they cannot do the loan because my husbands credit score is too low and his dept ratio is too high. I understand this but I think they should have made this decision before we paid for the $350 appraisel. Since I have had a profit loss in my business, they could not consider my credit score or income. Are there any loans that I can look into as a self-employed person.

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It's a typical scenaro for self-employed individuals to have difficulty documenting their income. Th...

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Asked 04/11/2008 09:05 pm CT (Hempstead, NY)

Filed chapter 7 in August discharged in November 2007. I surrendered my home to first mortgage company who told me I don't owe anyone once I move from property. Now my 2nd mortgage company is calling me to make payments. I don't understand why my 2nd mortgage company is telling me that I still have to pay them. My house is worth $380-410, I surrendered the property because I could not afford to pay hoping that I would be able to live without stressing any more. I owe 264k on the first and 63K on the 2nd. Why am I still getting harrassed when I could have reaffirmed but chose not to. I am really confuse, thanks.

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Asked 04/11/2008 03:21 pm CT (MCDONOUGH, GA)

Can i wipe out my mortgage in bankruptcy?

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Asked 04/10/2008 09:29 am CT (Hartford, CT)

Hi...we are moving to Florida with my son. We have a home and have a home lined up for him. Can he get a mortgage if he has enough for a 20% down payment and I co-sign before he has a job. I have enough cash in the bank to cover the cost of the home. He would like to take $10,000. for his Roth IRA also for this as it is legal to do this for his first home. Or, am I better to buy it outright myself for him, and then sell it to him once he gets a job (he will get a mortgage to buy it from me)? Thank you.

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Dear Randy, There are many options available for financing your son's new home purchase. If you ar...

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Asked 04/06/2008 03:32 pm CT (Zionsville, IN)

Assume closing on 5/1/08. You pay 30 days of interest at closing. Is first mortgage payment due on 6/1 or 7/1?

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Closing on 5/1/08 w/ 30 days of prepaid interest gets you to a first pymt date of 7/1. Since mortgag...

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Asked 04/04/2008 07:08 pm CT (Stafford, VA)

I'm interested in purchasing a foreclosed home. Countrywide is requiring that I get prequalified through them in order to make an offer on the home. Would this not tell Countrywide what I'm able to afford, and effectively strengthen their negotiation position by alerting them to my mortgage ceiling? Is this legal to require me to get preapproved through a particular company for the right to make an offer ona home? This just doesn't seem right. Any and all assistance would be greatly appreciated!

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It's not likely illegal since they aren't requiring that you take their loan. Instead, they're likel...

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Asked 04/02/2008 10:25 am CT (Easton, MD)

By how much per month does $1,000.00 reduce the monthly payment on a 5.5% 30 year fixed rate mortgage?

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5.68 per month!

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Asked 04/01/2008 07:51 pm CT (crossville, TN)

I am a vet, honorable discharge and 58 years old. I am currently a caretaker for my mother who is 88 years old , does not require medical care- but daily physical care ( making sure she gets food prepped, a bath, transportation to dr. visits etc..) I have 8 living bro/sisters..and I get paid by them monthly of $800.00 in personal check form, along with a retirement check of $125.00 per month..I want to take advatage of my Va benefits by applying for a VA mortgage loan. I have just begun this job this past year of taking care of my mother and will file taxes at end of 08. (was taking care of her w/out financial income last yr)..can I still qualify for a VA mortgage loan? I would only need about $45,000 or less- my daughter has property (14 acres) and I want to get a small 1 bedroom log cabin kit to put up on the property..would I be allowed to do that and qualify for a mortgage loan thru the VA..my daughter said she'd sign any needed paperwork approving me to put a dwelling (no bigger than a barn on the property, they have already had a spot perked approved for me to put in a home. thanks so much for a helpful site to an old guys questions:-) Jerry

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