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Asked 01/31/2008 10:41 am CT (Enola, PA)

Hi, my mother passed in 2002 and my husband and I moved in with my father and I am his power of attorney. I have 7 other siblings and they all agreed on the POA. His home is paid for. He is 86 years old and in pretty good health. As of right now he has a will and a living will. In his will he has it stated that when he passes all living siblings split everything. His house his worth about two hundred thousand. My husband is going to be 58 years old and I told my siblings that if we have to live with my father for another 5 years or so until he does pass that my husband and I will not be able to go out and by a house and get a mortgage anywhere and asked them what they thought about my dad's house being put in my name. They all agreed with this and I talked to my dad about it and he doesn't have a problem with leaving me the house so my husband and I have a place to live after my father passes. The house is starting to need some repairs and my father doesn't have the money for them so I thought if my name was on the deed or whatever then my husband and I could refinance the house and get a home equity loan and use that money to fix the house up and my husband and I would make the payments on the loan. What can we do in this situation, I told my siblings that if we don't start taking care of the house repairs it isnn't going to be worth much in 5 or 10 years down the road if I don't get on the deed and do something about it. Other wise I told them i am going to have to move out rather than put my own money into a house that isn't mine.

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You're absolutely right. Keeping up on home maintenance is one of the best ways to preserve the val...

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Asked 01/27/2008 04:48 pm CT (The Woodlands, TX)

After a nasty divorce in early 2006 and a huge dispute with a loan, that has yet to be resolved, my credit rating is at an all-time low of 518. The dispute with the loan will be resolved and removed from my credit in September 2008. In the meantime, my husband (who has a FICO of 670, because he has new credit - no true negatives) and I have been building a house in Texas that will be ready in late February of this year. We have around 5% to put down (11-12k) on a loan house purchase price of $259,000. Our income combined is $112,000 per year. We both make exactly $45,000 per year, plus his military pension of $12,000 and an additional $10,0000 in yearly income (yearly gift from my parents). We were originally told we could get an FHA loan, even with my credit, and we believed it. Unfortunately, I was naive enough to not check deeply into the FHA loans and the person arranging the loan was from New Jersey and didn't find out that the FHA loan limit in TX was $201,000. Not having $58k for a down payment, this was not an option. Now, with a brand new house looming ready in four weeks, we are desperate. Is there any way we can get a loan for this house with my 518 credit score, his 670, our low down payment and our income???

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Dear Ready to Buy Your Home, I'm was sorry to hear about your experience withthe FHA. I am in D...

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Asked 01/24/2008 07:24 am CT (Bronx, NY)

We live in a house owned by my mother who moved to Florida. We would like to buy a share of the house (30%). Can I get a mortgage for buying a share of this house? If not, any suggestions?

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Asked 01/24/2008 05:42 am CT (houston, TX)

if my ex finance and I purchased a home together and both names are on the mortgage. Bought house in 2005 and he has moved out in Aug 2006. can I take him to court for breech of contract since he has not paid his half of the loan

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Asked 01/21/2008 07:34 pm CT (greensboro, NC)

my interest rate is 7.5 for 30 yrs.monthly pymt.677.51. I moved in 9/07 with the first pymt made 11/01. since then i make 677.51 with 23.00 extra for principle rate only. My prin.bal.is 71,011.00. Say for instance,I want to take an extra 20 out of the 577.51 to add to prin.rate only,would that throw the pymt off or would it put me behind in any kind of way? If not, how would this benefit me,if at all?

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You may want to look at refinancing. THe rate seems high. You may be able to cut the term of your ...

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Asked 01/07/2008 09:40 am CT (Fallon, NV)

My mom is looking at filing bankruptcy she has some property that used to have a mobile home on it. She still has a mortgage on the property and she had the mobile removed from the property. What can her mortgage company do to her for moving the mobile without their consent and without owning it if she files bankruptcy??

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Asked 12/30/2007 10:14 am CT (goldsboro, NC)

My husband and I are divorced and were separated for 6 years. We bought a house together during the marriage. I moved out of the house and remained out of the home to date. During the divorce we signed papers stating that I would give up rights to the home if he would have my name taken off of the house within 90 days. Well that was this past April. As a result I find out yesterday that he has not been paying the mortgage (which I had no idea) when I received a certified letter stating foreclosure. Question. To save my credit, is it possible to take his name off of the house, take over the payments, and possibly work out a deal with the mortgage company? I have good credit and this would ruin it.

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Good question. Since it sounds like the origional agreement was a part of the divorce decree, legall...

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Asked 12/19/2007 07:44 am CT (bucks county, PA)

My husband originally owned our house with his late wife. When we married, her name was removed from the deed, and mine added. But I was never added to the purchase money mortgage, only to a later 2nd. I am considering divorce. Since I'm not on the 1st-lien mtge but am on the deed, am I liable for payments on that mortgage? We've been married 4.5 yrs. There is decent equity in the house. Also, rather than selling (his high school kids still live there), is it reasonable for me to ask him to take out a loan to buy out my interest in the house?

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Hi. Sorry to hear you are having difficulty in your marriage. You are not personally liable for the ...

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Asked 12/12/2007 04:28 pm CT (Hoffman Estates, IL)

My husband (prior to us being married)bought a house 7 years ago and due to a job change, moved to another state in '05. He put up his house for sale at that time and wasn't able to sell it. In '06, he rented it out to a couple who were supposed to do a rent to own. Based on this, we signed on to build a house together in the state we are currently living in. 6 months into it, the renters stopped paying rent. He had to evict them. They trashed the house and we had to spend about $5,000 getting it back into selling shape. He put the house back on the market in Feb. of this year. The house wasn't selling still so he took it off the market and tried to rent it out again. No luck. Meanwhile, we moved into our new house in July and could no longer pay the other mortgage so he told the bank in October that he would no longer be able to make the payments. He also has a home equity loan on the first house. THe bank told him to put that house up for sale again and lo and behold, we got an offer. The offer is at a loss(due to the home equity loan, of which we would not be able to pay about $22,000 of with the offer we got). We figure we have to take the offer because this is the only offer in almost 3 years that we've gotten. My question is, is it better to short the home equity loan or pay off the home equity loan with credit cards? We are going to have to refinance our current home in about 5 years as one of the loans that we have is an ARM so we are wondering which is going to hurt us more, the shorted loan that much more credit card debt? Please help. Thank you.

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Nikki, There are several issues here to consider. First, generally speaking you would probably b...

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Asked 12/08/2007 01:34 pm CT (Sarasota, FL)

Hi. My name is John and I am extremely fustrated and hope you can help. My sister and I purchased two pre-construction homes together in Sarasota. Upon completion, I took over one home she took over the other. On my home, she is on both the deed and the mortgage. On her home, I am only on the deed. My fiance and I moved into our home immediately and in fact homesteaded recently. My sister however, she decided not to move into hers and has not made payments since July 2007. Today an officer came to my home and dropped off lawsuit papers for her home. He stated that since I am on the deed I am required to get these papers as well. AM I BEING SUED OR JUST HER? WILL MY CREDIT BE AFFECTED? I am getting married in March and my finace is a wreck over this. Could could credit be affected too? Or worse yet, could they come after our home because her name is on it? Please HELP!

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John, if you did not sign the note, then it will not affect your credit. The lender is obligated to...

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Asked 11/27/2007 08:46 am CT (Kennesaw, GA)

My God-Son bought us a house in 2005 and the mortgage is with HSBC. He paid on this house faithfully for the whole years and they sent us a letter saying that we had to much money in escrow and sent us a check.Then this year they send us a letter saying that we did not have enough money from escrow and the mortgage amount went from 469.00 to 888.00, Now there is no way he can pay this payment,I should also say that this house is in Rochester NY and we moved to Ga and are renting the house out,We moved for my daughter to go to a better high school and be elgible for the hope scholarship we are most definetly low income and could use whatever help is possible.

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Asked 11/14/2007 11:14 am CT (Shreveport, LA)

My wife & I paid cash for a mobile home last year and moved ot onto my mother-in-laws property.My mother-in-law is an elderly lady with limited income. This year we began making the payments on the property for her. Now she wants to transfer the title into our name & we continue to make payments.My credit is mid 500's & we also owe the IRS about $40,000. There is only 20,000 remaining on the account but the bank will not lend us money on the home until we have shown payments in our name for 18 months. We really need the loan to make improvements & pay off other debts. Is there anything we can do? Thanks.

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Asked 10/31/2007 12:05 pm CT (bladenboro, NC)

My parents are trying to refinance their home. They have run into a problem. Apparently they had originally financed their home with FHA. FHA sold out this loan to another company and this loan has changed hands to about 5 company\\\'s. My parents then got an equity loan with the local credit union to pay the mortgage off. However, now the lein from FHA is still on their Deed and no one will assist them with getting it removed. FHA has been quite rude about the situation as well as the other company\\\'s they have contacted. I asume all they need is a Satifaction statement from \\\"someone\\\" but who and can we require them to do it?

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THe local Credit Union who paid the FHA loan off should have it. If your parents paid it off with th...

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Asked 10/21/2007 05:53 am CT (west haverstraw, NY)

my lawyer wants me to sign the deed over to my husband per our settlement for separation and divorce. My ex's lawyer is suppose to hold it in escrow. I got paid for half the hourse already, but don't understand why I have to sign deed now when my name should by removed once he pays my the other half of my money first. Should'nt his lawyer just hold the deed without my signing anything?

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Do not do anything with out consulting with your OWN lawyer that would have your best interest @ hea...

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Asked 08/06/2007 08:41 am CT (San Antonio, TX)

I bought a house in Dec. with my boyfriend but they only put my name on the morgage since his credit was so bad and when we split up he left and left me to pay for everything knowing that I couldnt handle it by myself. So I got renters in there to help out and I moved back to Austin. This seemed to be working fine but now they are already behind on a payment and I went over there to pick up some stuff since im still in the moving process and they are quickly destroying the house. The carpet is already ruined, they smoke inside, the garage smells like something died in it and the lawn is becoming over grown. I tell them to address these issues and they say they will but they do not. I really just want to get out from under the house and start over but if they are ruining the value of the house faster than it can increase. I could sure use some advice.

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Asked 06/02/2007 06:40 am CT (chicago, IL)

how soon can i removed my sister from a home mortgage. She want's to be out in one month.

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Rossina, As long as you can qualify on your own she can be removed from the mortgage right away. ...

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Asked 04/24/2007 10:17 am CT (cleveland, PA)

I am going through a divorce where both my spouse and I are on the deed and the first mortgage. However, my spouse never had any income and the mortgage is based on my sole income. Is it possible to have my spouses name removed from the existing mortgage without refinancing if my spouse quick deeds the house to me?

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Your spouse can deed the house over to you but she will still remain on the loan unless you refinanc...

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Asked 04/20/2007 08:46 am CT (Eagan, MN)

My fiance and I bought a townhouse. The mortage and title is in my name only because he wasn't living there at the time. We both put the same amount of money down, although I made mtg payments myself for a year. He's since moved in and is making all mtg payments for this year. I promised after he put an equal amount of money into the house, I'd put his name on the title. I think his name should be on the mortgage, too, but it doesn't sound like this is possible unless we refinance? My interest rate is 5.5% and I don't think we can get anything better than that! I will REFUSE to put his name on title unless we can get his name on the mortgage as I do not want any hassles about the house in case one of us or either of us should die. Is there anyway to get his name on the mortgage? Thank you.

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It is not common but you may check with your current mortgage company to see if they would modify yo...

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Asked 04/02/2007 08:03 pm CT (San Diego, CA)

My husband and I own a property in Vermont that we have not lived in since 1999. We moved to California, and rent a condo here. Our adult children lived in the VT home for 3 years and they rented rooms to their friends (we received the rent). Since then we have been renting it to tenants. We have refinanced it since we moved to CA. Now we are considering refinancing again - the loan company is in Florida (located by us on the internet). They have discussed with my husband that it would be a better loan if we call the VT property our primary residence or possibly a 2nd residence. I am concerned that they are trying to convince us to do something illegal. Am I right?

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Hi Lauri, I'm a Mortgage Advisor Specialist from San Diego CA; I agreed with David, as far as tha...

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Asked 04/02/2007 04:15 pm CT (Dekalb, IL)

I just moved back to Illinois. I own a house in AZ that I bought but couldn't afford the payments and got a letter threatening forclosure so I moved home. I am living with my parents and have no money. I do have a car that is payed for but really no other debt. The house in AZ has 2 mortgages. What happens from here? Both mortgages are with Countrywide. Will I have to go to court? Will I have to go back to AZ for court? How am I suppossed to pay them with no money? I did try selling the house with no luck.

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Randy, I just tried calling and had a problem getting through to you. Please call 630.598.2530, I ...

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