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Asked 01/02/2009 12:45 pm CT (Annapolis, MD)

My son's wife moved out of their house a few months ago. She took care of all bill payments. Now he finds out that she did not make the second mortgage payment for a very long time and they will no longer accept a monthly payment. He is working two jobs just to pay the monthly bills and has two children with him. He tried to draw out his 401K to pay on the second mortgage but was not able to get more than $1200 from the fund. His first mortgage is fine. What can he do about this situation? Can the second mortage company foreclose on his house? Thank you for your reply.

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Yes, the 2nd mortgage lender can foreclose. However, the property would have to sell for a sufficie...

[ Total Answers: 1 ]

 
 

Asked 01/02/2009 12:27 pm CT (Annapolis, MD)

My son's wife recently moved out of his house. She was the person making the bill payments each month. Now he finds out that she has not made a payment on the second mortgage for some time. The second mortgage company wants the entire $22,000 and will no longer accept monthly payments. He has two children and is working two jobs just to pay the monthly bills. He tried to cash in his 401K but was told that he can only receive $1200 a year and not the $11,000 in the retirement fund. What should he do? Can the second mortgage company foreclose on his house? Thank you for your reply.

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The second mortgage company should be willing to negotiate with the way the market is going. Negoti...

[ Total Answers: 1 ]

 
 

Asked 12/30/2008 08:05 am CT (North Platte, NE)

looking to refinance; issue, credit score of 528. Any institutions that will refinance for a fixed rate to lower payments? The Arm keeps adjusting into a higher payment. thank you

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You are more likely to succeed with a loan modification if you are simply looking to lower your paym...

[ 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 11/26/2008 09:55 am CT (Bowling Green, KY)

I'm a single father raising my 2 sons. I refinanced my house with a 95% loan a couple of years ago with a ARM after my divorce. I make all my payments on time but it's not always easy. With the drop in housing prices I'm sure my house is not worth what I owe and my rate changes next year. With all the buzz surrounding the "bailouts" does any of this pertain to me?..Does it help me at all?

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The bailout does not apply to you however the current economic environment is helpful in your situat...

[ Total Answers: 1 ]

 
 

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 11/18/2008 09:17 am CT (Seattle, WA)

? Refi Mobile home currently 3 late mtg payments filed BK 2006 currently on arm wants to be on a fixed cash out any ideas? 85% ltv

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The best thing to try for is a loan modification as you will not be able to qualify for any loan wit...

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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 ...

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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 11/09/2008 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 10/13/2008 01:43 pm CT (Baltimore, MD)

My ex-husband and I on a mortgage and deed together. He abandoned myself and my son in 2007, and I have been paying for the house. Tried to refinance into my name, but couldn't get approved. He now has a case with the court, and I do not want to ruin my credit since I have been making all payments on time. What can we do??

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Olubusi; You will need to get a court order to have your ex-husband removed. Consult with a real...

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Asked 09/19/2008 12:08 pm CT (Sacramento, CA)

This one is bad ... at least for me. We have several mortgages on the house we're living in. The house was purchased on a 80/20 with zero down at the peak of the market for $670K. The first is $540K, the second is $130K. Shortly after that we got an equity line from Bank of America for $210K to start landscaping at what not. At that time the house appraised for nearly $900K. Being adjustable the payment went OUT OF SIGHT last November. I stupidly figured as a stop gap I could borrow against the HELOC to make the payment. Well the rest is history ... although the payment which adjusted first in November (OUT OF SIGHT) came back to more normality in May (the next adjust is November 08). Now the HELOC has been shut off by Bank of America (at about $180K) and we are $3K short per month. I think I'm out of options as I've been pulling a rabbit out the hat for months. What should I do?? I'm considering not paying Bank of America and second for a period to keep us a float. Calling them (various lenders) to see if they'll work some type of solution. Praying for salvation ... etc. In this mix I actually have another home which is not upside down. Which we are renting out (with a payment we can afford). I'm guessing the various lenders can't touch that home ... so we're considering evicting the tenants, stopping paying the others and moving back there. Any pointers or insights you could provide would be helpfull. I can't pull money from anywhere and am down to the point where we'd be Bankrupt if I made the next months payments (read broke). I also owe $11K in tax on the problem home. I didn't pay that to enable myself to meet the mortgage for a 3 extra months. Thanks in advance.

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Jim, tough situation. It's obvious you can't service the debt you have. It will be a stretch to...

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Asked 08/31/2008 02:33 pm CT (centerville, MN)

My husband and I own a townhome (with a mortgage) We have had some credit problems recently, but have gotten it mostly cleared up. We would like to be able to move into a home with a yard since we have a toddler, and a surprise baby on the way. Is there anyway we can trade homes? Can we get a foreclosed home for what we owe on our townhome and just trade it? So we can keep the same mortgage, payments, and not have to re apply for a loan? Im pretty sure there isnt but thought I would ask. Thank you!

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Hi Amy- You would need to sell your home, retire the existing mortgage and get approved for new fin...

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Asked 08/29/2008 06:48 am CT (Cranston, RI)

A member of my family has an adjustable rate mortgage and an interest only mortgage. She is behind by 2 payments on both. She heard there is a way to remodify her mortgage. Can someone explain what that means. Thank you.

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Asked 08/19/2008 08:09 am CT (Levittown, PA)

Sister and I on a mortgage and deed together. She moved out Jan. 2008 and I have been paying for the house. Tried to refinance into my name, but couldn't get approved. She now wants to file bankruptcy, but doesn't want me to lose the house or ruin my credit since I have been making all payments on time. What can we do??

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Asked 08/19/2008 08:01 am CT (Levittown, PA)

Sister and I on a mortgage and deed together. She moved out Jan. 2008 and I have been paying for the house. Tried to refinance into my name, but couldn't get approved. She now wants to file bankruptcy, but doesn't want me to lose the house or ruin my credit since I have been making all payments on time. What can we do??

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Asked 08/10/2008 05:07 pm CT (Vero Beach, FL)

interested in purchasing $900,000 house... will put 20% down... excellent credit... what is best option for lowest payments, etc, as I hope to stay in it for>10 years

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Although combining a conforming first with a HELOC may give you the best rate on the first mortgage,...

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Asked 07/23/2008 01:00 pm CT (Birmingham, AL)

Where the foreclosed previous owner comes back to redeem the property during the Statutory term, do I get my mortgage payments back?

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No, you don't. In order to redeem the property you must do the same as the person who purchased it,...

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Asked 07/22/2008 10:04 am CT (S. St. Paul, MN)

My husband and I are struggling to make our mortgage payments these past couple of months. We've recently filed bankruptcy. Do we have any options as far as lowering our monthly payments?

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