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Asked 03/17/2008 05:07 pm CT (las vegas, NV)

my husband had bought this house about 4 years ago before we had got married. so my name is not on it. my questions is it going to ruin my credit also if he foreclouse on it? we can no longer afford the payments. And could i buy another house in my name?

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If he qualified and purchased the home on his own, any problems w/ the home would only affect his pe...

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Asked 03/17/2008 11:25 am CT (Ivins, UT)

My husband and I bought a home about 8 years ago. It was our first home and we got scammed into taking on a balloon payment of $20,000 due after the first 2 years. Needless to say we couldn't pay that much all at once. We went to a place trying to refinance and they ran our credit so many different times that they decreased our credit score below what they said they would allow and refused to refinance us. This took so long that by the time they told us they wouldn't refinance us the balloon payment was up and we were being threatened with forclosure. We decided then to do a chapter 13 bankruptcy to pay back this amount owed in a way that we could more readily afford. Between now and the time that we filed the bankruptcy I have lost my job 4 times. 2 times due to downsizing companies, once due to health problems, and once due to an employer who decided after hiring someone they knew they would have to train, that they couldn't spare the time. Through all of this I have tenaciously found the way to make my mortgage payments along with my chapeter 13 payments. Now however it seems to me like my mortgage company is trying it's darnedst to take my home (which has risen in value to almost 3 times what we initially got the loan for). I was late on a mortgage payment once and they filed for a dismissal of my chapter 13 so that they could forclose. I pulled it out and made all the payments needed so they dropped it. The legal document filed, however, said that if after 3 times of payments not being on time they could dismiss the 13 and forclose right away. Since the first time I have paid my payments on time and made sure to get proof of delivery from the postal service each time. They have since claimed that I was late once before, which I proved incorrect, and now they have sent me a document that says that I have alledgedly been late again and they are going to forclose. I have only $500.00 left on my chapter 13. If I get my bankrupcy lawyer to fight it, he will tack on more money for his services to the 13 and it will take longer and I'm not sure this mortgage company is going to give up on trying to forclose on me! What should I do? Even when the 13 is over I will still be with the same mortgage company and probably still be facing forclosure every time they decide they want to mess with me!

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Get away from that mortgage company AND make your pymts on time. If you can't afford the home, I'd s...

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Asked 03/12/2008 07:34 pm CT (kitchener, Ontario)

Hi, I was wondering if you could help me with some information. I make $30,000 a year and have near perfect credit , no debts other then $1000 on a Credit Card and payments of about $15 a month , My work covers all my Cell phone bills , Gives me a Car and Fuel card , plus all upkeep , The only real bill I have is Rent. My Girlfriend on the other hand , has recently gone though a bankruptcy in the last 2 years. Has some Student loans and is trying to re-build her credit but don't have much of a new history since the bankruptcy. However she makes 50,000 a year and pays all the bills for the place we rent no problem. We are planning on buying a home in the future but are not sure what are price range would be. I have been looking into putting it just in my name but all the online quote calculators I try give me low numbers. Any info would be great. Thanks

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Here is how it works if the BK is over 24 months and with a good letter of explanation both of you c...

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Asked 02/26/2008 08:40 am CT (copley, OH)

Like a lot of people we owe more than the house than it is worth. What will happen if we just simply stop making the mortgage payments? we filed bankrupsy 3 yrs. ago and tried to keep the house.unfortunatley it's not gonna work that way. Is there a way that we can sell the house back to the lender?

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Foreclosure is inevitable if you stop paying. You can get approval from lender to do a "short sale" ...

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Asked 02/25/2008 07:34 am CT (Conyers, GA)

I contacted my mortgage company 4 months ago for help. My husband\'s pay decreased and we were beginning to have a difficult time paying our mortgage. They told me I qualified for a Loan Modification. I did as they asked and sent in a financial worksheet, pay stubs etc.. They said I would get an answer in about 4 to 6 weeks and I didn\'t need to make any payments until I heard from them. Two months later I hadn\'t heard anything. I contacted them to find out the status. They said they were running behind and I should hear something soon. Well last week I received a letter from an attornys office informing us that our home was going into foreclosure. My mortgage company now tells me they need my information to be sent in again and if they are not done by the date of foreclosure they would postpone it. I am afraid at this point. I have a feeling they won\'t be done with my modification in time. Is it true a mortgage company would postpone a foreclosure in order to work out a loan modification? What should I do?

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Asked 02/24/2008 11:16 am CT (Hackettstown, NJ)

I have a first mortgage and a second mortgage on my condo. My condo is worth less than the two mortgages together. I recently lost my job and will not be able to make both payments. What happens if they foreclose on my property? Can the second mortgage company come after me for the remaining money owed?

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Asked 02/22/2008 08:35 am CT (Chantilly, VA)

My mother and bough a home together in 03 suing the 80/20 principle which mean we have two mortgages. We are both listed on them both and share a 50/50 payment and ownership rule. I am having a nightmare time applying for an auto loan due to my dept to income ratio which is primarily the home. I have a few credit card that hold a very low balance to credit limit. I have heard that I can claim my mothers contributions as income to help my debt/credit ratio. Since the bank does not look at the fact that there are two head of household here that are both claiming 50/50 ownership and payments. Please provide me with any information that could potentially help both of us reduce this ratio to obtain credit for an auto loan.

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Asked 02/21/2008 04:15 pm CT (RENTON, WA)

I have been seperated from my wife for 2 years. She is living in the house. When we refinanced 3 years ago the loan was only in my name. Her parents had been making the mortgage payments for her. To help make things easier I signed a quit claim deed to my wife and then she in turned did the same to her parents so they could refiance the property to lower the payments. After 9 months they still hadn't refied. They also always late with the mortgage but kept telling me they were working on it. Now the mortgage is 3 months late and they are now my inlaws and wife are going to let it go into foreclosure. Now I am scrambling because one the mortgage company says I'm responsible for the loan but now my credit is ruined and they also informed me that we did not have their permission to do the quit claiming. However county records are showing my inlaws. I do understand that I am responsible for the loan. What is the resonsiblity of my inlaws? When they did they were aware of an IRS tax lien and a unpaid sewer lien. Are they liable at all? What course can I take here? I'm scrambling to try to sell it but I haven't had any luck. Thanks Tom

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Tom, I am sorry to hear about your troubles. Your situation is very complex, and my best advice is...

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Asked 02/21/2008 01:45 pm CT (arleta, CA)

My Parents have a conv jumbo pay option ARM loan, their payments are $2600-$3000 a month and have an adjustable interest rate which at times has gone up to 8.25%.They have a prepayment penalty which is 6 months advance interest. The loan was for $360,000.00 and it is now $382,000 because they pay the minimum payment.Is there anything that someone can recommend? Thank You

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Alice...Brian is right...another issue is that if they continue to defer interest and home values co...

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Asked 02/19/2008 06:29 pm CT (saraland, AL)

my wife and i are looking to buy our first home and our credit scores are just below 600. i have recently been discharged from a chapter 13 and have no debt at all. my wife has kept a clean nose for a year now with no late payments and have never been late on the mobile home we are financing now (with only 10,000 left owing).our income together is 85k. what options due we have during this credit crunch we keep hearing about? can my wife alone finance without me on the loan?

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Rick, it is possible for your wife to obtain a home loan without you on the loan providing she can q...

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Asked 02/08/2008 01:40 pm CT (Ann Arbor Area, MI)

My ex & I finalized divorce in March 2007. I have been the sole income and paid both the primary and secondary mortgage. The Lawyers sprung Liens on the property in court without prior knowledge or resulting adverse effects. The money was available to pay the lawyers and ex off. However the credit union and title company interepretted the liens as primary, and wanted a suborndiation agreement. The subornination agreement was finalized after the market plunged, and mortgage applicaton expired. No equity left in the home as there are foundation repairs. The ex was to issue a quit claim deed, but never did. I have made all payments. Under advisement with the courts to refinance, however my credit fell as I attempted to refinance and get loans, causing the loan to value and credit scores not to align. My lawyer won't lift the lien. Question: What are the creative options for me to remove my ex from the title and deed. I cannot refinance, and the foundation is needing repair.

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Asked 02/07/2008 03:15 pm CT (Reno, NV)

My husband and I purchased a home in 2006 with a 2 year fixed rate that is due to reset in aug 2008, we will not be able to pay our mortgage when this happens however so far we have no history of late payments, we tried to see if we could refinance with our lender they said do to our loan being now worth more than our house is they will not be able to do so.. is there any other options we have other than forclosure

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Asked 02/07/2008 01:21 pm CT (fort Lauderdale, FL)

I have a timeshare in Orlando, I fall behaind on the payments now they are demanding the$1900 in back pay plus the deed or the full amount owed of $6401. I told them that with my taxes i will be able to get up to date with the payment and continue with the monthly payment to which they refused what can I do?

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Asked 02/06/2008 10:47 am CT (San Diego, CA)

Mortgage Company is refusing payment to steal old lady’s house Hello, My 83 year old Grandmother owns a 450,000 house. About 9 months ago she refinanced it for 187,000. She pays 780.00 a month on the mortgage. She let it go for 3 months and now owes 2500 in back payments. I started to pay it off last month by sending them $1000.00. They said that it was ok for me to pay them last month, but this month they are refusing payment. I now have the money to pay off the entire amount that is due, but they are still refusing payment. They made it difficult for me to help my grandmother with this: She had to call them many times and we sent in signed documents to get them to talk to me and allow me to make payment arrangements. Now they are going back on it. Due to their lies and behavior, I feel that they want the house and not the money. What can I do to force them to accept the money that would bring her current, rather then let them foreclose and get a 450,000 house for 187,000? I don’t really have the money for a layer, but I do have a very strong sense of justice, enough to keep working on this 24/7 until it is resolved. Thanks much for any info

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It sounds as if you have done everything right. I am surprised that if you negotiated payment plan,...

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Asked 02/04/2008 05:46 pm CT (Murrieta, CA)

I currently have an Adjustable ARM loan and recently recieved a letter from my loan company telling me that the loan will eventually go up to a higher interest rate. I contacted the loan company and ask about re-negotiating the loan to a more reasonalbale rate. the loan value is $566.000 and the home value is less than the loan value. The person that I spoke with told me that the only thing they could do is a "Short Sale" on the house because evenn if they were to give me a loan with "0" an interest rate, I still would not be able to make the payments. I found a deal on new less expensive homes in the area with 30 yr fixed mortgage rates that I can afford. If I purchase the new home and the current home went into some form of forclosure or deed in-lieu of forclosure, can the loan company try to seize the new home? They're leaving me no options to head off a forclosure if and when the loan resets to a higher rate.

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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 01/30/2008 02:37 pm CT (St. Paul, MN)

I have a 5 year ARM which adjusts in Sept 2009 (from 4.875% to 1 yr treas + 2.75%). Upon the adjustment, will my monthly payments still be calculated using a 30 year amortization, or a 25 year? And then 24 years, etc? And is it true that the outstanding principal amount will be used for the present value, or the amount on the original note? And if the rate adjusts every year, will I still have it paid off on the 360th payment?

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Asked 01/24/2008 03:04 am CT (paramus, NJ)

When we purchased our first home we were able to get a 3yr arm at 4.25 interest rate however the arm is up in april of 2008. It will go up to 6.25 for 12months if we do not refinance which is likely at this point because of poor credit scores due to loss of employment on my end. My husband's scores are in the 540s and I'm in the 630's. I would like to know if the bank can refuse to retain us when the arm expires bsed on history of late payments and poor credit scores. I am now employed and will gross 80k annually.

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You should sit down with someone and put all cards on the table. Your credit report and mortgage hi...

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Asked 01/22/2008 06:27 pm CT (Defiance, OH)

If my wife and I are both on the deed but only I am on the mortage, can she refinance or buy the home. Her FICO is higher and she has no late mortgage payments. we are just trying to save our home and get out from under this horrible ARM. Its only 1 morgtage in my name and the rate has now rose to 11.25. please help..Thanks...

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Asked 01/22/2008 05:10 pm CT (cambridge city, IN)

Hello. My situation is this. We have been trying to sell a house for 3 and a half years almost. It does need a little work but it's priced reasonably at 58,000. We went ahead and built a brand new home because we could afford two house payments. We are thinking of filing bankruptcy to get out from under that house because we don't see any other way. Our market is extremely terrible here where we live. Houses are sitting for years. If we were to file a chapter 13 bankruptcy how much of the 60,000 that we owe on that house would we have to pay back? Also would filing bankruptcy affect the new house? Would they be able to mess up our loan on the new house or take it away from us? Thank you for your information. Ray

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