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Search: "Payments"

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Asked 01/18/2008 01:08 pm CT (ST. PETERSBURG, FL)

I WAS PLANNING ON BUYING A HOME LAST YEAR , BUT CHANGED MY MIND AND DECIDED TO BUY A CAR.I BOUGHT A 2006 PONTIAC GP GT ALMOST A YEAR AGO. BUT NOW I WANT A HOME. I HAVE BEEN MAKING THE PAYMENTS ON TIME $466.BUT I BELIEVE IN ORDER TO GET A HOME I NEED TO SELL THE CAR. BUT I OWE TOO MUCH MORE THAN IT IS WORTH. CAN I SELL THE CAR FOR LESS AND GET A LOAN FOR THE BALANCE, AND MAKE PAYMENTS?,,,,OR COULD I JUST VOLUNTARY GIVE THE CAR BACK, WILL IT HURT MY CREDIT RATING AND CHANCE TO BUY THE HOME, IF I DO THE LATTER? THANKS ROD

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Asked 01/18/2008 08:28 am CT (Glendale, AZ)

My husband bought a second home as an investment property. We've had this home for more than 2 years but now we are not able to make the payments. We have used up all of our savings, tapped into our own home's equity to keep up with the other property's payments and just went into total debt. We just want to get rid of this house and avoid as many financial problems as possible since we don't have much money left and we don't want to owe the IRS or our lender any more money. Is a died in lieu or foreclosure our best option here?

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Asked 01/17/2008 08:31 pm CT (Prescott, AZ)

When a title co. holds your title in escrow and collects your payments, what steps do they have to take to collect the balloon payment before they forclose. They said they sent me a letter but I did not recieve it. It was not a certified letter. They are now forclosing.

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Asked 01/15/2008 01:24 pm CT (little rock, AR)

I just built a home in 2005. I got 15000 down payment from city of LR. They told me something about staying here 10 years or I would owe the city. Has anyone heard of this? And if so, say I proceed to sell and buy another house. Would I have problems with a lien or something? Would the city take payments or it would have to be a lump sum?

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Asked 01/11/2008 12:56 pm CT (Pecan Gap, TX)

My son and his wife are seperated but she is going to try and buy a house having her father co-sign, if she gets the house and defaults on the payments will it be on my son's credit reprot ?

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Mindy, As long as he is not on the loan application and subsequent mortgage, he should be ok. T...

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Asked 01/08/2008 06:03 am CT (portland, OR)

i have a friend w/bad credit and a bankruptcy due to a divorce--she did work 45 yrs and has a good pension and neary max soc sec DISABILITY which will be "grossed up" she wants to buy a house on a owner contract with me as a cosigner(i havw good credit and a conv mtge)she said if i cosign and do a "quit claim ?" asap then i have no risk if she cannot keep up with the payments to the owner/seller for the first 5 yrs NOR if she is unable to secure conv financing to balloon him out in 5 years??I do not want to impact my good credit nor be responsible in any way for the home she wants to buy pls advise thank you

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Asked 01/04/2008 10:58 am CT (Columbia, SC)

I am seeking a lender who will do a refinance/LOC/Cash Out on an non-owner occupied rental property that I own free and clear. The property is worth $250,000 and I need about $10,000 for renovations. However my credit score is only 504 due to late payments/charge-offs on credit cards while I was in college. What, if any, are my options? Thanks!

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Nicole, Larry is right...$10,000 for a residential property loan not an amount that anyone is going ...

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Asked 01/03/2008 04:50 pm CT (San Francisco, CA)

I have been behind on my payments due to recent divorce and medical disability, but I was able to get 1st loan modified and was approved at a lower interest before it got foreclose. But when I called GMAC bank for my 2nd loan for help, the representative told me that GMAC already put my loan as Bad Debt and the only options I have is to negoatiate to pay it full or make payment arreangement and they can't modify my 2nd loan. They also told me that my 1st loan was noted in their account a forelosure. Since they declared my loan as bad debt, what's the best thing for me to do? I don't have the money to pay off the 2nd loan. please advise. Thank you for your help.

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Asked 01/02/2008 07:03 pm CT (Los Angeles, CA)

My parents have a house, I have been making payments for 21 years, about 10 years ago i was added to the Grand Deed, because my credit was not too great, they have been wanting for me to change it under my name only, My credit is good now,what are the steps for that?

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Martha, Brian is right...there are a couple of different ways to no put the loan completely in your ...

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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 12/22/2007 03:49 pm CT (lodi, CA)

I am recently divorced. I would like to take my name off of the second mortgage loan that me ex-husband and I did while married. He lives in the house, and makes the payments on the second. I just want to get rid of my name and all liabilities of this, how can I do that? I was told the only way is for him to refinance, but that is out of the question at this time. There has to be another way. Please help.

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Stacie - unfortunately, him refinancing is the only way unless he can convince the lender to release...

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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 12/14/2007 09:54 pm CT (henderson, NV)

My home was purchased by a relative using my money but their credit. I make all of the payments, and we got the house as an interest only purchase. Two weeks after purchase, the market started declining and we have no equity. The problem now is that my house and my relatives, are near each other, so they consider it income property, although I can prove that I have made all of the payments. We are having problems refinancing it because of the lack of equity, and with the continuous increase I can't afford it any longer. My question is, can you advice me on how we can approach the mortgage company and convince them that it would be better for them to work with us on a lower fixed rate, then to risk the house going into foreclosure?

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tommygirl, the info you need to help you with your options can be found at our website...www.lasvega...

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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 12/12/2007 07:31 am CT (new orleans, LA)

i inherited my mother's home with a small mortgage. can i just continue making the mortgage payments? it is a small interest rate, and i live in the house

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Yes you can. You should contact lender and let them know though. Make sure Deed has been switched in...

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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 11/30/2007 07:02 am CT (Thornton, IL)

my seller wants me to quick deed the property back to him,he pledges to make all mortgage payments until he\\\'s ready to quick deed.what kind if contract to we sign? is this legal?

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Proceed with EXTREME CAUTION!!!!!! To give you good advice or an opinion I will need a lot more inf...

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Asked 11/27/2007 10:14 am CT (Dearborn, MI)

My Father purchased a Home for us in 2005 .He pass away two days later Mine and my Husbands name are on the Quit Claim deed but not the mortgage .We have been making the payments and paying the taxes ..My Father did not have a will and the mortgage company will not let us discuss anything about the mortgage because our names are not on it ..Do you have any suguestions ? Thanks

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Did you get what you needed for your question?

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Asked 11/14/2007 01:11 pm CT (Hollister, CA)

I will soon inherit a rental property and some cash. The property has a mortgage of about 49K. Should I pay it off or continue to make payments? I have a current tenant.

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Chuck. Pleae give me a call. I'd like to learn a little more about you and the situation. I can be r...

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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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