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Asked 11/12/2007 07:42 pm CT (Sulphur, LA)

My Husband And I signed over the deed to our home July 16th 2007 because the Mortgage had become too much for us to keep up with. We were behind on a few payments and were trying to sell our house by owner and even with the help of a real estate agent. .After a few months of trying we decided to contact an investor who said if we signed an assumption of deed over to him, he would make the payments until he could find someone to purchase it. Well, he did find someone to do an owner finance for at a year..they paid him a generous down payment and then monthly payments as well. Since we were behind the investor had to work out a repayment plan with our lender. this was spread out over a years time,and is still reporting late on our credit...further damaging it and we are still responsible for the note even though we signed over the deed. I talked with him about selling the property now so we could be off the loan, but the agreement he signed with the people now living in our house says they must wait a year to obtain financing. The reason for this is we have equity in our home and will have even more when the pre-payment penalty drops off next year. he is stands to make at least$30,000 off our home and we walked away with nothing. He has not made one payment on time in the last few months and the Mortgage company keeps calling us. I called the people living in the home and discussed the arrangement they have w/the investor. He has mislead them in many ways and us! they were not aware that we were still on the loan! Now I am wondering what my legal rights are in reassuming my home or even working out something with the new tenants to sell outright to them at a lesser amount. Do we have any rights? Our credit is not in great shape because of late payments, A discharged Ch.7, medical bills( all three of our children had tonsils out), I have not worked for the past few years, etc. BUT I am now working again and our Monthly net income together is $5800. Could someone please help us to repair our damaged credit and possibly gain control of our home again so we can make a profit from it and further improve our credit. Jen

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Asked 11/10/2007 12:42 pm CT (charlotte, NC)

I have a judgement on my credit report and I want to apply for a 1st time mortgage. My credit score is in the 600's. Are there any mortgages available for ist time buyers that will allow them to wrap their debt into the mortgage payments including a judgement. If not, what are my alternatives. I really want to buy a home. I have a good job history and salary.

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Asked 11/06/2007 03:21 pm CT (Bath, PA)

My husband and I are in a ARM and our rate has gone up to 10.5 and our mortgage payment has gone up $350. It is getting very hard to keep making our payments and we would like to refinance into a fixed loan. The problem is that we are in a chapter 13 bankruptcy for 3yrs. We are almost done with it we only have 4 more payments then we need to wait for the discharge paper. From what I hear it can take up to 6 months to get that. So that means we have another 10 months till we get the discharge paper. Is ther anyway to refinance now without a bankruptcy buyout>?

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Call me. I am 20 mins away from you. I would like to see if we can help. 484-358-2378 or email a...

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Asked 10/26/2007 07:27 pm CT (laprit@msn.com, CO)

When a 5 year arm mortgage comes due and the party cannot get refinancing on the balance due but the mortgage holder agrees to accept payments as is, does a new mortgage need to be filed?

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No, you need not do anything at all. The loan will adjust to the current market by taking the curre...

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Asked 10/24/2007 09:58 pm CT (chicago, IL)

a small company in chicago got my dad to sign for a condo. the company said they would make the payments. they gave him a small amout of cash. my dad recently passed away. now the condo could go into forclosure. if it does and the bank dosent get the total amount owed is my mom responsible for the difference?? she and I didn't know about this deal untill we started getting phone calls. It's not the house we live in

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Asked 10/21/2007 03:16 pm CT (las vegas, NV)

I have a home in las vegas that I currently live in. We are military and have gotten orders to move overseas. We've had the house on the market since July and not one showing. We have several houses in the neighborhood that have gone to foreclosure which only hurts me. I am seriously considering foreclosure since I cannot afford to keep it and have no desire to reside in LV upon returning from overseas. Should I hire a lawyer to guide me through foreclosure or just stop making payments? I've tried calling the bank to work out another option and they won't even talk to me until I've missed some payments. Is there such a thing as voluntary foreclosure? Please adivise

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kathy, a voluntary foreclosure is called a deed in lieu of foreclosure...it should really be conside...

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Asked 10/21/2007 11:09 am CT (Fayetteville, TN)

I'm in a terrible bind. Getting a divorce not final yet and I'm bairly making ends meet and now with the divorce and child support payments that I have got quotes and they say I'll pay between 1000and1100 a month. I can't afford to stay in the house at current payment of 760.00 a month. My credit score is not great 632. Only been in the house for 1 year and their's a prepayment penality.I really don't know what to do I'm rally wanting to build my credit and go on with my life, but I can't afford all my bills if your bills are as much as I bring home monthly. Please point me in a direction. Thanks

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I would look to see the true value of your home vs the amount you owe the bank. I would then determ...

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Asked 10/17/2007 03:32 pm CT (Reseda, CA)

I have a townhouse that has a first and a second on it. The outstanding balance is about 405k and the Townhouse is now worth only about 350k The monthly payments total over 3k a month and I have never been late on any mortgage payment and my credit rating is mid 700s. Recently the 1st adjusted and by spring It will adjust again. I will not able to afford this place within a few months and will start to fall behind on payments. I have paid off property in another state and want to move. Can I walk away from the townhouse without them trying to seize any other assets? How long could I stay in the property safely not paying the mortgage payments before I am kicked out? I realize they will wreck my credit but what other things can happen?

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Jerry is right, you may consider borrowing from the Free and clear home that you own to help get you...

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Asked 10/13/2007 10:31 am CT (Milford, MI)

My wife and I divorced 8 years ago but still lived together. Our home was financed in my name and hers. And the deed is in both names. We had taken a second mortgage on the home as well but in my name only. She has left the home 7 months ago, for bigger and better things. The house is currently worth less than we owe. What options do I have to get rid of this debt? Is she still responsible for 1/2 the payments even though she no longer resides in the home but is on the deed and the mortgage. She won't agree to sign off unless I sell the house for the loan amount? What can I do?

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This a common misperception. You and your Ex are both 100% liable EACH to pay off ANY mortgage you s...

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Asked 10/13/2007 06:35 am CT (Butler, TN)

I'm at the end of my first year of a ARM mortgage. I financed 237,000 at 9%. My payments are 1,777.50 monthly. I was told by my lender to wait 2yrs before refinancing or I would en cure high penalty's. Everything I've heard or read is telling me to refinance now. I can't find in my contract what my penalty's will be. I have a baby on the way and funds are getting tight. Any advice??

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More than likely you have a 2 year pre-pay on your loan. It could make sense to refinance anyway if...

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Asked 09/19/2007 06:24 pm CT (Center Moriches, NY)

My boyfriend has been going through divorce proceedings with his wife for 3 years now. We have been together for a year and a half and would like to buy a house. His divorce was supposed to be finalized this month, but the house is being contested. He originally offered her the house, which he built, and just asked for his property from the house. She declined this offer and wanted to sell his belongings because she claimed they were marital property (tools, guns, etc.). He has not lived in the home for years. She claimed she wanted the house, but now she has missed two mortgage payments and is letting the house go into foreclosure. Is there any way to get his name off the mortgage before this happens? Also, if the house is foreclosed on, what happens to his property? He has thousands worth of tools and guns in the house. His lawyer told him that everything would be sold. Who regulates this sale? How is the property divided? Can't she just move all of her things out of the house and have them sell all of his things? She has already started giving things of his away (like his riding mower).

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Asked 09/05/2007 03:05 pm CT (San Diego, CA)

My daughter and her boyfriend bought a house in El Dorado Hills, CA in Aug., 2007. My daughter paid the total downpayment of $91,000 from a gift from her grandmother. They have broken up, tried to sell for six months to no avail. She wants to keep the house, he is fine with that, however wants his name off of the title and mortgage. What do we need to do in order to help her? She can\'t qualify for the total loan by herself, so we are willing to co sign or get on the mortgage with her. The house has gione down in value a minimum of $50,000 minus realtor fees. We are willing to have her stay in the house. Does she totally have to refinanace the loan or can she just make the same payments with0ut him on the loan?We are very concerned about getting a new mortgage with the current financial situation. We could pay off the loan if necessary, but don\'t want to do that. Help us please.

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Karen, In order to get the ex boy friend off of the mortgage, she would need to refinance. There a...

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Asked 08/20/2007 08:53 pm CT (Fallbrook, CA)

My wife an I decided to buy a 2nd home before the housing problems began. Unable to sell the 1st home I am going to have to foreclose on it. It has been on the market for months and I cannot meet both payments. My question is can I foreclose with out hurting my wifes credit.

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The simple answer to your question is if your wife is on the mortgage with you, both credit files wi...

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Asked 08/17/2007 02:22 pm CT (Smithtown, NY)

I own a home in NY. I have been in here 15 months, and have 800+ credit. I was sharing the cost (4k monthly) with my fiance, and now we have decided to part ways. I can't possibly afford the payments, and wanted to know the difference between bankrupcy and mortgage default. I'm told I don't need to declare, and default has less of an impact on my credit. What are the differences between them? Thank you very much.

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Asked 08/14/2007 08:24 pm CT (Jay, ME)

I am a disabled woman, I am 39 and 2 years ago I refinanced my home and was put on an adjustable rate. They said I could get a fixed rate after a year. When the year was up they said my credit was to bad. It was the same then as it was a year before. Now the interest rate has gone up 3 times, I can no longer afford the payments which do not include the escrow. It went from $825. to $1,100.00 @ 12+%. Was it legal for them to put me on an adjustable rate mortgage knowing my income was fixed on disability, and also knowing that in 2 years I would loose my daughters SS payments because of turning 18 and graduating. I dont know what to do. Other mortgage companies say it is illegal. Is it true?

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Asked 08/08/2007 01:52 pm CT (Dayton, OH)

My husband & I are trying to purchase our first home and the mortgage co we are working with has turned our packet over to 3 loan companies. The first company denied us & now the second comany is stating that because my husband was late 3 times last year with a credit card payment. (we are in a chpt 13 and obtained permission from the court to get a home loan). At this point we can not prove that the late payments were the credit card company fault. Which by all means I know it was my husbands fault. But the 3rd company that our packet was sent to is "Burmingham Mortgage"? I found a webste for them stating that they provide loans for not so good credit. My questions is, have you ever heard of this mortgage company & is there anyone that can actually get me into my dream home?

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Asked 07/23/2007 07:13 am CT (Golden, MS)

Hi. I my wife and I are wanting to buy our first home together. We are still living with my in-laws at the moment. Both of our credit scores are low. My wife was sick for a while and we got behind on some of our payments. The house we fell in love with. They are asking $59,000. I can put 20 % down. My credit score is only 490 right now. Is there any companies out there that can help. The only places i could find on the internet you have to get a loan for a minimum of 50,000 with 30% down at that credit score.

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Asked 07/18/2007 08:25 am CT (Whitestone, NY)

i just closed on a 30 year FRM the first 10 of which are IO. my rate is 6.25%. will i save anything substantial by beginning to make principal payments now? if so, how much principal should i aim to pay per year? thank you!

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Asked 07/11/2007 08:05 pm CT (cross, SC)

my husband was hurt and was out of work long time we filed bankrupsy and still got behind a payments on [mobile home] case was cancel my morgage co. demanded a balloon payment of $2700 dollars they agreed after that payment we would work out payment plan monthly,parents help us with that payment,couple days later recieved ph call from morgage co.that our loan had been solded & new morgage co told us that wasnt good enough that they wanted a balloon payment sent IT. my problem is had another phone caLL FROM LENDING Co.again infoming me me contract has been sold again and co wants another $2700 we are tryin been makin monthy payment is doubled ,lender still tells me dont send any more payments they wont accept it and will foreclose on my home anyway tellin me that contract promising me we could make paymentasnt any good because of new lenders we r tryin, can company legally foreclose without even keeping theier end of agreementwe dont want to lose our home and we making payments what rights do we have

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Your situation is too complex for anyone to anwer over the internet. I recommend consulting an atto...

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Asked 06/27/2007 03:53 pm CT (Clermont, FL)

I refinanced my home 5 months ago. The lender I refinanced with went out of business the day I closed on loan. They paid of previous lienholder (i have satisfaction of deed). I have been mailing my payments to payment address for 4 months now and NOT ONE check has been cashed. No lien has been placed on property and no one has any idea who I can contact because the lender is closed. I am assuming they have not sold my loan yet. I have someone interested in buying home now. Any suggestions on what to do? No representatives are working for the lender anymore.....

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Hi Jenifer: Which lender are you speaking of? You should go back to where you closed the loan and ...

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