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Search: "Payments"

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Asked 03/30/2007 09:51 am CT (Jersey city, NJ)

If a person has an interest only mortgage, can they pay down the principal with larger payments?

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If a person has interest only mortgage, they can pay down the principal with larger payments. The ba...

[ Total Answers: 1 ]

 
 

Asked 03/22/2007 09:46 am CT (Roseville, MI)

My husband is recently deceased. He had no estate. Two years before he died he refinanced the house. I did not want to refinance. He refinance in his name. My name is not on the mortgage note. I did sign an insurance rider. I am not exactly sure what that was. I could not make the house payments so I let the house go into foreclosure. I had just received a hardship discharge for Chapter 13 and I was not old enough for wiows benefits. I decided that foreclosure was my only option. I will be moving in about six weeks. The mortgage company is demanding that I purchase a years worth of hazard insurance on the home or they will purchase it themselves. My redemption period is up June 13th. I really can't afford this purchase of insurance. Am I responsble for the insurance just because my name is on the deed? They are getting he house and I can't really pay for 1/3 of a years payment towards property insurance as I am trying to get money together to move somewhere else. I don't know what to do because they are sayin that if they buy insurance it will be 1,700. 00 with premiums of 225.00. Can they really charge that to me or do they charge it to the estate when there isn't an estate? Thanks so much, in your attempts to help me....Sandy

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The Morgage instrument requires the mortgagee to keep insurance on the property. You are not the mo...

[ Total Answers: 1 ]

 
 

Asked 03/22/2007 05:53 am CT (Prudenville, MI)

Can a mortgage company take away your house if you loose your job and you are 3 payments behind, but have a payment agreement set up. But I refuse to do post dated checks and that is what they always want? thanks you

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Michelle, there is no such thing as post dated checks. The date on the check is merely a reference ...

[ Total Answers: 2 ]

 
 

Asked 03/21/2007 01:09 pm CT (guyton, GA)

i have put 11,000 towars the principal and when i looked at my papers it would be 40.000 if i made scheldule payments but they said i would need 31,000 to pay it off.is this true.thanks

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Please clarify your question.

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Asked 03/20/2007 04:48 pm CT (hyattsville, MD)

my name was on half my moms house 8 years ago i had finacal proplems and was not able to keep up my share of the payments she got a lawyer and she had my name taken of deed 2 years after that i filed chapter 11 since then my credit is real good i have had my job for 5 years and me and wifes annual income is 48 000 i have 25 000 cash and i want to borrow 100 000 i am 55 years old do you think i am going to have proplems getting a morgage

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In regards to your credit, your credit report may be messy and inaccurate, if so, this nonprofit com...

[ Total Answers: 2 ]

 
 

Asked 03/19/2007 01:18 pm CT (Liberty, MO)

I got a second mortgage a couple years ago and I almost have all of the money to pay it off. The terms of the mortgage included a prepayment penalty of 2% of the REMAINING principle balance in paid off within 3 years. I have been saving up the money to pay this off and just have it sitting in an account. If I pay down the principal using the money already saved and then pay off the loan in a couple months when I have the rest of the money, will I get away with paying a much lower prepayment penalty since the outstanding principle balance will be almost nothing? Here is the exact language of the contract I signed: Consecutive monthly principal and interest installments of $xxx.xx first due on the xx day of xxxxx, xxxx. Such payments to continue until maturity when the remaining principal balance and any unpaid interest thereon shall be due and payable. In the event full prepayment is made within three (3) years of the date of the first monthly payment a prepayment penalty in the amount of two percent (2%) the remaining principal balance will be assessed.

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From what you stated in your question you would have to pay a penalty if you pay it off within 3 yea...

[ Total Answers: 2 ]

 
 

Asked 03/19/2007 10:35 am CT (oshawa, Ontario)

I have to much debt and would like to consolidate. I am behind on several payments and have tried to get a consolidation loan through several places and keep getting turned down. I do not want to dod a consumer proposal or go bankrupt. What would you suggest.

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Unless you own a home with a decent amount of equity, you don't have many options. I would contact ...

[ Total Answers: 1 ]

 
 

Asked 03/19/2007 10:28 am CT (oshawa, Ontario)

I have defaulted on my last 2 mortage payments due to myself going on maternity leave and my husband being on sick leave from work. I had to wait approx 5 weeks for my unemployment and my husband is still waiting for his benefits to tart coming in. I have comunicated this to the mortage company but they continue to try and take payments out of our account causing late payment fees and both ends. I have told them that I will be catching up soon but they are not giving me any help to do so. What should I do and can how long will it take them to forclose on my property?

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I do not know the foreclosure laws in Ontario, I recommend contacting the court that handles such ma...

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Asked 03/09/2007 01:44 pm CT (MEDFORD, NY)

MY HUSBAND AND I ARE IN CONTRACT RIGHT NOW FOR A HOME. WE ARE DOING 106% FINACING AND WE PUT DOWN LESS THAN 1% FOR DOWNPAYMENT TO GET IN TO CONTRACT. THE BANK IS NOW ASKING FOR 2MONTHS OF PAYMENTS AND INSURANCE TO BE SHOWN IN OUR BANK ACCOUNT BUT I HAD TO BE THERE FOR 60 DAYS. WHAT WOULD HAPPEN IF WE CANT SHOW THAT. I CAN GET THE MMONEY TO PLEASE THE BANK BUT IT WOULDN'T SHOW FOR 60 DAYS.

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It depends on the lender and the type of the loan. Some will allow gifted assets or no seasoning. Yo...

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Asked 03/06/2007 09:41 pm CT (brooklyn, NY)

My brother and his wife live in another state, I, in New York, they defaulted on their mortgage and want to sell their home to me in order to qualify for lower monthly payments. The understanding is that they will buy it back once they repair their credit. What are some of the risks that I can incur, since I'm going to be totally dependent on them to pay the mortgage on time because i cannot afford to maintain residence in 2 different states . Thanks

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Asked 03/06/2007 11:15 am CT (Denver, CO)

I financed a home purchase for a friend. They are makeing payments on time and are current. An I required to provide them an interest paid statement or do they have to figure that out on their own.

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No, you do not need to provide them with an interest statement since it is under your name. Now depe...

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Asked 02/22/2007 08:10 pm CT (blue island, IL)

is it legal for a realestate broker to recommend a co-signer that is working with a third person under a business name toco-sign and charge you a fee and have you to sign a paper stating that if that if your payments are late they can take your house but they have never paid a mortage payment?

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Asked 02/09/2007 06:22 pm CT (Newport, WA)

I took out a 15000.00 dollar loan to purchase my cabin home.I purchased the 2 acre property with cabin for 45000.00.I put 24000.00 down and did a second loan of 6000.00 with a friend at 3% interest.The first loan was at 10.5% fixed.The agreement was i kept homeowners ins. up to date and paid my payments on time.I dont have a problem paying my payments on time.My insurance company called me and said they were not renewing my policy in 4 months due to roof and siding problems.Also they pointed at my dog husky.Can the lender forclose on me if i make my payments on time but cant find another homeowner policy in time?

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In the event your servicer is notified of a lapse in your policy they will likely place forced insur...

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Asked 02/01/2007 11:11 am CT (Hilliard, OH)

Hypothetical Questions: If a mortgage borrower should need to leave the country (due to business) and will sell their house in the US.... 1. What does he/she need to do? 2. Can payments be continued as usual until the house is sold in the US, without? 2. Can he/she continue the same contract until the house is sold? 3. Can correspondence be sent to the foreign country (i.e. statements, so forth) ? 4. Can payments be deducted from a foreign back account? thank you for your help on these specific questions!'

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Asked 01/17/2007 10:13 am CT (chicago, IL)

can a mortgage company look into legal records? .. I'm going to refi my mortgage and they need to know why I made some late payments on some accounts I had open. The reason I made late payments was b/c my husband had some legal issue to take care of the cost a lot of money and he needed my help.

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Hi Lynn, Some legal documents are public record and so anyone can look them up. If your husband had ...

[ Total Answers: 1 ]

 
 

Asked 01/11/2007 11:51 am CT (YARDLEY, PA)

I OWN MY HOME AND HAVE NO MORTGAGE PAYMENTS..MY CREDIT RATING IS AAA WITH NO BAD MARKS. I THINK I NEED WHAT THEY MAY CALL A BRIDGE LOAN..SOMEONE SAID GET A HOME EQUITY LOAN, IT SAVES YOU MANY FEES AND APPRAISAL FEES..I NEED 400,000.00 IF I DON'T HAVE MY HOUSE SOLD BY THE TIME I MAKE SETTLEMENT IN THE NEW HOME. I WOULD NEED 100,000.00 IF I SOLD AND SETTLED WITH MY PRESENT HOME PRIOR TO SETTLEMENT WITH NEW HOME..I EXPECT NO LESS THEN 400,000.00 NET FOR THE SALE OF MY PRESENT HOME AND NEED 500,000.00 FOR THE NEW HOME...I ALREADY PAID 25,000.00 IN DEPOSITS FOR NEW HOME..WHAT DO YOU RECCOMMEND

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Hi Al, Here is a good article about Bridge Loans. Just cut and paste the following link into your we...

[ Total Answers: 3 ]

 
 

Asked 01/09/2007 11:13 am CT (St. Paul, MN)

This is regarding my mother's house, she has lost her renters and can't afford to pay her house payments. How long can she stay in the house until the mortgage company or bank take back the house? Thank you,

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Patrick, She will receive a Notice of Default at 120 days of deliquency. Then when the mortgage is...

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Asked 01/01/2007 07:56 am CT (heber springs, AR)

how does for sale by owner work and if you have had a property for sale for a period of time and want to be free of payments can you do a non-qualifing assumable loan?

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Asked 12/23/2006 12:55 pm CT (Gilbert, AZ)

I have problems and need answers. I have a home in Arizona that I bought for $370,500 and financed $250,000. I recently took out a home equity loan for 130,000 to put down on a new home purchase in Illinois. My house in AZ has not sold and I can't afford both. If I voluntarily forclose on the house in AZ and the home equity can they take my house in Illinois? Will the effect on my credit be better if I let the bank take the house back before the payments get really behind?

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Dena, Your credit rating is one of your most valuable assets. You should do everything possible ...

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Asked 12/23/2006 08:19 am CT (Lithia, FL)

We have a house with a 1st and 2nd mortgage. Together they total more than the house could be sold at to break even and walk away clean. This includes prepayment penalties added to the total. We have talked with an investor who wants us to deed the house over to him and advised us not to make our payments as within three months the bank would start foreclosure proceedings and he could either find a buyer or purchase the house from our lender himself to resell at a later time. I am very leery of this suggestion and want to know if there are other options for us to pursue? We have worked very hard to get our credit where it is today which is respectable but we are facing a financial crisis and can not afford the house regardless anymore. The taxes came in way above expectations and I changed jobs and was unemployed for approx. 1 1/2 mos which hurt us financially. We just want to get out from underneath the financial burden which means giving up our house. Can you please help? We understand not making payments will affect our credit rating but it is going to suffer anyway as we have more outgoing than income coming in. How does it work if an investor gets your house deeded to him and when do we become not liable anymore?

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good news diane! brain and darrell have given you sound advice and I am proud they are on the bestin...

[ Total Answers: 4 ]



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