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Asked 12/19/2006 11:00 am CT (Camden, NJ)

My husband and I our looking to buy a new house within the next 6-9 months. Before me and my husband got married he had already brought a house with his brother being the co-borrower, now my husband wants to sell the house but the co-borrower (brother) would like to keep it if he could. My husband has been making all the mortgage payments. Is there any way they can refinance the house and my brother-in-law can be on the title alone, and sign over the equity to my husband?

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Hello there!!! If your husband's brother is on title already they could refinance and pull the equi...

[ Total Answers: 1 ]

 
 

Asked 11/28/2006 11:37 am CT (Sacramento, CA)

How to you payoff your 30 mortgage in 15 years? I heard if you make two additional payments a year you would be able to accomplish this goal. I tried during the calculations but it doesn’t work. Could you please explain? Thank You

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Both answers above are ok, but if you have that in tention to payoff your loan in 15 yrs, won't you ...

[ Total Answers: 3 ]

 
 

Asked 11/07/2006 07:26 am CT (Rolling Meadows, IL)

hello, I have a few questions I wanted to ask: 1. If a house / condo has equity (lets say $15,000) - Can I take out that equity at the closing to help pay for renovation or to simply help make monthly payments on mortgage? 2. If so, is there a limit in equity amount I can take out at the closing, or I'm free to take out as much equity as there is in a house? (for example, if there is $20,000 in equity - can I take all $20,000 or only a certain percentage) 3. I'm buying a condo right now and I will have $180,000 mortgage. This is my first mortgage. I do not have money to qualify for an additional standard mortgage. If I find a property that has large equity that I can take out at the closing to help pay monthly fees, can I quality for an "investment property" loan in that case? 4. If so, having a excellent credit rating (775), using interest only loan - do I have a chance to quality for let's say $300,000 loan? 5. If I'm a disabled veteran with 30% documented disability and I'm currently a student - does it make any difference (interest discounts, etc) when qualifying for an "investment property" loan?

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Vadim, I would suggest that you find a trusted mortgage advisor in your area that you can sit and t...

[ Total Answers: 1 ]

 
 

Asked 10/11/2006 08:48 am CT (Cartersville, GA)

Bankruptcy discharged June 2005. Got in current home June 2004. 80/20 loan with 2 year ARM (interest only) on 1st and fixed on second. My ARM adjusted in June of 2006 and I want to refi to lower monthly payments. I am current, and have a really good job/steady income, but do not really have anything in the way of clsing costs or downpayment at the moment. I have recovered from the bankruptcy but need to lower my monthly to speed up my receovery. Should I try to refi both into a fixed or just the 1st? (is that even possible?) Should I try to roll both into another ARM with a lower rate to give me time to further improve my credit? I have read so much on the Net about mortgages I am confused. My current ARM is going to adjust another point up on December and I would like to avoid that if possible. I am tired of filling out these forms and having my credit pulled only to get turned down, or telling me they can't do it. What is my best course of action? Please help me with some good advice?

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Kevin: I do loans in GA. There are several pieces of information that I would need in order to pr...

[ Total Answers: 1 ]

 
 

Asked 10/08/2006 07:30 pm CT (raeford, NC)

hi my mother recently passed my question is how do i go about putting my mothers mortgage (home) in my name or do i even have to change it right now or can i just take over the payments or do i have to refinace? is this going to be alot of yellow tape? please help!!!!!!!

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As a general rule, at least in this area, you could get away with just continuing to pay her current...

[ Total Answers: 1 ]

 
 

Asked 10/03/2006 10:42 am CT (cranford, NJ)

Hi-just had a question, we were just preapproved for a max mortgage of 370k, based on a 100% loan, 5% down-however, our dream house stands firm at 399k, do we have any options, (besides saving longer to put more money down) to be able to swing the price of that home? Its a home that we could see staying in for the rest of our lives. Any other avenues that might be explored that we are overlooking? My husband's credit is phenomenal, mine is being rebuilt and therefore is just barely at the cusp of "good." Is there a particular mortgage that might lower monthly payments for us to afford the price of this home? Any suggestions you have would be appreciated thanks so much!

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in acordance with 18 united states code, sub 1010, 1011, 1014, and 1344 all cover various types of f...

[ Total Answers: 4 ]

 
 

Asked 09/07/2006 09:32 am CT (new york, NY)

My bank wants to change Truth in Lending Disclosure Statement. Can you please compare this? 1. Loan Amount:117,500 Interest Rate:6.375% APR:6.51% Finance Charge:148,121.20 Amount Financed:115,773.91 Total of Payments: 263,895.11 2. 1.Loan Amount:117,500 Interest Rate:6.375% APR:6.678% Finance Charge:150,121.20 Amount Financed:113,773.91 Total of Payments: 263,895.11

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since the loan amounts and interest rates are the same, it would seem to me that there are now some ...

[ Total Answers: 1 ]

 
 

Asked 09/06/2006 07:49 am CT (kanapolis, NC)

My in laws are willing to sell us their home for the remaining portion of their mortgage. My husband has credit issues that are keeping us from getting normal financing. We were planning on taking the 5k we have saved and attacking his debt, but they are offering us the house with 5k down and 650 a month. My q is- will these payments help his credit like standard mortgage payments or should we look into seller financing with an actual promissory note?

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If you may still need help with your credit please see the website at www.genesiscreditgroup.com...

[ Total Answers: 2 ]

 
 

Asked 08/25/2006 10:13 am CT (Virginia Beach, VA)

My fiance and I are planning on relocating to CT. We are both gainfully employed here in Virginia. His annual salary here is about 46K and has had his job for over 10 years, and my salary is 44K and I have had my job for just under a year. We have no debt except our mortgage payments. His credit score is about 650, and mine is 788. He owns a condo that is about to go on the market. Once his sells, I wil put my condo on the market. My question is, can either he or the both of us purchase a property in the state we are locating to and get a mortgage while still employed here in Virginia, with my condo not sold yet? We are planning on putting down about 80-100K as a downpayment from the proceeds of his condo, and are looking for a property in the range of 200K. We would prefer to do this prior to relocating and starting new jobs. Neither of us have secured jobs in CT yet. Are there any programs for him or us together?

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With your credit score and at least a 5% down payment you should be able to qualify for a No Doc loa...

[ Total Answers: 4 ]

 
 

Asked 08/17/2006 01:20 pm CT (Kingston, PA)

First, let me begin by saying that I am a loan officer, working for a broker in PA. I have encountered perhaps the ugliest loan scenario in my five years in the business. I know this service is intended for consumers, but I have no idea what lenders can do this loan - if any, so any advice will be greatly appreciated. I have a client who had trouble with her finances, so she filed for Ch. 13 BK in March 2005. Little over a year later, she is presently about to lose her house due to the fact that she got behind a bit on her payments to her Ch. 13 BK Trustee. She was constantly getting behind - and not paying the trustee on time - so the Ch. 13 BK was "dismissed," and she was more or less booted from the BK due to her defaulted payments. She spoke to her BK attorney - not her trustee - and he told her the only way to save the house was to first refinance and pay off the mortgage. Then, she would attempt to file for a Ch. 7 BK so the trustee and the secondary creditors could be paid. The LTV is 90%, and she is still not caught up with her payments. The loan can go full doc. The LTV is high, and that's assuming the house will make value come appraisal time. Mid score is 553. Foreclosure procedings have not yet started. Help! Michael Peeler Loan Express 570-718-0230 phone 570-718-0233 fax

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Michael, Your challenge is the LTV vs the credit score. You might be able to swing 80% if the lo...

[ Total Answers: 1 ]

 
 

Asked 08/07/2006 07:55 am CT (lawrenceburg, IN)

I am considering chapter 7. I am 3 months behind on my house payments. Will I be able to keep my house?

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Hi Jennifer, You should be protected from losing your house under bankruptcy protection. However...

[ Total Answers: 1 ]

 
 

Asked 08/06/2006 07:44 pm CT (blythe, CA)

If my father-in-law gets a VA loan in his name can it be quit claimed to my wife and can she take over the payments of the VA loan? Currently, there is a new mortage that is currently in both their names.

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Asked 07/29/2006 10:57 am CT (Patchogue, NY)

My Dad recently passed, My Mom doesn't want the house and asked me it I would want it and continue making the mortgage payments.. Now, How do I assume the mortgage ? and.. If the payments are to high can I refinance ?

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Rich, While the mortgage might be assumable there are many conditions with assuming a mortgage. In m...

[ Total Answers: 2 ]

 
 

Asked 07/19/2006 09:15 pm CT (Lithia Springs, GA)

My husband and I received a Chpt 7 discharge this past January. We remain in our house which has three mortgages. The 1st and 3rd are included in the bankruptcy(we make reg pmts), the 2nd we reaffirmed. What are our options if we want to leave the house? Or if we sale, is it possible that we can get the second to make the $14K a personal loan since we can't file bankruptcy anymore. The third question is, the 3rd mortgage is interest only (but did not start off as such, it was done to try and save money on monthly pmts), the bank claims that they cannot switch it back to regular payments, is that true/can they do that? I'm paying $200+ monthly and it's going nowhere, all interest.

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Hi Kit, Yes its true. Once you have secured a note with terms, that is a legal binding agreement...

[ Total Answers: 1 ]

 
 

Asked 07/16/2006 07:53 am CT (toledo, OH)

hi, my husband and I bought our first house about 10 months ago. On the day of closing we found out that I was pregnant with our third child- a little unexpected. Anyways, we purchased the house knowing we would be comfortable with our payments because we both worked full time. During the pregnancy I had to cut my hours down in half then I had an unexpected c-section which put me further out of commision from work. Now the baby is 3 months old and we have already taken one house payment and spread it out over 9 months. However, we are so behind on everything that i'm not sure what to do. Would we have an option of a second morgage to get back on track? The house was appraised at 11,000 more than what we bought it for. Furthermore, our rate was 5.85% can we refinance at the higher rate to get extra funds? Please help with any suggestions.Thank You

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Kristi, Jeff's answer is good, but I would consider selling before you put yourself in a worse si...

[ Total Answers: 2 ]

 
 

Asked 07/14/2006 07:55 am CT (White Settlement, TX)

How many payments behind can you get before a mortgage company forcloses

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Hi Crystal, Every lender is a bit different and state rules and regulations are different as well...

[ Total Answers: 1 ]

 
 

Asked 07/13/2006 07:38 pm CT (Pocahontas, AR)

I had a house in pocahontas and i was number one and he was number two on the bank loan. we divorced and i done a quitclaim deed. I recieved my credit history in the mail and it still shows that i still have a loan for the house. Well my ex husband is about to let the house be foreclosed on. do i have any rights to the house to try to keep it from being on my credit history as a foreclosure or maybe can i take up payments on the house since the loan is still in my name too.

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Hi Heather, You still have an obligation to the loan. Although you have quit-claimed the propert...

[ Total Answers: 1 ]

 
 

Asked 06/27/2006 06:04 am CT (Woodlawn, TN)

I have a home loan with a 5% fixed rate, my wife wants to pay $40,000.00 on that loan, will this benefit us as far as payments or savings?

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Generally, it will not make any change to your payment, unless you can get the lender to "re-cast" y...

[ Total Answers: 1 ]

 
 

Asked 06/12/2006 01:07 pm CT (Ann Arbor, MI)

My Aunt and uncle lived in a beautiful home in a prime real estate community. They had nearly 50 years of free and clear equity in this home. They were convinced to sign in to a "conversion loan" This was in 2005. They both died suddenly less than 16 days apart from one another. Our family is seemingly irreverseably grif stricken. While we were getting the estate in order (papers re: billings , insurances, taxes etcetera) we discoverd a letter and document from this company. The letter states that they" did not have in their files a ligiable copy of their signatures nor did they have a clear copy of ither of their photo I.D. " This letter ask for these items and for them to sign and send them. enclosed was a loan schedual; figures documenting approximately seventy thousand dollars in total payments (*what they would be owing ??) per the agreement to this loan. Evidently they never sent it in They both became ; were hospitalized and died. My question is... Is any of this matter legaly binding at this point ? Can the company continue to come into ownership of this land and property? I think they should charge it to the dust. There was no will that we can find yet. Some one in the family told us about an informal probate hearing to have the property put into the youngest sones name. He is attending university studies and is 27 years of age. no one is fighting .what is your answer.

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I would look into finding a real estate attorney. There is a lot of information that would be needed...

[ Total Answers: 1 ]

 
 

Asked 05/22/2006 11:18 pm CT (st.louis, MO)

what can i do if i have missed my last couple of payments. and the company claims i am giong in to forcloser.

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Hi Elgin, You need to set up payment arrangements immediately with your lender. If there is a re...

[ Total Answers: 1 ]



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