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Asked 02/11/2008 10:50 am CT (Irvine, CA)

I plan to retire within the next few months. I will be relocating. I do not currently own a home. When I retire, I will have a modest annual pension ($15,000). I plan to work part time for a couple of years. I will supplement my pension and income from my investments. At present, these total approximately $420,000. (I’d feel a lot better if the stock market would go up.) I have no debt. My question is this. Will I be able to get a mortgage at retirement based on my financial position? I will be looking for a mortgage of roughly $160,000. Second question, is it likely I could get a mortgage prior to leaving my current job? The mortgage would be for a home in another part of the country. Thanks for your assistance.

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Hello JN. If you have good credit, and have a decent down payment (say a minimum of 20%), you shoul...

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Asked 02/08/2008 03:08 pm CT (Stafford, VA)

I want to know if I can have my son buy into my existing mortgage and the remainder i can hold as a second trust .He qualifies for 3000,000 and the house is appraised at 550,000.I owe approx 430,000 I am planning on traveling so i dont want to stay in house.Can we both own it or how does that work?Can I continue to pay the remainder after his 3000,000 is put on it or liked I asked do I hold a second for the 130,000 left? Thank you

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D, there are many things to take into consideration here. Generally speaking, yes, your son can "bu...

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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 01/31/2008 07:33 am CT (Washington, DC)

We had a second home that we foreclosed on in 2007. We did pay the mortgage payment on the second home from January 2007-May 2007 (both 1st and 2nd mortgage). Will received a 1098 for interest paid during these five months from both mortage companys (1st and 2nd)?

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Asked 01/29/2008 04:16 am CT (Ewing, NJ)

Is it possible to just refinance my second mortgage. I have 12 years left on it and at 7.5% I know I can do better, but everytime I call my mortgage company they want to roll it into my 1st mortgage which is for 30 years and 6%.?

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Rose, First of all, your second mortgage of 7.5 is not bad and chances are you can't do better than...

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Asked 01/28/2008 02:04 pm CT (henderson, NV)

My percetage rate on my second is 13.5% and the mortgage company will not bring t down they wrather see me go into difault i have ask them several times to bring it down but down also my loan is 30 years fixed and 15 years of interst first and 15 years prinsapol

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Asked 01/24/2008 01:30 pm CT (vineland, NJ)

hi...my husband and i are divorced. I kept the marital home & we have a first mortg in my name only & a second in his name & mine. Id like to short sale my house it is currently in forclosure. can i remove his name from the deed while it is in foreclosure.

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TLG - You should contact a RE atty to discuss this. Generally, he needs to agree to have his name ta...

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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 07:55 am CT (Sardinia, OH)

My husband @ I divorced 3 yrs ago. I stupidly wrote up our decree when we divorced. I used the word or instead of an when it came to him refinancing the house and second mortgage.After divorce was final cort said this gave him a choice so he does not have to refinance. I have been unable to get loans and now my credit is awful. I can never buy anything house, loans etc / debt to ratio looks bad. I tried to refinance loans he is still on that I have and was denied/ debt to ratio probs. When we divorced right after court he said I promise to refinance if you sign over the deed. I trusted him ( Stupid ). We went to a bank immediatly and signed it over. Three yrs later he refuses to refiance what can I do?? Pleas help me.

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Asked 01/12/2008 08:19 am CT (PEQUANNOCK, NJ)

MY WIFE AND I ARE LOOKING TO PURCHASE A SECOND HOME FOR MOSTLY RECREATIONAL USE. WE HAVE PLENTY OF EQUITY AND NO OUTSTANDING DEBTS. WE HAVE 9 YRS LEFT ON A 15YR. MORTGAGE WITH AN INTEREST RATE OF 5 3/8%. WOULD WE BE BETTER OFF DOING A CASH OUT REFI USING THE PROCEEDS TO BE A MORE ATTRACTIVE BUYER, AVOIDING THE MORTGAGE TAX, AND PURCHASE QUICKLY OR TAKE OUT A NEW MORTGAGE FOR ABOUT 200K IN UPSTATE NY?

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Hi Chris, The best and or most complete answer can only be provided after a thorough review of your ...

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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 11/30/2007 10:53 pm CT (pittsburgh, MI)

My wife and I are currently looking to close on loan quickly. We will be relocationg to a different city and the property we are purchasing is located there. However, in order to close on the loan quickly (as we are in a hurry to close), the broker told us that he would file it as a second home and not a primary place of residence so that we would not have to do a job verification at the new place. We both have jobs that are currently in negotations at the new location, although we do not have our official contracts yet, but this definitely will not a problem as we will be receiving the final contracts within the next month or so. The broker thought this would slow down the loan process or may not be able to close on time if the lender/bank may require this employment verification letter. And since we need to close on a tight schedule, he wanted to make sure we could close the loan on time. Although we will be working and also have ample funds to pay for the loan regardless if we didn\\\'t work for a month, I\\\'m a little worried about this since this home will be our primary place of residence. The broker told us that after the loan is closed, we could just let the bank know that we had decided to make it our primary place of residence and there would not be any problems. Is this true? Is this something we need to be concerned with? What problems could potentially arise in this situation? We would appreciate any thoughts or words of wisdom.

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Hi there, If the home is going to be your primary residence, then your application should state t...

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Asked 11/15/2007 11:01 pm CT (scottsdale, AZ)

I have two houses, the first house that I live in has much higher value than my second home. Now I cannot afford the payment for my first home anymore, and I may go for forclosure. Also, I have two loans on my first home, and I just refinanced the second loan and took out the heyloc on my first home to pay for debts that I owed before. Will there be a lien on my second home, if I forclose my first home?

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The easy answer is no, but there is a lot more that goes into this. Please give me a call at 480-229...

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Asked 11/04/2007 07:59 pm CT (medford, OR)

Help! I need to know about after forclosure. I have a first and second, incomes have dropped along with value and credit scores.I owe more than I can sell for and cant keep up.What are my options? (cant BK/ 5 yrs ago) If just let it go to forclosure what are the odds I will owe and get garnished for the difference after the auction? What happens to second? If I give up the house will I still be paying for it ? I relize the effect on my credit but I\\\'m being eaten up with bills.What can I expect if I let it go? Thanks

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You will probably have a difficult time buying anything else for at least 3yrs. But hey, if you can'...

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Asked 10/28/2007 05:28 am CT (Madoc, Ontario)

I have a second mtg. on my property that should not be there.I want to remove it without the private mtg. holders consent. Is it possible i do this in Ontatario Canada?

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Asked 10/27/2007 01:12 pm CT (hebron, KY)

In looking at my credit report, I see that my second mortgage lender has "charged off" my account. Can you explain what this means? Can they foreclose? My second mortgage lender is different than my first. Thanks.

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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 09/15/2007 06:10 pm CT (Lynchburg, VA)

If I loan money to someone as a second mortgage against their home what are my rights as a lender in second position should they default? There is equity in the home. Thanks. DB

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Asked 09/04/2007 09:23 pm CT (Los Angeles, CA)

My husband and I have two loans. 1st is a fixed loan and the second loan is at a high interest rate. Our credit scores are 520 and above. We are showing behind on our house loan, because of a mistake countrywide made back in Oct of 06. Countrywide put us on a repayment plan and increased our payment double. Is there any company out there that will take us with our credit scores and consolidate both loans?????

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We have a credit consultant that would be able to correct the late payment error on your credit repo...

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