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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 07/31/2007 10:29 am CT (Gaithersburg, MD)

I had two mortages on my home, the second foreclosed and was bought at an auction. Now they are trying to sell the entire property even though I am still current with my first mortgage, what can i do? They claim that they bought the second mortgage and that gives them ownership of the entire property

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Asked 07/21/2007 10:01 am CT (kelseyville, CA)

I had little trouble this year with loans. I had one forclosure in which the first was honored, but the second wasnt and maybe one more loan with the same deal. I was looking into bankruptcy, but still have real estate assets in good standing, what is the seconds recourse if any? (both deed's of trust) I have contact with the one that took place still. What should I do to protect my othe real estate? Can they force sale on them? This is our retirement that I worked on very hard. Thank you

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The second can intiate foreclosure proceedings to protect their interests. If you have equity in yo...

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Asked 07/08/2007 08:23 pm CT (tulsa, OK)

can I get a second mortgage on a home I own If I had it on the market for sale recently?

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Scott, Many lenders have restricted Home Equity lines for homes that were recently listed. I ...

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Asked 06/25/2007 06:49 pm CT (fenwick, MI)

I want to know if your doing a short sale on your home and before the closing it forecloses can you still do the short sale? Also what happens to the second lein holder can they come after you? They agreed on the shortsale but they didnt get anything when it forclosed on.

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Once property goes to foeclosure sale in Michigan, short sale agreements are null & void. You can r...

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Asked 06/01/2007 05:42 pm CT (HUNTINGBURG, IN)

my HUSBAND AND I BIUGHT HOW HOUSE TWO YEARS AGO.WORK WAS SLOW OVER THE WINTER.AND KIND OFPUT A STRAIN ON US OUR RATE ONOUR HOUSE 5.1 I WOULD LIKE TO GET A SECOND MORTGAGE.BUT MY HUSBAN DOSNT KNOW. IF WE SOULD WOULD IT BE THE RIGHT THING TO DO TO PAY BIILS FOR OUR CRIDET BECAUS IT SEEM WE ARE STRUGGLEING WEEK TO WEEEK

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Rita, the best thing to do is to take a look at entire scope of your financial situation. I'd love ...

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Asked 05/15/2007 01:06 pm CT (houston, TX)

I currently have a home equity loan as a second mortgage. In Aug. 2006 we had a pool made in our backyard. My question is, can I do a refinance and a cash out on my home at this time? I have asked Bank of America if I could do this and they said that they were willing to stay as a second mortagage just to send them the proper paperwork. Can this be done in Tx?

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Sure Amanda, I would be happy to help! Call me anytime for a free consultation. 562-544-2355...

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Asked 05/09/2007 06:32 pm CT (Athens, IL)

I currently hav a first and second mortgage. First one is 885.00 a month, I owe approx. 110,000 on thios loan.(30 year) Interest rate 6.25 fixed(1st) the second mortgage is approx. 375.00 every two weeks, I owe approx. 62,000 (10.75 fixed on this loan, (15 year loan) My last apprasial was for 150,000 approx. 1.5 years ago. my salary is approx. 75,000 a year.I need more cash flow to make it and to be able to pay down on my loan. What is your suggestion? Also, my wife gets approx. 1,000 a month clear. Please email me with a suggestion soon.

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Edward, There are many programs out there that can help improve cash flow. Some of these program...

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Asked 04/23/2007 07:10 pm CT (Greensboro, NC)

My wife and I filed a Ch13 in 4/04. We continued making paymets on the first and second mortgage. We kept the Ch 13 and primary mortgage paid up but did get behind on the second lender. All loans are now current. We are currently selling the home, have paid off the Ch 13 (expecting discharge letter any day) adn will be paying off the first and second lender off in full. Our credit scores are 620+. We expect these to also rise by paying off 80-90% of our credit card debt from the home sale proceeds. We need 100% financing for a new home purchase. Can someone please point me to a reputable (non predatory) lender who can help - if possible....

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Ron, I would be more than happy to help you with your financing. This is the whole reason I start...

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Asked 04/20/2007 06:04 pm CT (barnegat, NJ)

HI,,I wonder if you could help Iwant to refinance my second mortgage because its a very high rate 12% my first mortgage is 6.5% my fico score is around 570 and my wifes 640. there saying I have to combine the two mortgages to get a good rate. why wont they just refinance the second mortage because its less money?? are the guidlines much harder to do the second mortgage they are will to get my fico score up because two or three items on the report are not mine so they hired a company to bring up the fico score. buthey said they refinance the two mortgages not the second please explain why??

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sounds like you and wife are on the title together. if you want to lower you payment try an option a...

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Asked 04/18/2007 09:37 pm CT (Cheswick, PA)

Right now my goal is to get out of this cramped trailer, and get into a much needed house with more space, since I have three growing children. I know I can't afford much, so am interested in a small 4 bedroom house in a decent low income area for 27900. Various calculators say I would be paying total cost a little less for this house than I do my current rent. One of the problems is that I don't work, and my husband doesn't exactly have a solid work history. Actually he is with a very good company that is well suited for him. He is now a Class A CDL truck driver. The first company that hired him, shouldn't have been hiring rookies right out of school. The second company was local where he worked for a year, but things wern't going so well. Then he drove for a temp agency. Now he has been working for a very good company for three months, he making the miles. The company seems to be happy with him, and he is basically happy with the company. Before he got trained in trucking, he worked 7 straight years with a low paying school bus driving job. My other problem is our creidt scores. I just bought my score and found out it was 657 not prime. Last year his was 647 high risk, but don't know what it is now. I decided to wait to get his until I feel like I can either move forward with a mortgage or paying off debt. Both were from experian. If I could get a hold of this house or another around that price range, I wouldn't be any worse off. I need a roof over my head one way or the other. Actually I might be a little better off, since it very well could free up some money even if it is just a little. I feel stuck because of the lack of a down payment, closing costs, my husband's work history (eventhough he is making the most he ever had in his life. This is still towards the low end of the payscale at .33 cent per mile averaging 2500 a week.), and our credit. Question 1: Is there any hope for me? Is there any way I could get into a house fairly quickly? Would it be better for me to wait and hope beyond hope something else pops up later when I have more money? There are not too many 4 bedroom houses for that low, and it does not look like a handy man special on the outside. From what my mom heard, the previous owners took fairly good care of it. Maybe I'm thinking to small, and need to wait until he gets a raise also. Maybe the market will fall more in that area also opening up more potential. There are already investors grabbing some for rentals though. I hate where I live currently. I already ran out of room a year ago. Question 2: Dealing with a little extra funds I'm going to have. I have a school loan I'm going to start repaying on next week. In nine months it is going to go up. The difference of what I'm going to pay now and payon later is about $130.00. Should I: A) Pay down the car loan - get it paid off quicker - then put the car loan money towards the school loan to help get that paid down quicker? B) Try to pay off some of the debt on our credit reports? C) Sock it away in savings to build up my cash to get a mortgage?

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Hi Suzanne: You need to apply with a quality loan officer and have your entire situation reviewed. ...

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Asked 04/15/2007 05:33 pm CT (sacramento, CA)

my husband and i recently purchased our home almost 2yrs ago. our first loan is a balloon loan, it adjust about $400 more after the 2yrs and the second loan is a fix rate at 11%. i'm looking towards refinancing my home, but due to the market now there is not enough equity in my home. i can't afford to pay $400 more every month once i hit that 2yr. what should i do? please help me!

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Hi Sandy, What could be done is to refinance your 1st mortgage only and leave the 2nd TD alone, eve...

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Asked 04/12/2007 08:40 am CT (rohnert park, CA)

i sold my house 9/06 to my boyfriend at that time. he lost his job and fell short on the payments, since then he owned another home and did a "short sale", he paid his first off, but not the second. 2 months ago the 2nd lender (citifinancial) gave him a "special circumstance" approval to wrap the loan around the property i sold him. on monday april 9, 2006 day before the house taxes were due, he asked me (now ex-boyfriend) if i wanted the house back, he "grant deeded" the home back to me 100% and was recorded the same day. my question is, i paid the taxes, however im a bit nervous about the closing of the second. citifinancial did obtain title insurance 2 months ago, however they are not aware of the change of title "grant deed", am i going to be responsible for the loan? My name is not on the loan at all, only the 1st. i feel like he did this to get out of paying the 2nd completely. we are in california

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Sonja, My sister lives in Rohnert Park... Beatuiful City. My advise to your would be to contact Cit...

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Asked 04/08/2007 04:04 pm CT (port st lucie, FL)

I own a home in upstate ny and have a 15 yr mortgage to pay for about 13 more years so i don't have a lot of equity yet now i am very interested in purchasing a second home in florida and probably sell the NY home what are my options i may have 15,000 for money on hand if needed

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Valerie, good afternoon. I apologize we didn't get to your questions sooner. If you are still intere...

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Asked 04/04/2007 06:14 pm CT (Rochester, NY)

I have a primary mortgage with Citifinancial. They are willing to take the house back as a deed in lue of foreclosure. I have a second mortgage with HFC - Express Equity Loan. What happens to the 2nd mortgage? I filed chapter 7 bankruptcy in Sept. 2005 and it was discharged in December 2005. The house was fully "encumbered" as a result.

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Not sure what you mean by "encumbered"? I would highly reommend speaking with an experienced real e...

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Asked 03/29/2007 10:21 pm CT (Long Beach, CA)

I have a first loan 3/1 ARM for $268k at 5.25. This loan will readjust June 2008 with a guarantee not to go up to more than 7.25. I also have a second loan 15 year fixed at 7.625 currently at $66,000. The good news is that my condo is worth about $30k more than I owe. I intend to keep it to rent out when I move. Is is possible to refinance both 1st and 2nd loans together into 1 loan? Can fees be wrapped into the loan or do I need to pay cash for the cost of the refi? Thanks.

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Yes. Since you don't adjust though until 06/08, you may seek to review whether it might benefit you...

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Asked 03/28/2007 05:48 pm CT (albany, GA)

The holder of a first mortgage on one of the properties securing this lender's loans has commenced foreclosure proceedings. Should the second mortgage lender be concerned?

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The second lender wil only get the "scraps" leftover after the first lender auctions the property a...

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Asked 03/26/2007 08:34 pm CT (Brooklyn, NY)

Let's say someone just inherited 1,000,000 in stock and has enough money to pay off their $250,000 mortgage. Is it better to keep the mortgage and keep paying the $2000 in interest (someone mentioned that it\'s good for tax purposes, why?) or is better to pay off the entire mortgage at once so no more interest has to be paid. I think the second way is better? Please advise.

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Remember that any tax benefit from tax deductions come from paying actual interest. Assuming a 31% ...

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Asked 03/24/2007 04:03 pm CT (taft, CA)

I lost my job this year though I found a new one it is a large cut in pay. We have a first and second interest only mortgage and we are no longer able to pay all the bills. We owe about 80,000 more than what its worth... If we just walk away the first should be able to recoup most of its value but what happens to the second can they sue us. I really don't want to file bankruptcy but I cant afford to keep the house. We had it listed 6 months and our only offer wouldn't come close to paying it off

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Jeff is right. I would suggest that you contact both lenders regarding your situation and ask for th...

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Asked 03/21/2007 03:40 pm CT (nashville, TN)

last year i lost my business because of what someone said that was not truthfu, because i lost my income, i had to go back to school in order to find another job in the nursing field, since all of this begin i have gone down hill, i am working now but i cannot seem to cautch up with paying my bills, my house payment is my main worry, can i get a second morage on my home. will this be hard to do. thanks k. bush

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Kathleen, this is a difficult question to answer without knowing more and seeing your credit report....

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