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Asked 01/04/2010 10:42 am CT (Hammond, IN)

My sister's loan was sold to another mortgage company. She kept making the same payment, thinking that her escrow was still being collected. However, when she went to pay her taxes, she found out that the new company did not escrow. Now they are giving her 1 month to pay and will not adjust her account so that the "extra" money she paid can be used for taxes. Can they do this? Is there anything she can do? Legally or otherwise?

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Asked 12/22/2008 08:50 pm CT (Atlanta, GA)

NEED INFORMATION ON OPTIONS FOR PAST DUE 2ND MORTGAGE. I HAVE 2 MORTGAGES MY FIRST MORTGAGE I DID A MODIFICATION ON IT AND I AM CURRENT ON IT. MY SECOND MORTGAGE COMPANY DID NOT OFFER ANY RELEIF OR LOAN MODIFICATION PROGRAMS. I AM NOT ABLE TO REPAY THE PAST DUE BALANCES TO BRING IT CURRENT. THEY HAVE SENT THE ACCOUNT TO AN ATTORNEY. DO I HAVE ANY OPTIONS?

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Asked 11/28/2008 07:02 am CT (Biloxi, MS)

I am very low on money this month, I dont have enough for my mortgage payment, what can I do? I've never been in this position before. The money comes out my checking account automatically, but their's not enough to cover it this month. What can I do?

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Asked 11/28/2008 07:02 am CT (Biloxi, MS)

I am very low on money this month, I dont have enough for my mortgage payment, what can I do? I've never been in this position before. The money comes out my checking account automatically, but their's not enough to cover it this month. What can I do?

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Asked 05/16/2008 07:24 pm CT (Spokane, WA)

My company is transferring me, and will purchase my current home if we can't sell it. Our credit score in in the 500's due to an illness that caused my husband to lose his job. We have two late mortgage payments from 8 months ago - which surprised me because I contacted the mortgage company and they agreed to those late payments before they were late. We also have several other late payments, one 5 months ago, but most are about 10 - 12 months and everything current since then. I have worked for this company for more than 15 years and my spouse recently was approved for disability payments which has helped. We have never had a judgement filed against us or filed bankruptcy, and all our accounts are current. I was sick to see my credit score so low. In this new strict housing market is there any chance that we might get a mortgage? We should get enough out of the sale of our current home to put 20% down. I am very worried about even being able to find a place that with rent to us with such a crummy credit score. Thanks, I appreciate your advice.

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If you can put 20% down then you should be able to get a loan. There are some programs that do not r...

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Asked 04/24/2008 05:53 pm CT (mesa, AZ)

I have a credit score of 631 with a bank in collections and a judgement for not paying rent ( which is paid now) and I have no established rotating accounts. I have little income, part time job at Quik Trip. And my husband has a 450 score with 5 collections, with little established credit, but he has a income of 3000 a month. How would be start as 1st time buyers for a small house or mobile home loan? We tried thru a bank and got deneid when using him on the credit, can I use him as extra income but not include him on the credit/ cosigner? Thanks. Jenna

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Can't be a cosigner without looking at credit. i would suggest looking for a rent-to-own property a...

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Asked 04/17/2008 01:35 pm CT (Bellevue, NE)

my parents left their home to my daughter and i in their will. The title to the home is in my name and her name. She is 13 (a minor). How can I get a mortage or Escrow Account for taxes or anything since she is 13? Or how can I get her name off of the title to the house?

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Asked 03/24/2008 07:13 pm CT (Eielson AFB, AK)

We were told that we are pre-qualified for a home subject to 3 years tax returns, w-2's, and 2 months of my husbands bank statements. I understand the importance of the first 2 documents, but I am confused about the bank statements. It makes me nervous because my husband and I have 2 seperate accounts and I earn more and he pays most of the bills. I wondering if they look at that how much it will matter?

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Asked 03/18/2008 01:36 pm CT (Orlando, FL)

i refi'd last year and have taxes and insurance escrowed. I want to take over the paying the taxes and insurance and not use escrow. My lender told me i would have to refi to change it so i did not use an escrow account. Can mortgage escrow accounts be modified or not used without refi'ing again.

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Asked 02/29/2008 04:21 am CT (baltimore, MD)

Hi I am doing a refiance of a mortgage from a bank in house closing and received the closing paper by mail to sign as of 2/27 i \'ve closed ,now i must send in the closing paper and closing cost plus extra cash to pay off some credit card debt ,on 3/4 the fund will be debust my prolem is i must get this extra cash for a line of credit accont because i did not expect to pay off my credit cards if i borrow this money will this stop the closing of this loan , the funds will be at the agent office on time I just have to get it from my line of credit account

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Asked 02/20/2008 03:32 pm CT (syracuse, NY)

an we qualify for a FHA mortgage? My husband currently has our home mortgage in his name ony (I filed for bankruptcy 4 years ago and could not be on mortgage because it wasn't long enough). the current mortgage has been over 30 days late several times in the last 1 year due to loss of a job. his credit score is 618 mine is 692 we are paying all of his credit cards in full in the next week with tax refund but keeping accounts open. We are looking to purchase a home in Georgia. with this negative credit with current FHA mortgage what are the chances.Any lender suggestions for the Atlanta georgia area Our combined income is 99,000.00

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Gina, FHA is known for its less stringent guidelines than fannie mae. Thank you for the details yo...

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Asked 02/14/2008 06:30 pm CT (Houston, TX)

We are trying to purchase a home that is a foreclosure maybe a REO- the construction was never completed -so there isn't a CO- a bit left to complete. The realator suggested a construction loan and at that time we were told that we could include a fence and a pool in the construction loan we have never thought there is $50k remaining inside of work to complete. Now that we have been told that the pool would be a seperate loan - how can we finance without a construction loan - or does anyone sell a construction loan for less than 50k, or can we put $50k into an account and lock it with only the lender able to draw to a contractor to complete the construction and the pool? We have good credit and rental properties free and clear but we do not want to offer collaterol - our debt to equity should be really good we don't have a lot of debt and we have equity in our current home of around 100k.? Please advise asap

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Molly, depending on your down payment (ltv, or Loan to Value) many construction loans will fund not ...

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Asked 01/30/2008 09:37 am CT (holyoke, MA)

Hi, I have two mortgages on my home. The frist one is real nice, But the other one sends the bill after the due date. they all so add a late fee. This month I called them up and told them that I had better then have of this month payment in a money they told me that they would not take anything but full payment. The payment is for this month. What I would like to know. Can they do this all so They send me a letter saying that if I sent them a check ther would go into my checking account and take the money out.

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Asked 01/03/2008 04:50 pm CT (San Francisco, CA)

I have been behind on my payments due to recent divorce and medical disability, but I was able to get 1st loan modified and was approved at a lower interest before it got foreclose. But when I called GMAC bank for my 2nd loan for help, the representative told me that GMAC already put my loan as Bad Debt and the only options I have is to negoatiate to pay it full or make payment arreangement and they can't modify my 2nd loan. They also told me that my 1st loan was noted in their account a forelosure. Since they declared my loan as bad debt, what's the best thing for me to do? I don't have the money to pay off the 2nd loan. please advise. Thank you for your help.

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Asked 01/02/2008 12:27 pm CT (Berkley, MI)

My fiance and I bought a house last year, with both of our names on the mortgage and title. We pay the mortgage/property taxes out of a joint account that is only used for housing expenses. Obviously, we would like to deduct the interest expense for taxes this year. The mortgage company only sent us one tax form with the total mortgage interest paid. When filing our taxes what are our options for deducting the interest since we cannot file jointly? Can I take the entire deduction or does it have to be split 50:50. If it has to be split 50:50, does the mortgage company need to send us two forms with the mortgage interest split in two or can we just divide it ourselves?

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Mike, this is a great question. I would suggest speaking with your tax preparer as this is ultimatel...

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Asked 11/14/2007 11:14 am CT (Shreveport, LA)

My wife & I paid cash for a mobile home last year and moved ot onto my mother-in-laws property.My mother-in-law is an elderly lady with limited income. This year we began making the payments on the property for her. Now she wants to transfer the title into our name & we continue to make payments.My credit is mid 500's & we also owe the IRS about $40,000. There is only 20,000 remaining on the account but the bank will not lend us money on the home until we have shown payments in our name for 18 months. We really need the loan to make improvements & pay off other debts. Is there anything we can do? Thanks.

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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 10/12/2007 09:31 am CT (Winnsboro, SC)

My husband and I refinance house loan after a year they sold our loan to another mortgage company that we now have for about 2 years now the payment has went from 606.00 to 775.00 plus about 10,000 dollars add on to the account. What can we do to correct this problem?

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More than likely your payment has gone up because your taxes, insurance, or adjustable rate has gone...

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Asked 08/01/2007 12:24 am CT (BALTIMORE, MD)

WE ARE THINKING ABOUT REFI AND PART OF DOING SO WE ARE ASKED TO SHOW A COPY OF OUR IRA ACCOUNT CAN I ASSUME THAT THE REASON FOR THIS THAT THIS WILL BE USED SOMEWHERE WITHIN THE LOAN AGREEMENT THAT IF WE FAULT ON THE LOAN FOR ANY REASON THAT THEY CAN TAKE OUR ASSETS.I THINK SO BUT THEY SAY THIS IS JUST A STANDARD PART OF THEIR LOAN PROCESS.ANY ADVISE I THINK I KNOW WHAT OUR DECISION WOULD BE BUT ANY SUGGETIONS

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John, they shouldn't ask to use your IRA funds as collateral against the loan. What they are most li...

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Asked 07/29/2007 12:30 am CT (Tempe, AZ)

My girlfriend and I have been living together for several years, and even though we have an "agreement" the house is ours it is in her name from a previous family title swap transaction. We both contribute to the total cost of buying, remodeling and maintaining the house and I would like to get on the loan (~25% of Title???) and make that official. I make $90k/yr., our house is worth ~$900k and we currently have a Mortgage of ~$260k. She has had two bad relationships in the past and has been hesitant about putting someone else's name on the house, but I continue to contribute and have expressed the need to make this official. My credit score is very average (670) from both a bad financial advisor and the fact that I have run up a significant credit card debt (~60k) on remodeling and getting a truck to work on the house. She has very good credit at 800+ and has conceptually agreed to put me on the title at some percentage, take out a load to pay off all my outside debt (~60k) which will then boost my credit rating to low to mid 700's as I was over 700 before current debt and currently have no Real Estate accounts. I feel the timing for this is very important and from what she understands she agrees as we are planning on either buying a new home or performing a significant remodel (~250k) in the next 6 mos. to a year and my improved credit score with no debt and still low mortgage would go a long way to making that happen and not hurting us on a bigger debt a lower credit scores. I hope this makes some sense, this is my first query related to this effort and I would greatly like the feedback of experts as my income is continuing to be used with no "Real" results. Thanks, RMc

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RMc, your issues are very common in the current marketplace. You are very accurate in your situatio...

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