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Asked 09/14/2009 10:20 pm CT (Sandy, UT)

My husband and I have owned out home for 13 years. It is our primary residence. Last November, 2009 we refinanced consolidate our 1st and 2nd mortgages and to pay off credit card debt. Our credit was poor at the time and we received a 11.33% interest rate on the new loan. They told us that if we could keep on the mortgage payments and not incrue any new debt, they would refinance us Nov 2010. Since then they have closed all their branches and are no longer taking any new business which included refinancing their current clients. We currently owe $158K with a payment of $1,760 per month plus a 5% prepay penalty estamated value of the home is $166k. if we refinance or sell before November 2011. The currently mortgage company states that they have chosen not to participate in the Obamha Stimulas package. We have been playing the pay them late but just in time game for month and we can\\\'t keep it up any longer. On Sept 30,2009 we will hit our first 30 days past due. We have found a rental house to move into but what are our options for getting out of this home and the mortgage. How will the options affect our credit? is one worse than the other. What are the tax implimintations? Thanks, Cathi

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Cathi, There are three options for getting out of your home. 1 – sell the home. This is the ...

[ Total Answers: 1 ]

 
 

Asked 08/23/2009 11:10 am CT (Germantown, TN)

My daughter and her husband are separated - he left the house about 4 months ago. He has not given her any support since he left. They have a house with a loan of approximately $322,000 - a mortgage payment of $2,200 principle and interest only. The tax appraisal on the house is near the load amount. Taxes and insurance would add approximately $500 more per month. She has been laid off from her job and has applied for unemployment - should draw about $230 unemployment pay plus $1500 per month child support ($750 after 9 more months as the oldest child will turn 18). Husband is self employed but tells her that his business is down and he is now only drawing one pay check per month ($500 net). He also works part time and makes approximately $1,200 per month. Medical insurance for him and my daughter currently comes out of the part time money ($100 per month). He has told her that he will take her off the insurance in December. He also just purchased a new care through the clunker campaign. My daughter's name is on the deed to the property but not on the mortgage. She has managed to keep the payments current until this month but she can no longer pay the full amount. When she contacted the mortgage company regarding a loan modification she was told that they did not qualify because they were not behind on their payments. She was told that she should try to refinance and try to sell the house even if it was a short sale. Husband wants to let the house foreclose - she does not - he has not agree to put it up for sale. Questions are: 1. Does he have to agree to put the house up for sale or can she do it on her own? 2. Does foreclosure affect her credit? 3. Does she have any obligation to pay the mortgage payment? He continuously tells her that she is as responsible for the payment as he is since her name is on the deed. 4. The loan company told her that foreclosure proceedings would not begin until the payments were three months behind. Is that true? In other words, if she makes a partial payment, say $1,000 per month, will the house ever go into foreclosure? She wants to do the right thing but needs whatever assistance is available to her - what are her options? This is a case of someone not being able to afford the amount of money that was loaned to him.

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Patricia, If, in fact, your daughter is not on the mortgage then she is NOT responsible for the mor...

[ Total Answers: 1 ]

 
 

Asked 04/20/2009 06:24 pm CT (San Francisco, CA)

my dad and i are foreclosing the house. his name is solely on the loan, but my name is added onto the title when we refy. is my credit going to be affected and also, will it show in my history record that the house was foreclose?

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If your name is not on the loan then it won't affect your credit....

[ Total Answers: 1 ]

 
 

Asked 03/05/2009 11:37 am CT (San Francisco, CA)

My husband and I both owned homes prior to marriage, intended to sell his but cannot. We bought a home together, I am the sole person on the mortgage loan of our joint home but he is on the title. Our circumstances have dramatically changed and can no longer afford his home. I am not on the mortgage or title as he bought this two years before we were married in Jan. His home was never refinanced and is the original loan. We paid 15% down on the current home but likely have very little equity. If he forecloses on his home, will it affect my credit? Also, can they put a lien on the current home for which he is on the title but not on the loan? Thank you so much.

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Consult an attorney. However, your credit cannot be affected by a default on a mortgage you never q...

[ Total Answers: 1 ]

 
 

Asked 01/26/2009 10:40 am CT (St. Paul, MN)

i would like to know if you have two properties and one goes into foreclosure, does it afect the other property that I already sold as CD but still on my name or do the bank put a lien on the other property anyway and might creat problem or affect the CD deal . [Reston VA] =

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To start with, hopefully, the home you sold on a cd does not have institutional financing on it. If...

[ Total Answers: 1 ]

 
 

Asked 01/05/2009 08:24 pm CT (Blaine, MN)

I bought a house with a friend out of college 4 years ago. Since then we have refinanced the 2nd Mortgage under just his name due to credit score reasons at the time. I recently got married and we were able to get the 1st mortgage in both me and my wife's name, however, the 2nd mortgage carrier wouldn't allow me and my wife to "assume" the 2nd mortgage from my friend and release his name entirely. So we now have a 1st mortgage with me and my wife's name on it, and a 2nd mortgage with just my friend's name on it. The question is: My friend now wants to move out, and we owe more than what the house is worth. Me and the wife plan on staying in the house, but due to a recent drop in pay we are unable to afford the 2nd mortgage that my friend currently pays. My friend has talked about just walking away because there is no reason for him to stay, and he doesn't care that it will affect his credit significantly. I'm assuming this will also affect me and my wife if he walks, but how? Does the 2nd Mortgage carrier then file for foreclosure and being we owe more on the house than it is worth would the 2nd mortgage carrier still buy out the first mortgage carrier and foreclose entirely? Should I have my friend try to negotiate with the 2nd mortgage carrier to lower the amount of $$$ owed? What do you suggest we do? Thank you!

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If the 2nd mortgage is secured by the home you are living in, and that mortgage goes into default, t...

[ Total Answers: 1 ]

 
 

Asked 08/15/2008 07:41 am CT (pittsburgh, PA)

My husband and I are about to forclose on a house. The loan is in his name only, but I am on the deed. How will my credit be affected. We are getting a divorce & I will need to find a new home

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If you're not liable for the note this loan is not part of your credit profile. The foreclosure sho...

[ Total Answers: 1 ]

 
 

Asked 03/30/2008 07:22 pm CT (Shakopee, MN)

I filed for chapter 7 bankruptcy last year which was discharged. My boyfriend and I want to get married April 2008 but he wants to buy a home after we get married and would i have to be included on the mortgage loan he gets? We were told it could affect his rates etc., Do you have to apply for a joint mortgage loan if married? Can't he apply as married using just his income and expenses and credit to qualify for a mortgage? I would not be on the loan documents but listed as having an interest in the home. Is this possible?

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Asked 02/11/2008 06:31 pm CT (atlanta, GA)

How long does a foreclosure stay on your credit report and more importantly how long does it negatively affect your ability to purchase another home

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Typically 7 yrs and 4 yrs to your questions. Lenders want to see at least 4 yrs since BK AND a re-es...

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Asked 01/22/2008 05:10 pm CT (cambridge city, IN)

Hello. My situation is this. We have been trying to sell a house for 3 and a half years almost. It does need a little work but it's priced reasonably at 58,000. We went ahead and built a brand new home because we could afford two house payments. We are thinking of filing bankruptcy to get out from under that house because we don't see any other way. Our market is extremely terrible here where we live. Houses are sitting for years. If we were to file a chapter 13 bankruptcy how much of the 60,000 that we owe on that house would we have to pay back? Also would filing bankruptcy affect the new house? Would they be able to mess up our loan on the new house or take it away from us? Thank you for your information. Ray

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Asked 01/16/2008 07:09 am CT (Greenwood, AR)

Ex husband filing for bankruptcy. The house i live in has both of our names on it. What do i do? Will this affect me? Thanks.

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Asked 12/29/2007 10:34 am CT (Gallatin, NY)

My daughter and her husband purchased a home in 2004 for $148,000. They refinanced in February 2006 for $275,000. Washington Mutual had an appraisal done at that time and appraised the property at $275,000. The mortgage was in my son-in-laws name only. He had poor credit at the time. They got an 80/20 mortgage the larger at 8 1/2 % and the smaller at a rate over 10%. The larger rate will go up in May. I have an excellent rating so in order to help them I went to Washington Mutual to try and refinance the house in my name using my ratting so they could afford to keep their house. I was told that I needed to have my name on the deed in order to refinance the house. My son-in-law had me but on the deed with rights of survivorship. This was done so when I died they would own their home and it would not go into my estate. Washington Mutual did an appraisal for me in August of 2007 and they now say the house is only worth $190,000, therefore they would not give me a mortgage. To complicate matters my son-in-law died unexpectedly 12/13, at the age of 47. My daughter can not afford to pay the mortgage and I can’t get one for a more reasonable rate because they say it is not worth the $274,000+ still owed on it. To make matter even worse the freeze the government put on the balloon rates only applies if you live in the house. The mortgage is in my son-in-laws name but he is dead. My daughter and her 3 children (her 3rd was born prematurely shortly after my son-in-law died) live in the house but the deed is now in my name (because of the right or survivorship clause) and I do not live in the house. I thought about letting the bank foreclose on the mortgage and then attempt to buy it back when they auction it off. The person I spoke to at the bank (WAMU) claims that even though the mortgage is in my son-in-laws name, I did not sign any papers assuming responsibility for the mortgage, and the mortgage was entered into before my name was on the deed that if they foreclose on the mortgage it will affect my credit ratting. I have no idea if this is true but can not understand how it could be. I have also been told about a short sale as a possibility of getting out of this mess but the mortgage has to be in arrears before the bank will consider this. That would hurt my credit ratting if what I have been told is true. I guess my question to you is, is there any solution to this situation. My daughter really would like to keep the home she and her husband made for their children if possible. My daughter and her husband purchased a home in 2004 for $148,000. They refinanced in February 2006 for $275,000. Washington Mutual had an appraisal done at that time and appraised the property at $275,000. The mortgage was in my son-in-laws name only. He had poor credit at the time. They got an 80/20 mortgage the larger at 8 1/2 % and the smaller at a rate over 10%. The larger rate will go up in May. I have an excellent rating so in order to help them I went to Washington Mutual to try and refinance the house in my name using my ratting so they could afford to keep their house. I was told that I needed to have my name on the deed in order to refinance the house. My son-in-law had me but on the deed with rights of survivorship. This was done so when I died they would own their home and it would not go into my estate. Washington Mutual did an appraisal for me in August of 2007 and they now say the house is only worth $190,000, therefore they would not give me a mortgage. To complicate matters my son-in-law died unexpectedly 12/13. My daughter can not afford to pay the mortgage and I can’t get one for a more reasonable rate because they say it is not worth the $274,000+ still owed on it. To make matter even worse the freeze the government put on the balloon rates only applies if you live in the house. The mortgage is in my son-in-laws name but he is dead. My daughter and her 3 children (her 3rd was born prematurely shortly after my son-in-law died) live in the house but the deed is now in my name (because of the right or survivorship clause) and I do not live in the house. I thought about letting the bank foreclose on the mortgage and then attempt to buy it back when they auction it off. The person I spoke to at the bank (WAMU) claims that even though the mortgage is in my son-in-laws name, I did not sign any papers assuming responsibility for the mortgage, and was entered into before my name was on the deed that if they foreclose on the mortgage it will affect my credit ratting. I have no idea if this is true but can not understand how it could be. I have also been told about a short sale as a possibility of getting out of this mess but the mortgage has to be in arrears before the bank will consider this. That would hurt my credit ratting if what I have been told is true. I guess my question to you is, is there any solution to this situation. My daughter really would like to keep the home she and her husband made for their children if possible. My daughter and her husband purchased a home in 2004 for $148,000. They refinanced in February 2006 for $275,000. Washington Mutual had an appraisal done at that time and appraised the property at $275,000. The mortgage was in my son-in-laws name only. He had poor credit at the time. They got an 80/20 mortgage the larger at 8 1/2 % and the smaller at a rate over 10%. The larger rate will go up in May. I have an excellent rating so in order to help them I went to Washington Mutual to try and refinance the house in my name using my ratting so they could afford to keep their house. I was told that I needed to have my name on the deed in order to refinance the house. My son-in-law had me but on the deed with rights of survivorship. This was done so when I died they would own their home and it would not go into my estate. Washington Mutual did an appraisal for me in August of 2007 and they now say the house is only worth $190,000, therefore they would not give me a mortgage. To complicate matters my son-in-law died unexpectedly 12/13. My daughter can not afford to pay the mortgage and I can’t get one for a more reasonable rate because they say it is not worth the $274,000+ still owed on it. To make matter even worse the freeze the government put on the balloon rates only applies if you live in the house. The mortgage is in my son-in-laws name but he is dead. My daughter and her 3 children (her 3rd was born prematurely shortly after my son-in-law died) live in the house but the deed is now in my name (because of the right or survivorship clause) and I do not live in the house. I thought about letting the bank foreclose on the mortgage and then attempt to buy it back when they auction it off. The person I spoke to at the bank (WAMU) claims that even though the mortgage is in my son-in-laws name, I did not sign any papers assuming responsibility for the mortgage, and was entered into before my name was on the deed that if they foreclose on the mortgage it will affect my credit ratting. I have no idea if this is true but can not understand how it could be. I have also been told about a short sale as a possibility of getting out of this mess but the mortgage has to be in arrears before the bank will consider this. That would hurt my credit ratting if what I have been told is true. I guess my question to you is, is there any solution to this situation. My daughter really would like to keep the home she and her husband made for their children if possible.

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Asked 12/28/2007 07:10 pm CT (Dwight, IL)

How will being married affect my mortgage application?

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Being married won’t affect your mortgage application at all if you choose to be the only applicant...

[ Total Answers: 1 ]

 
 

Asked 12/28/2007 08:02 am CT (Albuquerque, NM)

I am trying to get rid of a house that me and my ex wife purchased just about a year ago. To prevent forclosure i have looked into a short sale and a deed in lue. I am not sure though which would be better to go with and what ways they may affect my credit. Any help would be appreciated

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Jon, If you can accomplish the short sale, it will be a less damaging option on your credit. The...

[ Total Answers: 1 ]

 
 

Asked 12/08/2007 01:34 pm CT (Sarasota, FL)

Hi. My name is John and I am extremely fustrated and hope you can help. My sister and I purchased two pre-construction homes together in Sarasota. Upon completion, I took over one home she took over the other. On my home, she is on both the deed and the mortgage. On her home, I am only on the deed. My fiance and I moved into our home immediately and in fact homesteaded recently. My sister however, she decided not to move into hers and has not made payments since July 2007. Today an officer came to my home and dropped off lawsuit papers for her home. He stated that since I am on the deed I am required to get these papers as well. AM I BEING SUED OR JUST HER? WILL MY CREDIT BE AFFECTED? I am getting married in March and my finace is a wreck over this. Could could credit be affected too? Or worse yet, could they come after our home because her name is on it? Please HELP!

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John, if you did not sign the note, then it will not affect your credit. The lender is obligated to...

[ Total Answers: 1 ]

 
 

Asked 11/28/2007 12:45 pm CT (vacaviile, CA)

We have 3 properties, 2 rentals and occupy the third. We have no late pymts and our credit scores are good (700+). The loans on all homes are still in the 2yr prepayment period, but considering to refi anyways due to the mortgages becoming too much for us. How will trying to refinance all loans at one time affect us (credit sdcores, lenders, etc)? Or is it better trying to refi only one home at a time, and doing the others later?

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Cade, I concur with the suggestion of doing all three at the same time...you should also ask the len...

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Asked 11/15/2007 05:02 am CT (beaumont, TX)

i am a first time home buyer and i am about to close but i was wondering if i could take a personal loan with a bank to help pay the closing costs will this affect me when i close (less than a month)

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Do not take out a loan or advance from a credit card money to pay for closing. Any new debt must be...

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Asked 10/09/2007 12:39 pm CT (Washington, DC)

Hello, My husband filed chpt. 13 in order to save our home, however the loan company "worked" out an agreement in which we paid $2300 a month not inclusive of the rent we pay of $1100 monthly. Needless to say it was a disaster. The house went to foreclosure in sept. The loan was in his name. I am interested in purchasing a home in a few months and wanted to know if I could include him on in the obtaining of a mortgage? I plan on purchasing in the next 6-7 months , at that time he would have been in clpt. 13, 19 months. How does the foreclosure affect the chpt. 13?

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Sorry, I meant Nicole!

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Asked 10/08/2007 04:08 pm CT (seven valleys, PA)

My husband and I are both named on the deed to our home, but the mortgage is in his name only. If we were to default on the loan, would the credit adversely affect us both?

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Carrie, If you are not on the loan, then you were credit should not be affected by it. If you ...

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Asked 10/02/2007 11:13 am CT (Denver, CO)

If I am changing carreers will switching to my new job in a couple months (same pay and benefits) affect my ability to get approved on a loan? Do I need more than 6 months at the job before I can purchase? What if I'm moving because of work?

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Lenders like to see the same line of work for 2 years. This can be very broad (management, customer...

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