BestInMortgage.com Post Your Mortgage Question Find mortgage expert in your area
You are not logged in. Login here. Not a user? Sign Up
Email: Password:
 
Search by Mortgage Terms: Ask My Question


Search: "Afford"

Pages:  1 
 
 2 
 
 3 
 
 4 
 
 
 

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.

Keywords:
                                                              

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

[ Total Answers: 1 ]

 
 

Asked 07/22/2009 08:53 pm CT (Atlanta, GA)

i am self employed and my taxes don't show enough income to re-fi- my wife job net about $225 amonth and i had a loan modication 2 years ago and it is coming to a end and my mortgage lender say's i can only have one per life of loan. what can i do now if that is true and if i still can afford the payments

Keywords:
                  

 
 

Asked 06/03/2009 05:10 pm CT (New Bedford, MA)

my wife purchased a home through a nonconventional loan prior to our marrige in 2007 basically the hight of the market, mortgage and deed both in her name only. Due to the economy we have gotten behind a bit on the mortgage which has caused her some credit issues, my credit is still good. We wanted to refiance but were told my name had to be listed on the deed before they could do this for us. We filed the paper work to list me 45 days ago and have just found out today they will not refinance with us because we have lost so much equity in the house, upside down almost 50,000. Being this far behind we are almost ready to just let it go or possibly try a short sale and start over again with something much smaller and more affordable. will i no longer qualify for an FHA loan in my name now because of the deed status, and also if this is the case is there a way to reverse it, kinda like a nullification period where it has only been 45 days since the addition of my name? any answer or advice is greatly appreciated, thank you

Keywords:
                              

Now that you are on title, you could potentially refinance under new programs that just came out whi...

[ Total Answers: 1 ]

 
 

Asked 06/02/2009 11:05 am CT (Columbia, SC)

Hi! Mine and my husband's bankrumpcty has been discharges for almost a year( chapter 13). His credit score is 575 and mine is 566. We really would like to trade our double wide mobile home in for a new one. We do not have much money to put down on a new one but we can afford to make payments. Do you have any suggestions?

Keywords:
              

 
 

Asked 04/20/2009 03:30 pm CT (Colorado Springs, CO)

Three years ago I purchased a home with an 80/20 loan. I automatically went to a bank soon thereafter to set the terms of the 20 into a 15 year mortgage at over 8 percent. The 80 is still interest only due to set at as an ARM in two years. The house was purchased at 335, 000 but on current mean estimates like Zillow is currently at 311. I obviously have little equity in the house. I am wondering if I can refinance the 80 into a payment that will not be too much higher than what I currently have. I am not having trouble making payments and could afford higher. My credit is excellent, but I am beginning to consider options at this point. Thank you.

Keywords:
                              

Hi: In order to refinance your first mortgage, the second mortgage holder must agree to subordinate,...

[ Total Answers: 1 ]

 
 

Asked 04/14/2009 06:27 pm CT (Cincinnati, OH)

I was seperated the past 5 yrs from my ex husband after 27 yrs of marriage we own a home which I stayed in after he left 5 yrs ago we finally divorced aug 08 i didnt think I could afford to keep it and he didnt want it then he gets a g/f 20 yrs his jr decides he wants the house during the divorce for her (of course). In the decree it states he was to refinance the home he has not thus far, I let him and her move in nov 08 i moved into an apartment. he borrowed 3000.00 towards paying me my half of the equity, he still owes me money and both our names remain on the mortgage and deed.he really doesnt want the house but i do and to boot I recently found out the g/f who is living in our home has a violent criminal record and has even been in prison she is very unstable I did not know about this or I would have never agreed for her to move into the house. he doesnt want to know and shes hounding him for her name to go on the deed which cant happen because there is no way my name comes off the deed while I am still on the mortgage. I am very concerned she may go "off the deep end" yet again and do something to the house as I said her criminal record shows she is clearly unstable she has thrown our daughter out of the home and moved her 13 yr old son in. Since he failed to refinance and the house remains in both our names he cant refinance as he waited too long and now is paying spousal support to me while Im in college. my 2 questions are what rights do i have to the house? and is it possible to evict this woman before she does irrevocable damage? he wont face this wont listen doesnt want to know if he chooses to live with a convicted violent felon thats his perogitive but I do not choose to have that living in a home I still own and am responsible for.I would much rather give him the 3000.00 back he has paid me and not take anymore payments from him and take back my house ..any advce?

Keywords:
                                

 
 

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.

Keywords:
                                  

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

[ Total Answers: 1 ]

 
 

Asked 03/01/2009 10:28 am CT (Buffalo, NY)

We own two houses in New York (His & Mine prior to marriage) One is paid for with a home equity loan 45K, the other has a small mortgage 43K and a Atruim Villa in Florida four years ago for 190K - we owe 155K its on the market for only what we owe & not selling. With out my income we can't afford all our mortages, taxes and association fee's - If we walk away from Florida would the bank come after our homes in Florida that we listed as assets on the mortgage? Are we better off to stop borrowing money and allow it to fall into foreclouse or try to give deed back?

Keywords:
                        

 
 

Asked 02/10/2009 07:53 am CT (Clearwater, FL)

My mortgage balance is 260,000. Market value for my house is only 160,000 and is going down. I am two months behind on payments. I would like to keep my house but can't keep up with payments due to reduced income. Is it possible to reduce mortgage balance to current market value, because that would be only way for me to afford monthly payment? Thank You, DH!

Keywords:
                              

You need to contact your lender's loss mitigation dept to determine what options are available for y...

[ 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!

Keywords:
                                  

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

[ Total Answers: 1 ]

 
 

Asked 12/19/2008 11:46 am CT (North Las Vegas, NV)

I have a 4 bdrm 2 1/2 bth 2200 sq ft 4yr old home in a 1 story community. I paid $341,000 for the home and received 32,000 in free upgrades. It is a upscale home with a 17ft granite bar maple cabinets all with roll out drawers, Huge pantry and laundry room. Large lot with long flat drive landscape front and back with huge back covered patio. I put down $64,000 down and the home is now worth maybe $250,000. I took 1 of the choose yr pmt loans and have been adding $700.00 per month for about a year as I could no longer afford even the interest only pmt. What can I do if anything to keep my home or do I just walk away from $64,000 dwn pmt and all the pmts for 4 yrs??

Keywords:
          

 
 

Asked 11/28/2008 10:44 am CT (Houston, TX)

I would like to know if it is worth refinancing the mortgage on my house. We cuurently owe about $265000 on a house worth around $700000. Our current loan is at 5.625% on a 30 year fixed and we have been in our house about 5 years. We plan to stay in this house for many many years. I have been looking into rates and was offered a 5.00% mortgage on a 15 year fixed loan with 1/2 point to buy this rate. We can afford the extra payment, but is it worth it? Since I currenly pay about 4 to 5 hundred extra toward the principal each month on my current loan. Or w

Keywords:
                        

If you refinance to a 15 year loan your payment will increase about $493 per month. If on your curre...

[ Total Answers: 1 ]

 
 

Asked 11/05/2008 03:35 pm CT (State College, PA)

First I must say that you do not have the city I live in on your list so I just picked one. Anyway here is my situation. I need to refinance my home to lower my payment, repair my roof and lower my interest rate and I have done everything that I have been asked to do. I have a manufactured home and land appraised at 75,000. My credit is good and I actually pass FHA inspection and have released the title to my home. The only problem I run into is there is no properties such as mine that have sold in the past two years. Now I do live in the smallest county in PA we only have 5300 people and sales are a little slower. There are a lot of manufactured homes being purchased as they are affordable for folks but no one is selling. I am at my wits end and don't know what to do. I am struggling to maintain my house payment the way it is and am afraid I will have to let it go back. The current lender will not consider refinancing the loan. Do you have any suggestions?

Keywords:
                                  

 
 

Asked 10/29/2008 10:11 pm CT (Sacramento, CA)

I want to buy a home that is being sold as a bank owened property.. it is through a realestate co. I am in the process of trying to sell my first house but this is a short sale on the other ... I dont have money for a down before sale and they wont do a contingant. could I get a second morgage to cover it? we owe 141,000. ( worth 160,000-180,000) on my home now, the other home is only 92,000. we could afford both morgages untill the sell of first but like I said no money for that down... and how to get anouther loan still oweing on first. what are my best options??

Keywords:
                          

Hi Crystal, It appears by how you describe your situation that you may think about receiving a Gift...

[ Total Answers: 1 ]

 
 

Asked 09/19/2008 12:08 pm CT (Sacramento, CA)

This one is bad ... at least for me. We have several mortgages on the house we're living in. The house was purchased on a 80/20 with zero down at the peak of the market for $670K. The first is $540K, the second is $130K. Shortly after that we got an equity line from Bank of America for $210K to start landscaping at what not. At that time the house appraised for nearly $900K. Being adjustable the payment went OUT OF SIGHT last November. I stupidly figured as a stop gap I could borrow against the HELOC to make the payment. Well the rest is history ... although the payment which adjusted first in November (OUT OF SIGHT) came back to more normality in May (the next adjust is November 08). Now the HELOC has been shut off by Bank of America (at about $180K) and we are $3K short per month. I think I'm out of options as I've been pulling a rabbit out the hat for months. What should I do?? I'm considering not paying Bank of America and second for a period to keep us a float. Calling them (various lenders) to see if they'll work some type of solution. Praying for salvation ... etc. In this mix I actually have another home which is not upside down. Which we are renting out (with a payment we can afford). I'm guessing the various lenders can't touch that home ... so we're considering evicting the tenants, stopping paying the others and moving back there. Any pointers or insights you could provide would be helpfull. I can't pull money from anywhere and am down to the point where we'd be Bankrupt if I made the next months payments (read broke). I also owe $11K in tax on the problem home. I didn't pay that to enable myself to meet the mortgage for a 3 extra months. Thanks in advance.

Keywords:
                                      

Jim, tough situation. It's obvious you can't service the debt you have. It will be a stretch to...

[ Total Answers: 1 ]

 
 

Asked 06/04/2008 09:00 pm CT (brownwood, TX)

my wife and i are going thru a divorce.we have a va loan that i used back in 1997. she wants the house.i dont.she has bad credit as i do to.she wont be able to get a loan on her own.i dont think she can afford to keep the house up.i dont want a foreclosure on me.she is adamate about staying in it.what are my options?

Keywords:
                

I would definitely agree with getting the judge to order the sale of the house. Too many times I've...

[ Total Answers: 2 ]

 
 

Asked 05/18/2008 01:36 pm CT (kansas city, KS)

I am in a unsatisfactory relationship and w/o the other\\\\\\\'s income I cannot afford the house payments. Can I give the property to the lender w/o severely damaging my credit?

Keywords:
                  

Yes it will damage your credit. It would be better to contact a real estate agent and sell. If you...

[ Total Answers: 1 ]

 
 

Asked 05/06/2008 04:47 am CT (Quakake, PA)

I am a teacher in a small town and I earn alil over 35000 a year. I also have excellent credit 740+. I have no credit card debt however I do have a school loan of about 35000. My fiance has been unemployed because he hurt his back so therefore he has little income. Is it better for me to just apply for the loan without him?? How likely is it for me to be able to get a loan for $50000? I know we would be able to afford the payments!! Thanks for your help!

Keywords:
                    

Based on the prelim information you have provided you can qualify for a mortgage of $50,000. It wou...

[ Total Answers: 1 ]

 
 

Asked 05/01/2008 05:39 pm CT (Saint Clair Shores, MI)

My friend purchase a house in 2001with his wife. He put down 5%. They got a PMI together. However, to receive that it had to be in both names. He's now divorce and been taking over payments he can not afford now. He would like to know how could he let go of the house without damaging credit badly.

Keywords:
                

Unfortunately, "letting go" of the house without finding a buyer for it will severly damage your fri...

[ Total Answers: 1 ]

 
 

Asked 04/29/2008 07:59 am CT (Shawnee, KS)

Divorced last Oct. 2007. had qcd done removing my interest off of property but still on mtg due to him having 'til this oct. to refi. he has tried but cannot due to deb to income ratio too high. he can no longer afford mtg and wants to file chap 7. per div. decree, he has til oct to refi to remove my name. will I be involved in the chap 7 and my credit go bad?

Keywords:
                  

Sorry to say but yes. The mortgage company will come to you for payments if he files chapter 7. He...

[ Total Answers: 1 ]



Pages:  1 
 
 2 
 
 3 
 
 4