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Asked 12/19/2009 03:06 am CT (Duluth, MN)

On May 17th, 2001 we entered into a contract for a construction loan with a local bank. We were going to clear ground, build a full foundation, and move our upscale mobile home onto a 40 acre parcel that we had purchassed (and paid for) a couple of years before. We were told that at the end of the construction loan term (90 day\'s) that it would be turned into a 30 yr. mortgage and insurance and taxes would be escrowed into the monthly payment. When we went in to sign the paperwork after the construction was finished and the home was moved onto the property, we were told that they were unable to secure a mortgage, but that they would carry a note for the total amount owed. At that time we were told that they would only carry the \"note\" for a period of twenty years, and that it would not include insurance or taxes. The \"truth in lending\" paperwork showed (at the time the construction loan was approved) that it would be a 30 year term and that they were \"able\" to service the loan. We were caught between a rock and a hard place, and were forced to accept their \"new\" terms as we did not have $125,000.00 in cash to pay off the construction loan which was now due! Although the payment\'s were quite a bit higher, we were able to make payments for several years, and every year they would continue the note. Lately, because of the lack of wok due to the economy we have fallen behind several times in our payment\'s, but have alsway\'s been able to catch up. 3 months ago, we received a letter in the mail after being only 27 day\'s late, that they would begin forclosure proceedings if we did not catch up our payments. We did, but are now living under the pressure that we will lose our home if we are late even a little bit late. They refuse to help us or even work with us. Is any of this even legal?

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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...

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Asked 05/02/2009 12:24 pm CT (Abilene, TX)

My question is, my husband\'s credit score is 566, i am not sure what mine is but is probably lower than that, we have been leasing a house for the last 4 years but would like to purchase it now. The price on the house is $70,000, are there any lenders to go through without putting a huge amount of money down?

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Laura, We have programs that can help you, with our free credit repair service. Depending on your...

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Asked 04/14/2009 02:23 pm CT (Altus, OK)

If a re-fi on a home loan is approved for 90k, while the need of the amount owed is actually only 88k, am I losing money in any way by taking the 90k amount and making an near immediate 2k payment that comes from the difference? Thanks

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Asked 01/30/2009 11:20 am CT (, TX)

I had only one payment left on my mortgage with Celink. I phoned and asked them for a payoff amount and they verbally added approximately $200 in charges and fees to the payoff amount and refuse to send me a Satisfaction of Loan unless I pay these charges. These fees are not listed in my contract and I have never been notified of such fees in the past. Once a loan is paid in full isn't a lender required to send a Satisfaction to the borrower?

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This is normal, you will find that your interest fees are paid a month in arrears, therefore, when y...

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Asked 01/18/2009 04:24 pm CT (Plano, TX)

Feel free to email me back. My question is: I have accumulated a total debt of approximately $60k with a net worth of roughly -$16k. The debts are with numerous companies for numerous reasons including credit cards, auto loans, student loans, etc. What I want to know is, with the current foreclosure market being like it is and so many homes being "dumped" so cheaply and under value, is it possible to find a home with a built-in equity to purchase that I can turn around and finance my other debts into the equity on the mortgage loan? I would consider it the opportunity to buy a home, while also "consolidating" my debts into the remaining equity of the home and reducing my number of payments and overall payment amount. Does this sound like a realistic and possible scenario that can be pursued?

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Becker, Hi. Regarding your question about taking equity out to consolidate your bills you must h...

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Asked 01/08/2009 07:06 pm CT (New York, NY)

Three-four years ago my mother deeded to my father and then my father to me through an irrevocable trust with my mother as the lifetime beneficiary. My mother has Alzheimer's and was in need of homecare services. The house now needs repairs and I am attempting to get a home equity loan for the trust. I understand that it is not sound to have a new deed as we would lose the benefits of the trust. I live in the home with my mom. The property is mortgage free. My credit score is 647. I had 4 judgments and a tax lien - all of which have paid over the past 4 years. I need about $30,000 but understand that many banks would not offer such a small amount. Any ideas, please.

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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...

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Asked 01/05/2009 07:26 pm CT (Drexel Hill, PA)

I have made my 360th 30 year fixed rated payment this past October of 2008, the loan maturity date. I have just received a Modification Agreement to sign for 22,000.00. The original loan amount was 59,900 in 1978. Why would I still owe more than 1/3 of the original loan amount? I have asked for documentation for 3 months now and all I have received was this new agreement to sign. I don\'t know where to direct further inquiries aoubt this. Thank you, Lil

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Asked 11/13/2008 05:54 pm CT (Everett, WA)

Hello I'm currently In a Loan with Well Fargo 5/1 Arm (intrest only). I have been in the house for almost 3 years and I'm looking to re-finance. My loan amount is 403500. Is it a good ideal to try to refinance now or wait until my loan (5/1) is at the end of it's term. My Fico score is 800. Do you have any sugestions?

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Hi Leroy - Since your question, rates have come down enough to make a refinance very timely. Are yo...

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Asked 10/29/2008 03:25 pm CT (Detroit, MI)

What does it mean that my mortgage was charged off? Do I have to move? Who owns the house? I was told that they are not planning to put into a foreclosure. They asked me for a settlement amount.

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It probably means the lender doesn't think your property is worth enough to foreclose on. You want ...

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Asked 08/26/2008 10:45 am CT (BEACHWOOD, NJ)

WHAT IS THE LOAN ORIGINATIONFEE AND AN APPLICATION FEE AND WHO SHOULD WE BE PAYING THIS FEE TO? QUESTION NUMBER 2 IS SHOULD THE LOAN PAY OOFF TO THE BANK ACTUALLY DIFFER FROM THE AMOUNT THE MORTGAGE COMPANY RECIVE?

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Asked 08/17/2008 09:38 pm CT (toronto, Ontario)

we recently purchased an condo, we paid the down payment in 4 installments and the rest we still have yet to pay, it is sitting in the bank,,now we have given the buider 8 postdated cheques for occupancy fees as the builing is not yet completed. so are morgatge is not yet closed,,now so many people have asked me,,,if I had any idea of why when they recieved ownership it cost such a large amount,, now we excpected some cost but this amounts to almost ten thousand dollars they said we all recieve a charge of 5 thousand dollars and that is just the start of the ten?? is this normal if so please help me understanding why thankyou

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Asked 07/20/2008 07:46 pm CT (Ansonia, CT)

My husband and I are first time home buyers in search of someone who is willing to give us a chance. We have had problems in the past with bills ETC, but currently we have been very faithly in keeping all of our current bills paid on a timely manner. Combine we have a gross income of about $66,000 annually, and we have not been able to find some one who will assits us in purchasing our first home. My credit score right now is 560 and my husbands is about 570, my husband does have a judgement that was filed against him last year for about $3200 dollars that we have been making monthly payments of $100 dollars for the past 7 months on. We are only looking to be approved for a loan in the amount of $160,000. Please contact me and let me know if there is anything that you can do to assist us, I am even willing to apply on my own even if it means a lower mortgage approval.

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Asked 07/10/2008 06:23 pm CT (Sundridge, Ontario)

What is best? On a 5 year term with a 40 year amortization is a variable rate at prime less.60% with only 20% extra payment allowed a year or variable rate at prime less .25% with the option of paying an extra amount up to the monthly payment amount towards the principal with every payment and then a 10% extra payment every year? Which way would you pay off more? Thanks for the info and hope this makes sense.

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Asked 07/10/2008 12:08 pm CT (Lawrence, KS)

Our house is appraised at $150,000. We owe $97,000 at 6% (30 year). The 5/1 ARM is up next October. We owe $25,000 as a HELOC and the remaining $25,000 as a home improvemnt loan from our bank. We would like to refinance the entire amount into a 30 year fixed rate. However, both Countrywide and our bank will not refinance unless we pay off the balance of the others loan. We have two cars paid off and less than $10,000 in unsecured debt. Our gaol is to get rid of the HELOC (which we never seem to make up ground on). Any suggestions?

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Asked 07/01/2008 07:16 pm CT (Las Vegas, NV)

I have a house that is valued at $281,000.00 I owe a principal amount of $311,000.00 I am making interest only payments $2,141.00 The loan is schedule to readjust in 2012. Do you recommend continue making making the payments?

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Asked 04/30/2008 09:24 am CT (Menifee, CA)

My husband wanted to get a home equity line of credit and told me that since my credit was poor that I could sign a paper letting him get the line of credit in just his name. I did sign and he was approved for 130,000. Two months later and 2 days before he filed for divorce he withdraw the whole amount and now stated he will not pay it. I cannot pay both the mortage and the line of credit he took out. Is there any hope for me?

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Sorry to hear it. I suspect you have some legal recourse against him since the equity that he "stol...

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Asked 04/24/2008 10:41 am CT (chicago, IL)

My mother is moving to a nursing home and her income which is paying for the mortgage on her home will follow her to the nursing home. The house has been on the market for six months through Buy Owner and with the declining economy and neighborhood the probablity that the house will not sell is great. The appraised value is $140,000, amount due including loan is approximately $100,000. I have no interest in property and would like to know the best way to unload it.

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Go to an investor group meeting and offer the house to them. Or put it on the market with a Realtor...

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Asked 04/16/2008 12:27 pm CT (tulsa, OK)

I have a 30 year fixed rate. My property tax went up to $2.00. Can the Mortgage company change my monthy amount even if it's a fixed rate?

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Yes. Since you have a contract for your 30yr FRM, they cannot change the amount of your mortgage pym...

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