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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 01/05/2009 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 11/05/2008 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?

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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 09/08/2008 01:21 pm CT (Vancouver, British Columbia)

My wife's parents owe us a large sum of money from a shared property here in B.C. My wife's mother has inherited her mothers home in Alabama. The home has a clear title, and we're told it is on the market. We have asked that she talk to a morgage broker about paying us back from the equity in the home, she has informed us that she can't do anything because she is a Canadian, living in Canada. And that the laws won't permit her to access the equity. We are sinking in debt, any information on this would be greatly appreciated. Thank You, Basil.

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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 04/15/2008 12:45 pm CT (Minneapolis, MN)

My husband and I have an 80/20 mortgage and want to take advantage of the low interest rates. We asked our mortgage broker and they indicated that due to the decrease in the value of our home we cannot refinance. Is this true? Are there other options out there?

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Sally - there actually may be another option for you. FHA loans will allow a second mortgage to rem...

[ Total Answers: 3 ]

 
 

Asked 03/03/2008 05:18 am CT (buffalo, NY)

my wife and i were pre approved for $120,000. we asked for this amt.. found a home for $95,000. we did get pre approved. Filed and satisfied a chapter 13 exactly2 years ago. Due to his job of 39 years lay off ...sold company. I obtained another lesser job at half the salary for 11 years...lay off again. Have been employed at 60,000 including Social security as well age is 69..wife 65. Mortage consultant says NO Problem...I am worried sick as I have been emplyed steadily for the past 1 year ...PROBLEM...we will hear in 1-2 weeks Sure hope with my steady employment now this will help us . I do have $90,000 in equity in our present condo....PLEASE REPLY SOON Thank you

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Asked 02/25/2008 07:34 am CT (Conyers, GA)

I contacted my mortgage company 4 months ago for help. My husband\'s pay decreased and we were beginning to have a difficult time paying our mortgage. They told me I qualified for a Loan Modification. I did as they asked and sent in a financial worksheet, pay stubs etc.. They said I would get an answer in about 4 to 6 weeks and I didn\'t need to make any payments until I heard from them. Two months later I hadn\'t heard anything. I contacted them to find out the status. They said they were running behind and I should hear something soon. Well last week I received a letter from an attornys office informing us that our home was going into foreclosure. My mortgage company now tells me they need my information to be sent in again and if they are not done by the date of foreclosure they would postpone it. I am afraid at this point. I have a feeling they won\'t be done with my modification in time. Is it true a mortgage company would postpone a foreclosure in order to work out a loan modification? What should I do?

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Asked 02/08/2008 03:08 pm CT (Stafford, VA)

I want to know if I can have my son buy into my existing mortgage and the remainder i can hold as a second trust .He qualifies for 3000,000 and the house is appraised at 550,000.I owe approx 430,000 I am planning on traveling so i dont want to stay in house.Can we both own it or how does that work?Can I continue to pay the remainder after his 3000,000 is put on it or liked I asked do I hold a second for the 130,000 left? Thank you

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D, there are many things to take into consideration here. Generally speaking, yes, your son can "bu...

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Asked 01/31/2008 10:41 am CT (Enola, PA)

Hi, my mother passed in 2002 and my husband and I moved in with my father and I am his power of attorney. I have 7 other siblings and they all agreed on the POA. His home is paid for. He is 86 years old and in pretty good health. As of right now he has a will and a living will. In his will he has it stated that when he passes all living siblings split everything. His house his worth about two hundred thousand. My husband is going to be 58 years old and I told my siblings that if we have to live with my father for another 5 years or so until he does pass that my husband and I will not be able to go out and by a house and get a mortgage anywhere and asked them what they thought about my dad's house being put in my name. They all agreed with this and I talked to my dad about it and he doesn't have a problem with leaving me the house so my husband and I have a place to live after my father passes. The house is starting to need some repairs and my father doesn't have the money for them so I thought if my name was on the deed or whatever then my husband and I could refinance the house and get a home equity loan and use that money to fix the house up and my husband and I would make the payments on the loan. What can we do in this situation, I told my siblings that if we don't start taking care of the house repairs it isnn't going to be worth much in 5 or 10 years down the road if I don't get on the deed and do something about it. Other wise I told them i am going to have to move out rather than put my own money into a house that isn't mine.

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You're absolutely right. Keeping up on home maintenance is one of the best ways to preserve the val...

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Asked 01/18/2008 11:20 am CT (Miami, FL)

I was asked by a relative if they can use my good credit score so they can qualify for a mortgage. The agent told them that they would check my credit report but the mortgage would be in their name not mine. Is there such a thing as what this agent is saying. I am very leery.

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Hi Helen, Your instincts are right, you should be very leery of this situation, as your name will ...

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Asked 11/14/2007 11:16 am CT (Salt Lake City, UT)

We are getting ready to close on our mortgage loan and were asked to complete a 4506 T form. How many years back do they typically request? In 2004 and 2005 I owed on my taxes. The debt has been paid, can this still effect our loan?

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Depending on what type of loan program you are getting will depend on if or when the lender will exe...

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Asked 09/20/2007 01:08 pm CT (Fuquay Varina, NC)

I got caught up in those on line pay day loans when I went through a bad financial situation a few months ago. It took me months to get them paid off, but I paid off the last of them last month. I have been trying to buy a house, got credit cleaned up, all scores over 620 and have pre-approval for a mortgage. I have a meeting scheduled with the mortgage company and didn't realize they would need my bank statements. Of course the payday loans show up. He asked me to bring two months of statements. Will those pay day loans keep me from getting a mortgage even though they are paid off.

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Asked 09/19/2007 06:24 pm CT (Center Moriches, NY)

My boyfriend has been going through divorce proceedings with his wife for 3 years now. We have been together for a year and a half and would like to buy a house. His divorce was supposed to be finalized this month, but the house is being contested. He originally offered her the house, which he built, and just asked for his property from the house. She declined this offer and wanted to sell his belongings because she claimed they were marital property (tools, guns, etc.). He has not lived in the home for years. She claimed she wanted the house, but now she has missed two mortgage payments and is letting the house go into foreclosure. Is there any way to get his name off the mortgage before this happens? Also, if the house is foreclosed on, what happens to his property? He has thousands worth of tools and guns in the house. His lawyer told him that everything would be sold. Who regulates this sale? How is the property divided? Can't she just move all of her things out of the house and have them sell all of his things? She has already started giving things of his away (like his riding mower).

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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 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 04/20/2007 04:15 pm CT (Dallas, TX)

I was recently declined for a home loan. I asked my loan officer to email me a copy of my credit report. He stated it was against the law for him to do that. That I would have to contact equifax to get it. Is that true? What law is that against?

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did you sign a credit disclosure if not he does't have to give you a copy? ...

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Asked 04/14/2007 09:02 am CT (san diego, CO)

My brother purchase my cousin's home to help him out. My cousin was about to loose his home and asked us (my brother and I) for help. So in the end we bought his house last August 06 and he in turn will continue to live there and pay for the mortgage. To make the long story short, my cousin now is giving us a run around and is always late to a point where according to him he can't really afford this house. What can we do? The house is worth 362k bought it for 350K. Not sure if we can sell enough to pay for closing cost, etc because the house is in bad shape. Needs lots of cosmetic work. Can we return the home to the bank without foreclosure. My brother has excellent credit and we don't want to ruin his credit score. What are our options?

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Hi Wendy if your brither turns the house over to the bank then he will have a foreclosure on his cr...

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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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