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: "Close"

Pages:  1 
 
 2 
 
 3 
 
 4 
 
 5 
 
 6 
 
 7 
 
 
 

Asked 09/25/2009 10:51 am CT (Olathe, KS)

My wife and i got a chapter 7 discharge . We reaffirmed the first mortgage but not the second one . the second one was a 125 % LTV . If we can't make the payments on the second one . will they foreclose on the house ? we owe 89000 on first and 34000 on the second and the house is worth around 105000 ? Would they pursue a foreclosre that they would most likely not gain anything back from ?

Keywords:
                    

 
 

Asked 09/18/2009 12:05 am CT (Los Angeles, CA)

I have filed chapter 7 and should receive a discharge soon. I included as surrender all three mortgages. My first mortgage lender has offered me a modification to sign now before the discharge, not reaffirmation just signing new modification. If the house was to foreclosure, there is not enough money to pay the second or third liens. Am I legally obligated to pay the first mortgage if I sign this modification and lets say the 2nd decides to foreclose would I have to pay any money to the first? I dont plan on paying the second or third mortgages.

Keywords:
                              

 
 

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

Keywords:
                                            

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.

Keywords:
                                                              

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

[ Total Answers: 1 ]

 
 

Asked 07/01/2009 05:25 pm CT (Orlando, FL)

My ex and I are expected at court on Monday 7/6 regarding a Summary Judgement for our 2nd Mtg. We have a 1st with Countrywide and the 2nd with Wachovia. We have not been able to make pymts on the 1st for 14 months and the and none on the 2nd for the last year because we both became unemployed and have since divorced. My ex is still living in the home and the 1st Mtg Lender is still waiting for him to get a job so he can possibly do a modification etc. The 2nd Mortgage lender is taking us to court for non-payment. We have had the home on the market from the beginning trying to sell or short sale and no takers. What exactly can happen to us when we see the Judge on Monday. The house has not foreclosed yet on the 1st mortgage we have not even heard from them. Can the 2nd Mtg lender put a judgement on us for the $62,000.00 owed even though the 1st mtg lender supercedes? Please advise. Also with the declining market the 1st mortgage would not even be satisfied even if the house sold today. So what happens exactly. Since we are unemployed we do not have any resources for pymt of legal advice that is why I am asking. Please help!

Keywords:
                        

 
 

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?

Keywords:
                

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

[ Total Answers: 1 ]

 
 

Asked 04/08/2009 09:51 am CT (Des Moines, IA)

My boyfriend and I live together. He was divorced over a year ago and part of the divorce decree stated that his ex wife got there home and all the responsibilty she was supposed to remove him from everything in a certain day period. Which would have been Nov 08. Well she did not do this and now the house is being foreclosed on and she NEVER got him off any of it. So now we are getting letters and phone calls saying they will be foreclosing on the house and it is going to effect his credit. The morgage companies say that there is nothing they can do even though the divorce says it is all her responsibilty. The lawyer we talked to said that the only thing they can do is get her arrested on contempt of court? This does not seem right is there any help!! We plan to have a life together and I do not want this hanging over our heads for the next 7 years =(

Keywords:
                

Unfortunately the lender on the house was never invited to the divorce. The divorce was only an agre...

[ 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.

Keywords:
                                  

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

[ Total Answers: 1 ]

 
 

Asked 01/18/2009 09:17 am CT (Bloomington, IL)

My wife and I will finish school in May and then plan to move back to the area where we grew up. We would like to buy a home as soon as we return to the area. The problem is that even if we are fortunate enough to find jobs, we have been told there will be a few hang ups. Apparently the best case scenario (assuming employment) is that we could get into a home a month or so after being back when are able to prove employment/income level with a paystub. We have also been told that a possible situation is that we will be on probation with our new jobs. Because we have to disclose this to the lending agency, this will prevent us from getting a loan until the probabtionary period ends. The loophole to all of this, as I am told, is to use our parents as cosigners, which they are willing to do. Additional information: All parties have good to excellent credit scores and there would be a down payment of at least 10% So the questions are: if we use our parents as cosigners can they come off the loan/title without us having to refinance? If no, will the cost to refinance be such that we are better waiting 4-6 months after returning when we can buy the home on our on, keeping in mind we have to pay rent on a place till then. If we use a cosigner will that prevent us from getting our lowest possible interest rate? If we use a cosigner and disclose to the lender that we plan to remove the cosigner as soon as we can will that prevent us from getting our lowest possible rate. Additional information: All parties have good to excellent credit scores and a down payment of at least 10%

Keywords:
                              

Hi Chad, As long as you and your wife have jobs you willl not have a problem getting a mortgage p...

[ Total Answers: 1 ]

 
 

Asked 01/10/2009 11:18 pm CT (Milwaukee, WI)

Hello... Just a quick question. OK... I have a refi in progress, and we should close by the last week of Jan. I learned that I am going to lose my job (closing our plant) on Jan 31. I am getting a nice severence, and still have a nice nest egg saved up in case of problems (2-3 years), so I'm not too worried about foreclosure. (If anything, a refi will help me to pay it off faster, as I would be paying less...) Do I need to disclose this at the closing, or to my loan officer? Or, since I'm technically still employed at the time of closing - can it be my little secret? Basically, is withholding this information considered fraud, or does the fact that I am truthful in all my statements (regarding CURRENT employer) mean I should be in the clear? I obviously don't want to do anything that will jeopardize my house.

Keywords:
              

You would need to disclose that at closing. There will be a document that you will need to sign tha...

[ Total Answers: 1 ]

 
 

Asked 01/09/2009 09:36 am CT (Nashville, TN)

If I got a first mortgage loan at a reduced rate but am a traveling nurse and lease my home - can the lender foreclose on my loan

Keywords:
                  

That's a possibility but a VERY slim one. I doubt that the lender would want to own any more proper...

[ 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 01/02/2009 12:45 pm CT (Annapolis, MD)

My son's wife moved out of their house a few months ago. She took care of all bill payments. Now he finds out that she did not make the second mortgage payment for a very long time and they will no longer accept a monthly payment. He is working two jobs just to pay the monthly bills and has two children with him. He tried to draw out his 401K to pay on the second mortgage but was not able to get more than $1200 from the fund. His first mortgage is fine. What can he do about this situation? Can the second mortage company foreclose on his house? Thank you for your reply.

Keywords:
                                        

Yes, the 2nd mortgage lender can foreclose. However, the property would have to sell for a sufficie...

[ Total Answers: 1 ]

 
 

Asked 01/02/2009 12:27 pm CT (Annapolis, MD)

My son's wife recently moved out of his house. She was the person making the bill payments each month. Now he finds out that she has not made a payment on the second mortgage for some time. The second mortgage company wants the entire $22,000 and will no longer accept monthly payments. He has two children and is working two jobs just to pay the monthly bills. He tried to cash in his 401K but was told that he can only receive $1200 a year and not the $11,000 in the retirement fund. What should he do? Can the second mortgage company foreclose on his house? Thank you for your reply.

Keywords:
                                  

The second mortgage company should be willing to negotiate with the way the market is going. Negoti...

[ Total Answers: 1 ]

 
 

Asked 11/12/2008 12:27 pm CT (Tulsa, OK)

My wife and I are looking to buy a house. Our monthly gross income is $5,000 a month. Currently our debt to income ratio is around 19%. We have $10,000 dollars to put down and both have credit scores over 650 mine being closer to 700.We have also both been on the job for 2 plus years. What are the chances of us being able to get a home loan for $140,000 dollars?

Keywords:
                

 
 

Asked 09/22/2008 09:41 am CT (San Bernardino, CA)

September 2011 is the 5th year of our 5 year ARM mortgage. Our Plan A: buy a new home with a fixed rate then keep our old home as long as we can (family will rent it) in case we will be able to refinance it before 2011. Disadvantage: With this economy, its very unsure. We need to save also. It would be hard paying for two houses. Plan B: Get a new home with with a fixed rate then let go (foreclose) of our old home. Is plan B "illegal"? will that put us in trouble of taking advantage of the situation? Or is it totally okay giving us a chance not to be under water when our mortgage will shoot up to the roof? We just want to be safe in this economy. We don't want to get stuck and wait for our mortgage to balloon with our ARM mortgage. We've been trying to have it refinanced but it's been really impossible.

Keywords:
            

Hi There! You never want to "Let Go" of a house. Any time you have a foreclosure on your home it...

[ Total Answers: 1 ]

 
 

Asked 09/22/2008 09:39 am CT (San Bernardino, CA)

September 2011 is the 5th year of our 5 year ARM mortgage. Our Plan A: buy a new home with a fixed rate then keep our old home as long as we can (family will rent it) in case we will be able to refinance it before 2011. Disadvantage: With this economy, its very unsure. We need to save also. It would be hard paying for two houses. Plan B: Get a new home with with a fixed rate then let go (foreclose) of our old home. Is plan B "illegal"? will that put us in trouble of taking advantage of the situation? Or is it totally okay giving us a chance not to be under water when our mortgage will shoot up to the roof? We just want to be safe in this economy. We don't want to get stuck and wait for our mortgage to balloon with our ARM mortgage. We've been trying to have it refinanced but it's been really impossible.

Keywords:
            

Gina, you may want to consider doing a loan modification on the property instead of a refinance or l...

[ Total Answers: 1 ]

 
 

Asked 09/22/2008 09:21 am CT (San Bernardino, CA)

September 2011 is the 5th year of our 5 year ARM mortgage. Our Plan A: buy a new home with a fixed rate then keep our old home as long as we can (family will rent it) in case we will be able to refinance it before 2011. Disadvantage: With this economy, its very unsure. We need to save also. It would be hard paying for two houses. Plan B: Get a new home with with a fixed rate then let go (foreclose) of our old home. Is plan B "illegal"? will that put us in trouble of taking advantage of the situation? Or is it totally okay giving us a chance not to be under water when our mortgage will shoot up to the roof? We just want to be safe in this economy. We don't want to get stuck and wait for our mortgage to balloon with our ARM mortgage. We've been trying to have it refinanced but it's been really impossible.

Keywords:
            

Hi Gina, Loss Mitigation is probably your best avenue. There are many ways to change/save your cur...

[ Total Answers: 1 ]

 
 

Asked 09/09/2008 05:59 pm CT (rocklin, CA)

I have a first and second on my property, the 2nd forclosed but the 1st is still in good standing and the deed of trust is in my name but the purchaser of the 2nd now says she owns the entire property. Is that correct

Keywords:
            

 
 

Asked 08/31/2008 02:33 pm CT (centerville, MN)

My husband and I own a townhome (with a mortgage) We have had some credit problems recently, but have gotten it mostly cleared up. We would like to be able to move into a home with a yard since we have a toddler, and a surprise baby on the way. Is there anyway we can trade homes? Can we get a foreclosed home for what we owe on our townhome and just trade it? So we can keep the same mortgage, payments, and not have to re apply for a loan? Im pretty sure there isnt but thought I would ask. Thank you!

Keywords:
                

Hi Amy- You would need to sell your home, retire the existing mortgage and get approved for new fin...

[ Total Answers: 1 ]



Pages:  1 
 
 2 
 
 3 
 
 4 
 
 5 
 
 6 
 
 7