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Search: "Closing"

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Asked 09/14/2009 12:48 pm CT (Chicago, IL)

I was engaged to my husband in 2001. In August 2002 moved into a home. We both paid money at the closing. However my name was never put on the deed or the mortgage. We were married in August 2003. Since then the house has been refinanced 3 times because of my husband's credit card debt. The initial loan was for $109K and is now $192K. In 2007 when we refinanced I signed a homestead waiver, if for any reason he could not pay the mortgage I did not want to be held responsible for the mortgage. He is now in debt again and I am considering a divorce. Even though my name is not on the mortgage or deed and I signed a homestead waiver, do I lose all rights to the property.

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Asked 08/01/2009 08:10 pm CT (Aiken, SC)

IF I HAVE BEEN APPROVED FOR A USDA LOAN AND THE SELLER THAT I AM PURCHASING THE HOME FROM IS OFFERING TO PAY 3% CLOSING COST IF MY OVERALL LOAN IS 142000 IS THAT GOOD

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Asked 06/04/2009 09:55 am CT (Asheville, NC)

I have scores of 513, 560, and 548. I am currently trying to clean up the CB scores and expect this to improve somewhat. My husband has 568, 580, and 598. We have an income of 76,000 per year, i have been employed 2 years, him 1 and a half. We have had no late payments this year. We have only student loans as debt, but its about 50,000 between the two of us, the payments around 345 between us per month. We have a landlord willing to write a letter that we have been on time every month, can show statements of our electric, phone, and cell bills, all current for the past year. We have a down payment of 3500, and we have closing costs. We want to buy a house in our neighborhood for 158,000. any chance we can do this PRIOR to the end of the year???

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Yes, but you need to get your scores at or above 620. Credit score standards have become more stric...

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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....

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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 =(

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

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Asked 03/02/2009 07:03 am CT (Atlanta, GA)

I own a home that I paid about 530K for about a year and a half ago. It is 100% financed. I would absolutely love to refinance and get the rates being offered today but based on some comps in my neighborhood I am looking at being upside down in my mortgage by about $60-$80K. Plus I imagine 100% financing has kind of gone away. Is there anything I can do to refinance and not have to bring $100K to the closing table? Or am I just completely up the proverbial creek with no paddle?

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Asked 01/20/2009 04:19 pm CT (Bartlett, TN)

Is it a good deal to consolidate my 30yr fixed (6.75%) and my eqiuity loan(8.875 %) to a 15yr fixed rate (4.6%). I owe approximately 167K(25yrs) on the 1st and approximately 44K (7yrs) on the 2nd. I would have to pay closing of about $3200, should I do this?

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Yes, I would definitely do this. Rates are the lowest they have been in the past 5 years. I imagin...

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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.

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

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Asked 12/18/2008 04:44 pm CT (Fort Lauderdale, FL)

I received my commitment documents from the lender along with the final closing costs. One of the line items is 5 months of county taxes. I don't own the home yet, so how can they charge me county taxes? I live in Palm Beach County.

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That means that you are escrowing for your taxes. An escrow account is an account that the lender s...

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Asked 10/29/2008 10:56 pm CT (New Orleans, LA)

Hi! I am new to the whole mortage game.. My Husband And I are trying to purchase our first home. We are very low income, however we have the ability to put down at least $20,000. He has had steady employment history for the past 2 years but he has ABSOLUTELY No credit history. I have gathered four sources of alternative payment history for a 12mo. period with no late fees (entergy bill, car insurance, phone, and a hospital insurance policy on our oldest son) I was employed with the same company for over two years but have been unemployed since I left the clinic I worked in to stay at home with our premature newborn..whom is now 8 mo.'s old. I have credit, however it is very low at this time due to the last statement mentioned. I am in the process of paying all my debts off. My mid score is 520 at the time :( We applied for an FHA Loan and an Urban Development but we where turned down due to my husbands change in employment (although it was for the better monetary wise) and for no savings are proof of alternative payment. My Husbands monthly income is $1920.00. Our only monthly bill is 250 for car insurance and 263.15 for 7 more months for our eldest sons tuition. The home we are trying to purchase is $129,900.00 with seller to pay $4,000.00 in closing costs. ANY advice etc. would be greatly appreciated.

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Lauren, it is possible to to be approved for a loan if you have no credit. The situation has to be t...

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Asked 08/22/2008 06:16 pm CT (Oxford, MA)

I have a loan I refinanced. The interest rate jumped from 6.875 to 7.875 on day of closing. My broker's name was 'HLFS' who recieved $4k. My loan package contained a lock doc saying 'First Horizon Home Loans' was a broker with 1.000 at 6.785. First Horizon was the lender. Three questions: Did First Horizon take a 'base' commission in addition to HLFS? Did HLFS get a YSP in addition to $4k? Is there a base commission at 1.000? AND ... Are there any HONEST brokers out there????????????????????????????? I need to refinance.

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Hi Jim, Do have copies of all of your paperwork? It is possible that First Horizon, charged you a ...

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Asked 05/12/2008 07:32 pm CT (Yuba City, CA)

My husband and I have lived in our home for 5 years. We have never been late on our mortgage and refinanced and obtained a 2nd mortgage. Currently our 1st mortgage is 345,000 and 2nd is 80,000. My husband is being relocated with his job and we have to sell the house because they are moving us out of state. I know that our home is worth about 350,000 to 360,000. Employer will pay all penalties and closing costs on new home. I am worried about our second mortgage not being satisfied. Any suggestions. I would hate for our credit to be in jeopardy.

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Ask the new employer to cover the difference. Rent or lease option it out. Attempt to short sale t...

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Asked 05/05/2008 05:29 pm CT (Sunrise, FL)

Do I have any recousre if the real estate tax estimate at closing was estimated too low? The tax bill came in three times the estimate 3 months after the close.

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I would first contact your lender to see if the real estate tax increase was a state increase or if ...

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Asked 04/24/2008 10:37 pm CT (little rock, AR)

We are set to close on our house next Wednesday, and we had some of our closing costs rolled in, and the seller paying some as well. However, we were still told we need $1100 to close, and we do not have the money in the bank (or will have it by Wednesday) Can we put the closing off for another 2 weeks until we have more money? And/Or, should I consider taking out a personal loan to pay for the costs, we already have been approved for the mortgage, it's just the darn closing costs.

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Didn't you get a Good Faith Estimate at application about how much you'd need to close? Putting the...

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Asked 04/06/2008 03:32 pm CT (Zionsville, IN)

Assume closing on 5/1/08. You pay 30 days of interest at closing. Is first mortgage payment due on 6/1 or 7/1?

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Closing on 5/1/08 w/ 30 days of prepaid interest gets you to a first pymt date of 7/1. Since mortgag...

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Asked 03/25/2008 10:00 pm CT (Laguna Hills, CA)

My husband and I bought a condo 2.5 yrs ago with a 2 yr fixed rate and had planned to refinance in hopes of getting a better rate. Due to the market crashing we are unable to get a decent rate and are now paying on an adjustable rate. My name is only on the title and not on the actual loan. My husband and I were wondering if it is possible to get my name off of the loan and foreclosing under his name. He has a BK on his record that's about 4yrs old. My credit is pretty good and I would like to keep it that way in hopes to buy a house in the future. We didn't put any money down and have nothing to loose. We've been paying close to $3000 per month for a 1 bedroom 895 sq ft condo and it' just not worth it anymore killing ourselves to pay something we can't start a family in. What would be the process if it is possible? Please advise. Thanks

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Asked 03/25/2008 10:45 am CT (Greer, SC)

How does Fannie Mae Regulations effect my mortgage loan? I was getting 80% financing on a home in Greer, SC (for my daughter) - and our contract with the seller stipulated the Seller pays closing costs. Halfway through the process, the loan person contacts me and says "Fannie Mae has changed their regulations," and all of a sudden I have to pay $2K in closing costs. (This was two weeks ago.) Do you think this is legal and valid? I wasn't financing through Fannie Mae. How is this allowed to happen? He wanted me to sign an addendum to the contract and everything - agreeing to these terms.

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Asked 03/22/2008 04:42 pm CT (marshfield, WI)

I had tried to get a house though mortgage experts, had signed papers for the bank and we were pre qualified for the loan, 2 days before closing they told me and my girlfriend that we werent accepted because i am on a commision based income, 2 weeks later i got a letter stating i am liable for the 325 dollar appraisal fee. i looked through the papers and it did not state i am liable for this. am i liable for this bill or what can i do to fight it?

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Asked 03/21/2008 08:53 pm CT (san antonio, TX)

We are closing on a new home in 3 weeks. We have a good faith estimate from CTX mortage. We have not signed any formal loan documents. We called and locked at a rate of 6.5 we have now found a rate of 5.85. Are we still required to go with the CTX because we locked in our rates?

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You should be able to tell your LO at CTX to get you a lower rate. If he won't call me and i will pu...

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Asked 03/18/2008 06:10 am CT (Houston, TX)

My wife and I are attempting to sell our home in Dallas Texas. We received an offer but we will be paying $16,000 for closing and fees and we would like to purchase another house in the next 4 to 6 months and we do not have the total amount for closing and fees. What would be the best way to secure the closig on our house but still be able to purchase a new house within our timeframe without getting a bridged loan?

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