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Asked 11/04/2009 02:00 pm CT (Miami, FL)

Hi, can smbd please tell me whether the interest rates are lower on a home mortgage or a home equity loan? I’m purchasing a condo and considering two options: financing it the first time around or purchasing all-cash and then taking a home equity loan. Can smbd tell me pros and cons? What about qualifications? Which one is easier yo get? Thanks a million times!!!

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Asked 10/04/2009 05:52 pm CT (San Jose, CA)

My husband's condo has a 1st and 2nd mortgage and has recently gone into foreclosure (we no longer live there). The 1st mortgage company has stopped calling since they took it over, but we are still hearing from the 2nd mortgage company. What should we do to get the 2nd mortgage off our back since the property is now owned by the 1st? Also, since it's now bank owned, should we continue to pay our property taxes? What are the repercussions if we don\\\'t continue to pay them?

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Asked 07/24/2009 07:36 am CT (Bayonne, NJ)

Hi, my name is Pete. I have a few questions. I am looking to purchase a condo in Manchester for $80K. I am inquiring as to your rates for a 30 year mortgage and as to if a 10% down payment is an option. Also, my credit is awful and I would need a cosigner, I’m 100% confident that my cosigner would be approved. With that assumption, would I still be eligible for an FHA loan?

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Asked 04/08/2009 11:16 am CT (Minneapolis, MN)

I need some help! I bought a condo in 06 with an ARM thinking I could refinace to a fixed rate to get a lower payment before it goes up again but Countrywide (who bought my loan) says since my apprasial is less than I paid for the condo there is nothing no one can do to help me and it is what it is. they did offer a modification of $4 a month for an ARM loan. I have a car payment/credit card payments and 2 jobs. Can anyone help me?

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My advice would be to contact Bank of America since they now own Countrywide. They may be able to d...

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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 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 03/03/2008 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 02/28/2008 04:44 am CT (houston, TX)

I an currently paying over 1400 a month in rent. my credit score is low just over 500. although I was recently able to purchase a new bmw and plasma tv in my own name over the last 6 months. I have a dismissed chapter 13 (dismissed with prejudice) due to a change in state from where I filed and paper work not being filed timely by my lawyer. I more over 76k. I am in the process of paying off the remaining items that weren't paid through the chapter 13. do I even stand a chance at getting a mortage? I would be a first time home buyer and looking at price range between 190-160k condo.

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Work on paying off your existing debt before getting into a whole messload of debt w/ a new mortgage...

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Asked 02/24/2008 11:16 am CT (Hackettstown, NJ)

I have a first mortgage and a second mortgage on my condo. My condo is worth less than the two mortgages together. I recently lost my job and will not be able to make both payments. What happens if they foreclose on my property? Can the second mortgage company come after me for the remaining money owed?

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Asked 01/17/2008 09:15 am CT (coconut, FL)

please help me if you can iam going to be In Foreclosure IAM ON S.S ONLY and can not pay my mortgage any more iam 4 months behind and will lose my condo how long will it be before i lose my condo I have not got any letter from my lone co. and i got my property tax in the mail do i have to pay the tax or do the lone co. or whoever gets the condo pay it when thy take my condo from me iam paying my maints of $252 every month to the condo . and trying to find some wear to live. I dont know what to do

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Asked 11/29/2007 11:40 pm CT (coconut creek, FL)

my lone co is Forecloseing on me I can not stop them iam on s.s, only. I reseved my tax bill do I have to pay the tax bill? and my maint for my condo ?tell they take my condo from me.

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Asked 11/29/2007 10:32 am CT (Livonia, MI)

I have a 3-yr interest-only ARM on a condo ending in 5/08, and will need to refi. Problem is, I also have *a lot* of revolving credit debt. I'm really worried about what my refi'd payment will be on a 30-hr fixed. I have been working to pay off the credit debt, but would it be better to send the extra cash towards the mortgage, or continue to try and lower credit debt, even if its just reducing by a small amount? Or is there something else I should be doing? Any guidance is greatly appreciated!

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Hi Sue, Definitely pay down your credit cards. I wouldn't send one cent extra to the mortgage co...

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Asked 11/29/2007 10:23 am CT (boca, FL)

IAM going in to Foreeclosure in dec and no way can i get out of it I gust got my tax bill do I have to pay the tax bill? and do I have to keep paying my maint every mont tell thy take my condo from me?

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Asked 11/03/2007 12:46 pm CT (Madison, WI)

I am purchasing a condo for $290,000 and financing the entire amount. If I want to pay the PMI up front, do I need to have more than one loan?

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Wouldn't think so.

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Asked 10/24/2007 09:58 pm CT (chicago, IL)

a small company in chicago got my dad to sign for a condo. the company said they would make the payments. they gave him a small amout of cash. my dad recently passed away. now the condo could go into forclosure. if it does and the bank dosent get the total amount owed is my mom responsible for the difference?? she and I didn't know about this deal untill we started getting phone calls. It's not the house we live in

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Asked 07/29/2007 07:35 am CT (boca raton, FL)

The lone co is foreclosing on my condo I OWE them $100,000 and need to know what happens to difference if auction results in an amount lower than the $100,000--who is liable?? I live in Florida do I have to pay them the condos in my area are going for about 80,000

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Asked 07/25/2007 12:42 pm CT (boca, FL)

refinnaced my condo for 97000 in june of 2006 my conndo was appraisaed at 153000 now the condo in my area is going for about 90.000and I must move back up north and my mortgage is 1005.00 a mounth and I cant pay that any more I called the lender to see if i can get a short sale but thy will not give it to me so if I let them foreclose on my condo what will hapen to me? and will I have to pay any of the lone money back Iam on a fix income and dont have any money saved I must move up to chicago going to live with my daughter

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Depends on what state you are in. Also depends whether or not they are a "trust deed" state or a "m...

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Asked 07/08/2007 02:08 pm CT (Henderson, NV)

I am buying a new condo in Henderson, NV. Will be giving about a 65% downpayment, have a credit score of 740. What is the best rate for a 30 fixed rate with no points?

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6.375 tdy contact me directly i have low overhead so i can pass on great rates...

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Asked 05/16/2007 12:28 pm CT (Hempstead, NY)

Hey, I've been out of college now for a year and i've been working fulltime since November. I would like to buy a condo in North New Jersey but I'm not sure if I would be able to afford it. My credit score is in the low 600s and I make 35K. The condos I would like to purchase are within the 135-150k range. Is there any light at the end of my tunnel mortgage wise or should I just wait a few more years?

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Michael, Give my office a call to go over a financial debt analysis. We take an advisor approach...

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Asked 04/25/2007 04:11 am CT (boca raton, FL)

I refinnaced my condo for 97000 in june of 2006 my conndo was appraisaed at 153000 now the condo in my area is going for about 90.000and I must move back up north and my mortgage is 1005.00 a mounth and I cant pay that any more I called the lender to see if i can get a short sale but thy will not give it to me so if I let them foreclose on my condo what will hapen to me? and will I have to pay any of the lone money back Iam on a fix income and dont have any money saved I must move up to chicago going to live with my daughter

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What Happened The Value went down so much from 153,000 to 90,000 with in 10 months...

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