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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 08/19/2009 11:27 am CT (San Bernardino, CA)

My husband and I are on the mortgage note but my son/daughter-in-law on on the deed to a property purchased in 2006. We live in California and have experienced a decline in the valve of our home, approximately 133,000 upside down. Is it possible to sell the home to my son on a short sale? I understand it needs to be approved by loan company but I was told we could not sell on \"short sale\" to a family member.

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That is correct. And especially to one that is on the deed even though they are note on the loan. ...

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Asked 04/14/2009 06:27 pm CT (Cincinnati, OH)

I was seperated the past 5 yrs from my ex husband after 27 yrs of marriage we own a home which I stayed in after he left 5 yrs ago we finally divorced aug 08 i didnt think I could afford to keep it and he didnt want it then he gets a g/f 20 yrs his jr decides he wants the house during the divorce for her (of course). In the decree it states he was to refinance the home he has not thus far, I let him and her move in nov 08 i moved into an apartment. he borrowed 3000.00 towards paying me my half of the equity, he still owes me money and both our names remain on the mortgage and deed.he really doesnt want the house but i do and to boot I recently found out the g/f who is living in our home has a violent criminal record and has even been in prison she is very unstable I did not know about this or I would have never agreed for her to move into the house. he doesnt want to know and shes hounding him for her name to go on the deed which cant happen because there is no way my name comes off the deed while I am still on the mortgage. I am very concerned she may go "off the deep end" yet again and do something to the house as I said her criminal record shows she is clearly unstable she has thrown our daughter out of the home and moved her 13 yr old son in. Since he failed to refinance and the house remains in both our names he cant refinance as he waited too long and now is paying spousal support to me while Im in college. my 2 questions are what rights do i have to the house? and is it possible to evict this woman before she does irrevocable damage? he wont face this wont listen doesnt want to know if he chooses to live with a convicted violent felon thats his perogitive but I do not choose to have that living in a home I still own and am responsible for.I would much rather give him the 3000.00 back he has paid me and not take anymore payments from him and take back my house ..any advce?

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Asked 05/20/2008 07:00 am CT (Phla., Alberta)

Is a co-signer responsible for a VA mortgage? My daughter and her husband are divorced. He lives in the house. He is the veteran. They got a VA loan, she co-signed, but she was not working at the time. The mortgage has not been paid, he is not doing anything about it. What can she do.

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Asked 05/07/2008 12:00 pm CT (nashville, TN)

my daughter has a mortage and it just went up when she called the mortage company to ask why they told her that from March 2007 until Oct. 2007 she did not have home owners and they did an escrow audit of there acct and they are just now adding that to her escrow. My question is can they do that since that is a year ago. They do have homeowners ins now since Nov. of 2007

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Asked 04/17/2008 01:35 pm CT (Bellevue, NE)

my parents left their home to my daughter and i in their will. The title to the home is in my name and her name. She is 13 (a minor). How can I get a mortage or Escrow Account for taxes or anything since she is 13? Or how can I get her name off of the title to the house?

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Asked 04/01/2008 07:51 pm CT (crossville, TN)

I am a vet, honorable discharge and 58 years old. I am currently a caretaker for my mother who is 88 years old , does not require medical care- but daily physical care ( making sure she gets food prepped, a bath, transportation to dr. visits etc..) I have 8 living bro/sisters..and I get paid by them monthly of $800.00 in personal check form, along with a retirement check of $125.00 per month..I want to take advatage of my Va benefits by applying for a VA mortgage loan. I have just begun this job this past year of taking care of my mother and will file taxes at end of 08. (was taking care of her w/out financial income last yr)..can I still qualify for a VA mortgage loan? I would only need about $45,000 or less- my daughter has property (14 acres) and I want to get a small 1 bedroom log cabin kit to put up on the property..would I be allowed to do that and qualify for a mortgage loan thru the VA..my daughter said she'd sign any needed paperwork approving me to put a dwelling (no bigger than a barn on the property, they have already had a spot perked approved for me to put in a home. thanks so much for a helpful site to an old guys questions:-) Jerry

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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 03/20/2008 08:36 am CT (Elkhart, IN)

My exhusband passed away in Feb. Prior to that he quitclaimed his house to me. (It is recorded at the county). His daughter from a prior relationship-there is question she is even his real daughter-came to me offering to claim the house so that I would not have to pay inheritance tax. I told her no, and am proceeding with filing the return. My question is, can she put a claim against the house?? If so, would she have to prove she is his daughter. There is also a vehicle she wants of his.

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Asked 12/29/2007 10:34 am CT (Gallatin, NY)

My daughter and her husband purchased a home in 2004 for $148,000. They refinanced in February 2006 for $275,000. Washington Mutual had an appraisal done at that time and appraised the property at $275,000. The mortgage was in my son-in-laws name only. He had poor credit at the time. They got an 80/20 mortgage the larger at 8 1/2 % and the smaller at a rate over 10%. The larger rate will go up in May. I have an excellent rating so in order to help them I went to Washington Mutual to try and refinance the house in my name using my ratting so they could afford to keep their house. I was told that I needed to have my name on the deed in order to refinance the house. My son-in-law had me but on the deed with rights of survivorship. This was done so when I died they would own their home and it would not go into my estate. Washington Mutual did an appraisal for me in August of 2007 and they now say the house is only worth $190,000, therefore they would not give me a mortgage. To complicate matters my son-in-law died unexpectedly 12/13, at the age of 47. My daughter can not afford to pay the mortgage and I can’t get one for a more reasonable rate because they say it is not worth the $274,000+ still owed on it. To make matter even worse the freeze the government put on the balloon rates only applies if you live in the house. The mortgage is in my son-in-laws name but he is dead. My daughter and her 3 children (her 3rd was born prematurely shortly after my son-in-law died) live in the house but the deed is now in my name (because of the right or survivorship clause) and I do not live in the house. I thought about letting the bank foreclose on the mortgage and then attempt to buy it back when they auction it off. The person I spoke to at the bank (WAMU) claims that even though the mortgage is in my son-in-laws name, I did not sign any papers assuming responsibility for the mortgage, and the mortgage was entered into before my name was on the deed that if they foreclose on the mortgage it will affect my credit ratting. I have no idea if this is true but can not understand how it could be. I have also been told about a short sale as a possibility of getting out of this mess but the mortgage has to be in arrears before the bank will consider this. That would hurt my credit ratting if what I have been told is true. I guess my question to you is, is there any solution to this situation. My daughter really would like to keep the home she and her husband made for their children if possible. My daughter and her husband purchased a home in 2004 for $148,000. They refinanced in February 2006 for $275,000. Washington Mutual had an appraisal done at that time and appraised the property at $275,000. The mortgage was in my son-in-laws name only. He had poor credit at the time. They got an 80/20 mortgage the larger at 8 1/2 % and the smaller at a rate over 10%. The larger rate will go up in May. I have an excellent rating so in order to help them I went to Washington Mutual to try and refinance the house in my name using my ratting so they could afford to keep their house. I was told that I needed to have my name on the deed in order to refinance the house. My son-in-law had me but on the deed with rights of survivorship. This was done so when I died they would own their home and it would not go into my estate. Washington Mutual did an appraisal for me in August of 2007 and they now say the house is only worth $190,000, therefore they would not give me a mortgage. To complicate matters my son-in-law died unexpectedly 12/13. My daughter can not afford to pay the mortgage and I can’t get one for a more reasonable rate because they say it is not worth the $274,000+ still owed on it. To make matter even worse the freeze the government put on the balloon rates only applies if you live in the house. The mortgage is in my son-in-laws name but he is dead. My daughter and her 3 children (her 3rd was born prematurely shortly after my son-in-law died) live in the house but the deed is now in my name (because of the right or survivorship clause) and I do not live in the house. I thought about letting the bank foreclose on the mortgage and then attempt to buy it back when they auction it off. The person I spoke to at the bank (WAMU) claims that even though the mortgage is in my son-in-laws name, I did not sign any papers assuming responsibility for the mortgage, and was entered into before my name was on the deed that if they foreclose on the mortgage it will affect my credit ratting. I have no idea if this is true but can not understand how it could be. I have also been told about a short sale as a possibility of getting out of this mess but the mortgage has to be in arrears before the bank will consider this. That would hurt my credit ratting if what I have been told is true. I guess my question to you is, is there any solution to this situation. My daughter really would like to keep the home she and her husband made for their children if possible. My daughter and her husband purchased a home in 2004 for $148,000. They refinanced in February 2006 for $275,000. Washington Mutual had an appraisal done at that time and appraised the property at $275,000. The mortgage was in my son-in-laws name only. He had poor credit at the time. They got an 80/20 mortgage the larger at 8 1/2 % and the smaller at a rate over 10%. The larger rate will go up in May. I have an excellent rating so in order to help them I went to Washington Mutual to try and refinance the house in my name using my ratting so they could afford to keep their house. I was told that I needed to have my name on the deed in order to refinance the house. My son-in-law had me but on the deed with rights of survivorship. This was done so when I died they would own their home and it would not go into my estate. Washington Mutual did an appraisal for me in August of 2007 and they now say the house is only worth $190,000, therefore they would not give me a mortgage. To complicate matters my son-in-law died unexpectedly 12/13. My daughter can not afford to pay the mortgage and I can’t get one for a more reasonable rate because they say it is not worth the $274,000+ still owed on it. To make matter even worse the freeze the government put on the balloon rates only applies if you live in the house. The mortgage is in my son-in-laws name but he is dead. My daughter and her 3 children (her 3rd was born prematurely shortly after my son-in-law died) live in the house but the deed is now in my name (because of the right or survivorship clause) and I do not live in the house. I thought about letting the bank foreclose on the mortgage and then attempt to buy it back when they auction it off. The person I spoke to at the bank (WAMU) claims that even though the mortgage is in my son-in-laws name, I did not sign any papers assuming responsibility for the mortgage, and was entered into before my name was on the deed that if they foreclose on the mortgage it will affect my credit ratting. I have no idea if this is true but can not understand how it could be. I have also been told about a short sale as a possibility of getting out of this mess but the mortgage has to be in arrears before the bank will consider this. That would hurt my credit ratting if what I have been told is true. I guess my question to you is, is there any solution to this situation. My daughter really would like to keep the home she and her husband made for their children if possible.

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Asked 11/27/2007 08:46 am CT (Kennesaw, GA)

My God-Son bought us a house in 2005 and the mortgage is with HSBC. He paid on this house faithfully for the whole years and they sent us a letter saying that we had to much money in escrow and sent us a check.Then this year they send us a letter saying that we did not have enough money from escrow and the mortgage amount went from 469.00 to 888.00, Now there is no way he can pay this payment,I should also say that this house is in Rochester NY and we moved to Ga and are renting the house out,We moved for my daughter to go to a better high school and be elgible for the hope scholarship we are most definetly low income and could use whatever help is possible.

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Asked 11/16/2007 02:29 pm CT (brantford, Ontario)

Good Evening. I am in a rental & got served with papers last night from law enforcement that my landlord has'nt paid his mortgage. We were served with papers to sign & fill out as to our rent & who pays the utilities, we filled them out but did'nt sign anything yet out of fear.Our landlord did re-morgage the home I am living in & has'nt paid. I'm lost what to do. I don't want to move I've been here for over 3 years & our daughter has settled in beautifully with school, etc. Will I be able to buy this home from him? The law enforcement agent said we have to pay our rent to the lawyers office now. Any help will be greatly appreciated & might get this knot out of stomach.

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Asked 10/22/2007 04:32 pm CT (Los Angeles, CA)

Can daughter w/bad credit grant deed property to father w/great credit (Non-Owner Occupied & already has 1 property) for the purpose of refinancing before a foreclosure can occur? Daughter is currently 90 days late on her mortgage (NOD not filed yet) and behind in property taxes (showing on title) and behind in state taxes (lien is showing on title).

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It is possible, but like Larry said you could have some issues. I'd call Larry....

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Asked 10/10/2007 02:21 pm CT (rosemead, CA)

how long before my daughter can grant deed he part to my husband she is the co borrower and he is the buyer she want to know .

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Asked 09/05/2007 03:05 pm CT (San Diego, CA)

My daughter and her boyfriend bought a house in El Dorado Hills, CA in Aug., 2007. My daughter paid the total downpayment of $91,000 from a gift from her grandmother. They have broken up, tried to sell for six months to no avail. She wants to keep the house, he is fine with that, however wants his name off of the title and mortgage. What do we need to do in order to help her? She can\'t qualify for the total loan by herself, so we are willing to co sign or get on the mortgage with her. The house has gione down in value a minimum of $50,000 minus realtor fees. We are willing to have her stay in the house. Does she totally have to refinanace the loan or can she just make the same payments with0ut him on the loan?We are very concerned about getting a new mortgage with the current financial situation. We could pay off the loan if necessary, but don\'t want to do that. Help us please.

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Karen, In order to get the ex boy friend off of the mortgage, she would need to refinance. There a...

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Asked 08/15/2007 07:27 pm CT (W Fargo, ND)

I have a home in WA State and a 2nd home in ND that my daughter is living in. We have been trying to sell it since April with no luck. The type of loan we have states we can not rent it out. Can we do in lu of foreclosure on this home without it effecting my primary home in WA state?

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A Deed-in-Lieu should not effect your home in WA. Be careful though, you could end up with a 1099 f...

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Asked 08/14/2007 08:24 pm CT (Jay, ME)

I am a disabled woman, I am 39 and 2 years ago I refinanced my home and was put on an adjustable rate. They said I could get a fixed rate after a year. When the year was up they said my credit was to bad. It was the same then as it was a year before. Now the interest rate has gone up 3 times, I can no longer afford the payments which do not include the escrow. It went from $825. to $1,100.00 @ 12+%. Was it legal for them to put me on an adjustable rate mortgage knowing my income was fixed on disability, and also knowing that in 2 years I would loose my daughters SS payments because of turning 18 and graduating. I dont know what to do. Other mortgage companies say it is illegal. Is it true?

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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 06/20/2007 04:53 am CT (east herkimer, NY)

my father had p.m.i. insurance on his loan through mortage company he passed over 5 years ago i pay loan payments now and mortage company is still taking loan payments and p.m.i. insurance for the last five years from me the daughter should the p.m.i. insurance pasid that loan off do they owe me that money from 5 years ago please help me if you can

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Primate mortgage insurance protects the lender in case the borrower defaults on the loan. The type ...

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Asked 05/31/2007 07:12 am CT (orange, VA)

we have a 4 year old mint conditioned doulblewide in a rural area, on prime realstate. The home is considered realestate because it is on a permanent foundation. Says "modular home" on the paper I signed declaring it to be realestate. The home itself has appreciated 30,000 dollars since we bought it. The property we put it on is worth 140,000. We owe 74,000 on this property.Equity in the home is 166.000. My spouse has an excellent credit rating. Her income is not high but we have a employed daughter who lives in the house and is willing to co-sign a loan We are trying to refinance to reach a property settlement agreement.I do not live in the house. I will sign a quit claim to all rights to the property, so my question is why with all that equity, a perfect credit rating, and a longtermed employed cosigner, my wife cant get a refinance loan, or at least, a some what less predatory one?

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I can help you give me a call 347.573.9799 / 212.213.5120 or visit my website....

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