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Asked 09/16/2009 11:52 am CT (Baltimore, MD)

SOMEONE PLEASE HELP.......My great grandparents own the home that my grandparents currenly live in. My grandparents name has never been added to the deed. My great grandparents have been dead for over 30 years now. How do my grandparents' add their name to the deed? I'm not sure if there is a will granting them sole ownership. Can they file for an executor of the estate? What can they do?

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The estate/will should say who gets the real estate – if they are mentioned in the will that they ...

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Asked 02/25/2009 06:47 pm CT (Orlando, FL)

If my name is on my homes deed but not on the loan but I pay the mortgage and the taxes can I claim the property taxes, and real-estate taxes on my taxes

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Consult your tax advisor. However, I have personal experience w/ the same situation where I claim t...

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Asked 01/05/2009 11:15 am CT (Anaheim, CA)

Hello, my fiance and I are saving up to buy a home and I have concerns regarding my credit score. His credit score is in the mid 800s and my Equifax credit report is 652, Experian credit report is 682 and my TransUnion credit report is 682. His aunt is in the real estate industry and she said that due to my credit it is best to NOT have me on the loan. What gives? Is my score really bad? Should we just get the loan with him alone or should we not listen to the aunt?

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Your credit score may not give you the best pricing or make available a few Lending Products that ar...

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Asked 01/05/2009 11:15 am CT (Anaheim, CA)

Hello, my fiance and I are saving up to buy a home and I have concerns regarding my credit score. His credit score is in the mid 800s and my Equifax credit report is 652, Experian credit report is 682 and my TransUnion credit report is 682. His aunt is in the real estate industry and she said that due to my credit it is best to NOT have me on the loan. What gives? Is my score really bad? Should we just get the loan with him alone or should we not listen to the aunt?

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Ashley, The best loan available with the least amount for down payment and credit scores as low ...

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Asked 01/05/2009 11:14 am CT (Anaheim, CA)

Hello, my fiance and I are saving up to buy a home and I have concerns regarding my credit score. His credit score is in the mid 800s and my Equifax credit report is 652, Experian credit report is 682 and my TransUnion credit report is 682. His aunt is in the real estate industry and she said that due to my credit it is best to NOT have me on the loan. What gives? Is my score really bad? Should we just get the loan with him alone or should we not listen to the aunt?

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If you can qualify without, it's to your benefit to not be on the mortgage. Should anything happen ...

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Asked 12/16/2008 06:18 pm CT (Albany, NY)

I purchased a home at a real estate auction with a 10% buyers premium. My bid price was $80,000 making the total purchase price $88,000 with the 10% buyers premium. I had to give a deposit of $5000 the day of the auction (earnest money). Now I am approved for a loan with a commitment letter but the bank will only finance the bid price of $80,000 instead of $83,000 which I owe the seller. They also want an addendum to the sales contract to state the total purchase price is $80,000 instead of $88,000. They say the buyers premium is a cost to the borrower. Most real estate auctions have a buyers premium. Is this right what this bank is doing, do most banks include the buyers premium for total purchase price like my contract is written?

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Asked 10/29/2008 10:11 pm CT (Sacramento, CA)

I want to buy a home that is being sold as a bank owened property.. it is through a realestate co. I am in the process of trying to sell my first house but this is a short sale on the other ... I dont have money for a down before sale and they wont do a contingant. could I get a second morgage to cover it? we owe 141,000. ( worth 160,000-180,000) on my home now, the other home is only 92,000. we could afford both morgages untill the sell of first but like I said no money for that down... and how to get anouther loan still oweing on first. what are my best options??

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Hi Crystal, It appears by how you describe your situation that you may think about receiving a Gift...

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Asked 08/19/2008 03:29 pm CT (Jackson, MS)

My late husband bought a mobile home in 1998. I was not listed on the mortgage nor did I sign anything with regard to the purchase of this home. There was no land or any other type of collateral put up against this home. He died in 2004 and shortly after I moved from the mobile home. The mortgage company repossessed the home and sold it at auction. Now they want the estate of my deceased husband to pay the remaining balance (2 years after they sold it). My husband did not have a will. Can they hold me responsible for this money?

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Asked 07/24/2008 06:08 pm CT (montgomery, PA)

My father cosigned for my brothers girl friend on a mortgage. His name appears on the deed, note and mortgage. What issues can arise at the time of my fathers death in regards to his estate? I am concerned about both the debt and equity. What is his estate responsible for?

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Asked 05/19/2008 10:29 am CT (Oxford, MS)

My wife and I have been deeded a property using "a special warranty deed subject to life estate". We would like to borrow against the property for improvements, however, we would prefer not to have the grandmorther sign docs as grantor because of age and mental wellness. The grandmother no longer lives in the house, and will not return to the house because of health issues. Does the deed superseed the Life Estate, and should we be able to borrow with out her signature? Thanks

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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 04/17/2008 10:19 am CT (ELK GROVE, CA)

My brother who lives in Elk Grove, CA purchased a house a few years back, then he decided to purchase a second house with the family money. I believe the interest on the second house is fixed. I am sorry, I don't know about the details. All I know, he and the whole family are really pressured due to work and finances. He hasn't been able to refinance the house due to severe real estate problems. He was thinking to give the house to the bank, but as you may know, he will still owe money to the bank and we will lose everything. Are there any creative way for us to be helped? Do you have any suggestions? He is thinking to move to the first house where we had a tenant. The tenant will move house soon, and they are going to move in and he is planning to give the house to the bank. As far as I know he still will owe money to the bank because they will respect the contract which was signed a few years back, even though the purchase price is very low at the moment. If you have any suggestions, please let me know. Regards, nasi

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One option might be to do what's called a "short sale" of the home where the lender might approve a ...

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Asked 03/20/2008 05:23 pm CT (Lake Elsinore, CA)

I have a fica score of 600+ and I intend to purchase my first home within the next 6 months and I want to get into real estate investing in this down market. Knowing that, my question is; I want to purchase 3 to 5 homes, I want to purchase the home and lease it for a monthly profit, puchase the next one, do the same, up to 5 homes (the last one purchased will be occupied by me) are mortgage companies ok with this? I have found homes as low as 125,000 and rents are $1300 to $1500 for those homes. What do you think?

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The short answer is yes...as long as you qualify based on lender criteria. However, it's difficult t...

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Asked 01/15/2008 07:34 am CT (tuscumbia, AL)

my husbands parents passed , the will was never recorded or witnessed, there were 4 sons, one son wants to buy the estate 2 sons agree can you force a quick claim? 1 son,not the one who wont sign, but 1 son lived in the house for 15 years before the parents died. Has he any rights to the house?

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This is a question better served by an attorney that specializes in estate planning and real estate ...

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Asked 01/10/2008 05:48 pm CT (Chantilly, VA)

I have never been late on a payment (of any kind) in my life, however I have been forced to file Bankruptcy because of two failed real estate investments. My credit is obviously hurting for a while, but my wife's is stellar. We'd like to buy a new home, but we won't be able to without the bank considering BOTH of our salaries. Is it possible to use both salaries, yet ONLY use her name/credit on the loan? Am I doomed to rent for the next 5 years?

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Yes we can make a loan to your wife and still ahve you on title. To find out how much she house you...

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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 12/02/2007 11:41 am CT (Palm harbor, FL)

I have a mortgage in Indiana. I took a job in Florida 6 months ago and we placed the house up for sale. The real estate situation has gotten worse and worse as we all know and I can\\\\\\\'t sale the house. I have made the payment on the Indiana house but it is getting to a point that I will not be able to make both that mortgage payment and my rent payment in Florida. At the time we made the move we thought the house would sell in 6 months. I have been researching to see if anyone else has this problem as i understand that I took the Florida job on my own but the market has killed me and my hopes of selling. I have a great 30 year fixed rate(better then current rates). I could pay something but not the entire monthly amount. Should I contact the mortgage company and try to arrange something like interest only refinance? My current payment is about $1957.00, I could pay $1,000 and still do ity for at least 6 months. I am concerned that my credit which is very good will go bad and the I wonder if it\\\\\\\'s worth even trying to make a payment versus foreclosure. Please advise.

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RV, the first thing to do is contact the lender and fully explain your situation, there are numerous...

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Asked 11/12/2007 07:42 pm CT (Sulphur, LA)

My Husband And I signed over the deed to our home July 16th 2007 because the Mortgage had become too much for us to keep up with. We were behind on a few payments and were trying to sell our house by owner and even with the help of a real estate agent. .After a few months of trying we decided to contact an investor who said if we signed an assumption of deed over to him, he would make the payments until he could find someone to purchase it. Well, he did find someone to do an owner finance for at a year..they paid him a generous down payment and then monthly payments as well. Since we were behind the investor had to work out a repayment plan with our lender. this was spread out over a years time,and is still reporting late on our credit...further damaging it and we are still responsible for the note even though we signed over the deed. I talked with him about selling the property now so we could be off the loan, but the agreement he signed with the people now living in our house says they must wait a year to obtain financing. The reason for this is we have equity in our home and will have even more when the pre-payment penalty drops off next year. he is stands to make at least$30,000 off our home and we walked away with nothing. He has not made one payment on time in the last few months and the Mortgage company keeps calling us. I called the people living in the home and discussed the arrangement they have w/the investor. He has mislead them in many ways and us! they were not aware that we were still on the loan! Now I am wondering what my legal rights are in reassuming my home or even working out something with the new tenants to sell outright to them at a lesser amount. Do we have any rights? Our credit is not in great shape because of late payments, A discharged Ch.7, medical bills( all three of our children had tonsils out), I have not worked for the past few years, etc. BUT I am now working again and our Monthly net income together is $5800. Could someone please help us to repair our damaged credit and possibly gain control of our home again so we can make a profit from it and further improve our credit. Jen

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Asked 11/10/2007 12:12 pm CT (Fenton, MI)

My aunt has named me executor of her will when she passes. She has a mortgage that is more than the worth of the home. When she is gone, and I (or the bank in the case of a foreclosure) sell the house to pay the debt, am I responsible for the balance of the loan due? I am not listed on title, nor will I inherit anything. For her estate's purposes, and potential heirs, is it better for me to have the bank foreclose and write off the remainder?

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Asked 10/30/2007 11:02 pm CT (Rockwall, TX)

We purchased a home from a major bank 11/05. The bank (I was told) took it back from the previous owner. (Forclosure) Well..we did an ARM 2/1 and it is almost up and we can refi now and not pay any early payoff penalties. However, we have started refi.paperwork and all has gone well- until the bank we are trying to get our loan refi. with called and said their is a lain on it- from the prior owner, he owes to the bank we purchased it from. When we bought the house we used a real estate agent, title company, and the loan has also been sold from the original borrow to another major bank - but, now we want to refinace with who we want - What could have happened and how could so many people not notice this? Especially the title company in Dallas or when the 1st bank sold our loan to anothe rmajor bank? How do we clear this up so we can refi before our ARM increases? Many Thanks.

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Hi TXHORSES: You need to go back to the title company you closed with and file a claim. When you bo...

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