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Asked 01/04/2010 10:42 am CT (Hammond, IN)

My sister's loan was sold to another mortgage company. She kept making the same payment, thinking that her escrow was still being collected. However, when she went to pay her taxes, she found out that the new company did not escrow. Now they are giving her 1 month to pay and will not adjust her account so that the "extra" money she paid can be used for taxes. Can they do this? Is there anything she can do? Legally or otherwise?

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Asked 11/28/2008 10:44 am CT (Houston, TX)

I would like to know if it is worth refinancing the mortgage on my house. We cuurently owe about $265000 on a house worth around $700000. Our current loan is at 5.625% on a 30 year fixed and we have been in our house about 5 years. We plan to stay in this house for many many years. I have been looking into rates and was offered a 5.00% mortgage on a 15 year fixed loan with 1/2 point to buy this rate. We can afford the extra payment, but is it worth it? Since I currenly pay about 4 to 5 hundred extra toward the principal each month on my current loan. Or w

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If you refinance to a 15 year loan your payment will increase about $493 per month. If on your curre...

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Asked 09/19/2008 12:08 pm CT (Sacramento, CA)

This one is bad ... at least for me. We have several mortgages on the house we're living in. The house was purchased on a 80/20 with zero down at the peak of the market for $670K. The first is $540K, the second is $130K. Shortly after that we got an equity line from Bank of America for $210K to start landscaping at what not. At that time the house appraised for nearly $900K. Being adjustable the payment went OUT OF SIGHT last November. I stupidly figured as a stop gap I could borrow against the HELOC to make the payment. Well the rest is history ... although the payment which adjusted first in November (OUT OF SIGHT) came back to more normality in May (the next adjust is November 08). Now the HELOC has been shut off by Bank of America (at about $180K) and we are $3K short per month. I think I'm out of options as I've been pulling a rabbit out the hat for months. What should I do?? I'm considering not paying Bank of America and second for a period to keep us a float. Calling them (various lenders) to see if they'll work some type of solution. Praying for salvation ... etc. In this mix I actually have another home which is not upside down. Which we are renting out (with a payment we can afford). I'm guessing the various lenders can't touch that home ... so we're considering evicting the tenants, stopping paying the others and moving back there. Any pointers or insights you could provide would be helpfull. I can't pull money from anywhere and am down to the point where we'd be Bankrupt if I made the next months payments (read broke). I also owe $11K in tax on the problem home. I didn't pay that to enable myself to meet the mortgage for a 3 extra months. Thanks in advance.

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Jim, tough situation. It's obvious you can't service the debt you have. It will be a stretch to...

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Asked 07/10/2008 06:23 pm CT (Sundridge, Ontario)

What is best? On a 5 year term with a 40 year amortization is a variable rate at prime less.60% with only 20% extra payment allowed a year or variable rate at prime less .25% with the option of paying an extra amount up to the monthly payment amount towards the principal with every payment and then a 10% extra payment every year? Which way would you pay off more? Thanks for the info and hope this makes sense.

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Asked 04/24/2008 05:53 pm CT (mesa, AZ)

I have a credit score of 631 with a bank in collections and a judgement for not paying rent ( which is paid now) and I have no established rotating accounts. I have little income, part time job at Quik Trip. And my husband has a 450 score with 5 collections, with little established credit, but he has a income of 3000 a month. How would be start as 1st time buyers for a small house or mobile home loan? We tried thru a bank and got deneid when using him on the credit, can I use him as extra income but not include him on the credit/ cosigner? Thanks. Jenna

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Can't be a cosigner without looking at credit. i would suggest looking for a rent-to-own property a...

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Asked 02/29/2008 04:21 am CT (baltimore, MD)

Hi I am doing a refiance of a mortgage from a bank in house closing and received the closing paper by mail to sign as of 2/27 i \'ve closed ,now i must send in the closing paper and closing cost plus extra cash to pay off some credit card debt ,on 3/4 the fund will be debust my prolem is i must get this extra cash for a line of credit accont because i did not expect to pay off my credit cards if i borrow this money will this stop the closing of this loan , the funds will be at the agent office on time I just have to get it from my line of credit account

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Asked 01/27/2008 12:18 pm CT (Towson, MD)

I have a mortgage balance of approximately $48,000 (fixed rate, 30 year, 7.625%). This mortage was assumed in 1994. I do not want to get extra cash. Would it benefit me to refinance at a lower rate?

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Your benefit would be to save money over the new term of your mortgage or reduce your term to a 15 y...

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Asked 01/23/2008 06:37 am CT (Indy, IN)

I wnated to know when you send in your mortage payment and you want to apply an additional $100 or so, what is the best way to have that applied to knock of time of the loan. Do I have the extra amount added to the interest or the principal of the loan?

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Asked 01/21/2008 07:34 pm CT (greensboro, NC)

my interest rate is 7.5 for 30 yrs.monthly pymt.677.51. I moved in 9/07 with the first pymt made 11/01. since then i make 677.51 with 23.00 extra for principle rate only. My prin.bal.is 71,011.00. Say for instance,I want to take an extra 20 out of the 577.51 to add to prin.rate only,would that throw the pymt off or would it put me behind in any kind of way? If not, how would this benefit me,if at all?

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You may want to look at refinancing. THe rate seems high. You may be able to cut the term of your ...

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Asked 12/17/2007 11:31 am CT (lapeer, MI)

i am a first time homebuyer , my husband and i have about $10,000 in credit card debt and have been pre-approved for a 110,000 mortgage already but we want to buy a 90,000 home and borrow the extra to pay off the debt. can this be done so that it is all just the one mortgage payment?

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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 11/25/2007 01:04 pm CT (galena, MO)

My monthly mortgage pay't includes my escrowed taxes and insurance (an extra $200/mo). Am I able to stop this action and just pay the mortgage amount or is it required by law? I deal with Countrywide.

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Asked 11/10/2007 12:22 pm CT (rialto, CA)

We just bought our home last Dec 2006.We have a 288 loan and a 80/20.We went in with a $30,000 equity loan.Now because of not being able to get parts back East,because of the weather condidions,we were forced top be laid off for 3 months.we got behind for three months on the first loan.Can we refinance and get our loan into one mortgage and get extra money to pay city taxes. The mortgage is a fixed loan and the first is 6.665 interest.We have tried but the lenders say no.We are senior citizens,but have a good income.What are our options?

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Asked 11/09/2007 10:37 am CT (Sacramento, CA)

When buying a home that is in need of a few cosmetic repairs, is it possible to borrow more than the purchase price in order to make repairs if the house is being sold below market value? For example, the house is worth $100k, but is being sold for $90k. Can I borrow the $100k and use the extra $10k to remodel?

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David, I have access to an excellant loan program taht will take into account the future value of th...

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Asked 10/28/2007 11:38 pm CT (Canonsburg, PA)

We have 8.010 fixed on our mortgage from 3 yrs ago can we refinance at a lower rate now with 680 fico, also want to borrow 60,000 against to pay off credit cards, bills ect...Want to use only husbands SS but my income as well because my credit is not quite as good, is this possible. We would use about 118% of the value of our house, can you direct us to a lender that will not"grill" us for information and that would be easy to use to get a refinance and that extra $$ to pay off debts. We really appreciate your help!

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Asked 06/24/2007 08:05 pm CT (maywood, NJ)

i need to know if you take out a motgage for a home can you take out extra money for closing costs and etc?

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Not likely. Most over 100% financing options are now gone. You can negotiate for the seller to pay...

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Asked 04/18/2007 09:37 pm CT (Cheswick, PA)

Right now my goal is to get out of this cramped trailer, and get into a much needed house with more space, since I have three growing children. I know I can't afford much, so am interested in a small 4 bedroom house in a decent low income area for 27900. Various calculators say I would be paying total cost a little less for this house than I do my current rent. One of the problems is that I don't work, and my husband doesn't exactly have a solid work history. Actually he is with a very good company that is well suited for him. He is now a Class A CDL truck driver. The first company that hired him, shouldn't have been hiring rookies right out of school. The second company was local where he worked for a year, but things wern't going so well. Then he drove for a temp agency. Now he has been working for a very good company for three months, he making the miles. The company seems to be happy with him, and he is basically happy with the company. Before he got trained in trucking, he worked 7 straight years with a low paying school bus driving job. My other problem is our creidt scores. I just bought my score and found out it was 657 not prime. Last year his was 647 high risk, but don't know what it is now. I decided to wait to get his until I feel like I can either move forward with a mortgage or paying off debt. Both were from experian. If I could get a hold of this house or another around that price range, I wouldn't be any worse off. I need a roof over my head one way or the other. Actually I might be a little better off, since it very well could free up some money even if it is just a little. I feel stuck because of the lack of a down payment, closing costs, my husband's work history (eventhough he is making the most he ever had in his life. This is still towards the low end of the payscale at .33 cent per mile averaging 2500 a week.), and our credit. Question 1: Is there any hope for me? Is there any way I could get into a house fairly quickly? Would it be better for me to wait and hope beyond hope something else pops up later when I have more money? There are not too many 4 bedroom houses for that low, and it does not look like a handy man special on the outside. From what my mom heard, the previous owners took fairly good care of it. Maybe I'm thinking to small, and need to wait until he gets a raise also. Maybe the market will fall more in that area also opening up more potential. There are already investors grabbing some for rentals though. I hate where I live currently. I already ran out of room a year ago. Question 2: Dealing with a little extra funds I'm going to have. I have a school loan I'm going to start repaying on next week. In nine months it is going to go up. The difference of what I'm going to pay now and payon later is about $130.00. Should I: A) Pay down the car loan - get it paid off quicker - then put the car loan money towards the school loan to help get that paid down quicker? B) Try to pay off some of the debt on our credit reports? C) Sock it away in savings to build up my cash to get a mortgage?

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Hi Suzanne: You need to apply with a quality loan officer and have your entire situation reviewed. ...

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Asked 02/13/2007 05:44 pm CT (laplata, MD)

iam ready to build a house. but due to the prices in my area, ineed more income to get a loan. i only make 35,000 a year ,and the house that i like is 350,000.00 to build on my own lot . that is cheaper then to buy! but what i need to know is ,if i get a basement can i use that for income to qualify for mortgage, plus my mother will be living with me that is also more income ? so iam looking at least 2,000.00 extra a month does that sound like something that can happen thanks

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you would need a more in depth consultation with a loan expert to be able to answer this question. C...

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Asked 12/19/2006 04:00 pm CT (Ponca City, OK)

I owe aprx $15,000 on my home worth aprx $40-50,000,am in the middle of foreclosure and have poor credit. Time is of the essence and would like to refinance elsewhere and get extra cash as well. Where should I start?

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Asked 09/07/2006 06:48 am CT (Winston Salem, NC)

I have a 30 year mortgage that I began December of 2003. My mortgage is roughly $750 per month. I started last year adding an extra $60 a month. Although, I was not able to do it each month. HOW MUCH SHOULD I ADD PER MONTH OR YEAR TO MY MORTGAGE TO REALLY PUT A DENT INTO THE BALANCE?

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$60 per month is very good. That's almost an extra payment per year. Which they say will cut your lo...

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