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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 12/04/2008 10:57 am CT (Newark, NJ)

i am approved for a mortgage in california and i am buying the townhome i live in 4 months out of every year. i need to get the fha loan, so that i can get 3% down; this can be done by having a co signer.does the co signer have to be a family member, or can the person that i live with their co sign???? thanks

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Asked 11/24/2008 02:08 pm CT (Sparks, NV)

I own a single family home with a mortgage balance of approx $175K on a 6.25% FHA 30-yr fixed. The home's market value has declined steadily and is now worth approx $140K. I am not behind on any payments yet, and my credit is excellent with a current FICO of 768. I'm expecting a 20% reduction in work hours - and thus a 20% reduction in income - effective 1/1/09. This loss of job hours will inevitably result in falling behind on the mortgage payments at their current level. Will I likely be more successful in approaching the mortgage company for a loan modification for 1) a substantially lower interest rate on the current balance (propose approx 3%); or 2) reducing the balance to the realistic market value; or 3) some other measure or combination of the above?

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Asked 11/16/2008 01:35 pm CT (Seattle, WA)

I would like to build an Auxarilly Dwelling Unit on my parents property. Zoning laws permit this in my negighboor which is zone for muti family residences. Can I obtain financing for the project without a lien or 2nd mortage place on my parent property. My fico scores are above 750 and one is above 800. I want total responsibility for the loan

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It completely depends on the amount your parents owe on their property compared to what it is worth....

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Asked 11/11/2008 01:18 pm CT (Waterloo, IA)

My husband and I are currently renting a two bedroom house, but 4 months ago we had our second child so we are now looking to BUY our first house. I have poor credit and my husband has no credit. We are current on all of our bills and my husband just got a new job 3 months ago. My husbands take home pay is about $3200.00-$4000.00 per month. I get paid an hourly wage, but also make commission which makes it so i can't prove my income but I bring home about $1200.00-$1600.00 per month. My husband did have a judgement against him because someone didn't pay a bill they were suppose to pay- but we are now paying it. We need to move to make room for our family.

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Asked 09/22/2008 09:41 am CT (San Bernardino, CA)

September 2011 is the 5th year of our 5 year ARM mortgage. Our Plan A: buy a new home with a fixed rate then keep our old home as long as we can (family will rent it) in case we will be able to refinance it before 2011. Disadvantage: With this economy, its very unsure. We need to save also. It would be hard paying for two houses. Plan B: Get a new home with with a fixed rate then let go (foreclose) of our old home. Is plan B "illegal"? will that put us in trouble of taking advantage of the situation? Or is it totally okay giving us a chance not to be under water when our mortgage will shoot up to the roof? We just want to be safe in this economy. We don't want to get stuck and wait for our mortgage to balloon with our ARM mortgage. We've been trying to have it refinanced but it's been really impossible.

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Hi There! You never want to "Let Go" of a house. Any time you have a foreclosure on your home it...

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Asked 09/22/2008 09:39 am CT (San Bernardino, CA)

September 2011 is the 5th year of our 5 year ARM mortgage. Our Plan A: buy a new home with a fixed rate then keep our old home as long as we can (family will rent it) in case we will be able to refinance it before 2011. Disadvantage: With this economy, its very unsure. We need to save also. It would be hard paying for two houses. Plan B: Get a new home with with a fixed rate then let go (foreclose) of our old home. Is plan B "illegal"? will that put us in trouble of taking advantage of the situation? Or is it totally okay giving us a chance not to be under water when our mortgage will shoot up to the roof? We just want to be safe in this economy. We don't want to get stuck and wait for our mortgage to balloon with our ARM mortgage. We've been trying to have it refinanced but it's been really impossible.

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Gina, you may want to consider doing a loan modification on the property instead of a refinance or l...

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Asked 09/22/2008 09:21 am CT (San Bernardino, CA)

September 2011 is the 5th year of our 5 year ARM mortgage. Our Plan A: buy a new home with a fixed rate then keep our old home as long as we can (family will rent it) in case we will be able to refinance it before 2011. Disadvantage: With this economy, its very unsure. We need to save also. It would be hard paying for two houses. Plan B: Get a new home with with a fixed rate then let go (foreclose) of our old home. Is plan B "illegal"? will that put us in trouble of taking advantage of the situation? Or is it totally okay giving us a chance not to be under water when our mortgage will shoot up to the roof? We just want to be safe in this economy. We don't want to get stuck and wait for our mortgage to balloon with our ARM mortgage. We've been trying to have it refinanced but it's been really impossible.

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Hi Gina, Loss Mitigation is probably your best avenue. There are many ways to change/save your cur...

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Asked 08/29/2008 06:48 am CT (Cranston, RI)

A member of my family has an adjustable rate mortgage and an interest only mortgage. She is behind by 2 payments on both. She heard there is a way to remodify her mortgage. Can someone explain what that means. Thank you.

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Asked 06/24/2008 12:45 pm CT (philadelphia, PA)

my soon to be exhusband is on the mortgage and i am on the property deed. He said that he is removing me off the deed and listing the house for sale. MY question is how can he removed me off the deed without buying me out and listing the property without my signature on the listing agreement? tThis has been a very stressful time for me and my family and I am not sure where I stand at this point with my rights.

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Asked 05/12/2008 05:55 pm CT (new brunswick, NJ)

I own a 2 family house worth 450,000.I just refined my house for 309,000.My credit score last time i looked [last month] was 611.I am looking for a 2nd mortage for $25,000 for home inprovement.do you know the best place i could get one? thanks for your time!

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I'd check w/ your local bank with which you have a good relationship. If that doesn't work, get ref...

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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 03/25/2008 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 03/11/2008 04:45 pm CT (bayonne, NJ)

what happens if the owner where I rent hasn't paid the mortgage in the last 6 months? Should I worry for my family?

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yes! the lender will eventually start foreclosing, (if not already). In the event of foreclosure y...

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Asked 02/26/2008 04:52 pm CT (houston, TX)

I am in the process of selling my home in a minority area of Houston that has been plagued with foreclosures and short sales. Unfortunatly, most homes aren't even covering the loan amount in the sale and I'm worried. I will be relocating to another city and must sale. However, I have credit score of about 700 and have never been late on a payment. How will this effect me for getting a house within the next 2 years or a car? Is it possible for a credit score not to drop 80-100 pts? Is moving to another city due to family even considered a hardship? I can't afford to pay for 2 places at 1 time, so if they don't approve me for a short sale, the house will probably go into foreclosure? Do you know of a home advisor, CPA, attorney that doesn't charge a huge fee to discuss my specific financial situation in Houston? Thanks.

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Protect your credit score w/ your life if you can. Consider offering it as a lease option where the ...

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Asked 02/17/2008 03:15 pm CT (Coconut creek, FL)

I have two homes: home A is rented and break even. home B is the family residence but mortgage has become unbearable $3600.00 monthly mortdage. the house which was worth 480k, (bought it for $430k) is now worth App $360k after two years of owenership. My question is whats my option besides walking away and move into home A @ a $1500 mtly mortgage. House hold income 75K. family investment 100k in the market, kid is college freshman

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Short sale Home B and get into something more affordable. Lender would have to approve a short sale ...

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Asked 01/15/2008 07:42 am CT (tuscumbia, AL)

me an my husband have lived on this property for 19 years it is deeded to his familys heirs is there any way we can get the deed in our name without family having to sign? weve also paid taxes since weve been here weve also built a house here.

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You should consult with an attorney that specializes in estate planning and real estate law. to loc...

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Asked 01/14/2008 05:59 am CT (tazewell, TN)

my husban and I are seperating. I am moving with my kids to another state to be with an ill family member. He don't want to go and I know he dosen't have the money to pay for the home. He is the borrower on the loan and had me just on the title. If this home forecloses will it effect me or me getting a home for me and my kids?

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No, if you hadn't signed on the loan, then you have no obligation to pay the debt. However, be awar...

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Asked 11/30/2007 04:23 pm CT (wellington, OH)

i am wondering if you had any advise on what to do with our home. It needs alot of work and no matter how much we put into this home it will not be right for our family. We are unable to sell the home and get out of it what we need to pay it off. We have considered walking away from it. How does a deed in leiu of foreclosure work? Do most morgage companies consider this an option? Do you have any suggestions? Thanks!

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Asked 11/13/2007 09:36 pm CT (san pablo, CA)

ive just recieved this mailer by a company called apf/ov.They are offering some kind of program called a NAPF program what is it??? ive been searching online for a web site or other info but they had neither a site or info on the program.We are in a BIG problem right now with our mortgage the 5yr fix prematurally ending after 2and a half years of paying and we are paying more than quadrupale the amount we were before and no one will help use!!!.They only gave us 3 options pay,forclose,or sell..Those options are hard we have a big family of 13 and mostly all of them are children and we owe more on the house than what it is worth!!..The peron who signed the loan for us didnt tell us about this happening or anything else she just wanted her money and didnt care if she screwed peoples lives up...we were uneducated because this is our first house CAN SOMEONE PLEASE HELP US OUT!!!

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Hi Chris: Sorry you got involved with a lender that did not explain te loan program you bought. If ...

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