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Asked 11/10/2009 11:31 am CT (Exeter, NH)

I have a hardship. Can I sell my home and pay off my first mortgage and then negotiate a second mortgage payoff with the proceeds? Or can I renegotiate the second mortgage with a promisary note.

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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 10/12/2009 05:09 pm CT (Riverside, CA)

My husband and I are filing chapter 7 due to my prolonged unemployment, now he has lost his overtime and we are having trouble making the mortgage and the second, both with B of A. We are current, but are classified as imminent default as I pay later and later every month. Either food or mortgage.We owe $383.000 and it\'s only worth $138,000, we tried to refi and tried to get it modified. Both times we were told \"do not qualify\" Unemployment too much. We are seriously thinking about just letting it go , but we both have serious moral issues with not paying for where we live. What is your suggestion. My husband says just pay the first and leave the second, but won\'t they repo on that too?

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If you are filing chapter 7 there is no need to pay for either mortgage this is what your attorney ...

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Asked 09/25/2009 10:51 am CT (Olathe, KS)

My wife and i got a chapter 7 discharge . We reaffirmed the first mortgage but not the second one . the second one was a 125 % LTV . If we can't make the payments on the second one . will they foreclose on the house ? we owe 89000 on first and 34000 on the second and the house is worth around 105000 ? Would they pursue a foreclosre that they would most likely not gain anything back from ?

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Asked 09/18/2009 12:05 am CT (Los Angeles, CA)

I have filed chapter 7 and should receive a discharge soon. I included as surrender all three mortgages. My first mortgage lender has offered me a modification to sign now before the discharge, not reaffirmation just signing new modification. If the house was to foreclosure, there is not enough money to pay the second or third liens. Am I legally obligated to pay the first mortgage if I sign this modification and lets say the 2nd decides to foreclose would I have to pay any money to the first? I dont plan on paying the second or third mortgages.

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Asked 09/15/2009 07:45 pm CT (Alexandria, LA)

I was recently told when attempting to refinance my home including a second mortgage, that the second mortgage had never been recorded with the courthouse and that the courthouse had no record of it. In order to start the subordination process with mortgage 2, i first have to figure out this \"not recorded issue\". Where do I start and how do you fix this??

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Asked 09/14/2009 10:20 pm CT (Sandy, UT)

My husband and I have owned out home for 13 years. It is our primary residence. Last November, 2009 we refinanced consolidate our 1st and 2nd mortgages and to pay off credit card debt. Our credit was poor at the time and we received a 11.33% interest rate on the new loan. They told us that if we could keep on the mortgage payments and not incrue any new debt, they would refinance us Nov 2010. Since then they have closed all their branches and are no longer taking any new business which included refinancing their current clients. We currently owe $158K with a payment of $1,760 per month plus a 5% prepay penalty estamated value of the home is $166k. if we refinance or sell before November 2011. The currently mortgage company states that they have chosen not to participate in the Obamha Stimulas package. We have been playing the pay them late but just in time game for month and we can\\\'t keep it up any longer. On Sept 30,2009 we will hit our first 30 days past due. We have found a rental house to move into but what are our options for getting out of this home and the mortgage. How will the options affect our credit? is one worse than the other. What are the tax implimintations? Thanks, Cathi

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Cathi, There are three options for getting out of your home. 1 – sell the home. This is the ...

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Asked 08/11/2009 12:20 pm CT (Camden, NJ)

hi i am currenly looking to buy my first house i have an icome of 30000 my wife bring about 40000 but have a defalut in his student loan can we have a mortgage togerther i dont have credit .i want a mortgage of 150000 or do i need co sign and can i have a joint income with my wife or it is wise to go it alone

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Asked 05/07/2009 12:05 pm CT (Greenville, SC)

Just got divorced. I was awarded the marital home. The mortgage is in my ex-husband\\\'s name only. My name is not on the mortgage or deed. I have received advice that I need to do a quit deed and then finance into my name. I have never owned a home. Will the quit deed dis-qualify me from any first time home buyer benefits/incentives?

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Asked 05/04/2009 05:06 pm CT (Albany, NY)

My credit score is 715 and my wife is 750 first time buyers,putting down about 5% what kind of morgage are we looking at.....thank you

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Penny, With your excellent credit and a 5% down you will qualify for an FHA loan to purchase your...

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Asked 04/03/2009 09:39 am CT (Chicago, IL)

Hi, I have filed chapter 7 bankruptcy on 2003. My credit score is 610. My question is if I put down 25% down, will I be able to get a mortgage and I am a first time home buyer.

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Asked 03/16/2009 02:31 pm CT (Anaheim, CA)

can i refi my first without touching the second?

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Asked 03/16/2009 02:30 pm CT (Anaheim, CA)

can i refi my first without touching the second?

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Asked 02/25/2009 10:08 pm CT (Los Angeles, CA)

I am paying on a Townhouse that I owe only $117,230.87 and the interest rate is only 5.50%. I am current on my mortgage. I have a loan for $45,000.00 and Equity Credit Line for $20,000.00. My credit score is 780 and I wanted to refinance everything under one payment but the value of the property has dropped from $262,000.00 to $130,000.00. What other possible options do I have or should I just leave everything alone and concentrate on paying the equity line off first and then the loan? Thanks for your input.

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You have no real refinance options that will help with consolidating your debts. Your best bet is to...

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Asked 02/23/2009 10:26 pm CT (Fort Worth, TX)

My husbands credit score is around 480 and mine is 560. We are looking to buying our first home. Any suggestion as to what programs can help us. thanks

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Consult w/ a mortgage broker to determine a plan of action. You will need to work w/ a credit exper...

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Asked 01/27/2009 12:16 pm CT (New York, NY)

I am a first time buyer. I am looking to buy a coop. I have a 570 credit score, but the same steady job for 8 years. No judgments, bankruptcy, etc.. I've been paying all my bills on time for the past year. Will I be able to get a mortgage?

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p.s. - FHA loans are typically easier to qualify for...

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Asked 01/19/2009 10:01 am CT (Dothan, AL)

I lost my job in December and am unable to pay my second mortgage. i can pay my first. What will happen?

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Asked 01/13/2009 01:49 pm CT (Los Angeles, CA)

My husband and I have secondary property that is in foreclosure. The properth has a first and second mortage loan. We were told that we must pay the second mortgage loan or we will be sued.

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I do not believe that is true, what I suspect will happen is when the property is foreclosed on you ...

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Asked 01/13/2009 01:48 pm CT (Los Angeles, CA)

My husband and I have secondary property that is in foreclosure. The properth has a first and second mortage loan. We were told that we must pay the second mortgage loan or we will be sued.

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Not necessarily true and there is no point in paying the 2nd if you can't pay the first. The 2nd wil...

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Asked 01/13/2009 01:47 pm CT (Los Angeles, CA)

My husband and I have secondary property that is in foreclosure. The properth has a first and second mortage loan. We were told that we must pay the second mortgage loan or we will be sued.

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Not true.

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