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?
Asked 12/19/2009 03:06 am CT (Duluth, MN)
On May 17th, 2001 we entered into a contract for a construction loan with a local bank. We were going to clear ground, build a full foundation, and move our upscale mobile home onto a 40 acre parcel that we had purchassed (and paid for) a couple of years before. We were told that at the end of the construction loan term (90 day\'s) that it would be turned into a 30 yr. mortgage and insurance and taxes would be escrowed into the monthly payment. When we went in to sign the paperwork after the construction was finished and the home was moved onto the property, we were told that they were unable to secure a mortgage, but that they would carry a note for the total amount owed. At that time we were told that they would only carry the \"note\" for a period of twenty years, and that it would not include insurance or taxes.
The \"truth in lending\" paperwork showed (at the time the construction loan was approved) that it would be a 30 year term and that they were \"able\" to service the loan.
We were caught between a rock and a hard place, and were forced to accept their \"new\" terms as we did not have $125,000.00 in cash to pay off the construction loan which was now due!
Although the payment\'s were quite a bit higher, we were able to make payments for several years, and every year they would continue the note. Lately, because of the lack of wok due to the economy we have fallen behind several times in our payment\'s, but have alsway\'s been able to catch up. 3 months ago, we received a letter in the mail after being only 27 day\'s late, that they would begin forclosure proceedings if we did not catch up our payments. We did, but are now living under the pressure that we will lose our home if we are late even a little bit late. They refuse to help us or even work with us.
Is any of this even legal?
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?
There are three options for getting out of your home.
1 – sell the home. This is the ...
[ Total Answers: 1 ]
Asked 06/03/2009 05:10 pm CT (New Bedford, MA)
my wife purchased a home through a nonconventional loan prior to our marrige in 2007 basically the hight of the market, mortgage and deed both in her name only. Due to the economy we have gotten behind a bit on the mortgage which has caused her some credit issues, my credit is still good. We wanted to refiance but were told my name had to be listed on the deed before they could do this for us. We filed the paper work to list me 45 days ago and have just found out today they will not refinance with us because we have lost so much equity in the house, upside down almost 50,000. Being this far behind we are almost ready to just let it go or possibly try a short sale and start over again with something much smaller and more affordable. will i no longer qualify for an FHA loan in my name now because of the deed status, and also if this is the case is there a way to reverse it, kinda like a nullification period where it has only been 45 days since the addition of my name? any answer or advice is greatly appreciated, thank you
Now that you are on title, you could potentially refinance under new programs that just came out whi...
[ Total Answers: 1 ]
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?
Asked 01/13/2009 05:43 pm CT (Canton, OH)
In 2004 our house went into forclosure. In 2005 we filed bankruptcy. We just found out in December 08 that the house was still in our names, how is that possible and how can we get that house out of our names? We would like to purchase another home and it may stop us from doing so....
Asked 05/01/2008 04:05 pm CT (Detroit, MI)
My Mortgage Company turned my home over to a Mortgage Brooker in the City of Detroit. The home is no longer in my name and has been put up for a sherrif sale. The second Mortgage is requesting I pay them over $900.00 in addition to other fees. Are they able to come after me for payment. I owe them $28,000. My first mortgage really did me wrong because we had set up fixed payment plan and because they claimed they did not receive agreement on a certain date, they just forclosed without my knowledge. I only found out when they returned my check for $718.00. They did this 2-24-08. Do I still have to pay the 2nd mortgage company. They call everyday. Please advise.
Gloria I am sorry to hear about your difficult situation - unfortunately, all mortgage holders are e...
[ Total Answers: 1 ]
Asked 04/28/2008 05:21 am CT (cincinnati, OH)
my husband and his ex wife bought a house when they where married that was is in 1994. they been divorced since 1998 ,he left her the home because of there son and she was to take over the payments his name is still on the morgage we just found out it is in process of foreclosure. we decided that we would like to have it... because this has messed up his credit and has stopped us from buying are own.. what would be his chances in getting the home.
[ Total Answers: 3 ]
Asked 03/30/2008 02:03 pm CT (evansville, IN)
I have about 60K in debt and I see these homes for 60-70k under appraisal..I make good money and could pay off my debt over 5 years,but i was wondering.If I found a home for 60-70k under appraisal could i get a loan for the appraisal value to buy the home and pay off my own debt,too. thanks
Asked 03/27/2008 06:14 pm CT (Jacksonville, FL)
My husband and I got divorced. The divorce decree stated I needed to get a mortgage to refinance within 90 days after the final decree. I did get a mortgage. In the process of getting the mortgage I found that my ex had me taken off the mortgages, first and second. He quick deded the property over to me and I am now in the process of getting a warranty deed onthe property. I want to refinance the first mortgage without the second mortgage being involved. I never signed any papers to be taken off the mortgages. I don't know how he did that. Can the second mortgage still hold the property as collateral since he took me off that loan and the property has been quick deeded to me?
Asked 03/21/2008 08:53 pm CT (san antonio, TX)
We are closing on a new home in 3 weeks. We have a good faith estimate from CTX mortage. We have not signed any formal loan documents. We called and locked at a rate of 6.5 we have now found a rate of 5.85. Are we still required to go with the CTX because we locked in our rates?
You should be able to tell your LO at CTX to get you a lower rate. If he won't call me and i will pu...
[ Total Answers: 1 ]
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?
The short answer is yes...as long as you qualify based on lender criteria. However, it's difficult t...
[ Total Answers: 2 ]
Asked 03/17/2008 11:25 am CT (Ivins, UT)
My husband and I bought a home about 8 years ago. It was our first home and we got scammed into taking on a balloon payment of $20,000 due after the first 2 years. Needless to say we couldn't pay that much all at once. We went to a place trying to refinance and they ran our credit so many different times that they decreased our credit score below what they said they would allow and refused to refinance us. This took so long that by the time they told us they wouldn't refinance us the balloon payment was up and we were being threatened with forclosure. We decided then to do a chapter 13 bankruptcy to pay back this amount owed in a way that we could more readily afford. Between now and the time that we filed the bankruptcy I have lost my job 4 times. 2 times due to downsizing companies, once due to health problems, and once due to an employer who decided after hiring someone they knew they would have to train, that they couldn't spare the time. Through all of this I have tenaciously found the way to make my mortgage payments along with my chapeter 13 payments. Now however it seems to me like my mortgage company is trying it's darnedst to take my home (which has risen in value to almost 3 times what we initially got the loan for). I was late on a mortgage payment once and they filed for a dismissal of my chapter 13 so that they could forclose. I pulled it out and made all the payments needed so they dropped it. The legal document filed, however, said that if after 3 times of payments not being on time they could dismiss the 13 and forclose right away. Since the first time I have paid my payments on time and made sure to get proof of delivery from the postal service each time. They have since claimed that I was late once before, which I proved incorrect, and now they have sent me a document that says that I have alledgedly been late again and they are going to forclose. I have only $500.00 left on my chapter 13. If I get my bankrupcy lawyer to fight it, he will tack on more money for his services to the 13 and it will take longer and I'm not sure this mortgage company is going to give up on trying to forclose on me! What should I do? Even when the 13 is over I will still be with the same mortgage company and probably still be facing forclosure every time they decide they want to mess with me!
Get away from that mortgage company AND make your pymts on time. If you can't afford the home, I'd s...
[ Total Answers: 1 ]
Asked 03/03/2008 05:18 am CT (buffalo, NY)
my wife and i were pre approved for $120,000. we asked for this amt.. found a home for $95,000. we did get pre approved. Filed and satisfied a chapter 13 exactly2 years ago. Due to his job of 39 years lay off ...sold company. I obtained another lesser job at half the salary for 11 years...lay off again. Have been employed at 60,000 including Social security as well age is 69..wife 65. Mortage consultant says NO Problem...I am worried sick as I have been emplyed steadily for the past 1 year ...PROBLEM...we will hear in 1-2 weeks Sure hope with my steady employment now this will help us . I do have $90,000 in equity in our present condo....PLEASE REPLY SOON Thank you
Asked 02/24/2008 05:25 am CT (Thomasville, GA)
I have tried, unsuccessfully, to find someone to refinance my 2001 Homestead 16x80 mobile home. It is financed through Greentree with a variable interest rate (presently 14.625). Greentree will not refinance nor will they consider financing for anyone wanting to purchase this home. I tried to sell it but found that, due to the amount owed on it (roughly $27,000)it makes more sense to buy a new home than to buy this one. I have a good tenant living in it who wants to buy it herself but her credit is poor. I have a chapter 7 bankruptcy which was discharged in November 2005. My fico scores are right under 600. I am desperate to find someone to refinance this home on a fixed interest rate so that the payment will be more affordable and predictable. The current payment is $374.89 and she must also pay $150.00 lot rent. If the payment continues to rise, I will lose my tenant. No one seems willing to take a chance on refinancing for me although I have a good job I have been working for 6 years, with a decent salary (appx. $35,000/yr). I just got a promotion and will be moving in the next week or so to start my new job. I would love to get this mobile home refinanced (or financed for my tenant) before I go. Does anyone know of a mortgage company who would refinance for me?
Ask your neighbors. Find out which lenders are financing all the other mobile homes and then approac...
[ Total Answers: 1 ]
Asked 02/08/2008 01:40 pm CT (Ann Arbor Area, MI)
My ex & I finalized divorce in March 2007. I have been the sole income and paid both the primary and secondary mortgage. The Lawyers sprung Liens on the property in court without prior knowledge or resulting adverse effects. The money was available to pay the lawyers and ex off. However the credit union and title company interepretted the liens as primary, and wanted a suborndiation agreement. The subornination agreement was finalized after the market plunged, and mortgage applicaton expired. No equity left in the home as there are foundation repairs. The ex was to issue a quit claim deed, but never did. I have made all payments. Under advisement with the courts to refinance, however my credit fell as I attempted to refinance and get loans, causing the loan to value and credit scores not to align. My lawyer won't lift the lien. Question: What are the creative options for me to remove my ex from the title and deed. I cannot refinance, and the foundation is needing repair.
Asked 02/06/2008 09:58 pm CT (louisville, KY)
Ex fiancee and I, both on mortage. Shes listed first . Her credit , my money. relationship problems. She likes to threaten to call police during arguments, I found rental in another CO. for last 8 mons. locks changed ,wont let me in. Thinks it's hers. i Quit giving my half to apply pressure but shes holding on, barely. what can I do. All she has to do is call police and i'm out, wich hasnt been done yet.
Asked 02/04/2008 05:46 pm CT (Murrieta, CA)
I currently have an Adjustable ARM loan and recently recieved a letter from my loan company telling me that the loan will eventually go up to a higher interest rate. I contacted the loan company and ask about re-negotiating the loan to a more reasonalbale rate. the loan value is $566.000 and the home value is less than the loan value. The person that I spoke with told me that the only thing they could do is a "Short Sale" on the house because evenn if they were to give me a loan with "0" an interest rate, I still would not be able to make the payments. I found a deal on new less expensive homes in the area with 30 yr fixed mortgage rates that I can afford. If I purchase the new home and the current home went into some form of forclosure or deed in-lieu of forclosure, can the loan company try to seize the new home? They're leaving me no options to head off a forclosure if and when the loan resets to a higher rate.
Asked 01/16/2008 04:05 pm CT (Louisville, KY)
I am trying to foreclosure on my home. This has happened before. I have over $100,000 in equity in my home but due to bad credit have not found a way to refinance. Any suggesstions?
Asked 11/06/2007 05:03 pm CT (Nashville, TN)
I found a house that I would like to buy. The man that lived there recently went into the nursing home. The family seems to be more than willing to sell the house, however, the man's wife's name is on the deed. (They have been separated for some time now.) His name in only on the mortgage. What steps would the family need to take for me to take ownership of the house?
The man and wife would have to sign the deed of the property over. If he is passes away a will and ...
[ Total Answers: 1 ]