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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?

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Asked 04/20/2009 03:30 pm CT (Colorado Springs, CO)

Three years ago I purchased a home with an 80/20 loan. I automatically went to a bank soon thereafter to set the terms of the 20 into a 15 year mortgage at over 8 percent. The 80 is still interest only due to set at as an ARM in two years. The house was purchased at 335, 000 but on current mean estimates like Zillow is currently at 311. I obviously have little equity in the house. I am wondering if I can refinance the 80 into a payment that will not be too much higher than what I currently have. I am not having trouble making payments and could afford higher. My credit is excellent, but I am beginning to consider options at this point. Thank you.

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Hi: In order to refinance your first mortgage, the second mortgage holder must agree to subordinate,...

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Asked 12/30/2008 08:05 am CT (North Platte, NE)

looking to refinance; issue, credit score of 528. Any institutions that will refinance for a fixed rate to lower payments? The Arm keeps adjusting into a higher payment. thank you

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You are more likely to succeed with a loan modification if you are simply looking to lower your paym...

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Asked 12/17/2008 10:01 pm CT (San Jose, CA)

I have been hearing and reading for the past year about the mortagage crisis and resulting foreclosures and don't understand why these experts are coming to this conclusion. I can't wait until my loans convert. I have a 5.75% fixed rate that will convert shortly. My index is the 12 month treasury moving average which is at 2.0%. My margin is 2.25% giving me a fixed rate for the next twelve months of 4.25% which I confirmed with my lender if my loan were to convert today ie. a lower payment. I believe that most of the no interest loans originated three to five years ago would be fixed for the initial period at approx. 5.375% to 6.25% with margins of 2.25% to 2.75%. Also, most indexs used are the 6 mo. LIBOR, 12 mo. LIBOR, 11 district or one year treasury, all very low. By adding the margin most of these loans should refix at very favorable rates. Yes, there will be principal (repaid to yourself) and a 25 year amort period. Nevertheless, is the whole world wrong or am I not seeing this right? This mortgage resetting is a monumental part of this national crisis and causing widespread foreclosures because of supposedly higher monthly payments. As far as I can see the numbers just don't support higher payments and this foreclosure meltdown. Can you please clarify. Thanks, Rick

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Rick: Great analysis. Thank you for taking the time to show how a good adjustable rate mortgage is...

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Asked 04/06/2008 02:08 am CT (new orleans, LA)

I have a bankruptcy that is over two years discharged and a 70,000,00 a year income my me debt is around 992 a month. My credit score is like 550 i would like to get a home as soon as possible. My girlfriend has also a higher score around 700 but an income around 20.000 while in college. with those factors i was wondering what our options are.

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Asked 02/13/2008 07:49 am CT (Fort Wayne, IN)

We refinanced our house December 7 2004 we received an adjustable rate mortgage. I tried to refinance it last month to lock in the rate to a fixed rate .The banks said we owe more than its worth.We had it appraised December 2004.Is it possible that they used faulty or incorrect appraisal information. The interest rate increased last month to the higher rate.Would we qualify for the HOPE program or mortgage bailout

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Doug, though it is possible that the original apprasial was in error, but more likely your market ma...

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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.

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Asked 01/22/2008 06:27 pm CT (Defiance, OH)

If my wife and I are both on the deed but only I am on the mortage, can she refinance or buy the home. Her FICO is higher and she has no late mortgage payments. we are just trying to save our home and get out from under this horrible ARM. Its only 1 morgtage in my name and the rate has now rose to 11.25. please help..Thanks...

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Asked 11/19/2007 10:21 pm CT (Los Angeles, CA)

Would it be advisable to enter into a mortgage in which the broker would secure us a high rate loan, to obtain a higher commission, then split it with us to lower our rate?

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Jay, I believe you meant he would split the commission with you to lower you FEES or COSTS, not the ...

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Asked 11/15/2007 11:01 pm CT (scottsdale, AZ)

I have two houses, the first house that I live in has much higher value than my second home. Now I cannot afford the payment for my first home anymore, and I may go for forclosure. Also, I have two loans on my first home, and I just refinanced the second loan and took out the heyloc on my first home to pay for debts that I owed before. Will there be a lien on my second home, if I forclose my first home?

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The easy answer is no, but there is a lot more that goes into this. Please give me a call at 480-229...

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Asked 10/27/2007 03:28 pm CT (Bartlett, TN)

My husband and I purchase our 117,000.00 home in Jan. 2007. The thing is ;we want to refinance to get our $1036.00 ARMS mortgage payment down before it get any higher and to get a fixed rates. We ask for fixed rates when we purchase the loan, but end up with ARMS.At the time we thought ARMS was a fixed rate. Our mortgage company has send us several letters trying to get us to refianace for a fixed rate but we're so confused.

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Hi Lora, There are quit a few folks out there that are looking to "dump there" ARM and get into a...

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Asked 08/28/2007 01:27 am CT (holmes, NY)

we bought our house in dec. 04 with an 80/20 no money down mortgage, the larger being adjustable. It was our first time, so we were happy just to get the mortgage. My husband worked construction and suffered a back injury that required surgery and we thought at the time was only temporary but later found that it was more permant, and requires further surgery, we cant afford our adjustable rate to go any higher what do we do

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Contact whomever you're making the mortgage payments to & ask for forebearance arrangement. You cou...

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Asked 06/17/2007 04:52 pm CT (Hudson, NH)

HI there, My wife and I are buying a home but my credit score is higher so they are only putting my name on the loan. Since we are married aren't BOTH our incomes together considered the houshold income used for the qualification? Is it possible to have your income from your wife counted without using her credit score?

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Being Married doesn't really automatically make it household income. Do you know what your wife's c...

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Asked 04/19/2007 06:45 pm CT (Dallas, TX)

I just purchased my home 10 months ago. My credit was not the best so I got a higher interest rate than I wanted. I wanted to know how soon can I refinance to get a lower interest rate now that my credit has improved drastically.

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You need to talk to a mortgage professional to give an evaluation if you refinance how much will it ...

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Asked 04/18/2007 04:56 pm CT (tallahassee, FL)

Darrell, Thank you for your quick response. I am the one with the higher income but bad credit. I have no doubt that my fiancee will qualify, but the amount he would qualify for is not enough to really get a nice house in this area of the country. We were hoping that by combining incomes we could qualify for a more substantial amount of money.

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TRY MORE THAN ONE LENDER THAT YOUR OPTION. 347-573-9799

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Asked 03/21/2007 11:41 am CT (Dallas, TX)

1) I have a higher than ideal debt to income ratio but a good credit score. I am retired and have about $225K in my IRA that I have access to. Will my IRA help me in qualifying for a higer loan amount?

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WARNING: the poster of the above message (Tim) is recommending a credit repair company that the mor...

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Asked 03/08/2007 02:07 pm CT (Montgomery, AL)

we are in the process of getting a mortgage and the mortgage company promised us one rate and a closing date and now has com back and changed the closing date to the day I have to be out of my currect house and also the rate is 2.60% higher than was first stated, can I get out of the deal with out losing my Good Faith Deposit? I know we will loose the $400.00 appraisal cost. I am just thinking I would hate to loose the other.

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Asked 01/11/2007 09:25 am CT (Palatine, IL)

Because my credit score is higher than my wife's, it was recommended that I alone be on our refinance mortgage, pay off debts attributed to her and refinance at a better rate as soon as we can. Obviously her name remains on the deed. What are the pitfalls of doing so?

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Tom, This is a typical situation that one spouse has a higher credit score and often you can obtain ...

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Asked 12/20/2006 02:05 pm CT (portsmouth, OH)

I got a divorce in 2001 My ex was suppose to take me off the mortgage but, he didn't he let the payment fall behind and it almost was foreclosed on then we got back together but, don't live their ha never finished and it has sat empty and has mildewed.I haved try help him catch up everything but he has also not paid taxes or insurance so it has been put in escrow.I can't get my name off because the bank states he has to refinance it and he won't I don't think anyone would if he was agreeable. Is there anyway under the sun I can get off this thing he's ruining my credit . My credit score is only 560 and I just paid my car off it should be higher. please advise please!!!!!

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Linda, You are in a sticky situation. I would recomend that you sell this home. If I am reading y...

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Asked 10/17/2006 01:20 pm CT (quincy, IL)

My mortgage lock-in rate has expired. My mortgage company is now telling me that I am stuck with the rate that was available at the beginning of the loan. The rate now is currently lower than when we locked-in. The property we are buying had to be surveyed & they had to wait close to 4 weeks for the people to do the survey. It is not our fault that the survey took so long. Now that the lock has expired & the interest rate in lower, why do we have to now lock in at the higher rate?

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Truth is when rate's locked, it's locked. However, you shouldn't suffer due to outside delays. Ask...

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