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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 08/23/2009 11:10 am CT (Germantown, TN)

My daughter and her husband are separated - he left the house about 4 months ago. He has not given her any support since he left. They have a house with a loan of approximately $322,000 - a mortgage payment of $2,200 principle and interest only. The tax appraisal on the house is near the load amount. Taxes and insurance would add approximately $500 more per month. She has been laid off from her job and has applied for unemployment - should draw about $230 unemployment pay plus $1500 per month child support ($750 after 9 more months as the oldest child will turn 18). Husband is self employed but tells her that his business is down and he is now only drawing one pay check per month ($500 net). He also works part time and makes approximately $1,200 per month. Medical insurance for him and my daughter currently comes out of the part time money ($100 per month). He has told her that he will take her off the insurance in December. He also just purchased a new care through the clunker campaign. My daughter's name is on the deed to the property but not on the mortgage. She has managed to keep the payments current until this month but she can no longer pay the full amount. When she contacted the mortgage company regarding a loan modification she was told that they did not qualify because they were not behind on their payments. She was told that she should try to refinance and try to sell the house even if it was a short sale. Husband wants to let the house foreclose - she does not - he has not agree to put it up for sale. Questions are: 1. Does he have to agree to put the house up for sale or can she do it on her own? 2. Does foreclosure affect her credit? 3. Does she have any obligation to pay the mortgage payment? He continuously tells her that she is as responsible for the payment as he is since her name is on the deed. 4. The loan company told her that foreclosure proceedings would not begin until the payments were three months behind. Is that true? In other words, if she makes a partial payment, say $1,000 per month, will the house ever go into foreclosure? She wants to do the right thing but needs whatever assistance is available to her - what are her options? This is a case of someone not being able to afford the amount of money that was loaned to him.

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Patricia, If, in fact, your daughter is not on the mortgage then she is NOT responsible for the mor...

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Asked 04/12/2009 06:15 am CT (Anderson, IN)

Should I be paying Insurance on a house that I'm buying on contract without my name on the policy. Please let me know what to do because I think somethings not right because he won't put my name on his policy.

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The insurance on the home you have under contract should be in your name. If you rented an apartment...

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Asked 04/08/2009 03:12 pm CT (Anderson, IN)

I'm buying a house on contract, and for the past two years i've been paying his insurance. He told me if anything happened to the house he would sign the check over to me. Should I be paying this or is this a scam.

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James, Generally, you would pay for renters insurance but the home owners insurance would be paid...

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Asked 01/26/2009 11:02 am CT (Boise, ID)

My father passed away in June and left my sister and I his home which has 60k owed.I have been living here and paying the payment monthly as well as keeping insurance and such on it. I don`t think I would be able to qualify for a new loan even though we have excellent work and income. How could I buy my sister out and stay in the home.I don`t have cash on hand right now.. Thanks

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Consult a local mortgage broker who can determine whether or not you can qualify for a "cashout" ref...

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Asked 10/29/2008 10:56 pm CT (New Orleans, LA)

Hi! I am new to the whole mortage game.. My Husband And I are trying to purchase our first home. We are very low income, however we have the ability to put down at least $20,000. He has had steady employment history for the past 2 years but he has ABSOLUTELY No credit history. I have gathered four sources of alternative payment history for a 12mo. period with no late fees (entergy bill, car insurance, phone, and a hospital insurance policy on our oldest son) I was employed with the same company for over two years but have been unemployed since I left the clinic I worked in to stay at home with our premature newborn..whom is now 8 mo.'s old. I have credit, however it is very low at this time due to the last statement mentioned. I am in the process of paying all my debts off. My mid score is 520 at the time :( We applied for an FHA Loan and an Urban Development but we where turned down due to my husbands change in employment (although it was for the better monetary wise) and for no savings are proof of alternative payment. My Husbands monthly income is $1920.00. Our only monthly bill is 250 for car insurance and 263.15 for 7 more months for our eldest sons tuition. The home we are trying to purchase is $129,900.00 with seller to pay $4,000.00 in closing costs. ANY advice etc. would be greatly appreciated.

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Lauren, it is possible to to be approved for a loan if you have no credit. The situation has to be t...

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Asked 04/27/2008 11:43 am CT (Edwardsville, KS)

My mortgage has pmi insurance and the payment just went up because of insurance and taxes. I cannot afford the payments anymore even though I am current. If I default on the mortgage exactly what does the \"PMI\" do? and how much can they come back to me for?

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The PMI will refund the lender some of their losses on your foreclosed loan. Whether or not the len...

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Asked 03/18/2008 01:36 pm CT (Orlando, FL)

i refi'd last year and have taxes and insurance escrowed. I want to take over the paying the taxes and insurance and not use escrow. My lender told me i would have to refi to change it so i did not use an escrow account. Can mortgage escrow accounts be modified or not used without refi'ing again.

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Asked 03/13/2008 04:10 pm CT (Arlington, TX)

show me how to eliminate private mortgage insurance(PMI) from my mortgage loan.

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This is quite easy to do in today's market. There are multiple opportunities to take advantage of bu...

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Asked 03/10/2008 03:17 pm CT (Waleska, GA)

We are trying to refi our existing mort. Original truth and lending forms were received and returned 1/28/2008. Due to delays on appraisal, insurance verification, 2nd appraisal due to error on original, all at no fault of our own, we are now being charged for a rate lock extention. We have signed and returned all requested forms and or docs with-in same day. There is no way we're at any fault for the need of extention. Should we be liable for this fee? Our credit scores are in the high 700's.

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If it's truly no fault of your own, I'd politely request the broker/lender do the right thing and ea...

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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 08/02/2007 08:49 am CT (Buffalo, NY)

Is there any assurance(or insurance) on protecting the home value. Is there any way to be safe on a loaned house of $xx and it falls in value to $x over time? So if the mortgage is for $100000,and the value falls to $25000....is there any way to protect oneself? Thanks....Jim Kulbacki

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Asked 07/21/2007 02:27 pm CT (Madisonville, KY)

I baught a house from hud at auction they made me a deed after i fixed it up to rent i try to borrow money on it and find it has another mortgage on it and cant get title insurance on it so no loan but the lean holder is out of business in the stste of ky so how can i clear up my deed no help from hud

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Asked 06/20/2007 04:53 am CT (east herkimer, NY)

my father had p.m.i. insurance on his loan through mortage company he passed over 5 years ago i pay loan payments now and mortage company is still taking loan payments and p.m.i. insurance for the last five years from me the daughter should the p.m.i. insurance pasid that loan off do they owe me that money from 5 years ago please help me if you can

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Primate mortgage insurance protects the lender in case the borrower defaults on the loan. The type ...

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Asked 05/22/2007 08:25 am CT (Perry, FL)

I own a number of homes and I am thinking of selling them owner finance. Is there some sort of insurance out there that would protect me should something go wrong with the buyers making payments besides death or disability coverage? In other words I would want the house to be paid off should for any reason they are not able to pay.

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Hi Pierre: This is more of a insurance agent question. My question to you is, do you have mortgages...

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Asked 04/23/2007 10:41 am CT (VANCOUVER, WA)

my father in law passed away on March 11, 2007 and had no insurance on the house or life insurance, my mother in -law does not work, she will receive social security and a small pension, but this will not make the monthly payment on the home, so how do we get her out of this mess? a letter of deed in lue? short sale?, we have made the payment for May, but will stop the making the payments in June. any help would be great.

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A Reverse Mortgage is probably the best answer unless she wants to sell and move. Please call if you...

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Asked 04/12/2007 08:40 am CT (rohnert park, CA)

i sold my house 9/06 to my boyfriend at that time. he lost his job and fell short on the payments, since then he owned another home and did a "short sale", he paid his first off, but not the second. 2 months ago the 2nd lender (citifinancial) gave him a "special circumstance" approval to wrap the loan around the property i sold him. on monday april 9, 2006 day before the house taxes were due, he asked me (now ex-boyfriend) if i wanted the house back, he "grant deeded" the home back to me 100% and was recorded the same day. my question is, i paid the taxes, however im a bit nervous about the closing of the second. citifinancial did obtain title insurance 2 months ago, however they are not aware of the change of title "grant deed", am i going to be responsible for the loan? My name is not on the loan at all, only the 1st. i feel like he did this to get out of paying the 2nd completely. we are in california

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Sonja, My sister lives in Rohnert Park... Beatuiful City. My advise to your would be to contact Cit...

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Asked 04/12/2007 07:54 am CT (Elyria, OH)

I own my home, no mortgage. My credit score is only in the 500's. I would like to get a loan of about 30,000 using the house as collateral. I want to get this loan to pay off some bills and to have some surgery that my insurance does not pay for.I have tried a few places, but they say no because of my credit score. Any help would be greatly appreciated.

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I have a lender that will be able to work on sub 500 FICO scores. I won't waste your time just give ...

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Asked 04/06/2007 03:00 pm CT (Camden county, NJ)

We need help! Two years ago one of our parent was very sick and where she was there was not medical insurance and her medication and hospital bill was causing about $500 weekly plus . We tried to work something out with our mortgage company but we got nowhere. We were paying but late. Plus interest keep going up From 1400 to 3000montly. Our mom did not make she died. We try to refinance, but becase of late payment we were turned down.We try with our current lender, everytime I talk to them it was a different story. They told to do this and that we do it . And we call again they tell us another thing. Please what can we do we just want a lower payment so we can get our live back on track.

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Hello, I may have a solution to your very unfortunate situation. Although there is no direct way ...

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Asked 04/03/2007 07:26 pm CT (suffolk, VA)

I submitted an offer for the housing. The only thing I asked was the seller will pay for $8000 closing cost. My Realtor agent never gave me a copy of the offer agreement. The seller came back and stated that he can only pay up to $6000. My Realtor agent then turned around and told me I am suppose to pay for the prepaid items (prepaid interest, 14 months home owner insurance, etc) which is around $2000. So my agent told me that it is fine with the seller counter offer since it is my responsibility to pay for the prepaid items. She told me it is not part of the closing cost and I should take the seller counter offer. I didn't agree with her. The seller came back this morning and agree with my original offer on phone without any paper since they are in Europe. Today, my agent called me and told me that I need to meet with a mortgage officer that she knows tomorrow since by Virginia Law I have to have my loan with in 3 days from the day the seller accept the offer. Is there a law like that in Virginia? Are there anyway that I can get out of the deal without losing my deposit?

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The problem with a lot of Realtor's is that they dont know a whole lot about mortgage guidelines. th...

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