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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?

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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 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 07/01/2009 05:25 pm CT (Orlando, FL)

My ex and I are expected at court on Monday 7/6 regarding a Summary Judgement for our 2nd Mtg. We have a 1st with Countrywide and the 2nd with Wachovia. We have not been able to make pymts on the 1st for 14 months and the and none on the 2nd for the last year because we both became unemployed and have since divorced. My ex is still living in the home and the 1st Mtg Lender is still waiting for him to get a job so he can possibly do a modification etc. The 2nd Mortgage lender is taking us to court for non-payment. We have had the home on the market from the beginning trying to sell or short sale and no takers. What exactly can happen to us when we see the Judge on Monday. The house has not foreclosed yet on the 1st mortgage we have not even heard from them. Can the 2nd Mtg lender put a judgement on us for the $62,000.00 owed even though the 1st mtg lender supercedes? Please advise. Also with the declining market the 1st mortgage would not even be satisfied even if the house sold today. So what happens exactly. Since we are unemployed we do not have any resources for pymt of legal advice that is why I am asking. Please help!

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Asked 05/22/2009 10:00 am CT (Waukesha, WI)

Hi, I have lost 2 offers to purchase on my home. My ex-husband refuses to sign anything below $440,000. We have been trying to sell for over a year. My question is what are my legal avenues? I am not able to maintain living in the marital home, it is too expensive and I am going to be broke in a very short while. The divorce papers state we must sell the home by the way. Thank you for any guidance.

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T.M. Mortgage professionals in general will not be able to provide legal advice. It would be best ...

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Asked 03/01/2009 05:15 am CT (Louisville, KY)

WE ARE FOUR MONTHS BEHIND ON OUR HOUSE PAYMENT - WE HAVE RECEIVED FORCLOSURE NOTICE - WE HAVE THREE MONTHS OF MONEY TO PAY BUT THEY WON'T ACCEPT IT - IS THAT LEGAL - WE CAN MAKE THE FOUR ONE NEXT MONTH AND THEN CATCH UP WITH ANOTHER NEXT MONTH - SHOULD WE GO TO HUD OR FANNIE MAE?

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Asked 01/12/2009 03:13 pm CT (Atlanta, GA)

I have 2 mortagages one on my primary residence of about $580,000.00 on a house worth about 1,000,000.00. The second on a Lake house of about $550,000.00 on a house worth about 1,300,000.00. Our rate is 6.5 on a 10 year interest only loan. We were told by our banker that mortgages over $400,000.00 could not legally qualify for an interest rate lower than we have. Our credit is very good. My question is: Is this true? If so, why? If not, were can I get the best rate for my loan? Would a credit union be a viable answer? I know that is more than one question however, I hope you can help me. Thanks, Barry Grubb

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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 05/16/2008 07:00 pm CT (Gatineau, Quebec, Canada, Ontario)

I am refinancing my mortgage. The new bank, the notary and me are waiting for the other bank to discharge the mortgage. We have several times requested the discharge, no answer we have received. What is the limit time for this answer and what legal tool can I use to obtain the answer befor the maturity date?

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Asked 04/17/2008 02:01 am CT (Desert Hills, AZ)

Not married, allowed SO name to be placed on deed/loan against banks advice. SO has paid 0 against mtg. Is there any way to remove SO without a legal battle.

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What's an SO? In any case, you cannot remove someone from title w/out their consent. Change perspect...

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Asked 04/10/2008 09:29 am CT (Hartford, CT)

Hi...we are moving to Florida with my son. We have a home and have a home lined up for him. Can he get a mortgage if he has enough for a 20% down payment and I co-sign before he has a job. I have enough cash in the bank to cover the cost of the home. He would like to take $10,000. for his Roth IRA also for this as it is legal to do this for his first home. Or, am I better to buy it outright myself for him, and then sell it to him once he gets a job (he will get a mortgage to buy it from me)? Thank you.

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Dear Randy, There are many options available for financing your son's new home purchase. If you ar...

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Asked 04/04/2008 07:08 pm CT (Stafford, VA)

I'm interested in purchasing a foreclosed home. Countrywide is requiring that I get prequalified through them in order to make an offer on the home. Would this not tell Countrywide what I'm able to afford, and effectively strengthen their negotiation position by alerting them to my mortgage ceiling? Is this legal to require me to get preapproved through a particular company for the right to make an offer ona home? This just doesn't seem right. Any and all assistance would be greatly appreciated!

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It's not likely illegal since they aren't requiring that you take their loan. Instead, they're likel...

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Asked 03/25/2008 10:45 am CT (Greer, SC)

How does Fannie Mae Regulations effect my mortgage loan? I was getting 80% financing on a home in Greer, SC (for my daughter) - and our contract with the seller stipulated the Seller pays closing costs. Halfway through the process, the loan person contacts me and says "Fannie Mae has changed their regulations," and all of a sudden I have to pay $2K in closing costs. (This was two weeks ago.) Do you think this is legal and valid? I wasn't financing through Fannie Mae. How is this allowed to happen? He wanted me to sign an addendum to the contract and everything - agreeing to these terms.

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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!

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Get away from that mortgage company AND make your pymts on time. If you can't afford the home, I'd s...

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Asked 03/01/2008 05:25 am CT (Harlingen, TX)

I have a fixed rate mortgage that is 13 years old. Can my mortgage company legally raise my monthly payment from $694.37 to $978.05?

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Not if it's truly a Fixed Rate Mortgage.

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Asked 03/01/2008 05:22 am CT (Harlingen, TX)

I have a fixed rate mortgage that is 13 years old. Can my mortgage company legally raise my monthly payment from $694.37 to $978.05?

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Asked 02/26/2008 05:10 pm CT (chicago, IL)

We bought a townhouse w my exboyfriend a 3.5 years ago. He is from Europe and in December2007 he went back. Refused sign the deed for me and just left. He is never coming back becasue he was not legal in USA. His name is on the deed and mortgage. He also left some debt on the credit card. Credit cards are only on his name. Is there anything I can do to get him off the deed? I dont even have a contact to reach him. I dint think I will ever hear from him again.Thank you for any of your advice.

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Asked 02/06/2008 02:20 pm CT (pembroke, GA)

I'm on home loan; ex-spouse is only on deed, but how can i remove him legally if he won't remove his name off title.

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