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Asked 12/15/2009 04:16 pm CT (Apache Junction, AZ)

My husband lost his job 2 years ago due to an illness. He has been on SSI for 7 months now. Our current mortgage is in his name only (my name is on the deed but not the mortgage) and our lender refused any sort of restructuring of the loan. Because of our debts we had to file chapter 13. Prior to filing bankruptcy our lender offered a settlement of $80K less than we owe on the loan. Would we be able to finance with a new lender and if so would it be for the amt our current lender offered us as a buy out?

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You would have to ask your lender (current) if they will still do the settlement. If so then you cou...

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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 07/22/2009 08:53 pm CT (Atlanta, GA)

i am self employed and my taxes don't show enough income to re-fi- my wife job net about $225 amonth and i had a loan modication 2 years ago and it is coming to a end and my mortgage lender say's i can only have one per life of loan. what can i do now if that is true and if i still can afford the payments

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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 05/13/2009 12:01 am CT (Modesto, CA)

im two years in a chapter 13 bankrupcy i have one year to go i want to buy a house california morg is trying to get me approved. but every lender is turning me down i missed a payment about 15 months ago. so i have 15 months of clean payment history.my credit score is about 640 is it possible to get a lender to take me.i make about 54000 a year

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On a FHA loan the requirement is at least 12 months of current payments to the trustee. you would ha...

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Asked 05/02/2009 12:24 pm CT (Abilene, TX)

My question is, my husband\'s credit score is 566, i am not sure what mine is but is probably lower than that, we have been leasing a house for the last 4 years but would like to purchase it now. The price on the house is $70,000, are there any lenders to go through without putting a huge amount of money down?

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Laura, We have programs that can help you, with our free credit repair service. Depending on your...

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Asked 04/22/2009 10:37 am CT (Louisville, KY)

My husband and I are wanting to sell our home and buy another home in a nicer neighborhood. The house asking price is $199, we have seven thousand saved to put down... my husbands credit score is 652, I do not know mine, but it is probably really bad. Can he be approved for a 199 loan on his income alone of $50 grand? We will also more than likely take a loss on our house of $6 grand. Any ideas as of where to go for assistance on a down payment loan or if a lender will allow us to borrow more than the asking price to cover the loss in the current house. We are really clueless as what to do!! My income is $33 grand a year

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Asked 02/28/2009 01:54 pm CT (ogden, UT)

I am married due to religous reasons I will stay married but I would like to buy my own home. I have been removed from my husbands mortgage. I have excellent credit have been approved for 150000.00 loan but due to the marriage lenders wont give me a fha loan what can be done?

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Traci - you're going to want an FHA loan. Did they give you reasons why you can't be approved for a...

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Asked 02/10/2009 01:39 pm CT (Montgomery, AL)

HELP!!! My husband and I are trying to refinance for a lower payment, but we cannot find a lender to refinance. Our interest rate is a 20yr fixed @ 9.25% and we owe @105k. My credit score is 715, but my husbands is 566. My debt to income ratio is too high to refinanace by myself. What should we do?????

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p.s. - If you'd like someone else to handle credit report disputes, try http://www.lexingtonfs.com/ ...

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Asked 01/30/2009 11:20 am CT (, TX)

I had only one payment left on my mortgage with Celink. I phoned and asked them for a payoff amount and they verbally added approximately $200 in charges and fees to the payoff amount and refuse to send me a Satisfaction of Loan unless I pay these charges. These fees are not listed in my contract and I have never been notified of such fees in the past. Once a loan is paid in full isn't a lender required to send a Satisfaction to the borrower?

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This is normal, you will find that your interest fees are paid a month in arrears, therefore, when y...

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Asked 01/18/2009 09:17 am CT (Bloomington, IL)

My wife and I will finish school in May and then plan to move back to the area where we grew up. We would like to buy a home as soon as we return to the area. The problem is that even if we are fortunate enough to find jobs, we have been told there will be a few hang ups. Apparently the best case scenario (assuming employment) is that we could get into a home a month or so after being back when are able to prove employment/income level with a paystub. We have also been told that a possible situation is that we will be on probation with our new jobs. Because we have to disclose this to the lending agency, this will prevent us from getting a loan until the probabtionary period ends. The loophole to all of this, as I am told, is to use our parents as cosigners, which they are willing to do. Additional information: All parties have good to excellent credit scores and there would be a down payment of at least 10% So the questions are: if we use our parents as cosigners can they come off the loan/title without us having to refinance? If no, will the cost to refinance be such that we are better waiting 4-6 months after returning when we can buy the home on our on, keeping in mind we have to pay rent on a place till then. If we use a cosigner will that prevent us from getting our lowest possible interest rate? If we use a cosigner and disclose to the lender that we plan to remove the cosigner as soon as we can will that prevent us from getting our lowest possible rate. Additional information: All parties have good to excellent credit scores and a down payment of at least 10%

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Hi Chad, As long as you and your wife have jobs you willl not have a problem getting a mortgage p...

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Asked 01/14/2009 09:29 am CT (West Bloomfield, MI)

I have a 7-yr balloon due March, 2010, with current rate of 4% and (by then) a remaining balance of $260k. This was originally my home but is now a rental property. Home values in Michigan have plummeted. I have tried to refinance now to lock in a 30-yr fixed rate, but since it is considered a rental property, the loan/value ratio needs to be 25% and I'm no where near that. Since I cannot refinance now and definitely won't be able to when the balloon is due as values fall another 10%-20% (as forecasted in Detroit), what happens? (1) Can I refinance with my current lender for a 30-yr fixed with a reasonable interest rate now or in March next year? (2) Should I begin to have these conversations with the lender now? (3) Do they amortize the remaining balance over the remaining 23 yrs? (4) How high can the rate go? I have friends in a similar situation (with their primary home) and rates have gone up to 10%+? (5) How do I keep the rate down and amortize the remaining balance for 30 yrs? I do not know what to do. Any assistance is greatly appreciated. Thank you in advance.

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Too many variable to discuss via email. COntact me to discuss 248-356-3739 Drew...

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Asked 01/13/2009 09:15 am CT (Cleveland, OH)

I am in the process of buying a house from someone who started to gut and remodel. The kitchen cabinets and sink have been removed and the main bathroom has been gutted. The owner bought from the bank and was just going to fix up and sell. I want to buy before he fixes up so I can save money and repair as needed. The loan officer I spoke to told me that the kitchen and bathroom have to be in working condition and the house has to be liveable before I could get a loan. I would be buying the house as-is. Is there any truth that these would have to be fixed before I could get a loan? And I would be living at home until the bathroom and kitchen would be remodeled. Can you give me some direction or if I should choose another lender?

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Asked 01/09/2009 09:36 am CT (Nashville, TN)

If I got a first mortgage loan at a reduced rate but am a traveling nurse and lease my home - can the lender foreclose on my loan

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That's a possibility but a VERY slim one. I doubt that the lender would want to own any more proper...

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Asked 12/30/2008 03:06 pm CT (Fresno, CA)

I am a broker looking for a lender for a non-owner occupied, 75% LTV, cash-out refinance and the borrower has a 760 middle FICO. This is a really clean loan with only one issue (isn't there always?) The borrower just took the property off the market a month ago, opting to keep the property as a rental. Does anyone have any idea of a lender that won't have a problem with the fact that the property has been on the market?

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Hi Cynthia - Does he have fewer than four properties?

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Asked 12/29/2008 08:40 am CT (Reston, VA)

Hi, I need to find out is it possible to ask our mortgage lender to skip a month payment?. My husband were out of job and we ended moved to Virginia 2 years ago from Hawaii when he got a job here. We have a house in Hawaii. Tried to sell it but no luck. We survived paying our mortgage by renting it out. 3 months ago our house was vacant again and we were struggling to find a tenant. Finally we got one unfortunately they going to move at the end of the month which will put us no money left to pay mortgage for this month. My question is, is it possible if we ask the mortgage lender to skip a monht payment knowing the money will come in next month forward?. We never miss our payment so far. This is consider our only house since we are renting in Virginia now. Thank you so much.

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Norlidah, thank you for your question. First of let me explain a bit about your mortgage payment. Y...

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Asked 12/18/2008 04:44 pm CT (Fort Lauderdale, FL)

I received my commitment documents from the lender along with the final closing costs. One of the line items is 5 months of county taxes. I don't own the home yet, so how can they charge me county taxes? I live in Palm Beach County.

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That means that you are escrowing for your taxes. An escrow account is an account that the lender s...

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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 11/05/2008 03:35 pm CT (State College, PA)

First I must say that you do not have the city I live in on your list so I just picked one. Anyway here is my situation. I need to refinance my home to lower my payment, repair my roof and lower my interest rate and I have done everything that I have been asked to do. I have a manufactured home and land appraised at 75,000. My credit is good and I actually pass FHA inspection and have released the title to my home. The only problem I run into is there is no properties such as mine that have sold in the past two years. Now I do live in the smallest county in PA we only have 5300 people and sales are a little slower. There are a lot of manufactured homes being purchased as they are affordable for folks but no one is selling. I am at my wits end and don't know what to do. I am struggling to maintain my house payment the way it is and am afraid I will have to let it go back. The current lender will not consider refinancing the loan. Do you have any suggestions?

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Asked 09/19/2008 12:08 pm CT (Sacramento, CA)

This one is bad ... at least for me. We have several mortgages on the house we're living in. The house was purchased on a 80/20 with zero down at the peak of the market for $670K. The first is $540K, the second is $130K. Shortly after that we got an equity line from Bank of America for $210K to start landscaping at what not. At that time the house appraised for nearly $900K. Being adjustable the payment went OUT OF SIGHT last November. I stupidly figured as a stop gap I could borrow against the HELOC to make the payment. Well the rest is history ... although the payment which adjusted first in November (OUT OF SIGHT) came back to more normality in May (the next adjust is November 08). Now the HELOC has been shut off by Bank of America (at about $180K) and we are $3K short per month. I think I'm out of options as I've been pulling a rabbit out the hat for months. What should I do?? I'm considering not paying Bank of America and second for a period to keep us a float. Calling them (various lenders) to see if they'll work some type of solution. Praying for salvation ... etc. In this mix I actually have another home which is not upside down. Which we are renting out (with a payment we can afford). I'm guessing the various lenders can't touch that home ... so we're considering evicting the tenants, stopping paying the others and moving back there. Any pointers or insights you could provide would be helpfull. I can't pull money from anywhere and am down to the point where we'd be Bankrupt if I made the next months payments (read broke). I also owe $11K in tax on the problem home. I didn't pay that to enable myself to meet the mortgage for a 3 extra months. Thanks in advance.

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Jim, tough situation. It's obvious you can't service the debt you have. It will be a stretch to...

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