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Asked 01/17/2010 04:59 pm CT (Canton, OH)

My husband and I would like to get out of renting. In the last 5 years, our rent has gone up $90! Our problem is that my husband\'s job is unstable. By that I mean, he could get moved really far away. I REALLY don\'t think that this is going to happen, but the threat is still there. If we were to buy a home, and he were to get moved far away (enough that we\'d need to move to be together), can we sighn over the house to the bank with little or no problems? We\'d be up to date on the mortgage payments, we wouldn\'t be behind on anything, coudl that be a possibility? Or are we doomed to be at the mercy of landlords until he gets enough seniority under his belt and the threat of him getting moved is gone.

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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 03/05/2009 11:37 am CT (San Francisco, CA)

My husband and I both owned homes prior to marriage, intended to sell his but cannot. We bought a home together, I am the sole person on the mortgage loan of our joint home but he is on the title. Our circumstances have dramatically changed and can no longer afford his home. I am not on the mortgage or title as he bought this two years before we were married in Jan. His home was never refinanced and is the original loan. We paid 15% down on the current home but likely have very little equity. If he forecloses on his home, will it affect my credit? Also, can they put a lien on the current home for which he is on the title but not on the loan? Thank you so much.

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Consult an attorney. However, your credit cannot be affected by a default on a mortgage you never q...

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Asked 01/10/2009 11:18 pm CT (Milwaukee, WI)

Hello... Just a quick question. OK... I have a refi in progress, and we should close by the last week of Jan. I learned that I am going to lose my job (closing our plant) on Jan 31. I am getting a nice severence, and still have a nice nest egg saved up in case of problems (2-3 years), so I'm not too worried about foreclosure. (If anything, a refi will help me to pay it off faster, as I would be paying less...) Do I need to disclose this at the closing, or to my loan officer? Or, since I'm technically still employed at the time of closing - can it be my little secret? Basically, is withholding this information considered fraud, or does the fact that I am truthful in all my statements (regarding CURRENT employer) mean I should be in the clear? I obviously don't want to do anything that will jeopardize my house.

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You would need to disclose that at closing. There will be a document that you will need to sign tha...

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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 07/09/2008 04:59 pm CT (Huntington, WV)

I recently was approved for a VA home loan. When the paper work went to the underwritter I was required to write several letters. 1 explaining why I filed bankrupcy in 2002 2nd since I was retired What I was going to do to be sure I pay my bills on time/live within my means on a fixed income 3rd What I have learned from past derogatory credit history that will help me continue to make payments on time. Then they requested 3 months of bank statements on how I spent my money. According to the Veteran Admin website they should only hold bankrupcy against you if it is 2 years or less. My credit scores were in the 600's highist 658. They approved the intial loan application. But when the underwriter got it it was everyday want a letter treating me as a little kid. This company only does VA loans Can they do this? make you write letters, explain and prove how you spend your money?

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Asked 05/06/2008 04:47 am CT (Quakake, PA)

I am a teacher in a small town and I earn alil over 35000 a year. I also have excellent credit 740+. I have no credit card debt however I do have a school loan of about 35000. My fiance has been unemployed because he hurt his back so therefore he has little income. Is it better for me to just apply for the loan without him?? How likely is it for me to be able to get a loan for $50000? I know we would be able to afford the payments!! Thanks for your help!

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Based on the prelim information you have provided you can qualify for a mortgage of $50,000. It wou...

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Asked 05/03/2008 01:11 am CT (Hardeeville, SC)

we used to have a very good loan discount on our mortgage at the bank where she used to work.I am on disability and over the past 4-5 yrs. have been renovating our home.I have almost doubled its value.However my wife has a health condition since birth called syringual mieliea.her condition took a turn for the worse and she had to stop working.thus we have lost our discount mortgage rate and her long and short term disability benefits have been denied.we have retained an attorney but have only limited savings from a cashed out 401 K.are there any programs available other than bankruptcy that we could qualify for so that we could get a reduced rate on our mortgage even though we are not employed.we would like to avoid being a further burden on the state as well as keep our modest little home that we have put so much hard work into. please help. thank you, Tim and Denise Norris

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Asked 04/24/2008 05:53 pm CT (mesa, AZ)

I have a credit score of 631 with a bank in collections and a judgement for not paying rent ( which is paid now) and I have no established rotating accounts. I have little income, part time job at Quik Trip. And my husband has a 450 score with 5 collections, with little established credit, but he has a income of 3000 a month. How would be start as 1st time buyers for a small house or mobile home loan? We tried thru a bank and got deneid when using him on the credit, can I use him as extra income but not include him on the credit/ cosigner? Thanks. Jenna

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Can't be a cosigner without looking at credit. i would suggest looking for a rent-to-own property a...

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Asked 04/01/2008 08:34 am CT (Virginia Beach, VA)

my brother and I bought a house a little over 2 years ago. I there after got married and moved out. I have been out for about 1.5 years and now the house in starting in forcloser. He refuses to sell and the only why he said to get it caught up is if i sign a "mortgage adjustment". I have been trying to get off the house for over a year. I need to know if there is anything i can do? I work hard to clean and keep my credit clean but this is downfalling me.

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Asked 01/22/2008 05:10 pm CT (cambridge city, IN)

Hello. My situation is this. We have been trying to sell a house for 3 and a half years almost. It does need a little work but it's priced reasonably at 58,000. We went ahead and built a brand new home because we could afford two house payments. We are thinking of filing bankruptcy to get out from under that house because we don't see any other way. Our market is extremely terrible here where we live. Houses are sitting for years. If we were to file a chapter 13 bankruptcy how much of the 60,000 that we owe on that house would we have to pay back? Also would filing bankruptcy affect the new house? Would they be able to mess up our loan on the new house or take it away from us? Thank you for your information. Ray

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Asked 01/22/2008 02:31 pm CT (brantford, Ontario)

Good Evening. I am currently looking at a home for sale in my neighborhood for an asking price of $219,900. My husband & I have never owned our own home. We are a little nervous with the way the economy is right now. Is now a good time to buy a home? Also, I don't even know if we need money down or we go to a private lender or a bank. We are , excuse the expression, virgin home buyers ( or hopefully going to buy this home at all.) I really don't want to loose another opportunity to stay in the area we are currently in. I love the area & you really could'nt find kinder neighbors.Thank you kindly for time & any advise would greatly be appreciated & needed.

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Asked 11/30/2007 10:53 pm CT (pittsburgh, MI)

My wife and I are currently looking to close on loan quickly. We will be relocationg to a different city and the property we are purchasing is located there. However, in order to close on the loan quickly (as we are in a hurry to close), the broker told us that he would file it as a second home and not a primary place of residence so that we would not have to do a job verification at the new place. We both have jobs that are currently in negotations at the new location, although we do not have our official contracts yet, but this definitely will not a problem as we will be receiving the final contracts within the next month or so. The broker thought this would slow down the loan process or may not be able to close on time if the lender/bank may require this employment verification letter. And since we need to close on a tight schedule, he wanted to make sure we could close the loan on time. Although we will be working and also have ample funds to pay for the loan regardless if we didn\\\'t work for a month, I\\\'m a little worried about this since this home will be our primary place of residence. The broker told us that after the loan is closed, we could just let the bank know that we had decided to make it our primary place of residence and there would not be any problems. Is this true? Is this something we need to be concerned with? What problems could potentially arise in this situation? We would appreciate any thoughts or words of wisdom.

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Hi there, If the home is going to be your primary residence, then your application should state t...

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Asked 10/03/2007 02:05 pm CT (Aragon, GA)

My son is wanting to building a house and is in the proces of applying for a const/perm loan. He has a good job, no debt, and overall in good financial shape at 24 yrs. Since he has very little debt,, I agrreed to help him qualify for the const/perm loan . Is there any way for me to do that without being held responsible for the mortgage if somethin should happen. His father and are in good financial shape, our house is paid for and we are in no real debt which is why I agreed to sign with him on the constr. /perm loan. What is the best way to help my son without the responsiblilty of being responsible for the mortgage.

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Kay, I work wiht one of the nations top lenders for constuction loan fiancing. I can put you in t...

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Asked 07/21/2007 10:01 am CT (kelseyville, CA)

I had little trouble this year with loans. I had one forclosure in which the first was honored, but the second wasnt and maybe one more loan with the same deal. I was looking into bankruptcy, but still have real estate assets in good standing, what is the seconds recourse if any? (both deed's of trust) I have contact with the one that took place still. What should I do to protect my othe real estate? Can they force sale on them? This is our retirement that I worked on very hard. Thank you

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The second can intiate foreclosure proceedings to protect their interests. If you have equity in yo...

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Asked 04/21/2007 06:30 am CT (Plantation, FL)

My Fiancee and I are interested in purchasing a new home. But our credit is horrible. My score is 553, and hers is 547. I make 54K a year and she makes about 24k a year. I have been at my job for 7.5 years, and she's been at her job for about 3 years.We have three childrens. We have very little money to put down, we have been re-establishing our credit since Oct of 06. We purcahsed a vehicle in oct, and another one in march of 07, and we have about 6 credit cards combined that we have been paying on time. All of this credit has been obtatined from oct06-march of 07. Could we even qualify for a mortgage right now? Should we wait a little longer? Please help.

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HI Ed: The only way for you to know if now is the right time to to apply with a lender. Tere are 24...

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Asked 04/18/2007 09:37 pm CT (Cheswick, PA)

Right now my goal is to get out of this cramped trailer, and get into a much needed house with more space, since I have three growing children. I know I can't afford much, so am interested in a small 4 bedroom house in a decent low income area for 27900. Various calculators say I would be paying total cost a little less for this house than I do my current rent. One of the problems is that I don't work, and my husband doesn't exactly have a solid work history. Actually he is with a very good company that is well suited for him. He is now a Class A CDL truck driver. The first company that hired him, shouldn't have been hiring rookies right out of school. The second company was local where he worked for a year, but things wern't going so well. Then he drove for a temp agency. Now he has been working for a very good company for three months, he making the miles. The company seems to be happy with him, and he is basically happy with the company. Before he got trained in trucking, he worked 7 straight years with a low paying school bus driving job. My other problem is our creidt scores. I just bought my score and found out it was 657 not prime. Last year his was 647 high risk, but don't know what it is now. I decided to wait to get his until I feel like I can either move forward with a mortgage or paying off debt. Both were from experian. If I could get a hold of this house or another around that price range, I wouldn't be any worse off. I need a roof over my head one way or the other. Actually I might be a little better off, since it very well could free up some money even if it is just a little. I feel stuck because of the lack of a down payment, closing costs, my husband's work history (eventhough he is making the most he ever had in his life. This is still towards the low end of the payscale at .33 cent per mile averaging 2500 a week.), and our credit. Question 1: Is there any hope for me? Is there any way I could get into a house fairly quickly? Would it be better for me to wait and hope beyond hope something else pops up later when I have more money? There are not too many 4 bedroom houses for that low, and it does not look like a handy man special on the outside. From what my mom heard, the previous owners took fairly good care of it. Maybe I'm thinking to small, and need to wait until he gets a raise also. Maybe the market will fall more in that area also opening up more potential. There are already investors grabbing some for rentals though. I hate where I live currently. I already ran out of room a year ago. Question 2: Dealing with a little extra funds I'm going to have. I have a school loan I'm going to start repaying on next week. In nine months it is going to go up. The difference of what I'm going to pay now and payon later is about $130.00. Should I: A) Pay down the car loan - get it paid off quicker - then put the car loan money towards the school loan to help get that paid down quicker? B) Try to pay off some of the debt on our credit reports? C) Sock it away in savings to build up my cash to get a mortgage?

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Hi Suzanne: You need to apply with a quality loan officer and have your entire situation reviewed. ...

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Asked 04/16/2007 05:00 pm CT (jamestown, IN)

I filed ch 7 bk 2 to 3 years ago. I am a previous home owner, 1st home now divorced, that mortgage was in good standing, i had since fell to the way side with credit after div, and doing nicely rebuilding on my own. car loan, personal loan, and credit. i don't know who to go to for a mortage this time? i have a little money saved, been at my job 20 years. would it be hard for me to get a mortage on my own? need a reputable place to start. any insight i would appreciate.

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If you are still seeking advice and help, please give my office a call. We are located in the India...

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Asked 04/16/2007 10:31 am CT (Renton, WA)

We have two loans on the house...we received a letter from the bigger of the two loans that they would be increasing our interest rate and they could increase it every 6 months from this point on. We had a pre-payment penality for 3 years but that 3 years will be up this month...the only thing is that my husband filed bankruptcy probably about a year ago. At the time we weren't married but we both owned the house with me being primary owner. We have no been married for about 4 months. Initially I had good credit but he had the money. I still have the better credit but I owe alot. My question is...how long typically should we wait before we refinance especially with the bankruptcy? Would it be better to refinace now in hopes that we get it at a fixed rate? Or should we wait a little longer even though the interest rate will continue to increase every 6 months?

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Melita- Well I disagree on the value of the house declining. Maybe in other parts of the countRy...

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