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.
If, in fact, your daughter is not on the mortgage then she is NOT responsible for the mor...
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Asked 08/19/2009 11:27 am CT (San Bernardino, CA)
My husband and I are on the mortgage note but my son/daughter-in-law on on the deed to a property purchased in 2006. We live in California and have experienced a decline in the valve of our home,
approximately 133,000 upside down. Is it possible to sell the home
to my son on a short sale? I understand it needs to be approved by
loan company but I was told we could not sell on \"short sale\" to a family
That is correct. And especially to one that is on the deed even though they are note on the loan. ...
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Asked 02/12/2008 10:08 pm CT (san diego, CA)
My mother owed her house outright. right before she passed away she took out a 2nd on the house for $75,000. (Her home is worth well over $500,000.)
The house was left to my brother and me, however my brother who is claiming he was made the trustee just before she died (her lawyer was it as far as I knew) now is saying he will not pay the loan because it was our mothers loan. Even thought the loan company is asking for a payment. However if the house was used as collarterial can't the loan company demand or expect payment from us since the house was left to us? Or with her death does the loan go away?
My brother has since rent out the house way under fair rental rates for the area and is telling me that I can do nothing and that he will buy me out in a year or so.
Thank you for your help.
You should be concerned. if the home was used as collateral for the "2nd" loan, then yes, the loan ...
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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.
Asked 01/19/2008 10:56 am CT (Holden, MO)
my husband and i have a house that we cannot afford we have had it up for sale for about 6 months and have had no call. we are about to lose it. someone told me that we can do what it called transfer of deed in lue of foreclosure and give it back to the loan company to try to save our credit. is this true and if it is how do i go about doing this. thanks
Asked 12/25/2007 07:41 pm CT (des moines, IA)
I am about to lose my house in foreclosure. i have a 2nd mortgage. Am I still obligated to pay the 2nd mortgage, and what happens if I dont. What can the loan company do to me.
Asked 10/09/2007 12:39 pm CT (Washington, DC)
My husband filed chpt. 13 in order to save our home, however the loan company "worked" out an agreement in which we paid $2300 a month not inclusive of the rent we pay of $1100 monthly. Needless to say it was a disaster. The house went to foreclosure in sept. The loan was in his name. I am interested in purchasing a home in a few months and wanted to know if I could include him on in the obtaining of a mortgage? I plan on purchasing in the next 6-7 months , at that time he would have been in clpt. 13, 19 months. How does the foreclosure affect the chpt. 13?
Sorry, I meant Nicole!
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Asked 06/01/2007 01:19 pm CT (Lynchburg, VA)
i just purchased my home on december.. the loan company that i was dealing with no longer handles the type of mortgage that i have so they sold my mortgage..well, i am not pleased at all with this new company..not only have they lost my payments(which i have proof of)but when they cashed one they didnt put in the correct amount and it was less and they are now asking for all this interest. i am so afraid that they are going to be the cause of me lossing my home.. this is my first one and i truly love this house. i dont know what to do...
thanks.... daphne :)
Asked 04/02/2007 08:03 pm CT (San Diego, CA)
My husband and I own a property in Vermont that we have not lived in since 1999. We moved to California, and rent a condo here. Our adult children lived in the VT home for 3 years and they rented rooms to their friends (we received the rent). Since then we have been renting it to tenants. We have refinanced it since we moved to CA. Now we are considering refinancing again - the loan company is in Florida (located by us on the internet). They have discussed with my husband that it would be a better loan if we call the VT property our primary residence or possibly a 2nd residence. I am concerned that they are trying to convince us to do something illegal. Am I right?
I'm a Mortgage Advisor Specialist from San Diego CA; I agreed with David, as far as tha...
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Asked 03/05/2006 12:05 pm CT (south bend, IN)
i have been approved for 95% and i am buying directly from the owner the home is 104000$ do i give the owner my down payment before closing and get the loan for 98000$or does the loan company need that money first?
Hi Mike, I am bit sad to see your question here. I hope you feel comfortable enough with your loan o...
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