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Search: "Longer afford"

 
 

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...

[ Total Answers: 1 ]

 
 

Asked 12/19/2008 11:46 am CT (North Las Vegas, NV)

I have a 4 bdrm 2 1/2 bth 2200 sq ft 4yr old home in a 1 story community. I paid $341,000 for the home and received 32,000 in free upgrades. It is a upscale home with a 17ft granite bar maple cabinets all with roll out drawers, Huge pantry and laundry room. Large lot with long flat drive landscape front and back with huge back covered patio. I put down $64,000 down and the home is now worth maybe $250,000. I took 1 of the choose yr pmt loans and have been adding $700.00 per month for about a year as I could no longer afford even the interest only pmt. What can I do if anything to keep my home or do I just walk away from $64,000 dwn pmt and all the pmts for 4 yrs??

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Asked 04/29/2008 07:59 am CT (Shawnee, KS)

Divorced last Oct. 2007. had qcd done removing my interest off of property but still on mtg due to him having 'til this oct. to refi. he has tried but cannot due to deb to income ratio too high. he can no longer afford mtg and wants to file chap 7. per div. decree, he has til oct to refi to remove my name. will I be involved in the chap 7 and my credit go bad?

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Sorry to say but yes. The mortgage company will come to you for payments if he files chapter 7. He...

[ Total Answers: 1 ]

 
 

Asked 03/17/2008 05:07 pm CT (las vegas, NV)

my husband had bought this house about 4 years ago before we had got married. so my name is not on it. my questions is it going to ruin my credit also if he foreclouse on it? we can no longer afford the payments. And could i buy another house in my name?

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If he qualified and purchased the home on his own, any problems w/ the home would only affect his pe...

[ Total Answers: 1 ]

 
 

Asked 08/14/2007 08:24 pm CT (Jay, ME)

I am a disabled woman, I am 39 and 2 years ago I refinanced my home and was put on an adjustable rate. They said I could get a fixed rate after a year. When the year was up they said my credit was to bad. It was the same then as it was a year before. Now the interest rate has gone up 3 times, I can no longer afford the payments which do not include the escrow. It went from $825. to $1,100.00 @ 12+%. Was it legal for them to put me on an adjustable rate mortgage knowing my income was fixed on disability, and also knowing that in 2 years I would loose my daughters SS payments because of turning 18 and graduating. I dont know what to do. Other mortgage companies say it is illegal. Is it true?

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Asked 04/05/2007 02:09 pm CT (Ojai, CA)

My finace's mother has a very peculiar problem. Her and her husbands finances have always been seperate. They own three houses and have a small mortgage on the one they live in, the other two are rentals. He is very tight with his funds, she has helped out her family and children to the poibt were she has become over extended in credit card debt and other financial obligations she can no longer afford. He will not help her. He will not sign for any type of credit line or loan. Being that California is a community property state, and she contributed just as much to their wealth, is there any way she can get a line of credit, or loan using either one of the properties or her primary residence without him? Divorced has been discussed, in which case it wouldn't be a problem, and I realize that community property states require lenders to have both signatures, but is there any loophole, law, or back door she could use to go forward without him? Any information you could give me would be helpfull.

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Jason, Sorry to hear about the situation. The Husband will need to sign a quit claim deed to rem...

[ Total Answers: 1 ]

 
 

Asked 03/17/2007 02:07 am CT (San Ramon, CA)

I bought my house in June 05 for $680,000. I put 20% down " not my money though - I put it down because I felt the 2nd was too high" but pulled that money back out with a HELOC to repay the 20% down a month later....so I now have no equity in my home. I have significantly less income now because I was working in Real Estate in California and it has slowed to a snails pace. My question is.. Can I keep paying my 1st lien on time and call the other lender of the HELOC and tell them I cannot afford the payment any longer? Would the holder of the 2nd/Heloc simply write all the debt off and 1099 me for the debt they wrote off? I understand that they wouldn't foreclose on the 2nd because they would then be responsible for the 1st lien. I don't want to lose my home but I can no longer afford to make the payment with my 2nd/HELOC which is at 11.25%. I would sell but I cannot afford to take a loss of $40,000..which my Realtor has said I would have to do in order to sell. I would greatly appreciate your advise on this. Thank you for your help. Mike Rodeno

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Hi Mike - I'm a mortgage broker in Castro Valley. If your credit score is 680 or above, I can refin...

[ Total Answers: 1 ]