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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 06/03/2009 05:10 pm CT (New Bedford, MA)

my wife purchased a home through a nonconventional loan prior to our marrige in 2007 basically the hight of the market, mortgage and deed both in her name only. Due to the economy we have gotten behind a bit on the mortgage which has caused her some credit issues, my credit is still good. We wanted to refiance but were told my name had to be listed on the deed before they could do this for us. We filed the paper work to list me 45 days ago and have just found out today they will not refinance with us because we have lost so much equity in the house, upside down almost 50,000. Being this far behind we are almost ready to just let it go or possibly try a short sale and start over again with something much smaller and more affordable. will i no longer qualify for an FHA loan in my name now because of the deed status, and also if this is the case is there a way to reverse it, kinda like a nullification period where it has only been 45 days since the addition of my name? any answer or advice is greatly appreciated, thank you

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Now that you are on title, you could potentially refinance under new programs that just came out whi...

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Asked 05/05/2009 09:20 pm CT (Lubbock, TX)

I was recently told that since my mortgage was sold to Fannie Mae as soon as it was set up, but paperwork still handled by bank who provided mortgage, that I cannot refinance within 3 months (using exception, normally 6 months) of when I cancelled my listing to sell my home through a realtor. Is this true? Why? Additional info: Listed home from 1/13 to 3/13, 2 months, and took off market because of the slowdown of the market.

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Kathy, Some lenders do have stipulations, others do not concerning waiting periods that you have d...

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Asked 03/13/2009 02:11 pm CT (Hillsboro, OR)

My husband and I recently refinanced our home and it is in both of our names. If we were to divorce and I were to go to school full time in a different state, how would we go about splitting the cost of the home? With the market being so bad, I doubt we could sell it for what we owe since we consolidated our debt with the refi. Would it be more realistic and financially wise if we were to remain married but live apart? We both are willing to do what is financially best. What are the options that would be fair to both of us?

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Asked 03/01/2009 10:28 am CT (Buffalo, NY)

We own two houses in New York (His & Mine prior to marriage) One is paid for with a home equity loan 45K, the other has a small mortgage 43K and a Atruim Villa in Florida four years ago for 190K - we owe 155K its on the market for only what we owe & not selling. With out my income we can't afford all our mortages, taxes and association fee's - If we walk away from Florida would the bank come after our homes in Florida that we listed as assets on the mortgage? Are we better off to stop borrowing money and allow it to fall into foreclouse or try to give deed back?

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Asked 02/10/2009 07:53 am CT (Clearwater, FL)

My mortgage balance is 260,000. Market value for my house is only 160,000 and is going down. I am two months behind on payments. I would like to keep my house but can't keep up with payments due to reduced income. Is it possible to reduce mortgage balance to current market value, because that would be only way for me to afford monthly payment? Thank You, DH!

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You need to contact your lender's loss mitigation dept to determine what options are available for y...

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Asked 01/18/2009 04:24 pm CT (Plano, TX)

Feel free to email me back. My question is: I have accumulated a total debt of approximately $60k with a net worth of roughly -$16k. The debts are with numerous companies for numerous reasons including credit cards, auto loans, student loans, etc. What I want to know is, with the current foreclosure market being like it is and so many homes being "dumped" so cheaply and under value, is it possible to find a home with a built-in equity to purchase that I can turn around and finance my other debts into the equity on the mortgage loan? I would consider it the opportunity to buy a home, while also "consolidating" my debts into the remaining equity of the home and reducing my number of payments and overall payment amount. Does this sound like a realistic and possible scenario that can be pursued?

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Becker, Hi. Regarding your question about taking equity out to consolidate your bills you must h...

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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 11/24/2008 02:08 pm CT (Sparks, NV)

I own a single family home with a mortgage balance of approx $175K on a 6.25% FHA 30-yr fixed. The home's market value has declined steadily and is now worth approx $140K. I am not behind on any payments yet, and my credit is excellent with a current FICO of 768. I'm expecting a 20% reduction in work hours - and thus a 20% reduction in income - effective 1/1/09. This loss of job hours will inevitably result in falling behind on the mortgage payments at their current level. Will I likely be more successful in approaching the mortgage company for a loan modification for 1) a substantially lower interest rate on the current balance (propose approx 3%); or 2) reducing the balance to the realistic market value; or 3) some other measure or combination of the above?

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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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Asked 09/08/2008 01:21 pm CT (Vancouver, British Columbia)

My wife's parents owe us a large sum of money from a shared property here in B.C. My wife's mother has inherited her mothers home in Alabama. The home has a clear title, and we're told it is on the market. We have asked that she talk to a morgage broker about paying us back from the equity in the home, she has informed us that she can't do anything because she is a Canadian, living in Canada. And that the laws won't permit her to access the equity. We are sinking in debt, any information on this would be greatly appreciated. Thank You, Basil.

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Asked 07/12/2008 04:03 pm CT (Bradenton, FL)

Purchased home in 2006 for 320,000., current market value of home is maybe 250,000. We still owe 300,000. Not sure if we should stay and hope to make a profit in the next 5 years or walk away and let bank take home. Currently pay 2,400.00 a month for home

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Asked 05/16/2008 07:24 pm CT (Spokane, WA)

My company is transferring me, and will purchase my current home if we can't sell it. Our credit score in in the 500's due to an illness that caused my husband to lose his job. We have two late mortgage payments from 8 months ago - which surprised me because I contacted the mortgage company and they agreed to those late payments before they were late. We also have several other late payments, one 5 months ago, but most are about 10 - 12 months and everything current since then. I have worked for this company for more than 15 years and my spouse recently was approved for disability payments which has helped. We have never had a judgement filed against us or filed bankruptcy, and all our accounts are current. I was sick to see my credit score so low. In this new strict housing market is there any chance that we might get a mortgage? We should get enough out of the sale of our current home to put 20% down. I am very worried about even being able to find a place that with rent to us with such a crummy credit score. Thanks, I appreciate your advice.

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If you can put 20% down then you should be able to get a loan. There are some programs that do not r...

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Asked 04/24/2008 10:41 am CT (chicago, IL)

My mother is moving to a nursing home and her income which is paying for the mortgage on her home will follow her to the nursing home. The house has been on the market for six months through Buy Owner and with the declining economy and neighborhood the probablity that the house will not sell is great. The appraised value is $140,000, amount due including loan is approximately $100,000. I have no interest in property and would like to know the best way to unload it.

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Go to an investor group meeting and offer the house to them. Or put it on the market with a Realtor...

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Asked 03/25/2008 10:00 pm CT (Laguna Hills, CA)

My husband and I bought a condo 2.5 yrs ago with a 2 yr fixed rate and had planned to refinance in hopes of getting a better rate. Due to the market crashing we are unable to get a decent rate and are now paying on an adjustable rate. My name is only on the title and not on the actual loan. My husband and I were wondering if it is possible to get my name off of the loan and foreclosing under his name. He has a BK on his record that's about 4yrs old. My credit is pretty good and I would like to keep it that way in hopes to buy a house in the future. We didn't put any money down and have nothing to loose. We've been paying close to $3000 per month for a 1 bedroom 895 sq ft condo and it' just not worth it anymore killing ourselves to pay something we can't start a family in. What would be the process if it is possible? Please advise. Thanks

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Asked 03/20/2008 05:23 pm CT (Lake Elsinore, CA)

I have a fica score of 600+ and I intend to purchase my first home within the next 6 months and I want to get into real estate investing in this down market. Knowing that, my question is; I want to purchase 3 to 5 homes, I want to purchase the home and lease it for a monthly profit, puchase the next one, do the same, up to 5 homes (the last one purchased will be occupied by me) are mortgage companies ok with this? I have found homes as low as 125,000 and rents are $1300 to $1500 for those homes. What do you think?

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The short answer is yes...as long as you qualify based on lender criteria. However, it's difficult t...

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Asked 02/17/2008 03:15 pm CT (Coconut creek, FL)

I have two homes: home A is rented and break even. home B is the family residence but mortgage has become unbearable $3600.00 monthly mortdage. the house which was worth 480k, (bought it for $430k) is now worth App $360k after two years of owenership. My question is whats my option besides walking away and move into home A @ a $1500 mtly mortgage. House hold income 75K. family investment 100k in the market, kid is college freshman

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Short sale Home B and get into something more affordable. Lender would have to approve a short sale ...

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Asked 02/11/2008 10:50 am CT (Irvine, CA)

I plan to retire within the next few months. I will be relocating. I do not currently own a home. When I retire, I will have a modest annual pension ($15,000). I plan to work part time for a couple of years. I will supplement my pension and income from my investments. At present, these total approximately $420,000. (I’d feel a lot better if the stock market would go up.) I have no debt. My question is this. Will I be able to get a mortgage at retirement based on my financial position? I will be looking for a mortgage of roughly $160,000. Second question, is it likely I could get a mortgage prior to leaving my current job? The mortgage would be for a home in another part of the country. Thanks for your assistance.

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Hello JN. If you have good credit, and have a decent down payment (say a minimum of 20%), you shoul...

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Asked 02/08/2008 01:40 pm CT (Ann Arbor Area, MI)

My ex & I finalized divorce in March 2007. I have been the sole income and paid both the primary and secondary mortgage. The Lawyers sprung Liens on the property in court without prior knowledge or resulting adverse effects. The money was available to pay the lawyers and ex off. However the credit union and title company interepretted the liens as primary, and wanted a suborndiation agreement. The subornination agreement was finalized after the market plunged, and mortgage applicaton expired. No equity left in the home as there are foundation repairs. The ex was to issue a quit claim deed, but never did. I have made all payments. Under advisement with the courts to refinance, however my credit fell as I attempted to refinance and get loans, causing the loan to value and credit scores not to align. My lawyer won't lift the lien. Question: What are the creative options for me to remove my ex from the title and deed. I cannot refinance, and the foundation is needing repair.

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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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