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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 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 01/26/2009 11:02 am CT (Boise, ID)

My father passed away in June and left my sister and I his home which has 60k owed.I have been living here and paying the payment monthly as well as keeping insurance and such on it. I don`t think I would be able to qualify for a new loan even though we have excellent work and income. How could I buy my sister out and stay in the home.I don`t have cash on hand right now.. Thanks

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Consult a local mortgage broker who can determine whether or not you can qualify for a "cashout" ref...

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Asked 01/02/2009 12:45 pm CT (Annapolis, MD)

My son's wife moved out of their house a few months ago. She took care of all bill payments. Now he finds out that she did not make the second mortgage payment for a very long time and they will no longer accept a monthly payment. He is working two jobs just to pay the monthly bills and has two children with him. He tried to draw out his 401K to pay on the second mortgage but was not able to get more than $1200 from the fund. His first mortgage is fine. What can he do about this situation? Can the second mortage company foreclose on his house? Thank you for your reply.

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Yes, the 2nd mortgage lender can foreclose. However, the property would have to sell for a sufficie...

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Asked 01/02/2009 12:27 pm CT (Annapolis, MD)

My son's wife recently moved out of his house. She was the person making the bill payments each month. Now he finds out that she has not made a payment on the second mortgage for some time. The second mortgage company wants the entire $22,000 and will no longer accept monthly payments. He has two children and is working two jobs just to pay the monthly bills. He tried to cash in his 401K but was told that he can only receive $1200 a year and not the $11,000 in the retirement fund. What should he do? Can the second mortgage company foreclose on his house? Thank you for your reply.

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The second mortgage company should be willing to negotiate with the way the market is going. Negoti...

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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 11/20/2008 05:47 pm CT (Abilene, TX)

I am going to get divorced my husband dosn't want the house. I guess I have to keep it.My mortage is payment is $1170.00 per month. 30 year mortage at 6.89 % house is worth $112,000. I only make $1920 very monthly.I don't know what to do?

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Will you be getting child support or any other type of income? How much do you owe on the home and w...

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Asked 11/12/2008 12:27 pm CT (Tulsa, OK)

My wife and I are looking to buy a house. Our monthly gross income is $5,000 a month. Currently our debt to income ratio is around 19%. We have $10,000 dollars to put down and both have credit scores over 650 mine being closer to 700.We have also both been on the job for 2 plus years. What are the chances of us being able to get a home loan for $140,000 dollars?

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Asked 10/29/2008 10:56 pm CT (New Orleans, LA)

Hi! I am new to the whole mortage game.. My Husband And I are trying to purchase our first home. We are very low income, however we have the ability to put down at least $20,000. He has had steady employment history for the past 2 years but he has ABSOLUTELY No credit history. I have gathered four sources of alternative payment history for a 12mo. period with no late fees (entergy bill, car insurance, phone, and a hospital insurance policy on our oldest son) I was employed with the same company for over two years but have been unemployed since I left the clinic I worked in to stay at home with our premature newborn..whom is now 8 mo.'s old. I have credit, however it is very low at this time due to the last statement mentioned. I am in the process of paying all my debts off. My mid score is 520 at the time :( We applied for an FHA Loan and an Urban Development but we where turned down due to my husbands change in employment (although it was for the better monetary wise) and for no savings are proof of alternative payment. My Husbands monthly income is $1920.00. Our only monthly bill is 250 for car insurance and 263.15 for 7 more months for our eldest sons tuition. The home we are trying to purchase is $129,900.00 with seller to pay $4,000.00 in closing costs. ANY advice etc. would be greatly appreciated.

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Lauren, it is possible to to be approved for a loan if you have no credit. The situation has to be t...

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Asked 09/03/2008 04:07 pm CT (Colton, CA)

I have a 36 month ARM with 1% interest and optional principle payment that will expire at the end of this september. The only viable option for refinancing is FHA 30 y fix but increases my monthly payment by $500. I would appreciate your advice. ? to hold on the current ARM or refinance.

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Ghulam, This is a loan that allows for your balance to increase (negative amortization) if you di...

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Asked 07/22/2008 10:04 am CT (S. St. Paul, MN)

My husband and I are struggling to make our mortgage payments these past couple of months. We've recently filed bankruptcy. Do we have any options as far as lowering our monthly payments?

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Asked 07/20/2008 07:46 pm CT (Ansonia, CT)

My husband and I are first time home buyers in search of someone who is willing to give us a chance. We have had problems in the past with bills ETC, but currently we have been very faithly in keeping all of our current bills paid on a timely manner. Combine we have a gross income of about $66,000 annually, and we have not been able to find some one who will assits us in purchasing our first home. My credit score right now is 560 and my husbands is about 570, my husband does have a judgement that was filed against him last year for about $3200 dollars that we have been making monthly payments of $100 dollars for the past 7 months on. We are only looking to be approved for a loan in the amount of $160,000. Please contact me and let me know if there is anything that you can do to assist us, I am even willing to apply on my own even if it means a lower mortgage approval.

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Asked 07/10/2008 06:23 pm CT (Sundridge, Ontario)

What is best? On a 5 year term with a 40 year amortization is a variable rate at prime less.60% with only 20% extra payment allowed a year or variable rate at prime less .25% with the option of paying an extra amount up to the monthly payment amount towards the principal with every payment and then a 10% extra payment every year? Which way would you pay off more? Thanks for the info and hope this makes sense.

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Asked 04/02/2008 10:25 am CT (Easton, MD)

By how much per month does $1,000.00 reduce the monthly payment on a 5.5% 30 year fixed rate mortgage?

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5.68 per month!

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Asked 04/01/2008 07:51 pm CT (crossville, TN)

I am a vet, honorable discharge and 58 years old. I am currently a caretaker for my mother who is 88 years old , does not require medical care- but daily physical care ( making sure she gets food prepped, a bath, transportation to dr. visits etc..) I have 8 living bro/sisters..and I get paid by them monthly of $800.00 in personal check form, along with a retirement check of $125.00 per month..I want to take advatage of my Va benefits by applying for a VA mortgage loan. I have just begun this job this past year of taking care of my mother and will file taxes at end of 08. (was taking care of her w/out financial income last yr)..can I still qualify for a VA mortgage loan? I would only need about $45,000 or less- my daughter has property (14 acres) and I want to get a small 1 bedroom log cabin kit to put up on the property..would I be allowed to do that and qualify for a mortgage loan thru the VA..my daughter said she'd sign any needed paperwork approving me to put a dwelling (no bigger than a barn on the property, they have already had a spot perked approved for me to put in a home. thanks so much for a helpful site to an old guys questions:-) Jerry

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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 03/19/2008 10:59 am CT (Ramsey, MN)

I am 100% loan to value currently with my two mortages from last April. My payments for 235,000.00 loan are 1860.00/Mo. Home values are down since then. Is there anything I can do to reduce my monthly payments.

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Find the lowest comparable sales in the area and then contact your county to lower the "assessed val...

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Asked 03/12/2008 04:28 pm CT (east liverpool, OH)

My husband & I had a bankruptcy discharged 7/25/07. ( we filed under 1 time only, unforeseen circumstances- SUDDEN DISABILITY...) I have re-established credit & my score is still rather low- my middle score is 606. My husband, however, has been unable to qualify for credit & his mid score remains around 530-540. I know we would get a better rate if we waited 2 yrs since the bankruptcy, but we need to move soon. We are both on SSD now & make a combined monthly income of $1293, & right now we are paying almost $500 a month for rent. ( we have been here 2 1/2 yrs & we have never been a day late) We want to buy a modest home - a loan for maybe $40,000-$45,000. PLEASE, I know there has to be a loan program out there for us. I WOULD REALLY APPRECIATE IT IF YOU COULD TAKE TIME OUT OF YOUR BUSY SCHEDULE TO TELL US WHAT TO DO & MAYBE POINT ME IN THE RIGHT DIRECTION. THANK YOU SO MUCH,CJ

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Asked 03/01/2008 05:25 am CT (Harlingen, TX)

I have a fixed rate mortgage that is 13 years old. Can my mortgage company legally raise my monthly payment from $694.37 to $978.05?

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Not if it's truly a Fixed Rate Mortgage.

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Asked 03/01/2008 05:22 am CT (Harlingen, TX)

I have a fixed rate mortgage that is 13 years old. Can my mortgage company legally raise my monthly payment from $694.37 to $978.05?

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