BestInMortgage.com Post Your Mortgage Question Find mortgage expert in your area
You are not logged in. Login here. Not a user? Sign Up
Email: Password:
 
Search by Mortgage Terms: Ask My Question


Search: "Monthly payment"

Pages:  1 
 
 2 
 
 
 

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?

Keywords:
                                              

 
 

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!

Keywords:
                              

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

[ Total Answers: 1 ]

 
 

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.

Keywords:
                                        

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

[ Total Answers: 1 ]

 
 

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.

Keywords:
                                  

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

[ Total Answers: 1 ]

 
 

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

Keywords:
                                  

Rick: Great analysis. Thank you for taking the time to show how a good adjustable rate mortgage is...

[ Total Answers: 1 ]

 
 

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.

Keywords:
                

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

[ Total Answers: 1 ]

 
 

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?

Keywords:
                        

 
 

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.

Keywords:
                                          

 
 

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.

Keywords:
              

 
 

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?

Keywords:
            

5.68 per month!

[ Total Answers: 1 ]

 
 

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.

Keywords:
            

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

[ Total Answers: 1 ]

 
 

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?

Keywords:
                  

Not if it's truly a Fixed Rate Mortgage.

[ Total Answers: 1 ]

 
 

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?

Keywords:
                  

 
 

Asked 02/11/2008 09:07 am CT (Holland, MI)

Can a mortgage company apply a monthly payment entirely to escrow?

Keywords:
                

 
 

Asked 02/07/2008 01:21 pm CT (fort Lauderdale, FL)

I have a timeshare in Orlando, I fall behaind on the payments now they are demanding the$1900 in back pay plus the deed or the full amount owed of $6401. I told them that with my taxes i will be able to get up to date with the payment and continue with the monthly payment to which they refused what can I do?

Keywords:
                

 
 

Asked 01/30/2008 02:37 pm CT (St. Paul, MN)

I have a 5 year ARM which adjusts in Sept 2009 (from 4.875% to 1 yr treas + 2.75%). Upon the adjustment, will my monthly payments still be calculated using a 30 year amortization, or a 25 year? And then 24 years, etc? And is it true that the outstanding principal amount will be used for the present value, or the amount on the original note? And if the rate adjusts every year, will I still have it paid off on the 360th payment?

Keywords:
                

 
 

Asked 11/12/2007 07:42 pm CT (Sulphur, LA)

My Husband And I signed over the deed to our home July 16th 2007 because the Mortgage had become too much for us to keep up with. We were behind on a few payments and were trying to sell our house by owner and even with the help of a real estate agent. .After a few months of trying we decided to contact an investor who said if we signed an assumption of deed over to him, he would make the payments until he could find someone to purchase it. Well, he did find someone to do an owner finance for at a year..they paid him a generous down payment and then monthly payments as well. Since we were behind the investor had to work out a repayment plan with our lender. this was spread out over a years time,and is still reporting late on our credit...further damaging it and we are still responsible for the note even though we signed over the deed. I talked with him about selling the property now so we could be off the loan, but the agreement he signed with the people now living in our house says they must wait a year to obtain financing. The reason for this is we have equity in our home and will have even more when the pre-payment penalty drops off next year. he is stands to make at least$30,000 off our home and we walked away with nothing. He has not made one payment on time in the last few months and the Mortgage company keeps calling us. I called the people living in the home and discussed the arrangement they have w/the investor. He has mislead them in many ways and us! they were not aware that we were still on the loan! Now I am wondering what my legal rights are in reassuming my home or even working out something with the new tenants to sell outright to them at a lesser amount. Do we have any rights? Our credit is not in great shape because of late payments, A discharged Ch.7, medical bills( all three of our children had tonsils out), I have not worked for the past few years, etc. BUT I am now working again and our Monthly net income together is $5800. Could someone please help us to repair our damaged credit and possibly gain control of our home again so we can make a profit from it and further improve our credit. Jen

Keywords:
                                                                  

 
 

Asked 10/17/2007 03:32 pm CT (Reseda, CA)

I have a townhouse that has a first and a second on it. The outstanding balance is about 405k and the Townhouse is now worth only about 350k The monthly payments total over 3k a month and I have never been late on any mortgage payment and my credit rating is mid 700s. Recently the 1st adjusted and by spring It will adjust again. I will not able to afford this place within a few months and will start to fall behind on payments. I have paid off property in another state and want to move. Can I walk away from the townhouse without them trying to seize any other assets? How long could I stay in the property safely not paying the mortgage payments before I am kicked out? I realize they will wreck my credit but what other things can happen?

Keywords:
                                      

Jerry is right, you may consider borrowing from the Free and clear home that you own to help get you...

[ Total Answers: 2 ]

 
 

Asked 04/23/2007 10:41 am CT (VANCOUVER, WA)

my father in law passed away on March 11, 2007 and had no insurance on the house or life insurance, my mother in -law does not work, she will receive social security and a small pension, but this will not make the monthly payment on the home, so how do we get her out of this mess? a letter of deed in lue? short sale?, we have made the payment for May, but will stop the making the payments in June. any help would be great.

Keywords:
                        

A Reverse Mortgage is probably the best answer unless she wants to sell and move. Please call if you...

[ Total Answers: 1 ]

 
 

Asked 04/10/2007 02:18 pm CT (lou, KY)

Please tell me if I am in a situation that isn't right.It is this....A relative needed a larger house,but had to sell the house she had in order to get the house she wanted.Her house wasn't selling and so she said that I could move into the house and every monthly payment I made would go towards the house being mine.Of course the monthly payments are high,but the house is worth it and so now I am concerned that this house will never be mine,because I found out that in order for her to buy the larger house and get approved she had to put the house I'm in on the morgage of the larger house she bought.Now there are not two morgages,but one large one.So now the two houses are tied up in one package.I will never own this house like she said I would,will I?

Keywords:
                      

NOPE, doesn't sound like it, but if you would like to call me, I will get a few more details and we ...

[ Total Answers: 1 ]



Pages:  1 
 
 2