Search: "Monthly payments"
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.
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.
Great analysis. Thank you for taking the time to show how a good adjustable rate mortgage is...
[ 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?
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.
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.
Find the lowest comparable sales in the area and then contact your county to lower the "assessed val...
[ Total Answers: 1 ]
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?
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
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?
Jerry is right, you may consider borrowing from the Free and clear home that you own to help get you...
[ Total Answers: 2 ]
Asked 04/10/2007 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?
NOPE, doesn't sound like it, but if you would like to call me, I will get a few more details and we ...
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Asked 03/06/2007 09:41 pm CT (brooklyn, NY)
My brother and his wife live in another state, I, in New York, they defaulted on their mortgage and want to sell their home to me in order to qualify for lower monthly payments. The understanding is that they will buy it back once they repair their credit. What are some of the risks that I can incur, since I'm going to be totally dependent on them to pay the mortgage on time because i cannot afford to maintain residence in 2 different states . Thanks
Asked 11/07/2006 07:26 am CT (Rolling Meadows, IL)
I have a few questions I wanted to ask:
1. If a house / condo has equity (lets say $15,000) - Can I take out that equity at the closing to help pay for renovation or to simply help make monthly payments on mortgage?
2. If so, is there a limit in equity amount I can take out at the closing, or I'm free to take out as much equity as there is in a house? (for example, if there is $20,000 in equity - can I take all $20,000 or only a certain percentage)
3. I'm buying a condo right now and I will have $180,000 mortgage. This is my first mortgage. I do not have money to qualify for an additional standard mortgage. If I find a property that has large equity that I can take out at the closing to help pay monthly fees, can I quality for an "investment property" loan in that case?
4. If so, having a excellent credit rating (775), using interest only loan - do I have a chance to quality for let's say $300,000 loan?
5. If I'm a disabled veteran with 30% documented disability and I'm currently a student - does it make any difference (interest discounts, etc) when qualifying for an "investment property" loan?
I would suggest that you find a trusted mortgage advisor in your area that you can sit and t...
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Asked 10/11/2006 08:48 am CT (Cartersville, GA)
Bankruptcy discharged June 2005. Got in current home June 2004. 80/20 loan with 2 year ARM (interest only) on 1st and fixed on second. My ARM adjusted in June of 2006 and I want to refi to lower monthly payments. I am current, and have a really good job/steady income, but do not really have anything in the way of clsing costs or downpayment at the moment.
I have recovered from the bankruptcy but need to lower my monthly to speed up my receovery.
Should I try to refi both into a fixed or just the 1st? (is that even possible?)
Should I try to roll both into another ARM with a lower rate to give me time to further improve my credit?
I have read so much on the Net about mortgages I am confused. My current ARM is going to adjust another point up on December and I would like to avoid that if possible.
I am tired of filling out these forms and having my credit pulled only to get turned down, or telling me they can't do it.
What is my best course of action? Please help me with some good advice?
I do loans in GA. There are several pieces of information that I would need in order to pr...
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Asked 10/03/2006 10:42 am CT (cranford, NJ)
Hi-just had a question, we were just preapproved for a max mortgage of 370k, based on a 100% loan, 5% down-however, our dream house stands firm at 399k, do we have any options, (besides saving longer to put more money down) to be able to swing the price of that home? Its a home that we could see staying in for the rest of our lives. Any other avenues that might be explored that we are overlooking? My husband's credit is phenomenal, mine is being rebuilt and therefore is just barely at the cusp of "good." Is there a particular mortgage that might lower monthly payments for us to afford the price of this home? Any suggestions you have would be appreciated thanks so much!
in acordance with 18 united states code, sub 1010, 1011, 1014, and 1344 all cover various types of f...
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