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Asked 01/04/2010 10:42 am CT (Hammond, IN)

My sister's loan was sold to another mortgage company. She kept making the same payment, thinking that her escrow was still being collected. However, when she went to pay her taxes, she found out that the new company did not escrow. Now they are giving her 1 month to pay and will not adjust her account so that the "extra" money she paid can be used for taxes. Can they do this? Is there anything she can do? Legally or otherwise?

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Asked 10/04/2009 05:52 pm CT (San Jose, CA)

My husband's condo has a 1st and 2nd mortgage and has recently gone into foreclosure (we no longer live there). The 1st mortgage company has stopped calling since they took it over, but we are still hearing from the 2nd mortgage company. What should we do to get the 2nd mortgage off our back since the property is now owned by the 1st? Also, since it's now bank owned, should we continue to pay our property taxes? What are the repercussions if we don\\\'t continue to pay them?

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Asked 09/14/2009 10:20 pm CT (Sandy, UT)

My husband and I have owned out home for 13 years. It is our primary residence. Last November, 2009 we refinanced consolidate our 1st and 2nd mortgages and to pay off credit card debt. Our credit was poor at the time and we received a 11.33% interest rate on the new loan. They told us that if we could keep on the mortgage payments and not incrue any new debt, they would refinance us Nov 2010. Since then they have closed all their branches and are no longer taking any new business which included refinancing their current clients. We currently owe $158K with a payment of $1,760 per month plus a 5% prepay penalty estamated value of the home is $166k. if we refinance or sell before November 2011. The currently mortgage company states that they have chosen not to participate in the Obamha Stimulas package. We have been playing the pay them late but just in time game for month and we can\\\'t keep it up any longer. On Sept 30,2009 we will hit our first 30 days past due. We have found a rental house to move into but what are our options for getting out of this home and the mortgage. How will the options affect our credit? is one worse than the other. What are the tax implimintations? Thanks, Cathi

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Cathi, There are three options for getting out of your home. 1 – sell the home. This is the ...

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Asked 08/23/2009 11:10 am CT (Germantown, TN)

My daughter and her husband are separated - he left the house about 4 months ago. He has not given her any support since he left. They have a house with a loan of approximately $322,000 - a mortgage payment of $2,200 principle and interest only. The tax appraisal on the house is near the load amount. Taxes and insurance would add approximately $500 more per month. She has been laid off from her job and has applied for unemployment - should draw about $230 unemployment pay plus $1500 per month child support ($750 after 9 more months as the oldest child will turn 18). Husband is self employed but tells her that his business is down and he is now only drawing one pay check per month ($500 net). He also works part time and makes approximately $1,200 per month. Medical insurance for him and my daughter currently comes out of the part time money ($100 per month). He has told her that he will take her off the insurance in December. He also just purchased a new care through the clunker campaign. My daughter's name is on the deed to the property but not on the mortgage. She has managed to keep the payments current until this month but she can no longer pay the full amount. When she contacted the mortgage company regarding a loan modification she was told that they did not qualify because they were not behind on their payments. She was told that she should try to refinance and try to sell the house even if it was a short sale. Husband wants to let the house foreclose - she does not - he has not agree to put it up for sale. Questions are: 1. Does he have to agree to put the house up for sale or can she do it on her own? 2. Does foreclosure affect her credit? 3. Does she have any obligation to pay the mortgage payment? He continuously tells her that she is as responsible for the payment as he is since her name is on the deed. 4. The loan company told her that foreclosure proceedings would not begin until the payments were three months behind. Is that true? In other words, if she makes a partial payment, say $1,000 per month, will the house ever go into foreclosure? She wants to do the right thing but needs whatever assistance is available to her - what are her options? This is a case of someone not being able to afford the amount of money that was loaned to him.

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Patricia, If, in fact, your daughter is not on the mortgage then she is NOT responsible for the mor...

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Asked 07/24/2009 11:14 am CT (Seattle, WA)

I have heard that if the 2nd mortgage company did not file a deed of trust with the recorder's office I can have the loan dismissed in CH 7. I need to know if this is true, and if so, what RCW or Title 11 code I need to reference in my paperwork.

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wow! good question. That is probably best answered by a bankruptcy attorney. However, I can tell ...

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Asked 06/28/2009 07:45 am CT (Jacksonville, FL)

My mother has filed a quickclaim deed with the county as \"rights of survorship\" to me. We want to add my name to the actual deed with the mortgage company. Will I be required to re-finance the home with the mortgage company (bank of america)? When the loan was with country wide we were told that as long as I was on the actual deed to the home I could simply continue the payments. I have no interest in selling the home and just want to live in it.

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You would have to check directly with BofA, but most likely yes. Just because you are on the deed, ...

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Asked 05/29/2009 11:09 am CT (Tacoma, WA)

My husband and I bought house 4-1/2 years ago using our money but my Uncle's credit. My uncle no longer wants the house and has agreed to let us take it over, I know we cannot assume the loan but can he Quit Deed the house to us? How does that work? Do we have to contact his mortgage company on the home? What's the best way to do this?

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Quit Claim deed transfer ownership only, Your uncle would still be responcible for the mortgage....

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Asked 05/29/2009 06:17 am CT (Medford, MA)

I filed for chapter 7 August 2007 and dischaged on January 2008. I maintained my credit very well after the bankrabcy. My credit score from transunion is 732. Can get approved for a mortgage if I apply for it. Can you help me find a mortgage company that could approve a mortgage for me?

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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 12/22/2008 08:50 pm CT (Atlanta, GA)

NEED INFORMATION ON OPTIONS FOR PAST DUE 2ND MORTGAGE. I HAVE 2 MORTGAGES MY FIRST MORTGAGE I DID A MODIFICATION ON IT AND I AM CURRENT ON IT. MY SECOND MORTGAGE COMPANY DID NOT OFFER ANY RELEIF OR LOAN MODIFICATION PROGRAMS. I AM NOT ABLE TO REPAY THE PAST DUE BALANCES TO BRING IT CURRENT. THEY HAVE SENT THE ACCOUNT TO AN ATTORNEY. DO I HAVE ANY OPTIONS?

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Asked 12/19/2008 09:51 am CT (Chicago, IL)

how long does it take for new morgtgage company to pay off old mortgage company after a refinance

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Hi Sherri, It takes about 1 week from the day you close for your old mortgage company to receive ...

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Asked 12/19/2008 09:51 am CT (Chicago, IL)

how long does it take for new morgtgage company to pay off old mortgage company after a refinance

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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 11/05/2008 01:08 pm CT (Bend, OR)

My father-in-law died 2 1/2 years ago. He was a widower. There may or may not have been a will... a mystery. The payments have been kept current but my in-laws have never notified the mortgage company. Their credit scores are horrible at best. What could happen if they can't qualify for a loan? What happens about the last 2 1/2 years will there be a penalty if the did qualify? What should their first step be?

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Asked 10/07/2008 07:42 am CT (St. Petersburg, FL)

Me and my fiancee are in a bit of a mess. He is not working as much right now due to not enough work going on so the only income is mine which is not enough. Our 2 yr fix rate will be up April 2009 so getting very scared. We are having a hard time getting people to help us either refinance or anything. We talked to our mortgage company and they seem hopeless. We owe more on our house then what is worth. Is there anywhere we can go that can help us? Pretty much have given up.

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Celeste - you still have time on the 2 year ARM, so don't get discouraged yet. Are you at least abl...

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Asked 09/19/2008 12:49 pm CT (Whitefish, MT)

I have a house that I am on a repayment plan that is killling us. Is there any hope I can get my mortgage company to redo my loan to a fixed rate and a payment i can live with.

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You always have the option to modify you loan. You should make sure you speak with someone who knows...

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Asked 08/26/2008 01:18 pm CT (paducah, KY)

I filed Bankruptcy, and the mortgage company was supposed to foreclose on my house,my guess is because it had roof damage, ect. I got a letter saying that they charged it off and cancelled the sale. I know I can live in it and rent it out, but can't sell it until they release the deed. I don't want to put alot of money into it if they can come back again. How do I get them to release the deed? or can they come back after they charged it off? Homeless

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Asked 08/26/2008 10:45 am CT (BEACHWOOD, NJ)

WHAT IS THE LOAN ORIGINATIONFEE AND AN APPLICATION FEE AND WHO SHOULD WE BE PAYING THIS FEE TO? QUESTION NUMBER 2 IS SHOULD THE LOAN PAY OOFF TO THE BANK ACTUALLY DIFFER FROM THE AMOUNT THE MORTGAGE COMPANY RECIVE?

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Asked 08/19/2008 03:29 pm CT (Jackson, MS)

My late husband bought a mobile home in 1998. I was not listed on the mortgage nor did I sign anything with regard to the purchase of this home. There was no land or any other type of collateral put up against this home. He died in 2004 and shortly after I moved from the mobile home. The mortgage company repossessed the home and sold it at auction. Now they want the estate of my deceased husband to pay the remaining balance (2 years after they sold it). My husband did not have a will. Can they hold me responsible for this money?

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Asked 08/18/2008 10:25 am CT (tulsa, OK)

what are my rights with my mortgage company if i have recently lost my job of 14 yrs?

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