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Search: "Mortgage payment"

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Asked 01/17/2010 04:59 pm CT (Canton, OH)

My husband and I would like to get out of renting. In the last 5 years, our rent has gone up $90! Our problem is that my husband\'s job is unstable. By that I mean, he could get moved really far away. I REALLY don\'t think that this is going to happen, but the threat is still there. If we were to buy a home, and he were to get moved far away (enough that we\'d need to move to be together), can we sighn over the house to the bank with little or no problems? We\'d be up to date on the mortgage payments, we wouldn\'t be behind on anything, coudl that be a possibility? Or are we doomed to be at the mercy of landlords until he gets enough seniority under his belt and the threat of him getting moved is gone.

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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 01/12/2009 01:34 pm CT (Griffin, GA)

Hello, I originally had my mortgage through Homebanc and then it was sold to Chase. My original mortgage payment was $1259 per month. Due to a miscalculation in taxes my mortgage payment was increased to $1457.10. Chase told me that my mortgage payment would go back down after 1 year. Unfortunately my mortgage was sold to American Home Mortgage Servicing Inc. It has been over 1 year since my payment went up so I called AHMSI to find out why my payment has not gone back down and they said I am paying the absolute minimum. Is there anything I can do to get my payment back down to what it was when I first bought the house? --Mike Sciacca

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Mike: You should have your servicer send you an analysis of your escrow account from the time the p...

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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 12/19/2008 10:07 am CT (Orlando, FL)

How can I lower my mortgage payment without refinancing and what is a loan modification?

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You would have to talk to your Lender to see if they are offering any type of "Loan Modification". ...

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Asked 11/28/2008 07:02 am CT (Biloxi, MS)

I am very low on money this month, I dont have enough for my mortgage payment, what can I do? I've never been in this position before. The money comes out my checking account automatically, but their's not enough to cover it this month. What can I do?

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Asked 11/28/2008 07:02 am CT (Biloxi, MS)

I am very low on money this month, I dont have enough for my mortgage payment, what can I do? I've never been in this position before. The money comes out my checking account automatically, but their's not enough to cover it this month. What can I do?

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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 11/10/2008 01:31 pm CT (, MD)

Can they default my mortgage payment for being 45 days late?

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No, you will be charged late fee's as outlined in your finance agreement and may report you late to ...

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Asked 11/09/2008 04:21 am CT (Flint, MI)

I have a mortgage with 12 years left on the mortgage. My son has made all the mortgage payments. Can I add my son to the mortgage? Incase something happens to use I don't want him to loose the house he has been paying for.

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You don't need to add your son to mortgage for him to take over payments. He will inherit house and...

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Asked 07/23/2008 01:00 pm CT (Birmingham, AL)

Where the foreclosed previous owner comes back to redeem the property during the Statutory term, do I get my mortgage payments back?

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No, you don't. In order to redeem the property you must do the same as the person who purchased it,...

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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 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 04/16/2008 10:50 am CT (sacramento, CA)

I hold a second on a house I sold. they are making there first mortgage payment. but stop making payments to me. I sent them a notie of default, but they think there is nothing I can do. What can I do and how do I get help?

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Asked 04/06/2008 03:32 pm CT (Zionsville, IN)

Assume closing on 5/1/08. You pay 30 days of interest at closing. Is first mortgage payment due on 6/1 or 7/1?

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Closing on 5/1/08 w/ 30 days of prepaid interest gets you to a first pymt date of 7/1. Since mortgag...

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Asked 03/28/2008 12:09 pm CT (Baltimore, MD)

My grandfather can't afford his mortgage payments anymore. We are okay woth the thought of foreclosure, but we also have a concern. The situation is that he has land also in the state of Maryland; Can the bank (Washington Mutual) take that piece of land( almost ten acres) if he does go through with foreclosure? Also, besides the consequense of bad credit, what will happen to my grandfather because of the foreclosure?

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Asked 03/17/2008 11:25 am CT (Ivins, UT)

My husband and I bought a home about 8 years ago. It was our first home and we got scammed into taking on a balloon payment of $20,000 due after the first 2 years. Needless to say we couldn't pay that much all at once. We went to a place trying to refinance and they ran our credit so many different times that they decreased our credit score below what they said they would allow and refused to refinance us. This took so long that by the time they told us they wouldn't refinance us the balloon payment was up and we were being threatened with forclosure. We decided then to do a chapter 13 bankruptcy to pay back this amount owed in a way that we could more readily afford. Between now and the time that we filed the bankruptcy I have lost my job 4 times. 2 times due to downsizing companies, once due to health problems, and once due to an employer who decided after hiring someone they knew they would have to train, that they couldn't spare the time. Through all of this I have tenaciously found the way to make my mortgage payments along with my chapeter 13 payments. Now however it seems to me like my mortgage company is trying it's darnedst to take my home (which has risen in value to almost 3 times what we initially got the loan for). I was late on a mortgage payment once and they filed for a dismissal of my chapter 13 so that they could forclose. I pulled it out and made all the payments needed so they dropped it. The legal document filed, however, said that if after 3 times of payments not being on time they could dismiss the 13 and forclose right away. Since the first time I have paid my payments on time and made sure to get proof of delivery from the postal service each time. They have since claimed that I was late once before, which I proved incorrect, and now they have sent me a document that says that I have alledgedly been late again and they are going to forclose. I have only $500.00 left on my chapter 13. If I get my bankrupcy lawyer to fight it, he will tack on more money for his services to the 13 and it will take longer and I'm not sure this mortgage company is going to give up on trying to forclose on me! What should I do? Even when the 13 is over I will still be with the same mortgage company and probably still be facing forclosure every time they decide they want to mess with me!

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Get away from that mortgage company AND make your pymts on time. If you can't afford the home, I'd s...

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Asked 02/26/2008 08:40 am CT (copley, OH)

Like a lot of people we owe more than the house than it is worth. What will happen if we just simply stop making the mortgage payments? we filed bankrupsy 3 yrs. ago and tried to keep the house.unfortunatley it's not gonna work that way. Is there a way that we can sell the house back to the lender?

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Foreclosure is inevitable if you stop paying. You can get approval from lender to do a "short sale" ...

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Asked 02/22/2008 09:57 am CT (Philadelphia, PA)

I recently refinanced my home mortgage in order to pay off my car loan. Now I feel uncomfortable with the high mortgage payment I have as a result. How soon can I refinance in order to bring my mortgage payment down?

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If you consolidated your car loan into your mortgage, I can only assume that there was a pymt saving...

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