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Search: "Mortgage payments"

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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 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 11/09/2008 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 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 02/21/2008 04:15 pm CT (RENTON, WA)

I have been seperated from my wife for 2 years. She is living in the house. When we refinanced 3 years ago the loan was only in my name. Her parents had been making the mortgage payments for her. To help make things easier I signed a quit claim deed to my wife and then she in turned did the same to her parents so they could refiance the property to lower the payments. After 9 months they still hadn't refied. They also always late with the mortgage but kept telling me they were working on it. Now the mortgage is 3 months late and they are now my inlaws and wife are going to let it go into foreclosure. Now I am scrambling because one the mortgage company says I'm responsible for the loan but now my credit is ruined and they also informed me that we did not have their permission to do the quit claiming. However county records are showing my inlaws. I do understand that I am responsible for the loan. What is the resonsiblity of my inlaws? When they did they were aware of an IRS tax lien and a unpaid sewer lien. Are they liable at all? What course can I take here? I'm scrambling to try to sell it but I haven't had any luck. Thanks Tom

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Tom, I am sorry to hear about your troubles. Your situation is very complex, and my best advice is...

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Asked 01/22/2008 06:27 pm CT (Defiance, OH)

If my wife and I are both on the deed but only I am on the mortage, can she refinance or buy the home. Her FICO is higher and she has no late mortgage payments. we are just trying to save our home and get out from under this horrible ARM. Its only 1 morgtage in my name and the rate has now rose to 11.25. please help..Thanks...

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Asked 12/12/2007 07:31 am CT (new orleans, LA)

i inherited my mother's home with a small mortgage. can i just continue making the mortgage payments? it is a small interest rate, and i live in the house

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Yes you can. You should contact lender and let them know though. Make sure Deed has been switched in...

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Asked 11/30/2007 07:02 am CT (Thornton, IL)

my seller wants me to quick deed the property back to him,he pledges to make all mortgage payments until he\\\'s ready to quick deed.what kind if contract to we sign? is this legal?

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Proceed with EXTREME CAUTION!!!!!! To give you good advice or an opinion I will need a lot more inf...

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Asked 11/10/2007 12:42 pm CT (charlotte, NC)

I have a judgement on my credit report and I want to apply for a 1st time mortgage. My credit score is in the 600's. Are there any mortgages available for ist time buyers that will allow them to wrap their debt into the mortgage payments including a judgement. If not, what are my alternatives. I really want to buy a home. I have a good job history and salary.

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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?

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

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Asked 09/19/2007 06:24 pm CT (Center Moriches, NY)

My boyfriend has been going through divorce proceedings with his wife for 3 years now. We have been together for a year and a half and would like to buy a house. His divorce was supposed to be finalized this month, but the house is being contested. He originally offered her the house, which he built, and just asked for his property from the house. She declined this offer and wanted to sell his belongings because she claimed they were marital property (tools, guns, etc.). He has not lived in the home for years. She claimed she wanted the house, but now she has missed two mortgage payments and is letting the house go into foreclosure. Is there any way to get his name off the mortgage before this happens? Also, if the house is foreclosed on, what happens to his property? He has thousands worth of tools and guns in the house. His lawyer told him that everything would be sold. Who regulates this sale? How is the property divided? Can't she just move all of her things out of the house and have them sell all of his things? She has already started giving things of his away (like his riding mower).

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Asked 04/20/2007 04:47 pm CT (Odessa, TX)

Two years ago the department I was working in closed down. I was making very good money at that time. However, since then I have been late on my mortgage payments. I have talked to the company and they helped. My job has been outsourced and the field I no longer make the money I used to. Last year it became worse with the gas/electricity hike. I fell behind again this year. I am not sure if I should sell my house or not. They say if I do not pay the payments I missed it will go into rapid foreclosure. However, my house payment is cheaper than the rent for a 2 bedroom apartment. Should I sell and look for a cheaper alternative? My credit is not good and I have no one to borrow money from. Thank you for your help.

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Asked 01/11/2007 11:51 am CT (YARDLEY, PA)

I OWN MY HOME AND HAVE NO MORTGAGE PAYMENTS..MY CREDIT RATING IS AAA WITH NO BAD MARKS. I THINK I NEED WHAT THEY MAY CALL A BRIDGE LOAN..SOMEONE SAID GET A HOME EQUITY LOAN, IT SAVES YOU MANY FEES AND APPRAISAL FEES..I NEED 400,000.00 IF I DON'T HAVE MY HOUSE SOLD BY THE TIME I MAKE SETTLEMENT IN THE NEW HOME. I WOULD NEED 100,000.00 IF I SOLD AND SETTLED WITH MY PRESENT HOME PRIOR TO SETTLEMENT WITH NEW HOME..I EXPECT NO LESS THEN 400,000.00 NET FOR THE SALE OF MY PRESENT HOME AND NEED 500,000.00 FOR THE NEW HOME...I ALREADY PAID 25,000.00 IN DEPOSITS FOR NEW HOME..WHAT DO YOU RECCOMMEND

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Hi Al, Here is a good article about Bridge Loans. Just cut and paste the following link into your we...

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Asked 12/19/2006 11:00 am CT (Camden, NJ)

My husband and I our looking to buy a new house within the next 6-9 months. Before me and my husband got married he had already brought a house with his brother being the co-borrower, now my husband wants to sell the house but the co-borrower (brother) would like to keep it if he could. My husband has been making all the mortgage payments. Is there any way they can refinance the house and my brother-in-law can be on the title alone, and sign over the equity to my husband?

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Hello there!!! If your husband's brother is on title already they could refinance and pull the equi...

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