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Asked 09/15/2009 07:45 pm CT (Alexandria, LA)

I was recently told when attempting to refinance my home including a second mortgage, that the second mortgage had never been recorded with the courthouse and that the courthouse had no record of it. In order to start the subordination process with mortgage 2, i first have to figure out this \"not recorded issue\". Where do I start and how do you fix this??

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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 07/09/2008 06:35 pm CT (Ragley, LA)

We ordered a new mobile home. The seller has changed the price on the home twice. Now the home is on our land and the seller is trying to change the price again. Can he do this? Our home also has water damage and mold due to the manufacturer not tightening our water lines in the house properly. Can we send the home back without hurting our credit or am I stuck with a 115,000 home full of damage that no one will come fix?To top it off the seller hired contractors to due the improvements for the land and went over the cost we agreed on in writing. My runners have cracked and the contractor won't fix it, but wants full payment.Now my wall is cracking due to the crack in the concrete. What are my rights?

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Asked 05/12/2008 04:26 pm CT (Lambertville, New Brunswick)

My house mortgage, and title, is in my name, but my husband and I lived in the house for eight months. We have since broken up. I am living with my parents. My lawyer says I can get a court order to get him out, but if I sell the house, we would split the profit. My question is, do I have to sell the house, or can I stay in it, and keep paying the mortgage after he is out?

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Hi KL I am not a lawyer and would refer all questions regarding the matrimonial home to your lawyer...

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Asked 04/21/2008 02:58 pm CT (Independence, IA)

My wife and I are renting and would like to buy a house, for 79 thousand, we are frist time home buyers. My wife is a Art teacher and I cut meat and attend college. I have 1 yr. left in order for me to receive my bachlors degree. we have two car loans, and my wife has three college loans, I have two, but since I am still attending college I am not paying on any of my loans. My question is can we receive a frist time home morgage loan, or will our dedit hurt are chance for frist time home buyer.

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You have to be able to qualify to make the payment or you'll lose the house to foreclosure. Try FHA...

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Asked 04/14/2008 09:24 am CT (Concord, NC)

My husband and I recently tried to refinance, after having a bad experience with another mortgage company who promised to help us with a refinance after we accepted an 8.5% arm to help clean up our credit. After the six months, we returned to the mortgage company to start the refinance process which was to be free of charge the second time around. (this was a big joke) The company would never return our calls to start the new refinance. I went online and got a copy of our credit reports and my husbanand I had a score of 650-700 depending on the reporting agency. This was a great improvement from where we were when we did the original refinance 6 months prior. We did some research online and decided to try for a FHA loan. Everything seemed to be running on course. We had an appraisel done and the house came in way above it's value. The company that we were working with told us that they would not order the appraisel, if they were not confident that they could get the loan approved. I am self-employed and my husband works for a company. They had no problems sending out loan paperwork with a 7% interest rate and PMI. We refused the loan and explained that we were not desperate to refinance. They came back and with new loan documents with a 6.7% interest rate and a one time PMI fee, but had tacked on various other points that made the closng cost $10,000. They have since contacted us and told us that they cannot do the loan because my husbands credit score is too low and his dept ratio is too high. I understand this but I think they should have made this decision before we paid for the $350 appraisel. Since I have had a profit loss in my business, they could not consider my credit score or income. Are there any loans that I can look into as a self-employed person.

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It's a typical scenaro for self-employed individuals to have difficulty documenting their income. Th...

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Asked 04/04/2008 07:08 pm CT (Stafford, VA)

I'm interested in purchasing a foreclosed home. Countrywide is requiring that I get prequalified through them in order to make an offer on the home. Would this not tell Countrywide what I'm able to afford, and effectively strengthen their negotiation position by alerting them to my mortgage ceiling? Is this legal to require me to get preapproved through a particular company for the right to make an offer ona home? This just doesn't seem right. Any and all assistance would be greatly appreciated!

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It's not likely illegal since they aren't requiring that you take their loan. Instead, they're likel...

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Asked 02/25/2008 07:34 am CT (Conyers, GA)

I contacted my mortgage company 4 months ago for help. My husband\'s pay decreased and we were beginning to have a difficult time paying our mortgage. They told me I qualified for a Loan Modification. I did as they asked and sent in a financial worksheet, pay stubs etc.. They said I would get an answer in about 4 to 6 weeks and I didn\'t need to make any payments until I heard from them. Two months later I hadn\'t heard anything. I contacted them to find out the status. They said they were running behind and I should hear something soon. Well last week I received a letter from an attornys office informing us that our home was going into foreclosure. My mortgage company now tells me they need my information to be sent in again and if they are not done by the date of foreclosure they would postpone it. I am afraid at this point. I have a feeling they won\'t be done with my modification in time. Is it true a mortgage company would postpone a foreclosure in order to work out a loan modification? What should I do?

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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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Asked 01/18/2008 01:08 pm CT (ST. PETERSBURG, FL)

I WAS PLANNING ON BUYING A HOME LAST YEAR , BUT CHANGED MY MIND AND DECIDED TO BUY A CAR.I BOUGHT A 2006 PONTIAC GP GT ALMOST A YEAR AGO. BUT NOW I WANT A HOME. I HAVE BEEN MAKING THE PAYMENTS ON TIME $466.BUT I BELIEVE IN ORDER TO GET A HOME I NEED TO SELL THE CAR. BUT I OWE TOO MUCH MORE THAN IT IS WORTH. CAN I SELL THE CAR FOR LESS AND GET A LOAN FOR THE BALANCE, AND MAKE PAYMENTS?,,,,OR COULD I JUST VOLUNTARY GIVE THE CAR BACK, WILL IT HURT MY CREDIT RATING AND CHANCE TO BUY THE HOME, IF I DO THE LATTER? THANKS ROD

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Asked 12/29/2007 10:34 am CT (Gallatin, NY)

My daughter and her husband purchased a home in 2004 for $148,000. They refinanced in February 2006 for $275,000. Washington Mutual had an appraisal done at that time and appraised the property at $275,000. The mortgage was in my son-in-laws name only. He had poor credit at the time. They got an 80/20 mortgage the larger at 8 1/2 % and the smaller at a rate over 10%. The larger rate will go up in May. I have an excellent rating so in order to help them I went to Washington Mutual to try and refinance the house in my name using my ratting so they could afford to keep their house. I was told that I needed to have my name on the deed in order to refinance the house. My son-in-law had me but on the deed with rights of survivorship. This was done so when I died they would own their home and it would not go into my estate. Washington Mutual did an appraisal for me in August of 2007 and they now say the house is only worth $190,000, therefore they would not give me a mortgage. To complicate matters my son-in-law died unexpectedly 12/13, at the age of 47. My daughter can not afford to pay the mortgage and I can’t get one for a more reasonable rate because they say it is not worth the $274,000+ still owed on it. To make matter even worse the freeze the government put on the balloon rates only applies if you live in the house. The mortgage is in my son-in-laws name but he is dead. My daughter and her 3 children (her 3rd was born prematurely shortly after my son-in-law died) live in the house but the deed is now in my name (because of the right or survivorship clause) and I do not live in the house. I thought about letting the bank foreclose on the mortgage and then attempt to buy it back when they auction it off. The person I spoke to at the bank (WAMU) claims that even though the mortgage is in my son-in-laws name, I did not sign any papers assuming responsibility for the mortgage, and the mortgage was entered into before my name was on the deed that if they foreclose on the mortgage it will affect my credit ratting. I have no idea if this is true but can not understand how it could be. I have also been told about a short sale as a possibility of getting out of this mess but the mortgage has to be in arrears before the bank will consider this. That would hurt my credit ratting if what I have been told is true. I guess my question to you is, is there any solution to this situation. My daughter really would like to keep the home she and her husband made for their children if possible. My daughter and her husband purchased a home in 2004 for $148,000. They refinanced in February 2006 for $275,000. Washington Mutual had an appraisal done at that time and appraised the property at $275,000. The mortgage was in my son-in-laws name only. He had poor credit at the time. They got an 80/20 mortgage the larger at 8 1/2 % and the smaller at a rate over 10%. The larger rate will go up in May. I have an excellent rating so in order to help them I went to Washington Mutual to try and refinance the house in my name using my ratting so they could afford to keep their house. I was told that I needed to have my name on the deed in order to refinance the house. My son-in-law had me but on the deed with rights of survivorship. This was done so when I died they would own their home and it would not go into my estate. Washington Mutual did an appraisal for me in August of 2007 and they now say the house is only worth $190,000, therefore they would not give me a mortgage. To complicate matters my son-in-law died unexpectedly 12/13. My daughter can not afford to pay the mortgage and I can’t get one for a more reasonable rate because they say it is not worth the $274,000+ still owed on it. To make matter even worse the freeze the government put on the balloon rates only applies if you live in the house. The mortgage is in my son-in-laws name but he is dead. My daughter and her 3 children (her 3rd was born prematurely shortly after my son-in-law died) live in the house but the deed is now in my name (because of the right or survivorship clause) and I do not live in the house. I thought about letting the bank foreclose on the mortgage and then attempt to buy it back when they auction it off. The person I spoke to at the bank (WAMU) claims that even though the mortgage is in my son-in-laws name, I did not sign any papers assuming responsibility for the mortgage, and was entered into before my name was on the deed that if they foreclose on the mortgage it will affect my credit ratting. I have no idea if this is true but can not understand how it could be. I have also been told about a short sale as a possibility of getting out of this mess but the mortgage has to be in arrears before the bank will consider this. That would hurt my credit ratting if what I have been told is true. I guess my question to you is, is there any solution to this situation. My daughter really would like to keep the home she and her husband made for their children if possible. My daughter and her husband purchased a home in 2004 for $148,000. They refinanced in February 2006 for $275,000. Washington Mutual had an appraisal done at that time and appraised the property at $275,000. The mortgage was in my son-in-laws name only. He had poor credit at the time. They got an 80/20 mortgage the larger at 8 1/2 % and the smaller at a rate over 10%. The larger rate will go up in May. I have an excellent rating so in order to help them I went to Washington Mutual to try and refinance the house in my name using my ratting so they could afford to keep their house. I was told that I needed to have my name on the deed in order to refinance the house. My son-in-law had me but on the deed with rights of survivorship. This was done so when I died they would own their home and it would not go into my estate. Washington Mutual did an appraisal for me in August of 2007 and they now say the house is only worth $190,000, therefore they would not give me a mortgage. To complicate matters my son-in-law died unexpectedly 12/13. My daughter can not afford to pay the mortgage and I can’t get one for a more reasonable rate because they say it is not worth the $274,000+ still owed on it. To make matter even worse the freeze the government put on the balloon rates only applies if you live in the house. The mortgage is in my son-in-laws name but he is dead. My daughter and her 3 children (her 3rd was born prematurely shortly after my son-in-law died) live in the house but the deed is now in my name (because of the right or survivorship clause) and I do not live in the house. I thought about letting the bank foreclose on the mortgage and then attempt to buy it back when they auction it off. The person I spoke to at the bank (WAMU) claims that even though the mortgage is in my son-in-laws name, I did not sign any papers assuming responsibility for the mortgage, and was entered into before my name was on the deed that if they foreclose on the mortgage it will affect my credit ratting. I have no idea if this is true but can not understand how it could be. I have also been told about a short sale as a possibility of getting out of this mess but the mortgage has to be in arrears before the bank will consider this. That would hurt my credit ratting if what I have been told is true. I guess my question to you is, is there any solution to this situation. My daughter really would like to keep the home she and her husband made for their children if possible.

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Asked 12/19/2007 08:50 am CT (Randolph, NY)

Why is it impossible to refinance an ARM of 11.1% (!) while we're updating the wiring, plumbing, insulation, etc.?Doesn't it make sense to look for a lower mortgage payment in order to have more money to complete the remodel? What do we tell the Appraiser when he sees drywall and insulation? We've already paid the $300 for an appraisal and are afraid we'll lose it when he sees the house. We only have drywall and painting left to do...thanks.

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Hello Deb - It is not impossible at all. I've done a few refinances when work was in progress with ...

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Asked 11/30/2007 10:53 pm CT (pittsburgh, MI)

My wife and I are currently looking to close on loan quickly. We will be relocationg to a different city and the property we are purchasing is located there. However, in order to close on the loan quickly (as we are in a hurry to close), the broker told us that he would file it as a second home and not a primary place of residence so that we would not have to do a job verification at the new place. We both have jobs that are currently in negotations at the new location, although we do not have our official contracts yet, but this definitely will not a problem as we will be receiving the final contracts within the next month or so. The broker thought this would slow down the loan process or may not be able to close on time if the lender/bank may require this employment verification letter. And since we need to close on a tight schedule, he wanted to make sure we could close the loan on time. Although we will be working and also have ample funds to pay for the loan regardless if we didn\\\'t work for a month, I\\\'m a little worried about this since this home will be our primary place of residence. The broker told us that after the loan is closed, we could just let the bank know that we had decided to make it our primary place of residence and there would not be any problems. Is this true? Is this something we need to be concerned with? What problems could potentially arise in this situation? We would appreciate any thoughts or words of wisdom.

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Hi there, If the home is going to be your primary residence, then your application should state t...

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Asked 11/09/2007 10:37 am CT (Sacramento, CA)

When buying a home that is in need of a few cosmetic repairs, is it possible to borrow more than the purchase price in order to make repairs if the house is being sold below market value? For example, the house is worth $100k, but is being sold for $90k. Can I borrow the $100k and use the extra $10k to remodel?

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David, I have access to an excellant loan program taht will take into account the future value of th...

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Asked 10/21/2007 03:16 pm CT (las vegas, NV)

I have a home in las vegas that I currently live in. We are military and have gotten orders to move overseas. We've had the house on the market since July and not one showing. We have several houses in the neighborhood that have gone to foreclosure which only hurts me. I am seriously considering foreclosure since I cannot afford to keep it and have no desire to reside in LV upon returning from overseas. Should I hire a lawyer to guide me through foreclosure or just stop making payments? I've tried calling the bank to work out another option and they won't even talk to me until I've missed some payments. Is there such a thing as voluntary foreclosure? Please adivise

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kathy, a voluntary foreclosure is called a deed in lieu of foreclosure...it should really be conside...

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Asked 10/14/2007 04:41 am CT (Baltimore, MD)

I have three years left to pay the balance of $19,000 on my home at $670.00 per month. Would it be beneficial to me to add additional principle each mont in order to lower the interest?

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I would recomend you consult directly with a mortgage professional who can review your entire situat...

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Asked 10/09/2007 12:39 pm CT (Washington, DC)

Hello, My husband filed chpt. 13 in order to save our home, however the loan company "worked" out an agreement in which we paid $2300 a month not inclusive of the rent we pay of $1100 monthly. Needless to say it was a disaster. The house went to foreclosure in sept. The loan was in his name. I am interested in purchasing a home in a few months and wanted to know if I could include him on in the obtaining of a mortgage? I plan on purchasing in the next 6-7 months , at that time he would have been in clpt. 13, 19 months. How does the foreclosure affect the chpt. 13?

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Sorry, I meant Nicole!

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Asked 09/14/2007 12:01 pm CT (trotwood, OH)

i am on a fixed income but own my home. i have a lot credit card debt and want to file chapter 7 or 13. but i spoke with someone and they said they could take my home should i deed the house to my brother in order to file and keep my hosue.

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Asked 09/05/2007 03:05 pm CT (San Diego, CA)

My daughter and her boyfriend bought a house in El Dorado Hills, CA in Aug., 2007. My daughter paid the total downpayment of $91,000 from a gift from her grandmother. They have broken up, tried to sell for six months to no avail. She wants to keep the house, he is fine with that, however wants his name off of the title and mortgage. What do we need to do in order to help her? She can\'t qualify for the total loan by herself, so we are willing to co sign or get on the mortgage with her. The house has gione down in value a minimum of $50,000 minus realtor fees. We are willing to have her stay in the house. Does she totally have to refinanace the loan or can she just make the same payments with0ut him on the loan?We are very concerned about getting a new mortgage with the current financial situation. We could pay off the loan if necessary, but don\'t want to do that. Help us please.

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Karen, In order to get the ex boy friend off of the mortgage, she would need to refinance. There a...

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Asked 08/07/2007 08:22 pm CT (Jackson, MS)

I am seeking to purchase another home. However, our credit is not in the best shape. How can we begin improving our credit score in order to get a better rate?

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