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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 12/19/2009 03:06 am CT (Duluth, MN)

On May 17th, 2001 we entered into a contract for a construction loan with a local bank. We were going to clear ground, build a full foundation, and move our upscale mobile home onto a 40 acre parcel that we had purchassed (and paid for) a couple of years before. We were told that at the end of the construction loan term (90 day\'s) that it would be turned into a 30 yr. mortgage and insurance and taxes would be escrowed into the monthly payment. When we went in to sign the paperwork after the construction was finished and the home was moved onto the property, we were told that they were unable to secure a mortgage, but that they would carry a note for the total amount owed. At that time we were told that they would only carry the \"note\" for a period of twenty years, and that it would not include insurance or taxes. The \"truth in lending\" paperwork showed (at the time the construction loan was approved) that it would be a 30 year term and that they were \"able\" to service the loan. We were caught between a rock and a hard place, and were forced to accept their \"new\" terms as we did not have $125,000.00 in cash to pay off the construction loan which was now due! Although the payment\'s were quite a bit higher, we were able to make payments for several years, and every year they would continue the note. Lately, because of the lack of wok due to the economy we have fallen behind several times in our payment\'s, but have alsway\'s been able to catch up. 3 months ago, we received a letter in the mail after being only 27 day\'s late, that they would begin forclosure proceedings if we did not catch up our payments. We did, but are now living under the pressure that we will lose our home if we are late even a little bit late. They refuse to help us or even work with us. Is any of this even legal?

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Asked 11/13/2009 12:01 pm CT (Alexandria, VA)

I am preparing tax return and looking a 1098 in Box 1 has $61,000 of mortgage interest but in the detail of payments has only about $20,000K of interest. The house was sold during year and mortgage paid off - around $485K balance on loan and it was a Conv Jumbo PayOption ARM..Question: Why the difference and is the $60K of interest correct. Thanks.

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Asked 09/25/2009 10:51 am CT (Olathe, KS)

My wife and i got a chapter 7 discharge . We reaffirmed the first mortgage but not the second one . the second one was a 125 % LTV . If we can't make the payments on the second one . will they foreclose on the house ? we owe 89000 on first and 34000 on the second and the house is worth around 105000 ? Would they pursue a foreclosre that they would most likely not gain anything back from ?

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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 08/28/2009 09:03 am CT (Bloomington, IN)

I am going through a divorce. My name is not on the mortgage but i am getting a quitclaim deed. I will mainstain the payments of the mortgage as i have done for the last 1 1/2 years. If i decide to sell the home after the divorce, will he recieve any of the profit if there is a profit.

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Kim, This is a questions for your attorney. The divoirce decree will layout the terms of the divi...

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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 07/22/2009 08:53 pm CT (Atlanta, GA)

i am self employed and my taxes don't show enough income to re-fi- my wife job net about $225 amonth and i had a loan modication 2 years ago and it is coming to a end and my mortgage lender say's i can only have one per life of loan. what can i do now if that is true and if i still can afford the payments

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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 06/04/2009 09:55 am CT (Asheville, NC)

I have scores of 513, 560, and 548. I am currently trying to clean up the CB scores and expect this to improve somewhat. My husband has 568, 580, and 598. We have an income of 76,000 per year, i have been employed 2 years, him 1 and a half. We have had no late payments this year. We have only student loans as debt, but its about 50,000 between the two of us, the payments around 345 between us per month. We have a landlord willing to write a letter that we have been on time every month, can show statements of our electric, phone, and cell bills, all current for the past year. We have a down payment of 3500, and we have closing costs. We want to buy a house in our neighborhood for 158,000. any chance we can do this PRIOR to the end of the year???

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Yes, but you need to get your scores at or above 620. Credit score standards have become more stric...

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Asked 06/03/2009 10:05 am CT (Ann Arbor, MI)

I have a co-signer along with myself on my mortgage loan. My husband did not qualify become of self employment income. We are current on our loan, but having some trouble making the payments, and would like to inquire about a loan modification program. Is this unrealistic since we are current, and have a co-signer because their income will be included with mine, although they are not helping make the payments ? Also, my husband and I claimed ch 7 bankruptcy last year (because of the business debt) and received discharge in December 2008. So re-finance is out for us to release cosigner from obligation. Is there any hope for us to get a lower payment??

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To get a loan modification, you have to prove financial hardhship and that you can't affford the cur...

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Asked 06/02/2009 11:05 am CT (Columbia, SC)

Hi! Mine and my husband's bankrumpcty has been discharges for almost a year( chapter 13). His credit score is 575 and mine is 566. We really would like to trade our double wide mobile home in for a new one. We do not have much money to put down on a new one but we can afford to make payments. Do you have any suggestions?

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Asked 04/20/2009 03:30 pm CT (Colorado Springs, CO)

Three years ago I purchased a home with an 80/20 loan. I automatically went to a bank soon thereafter to set the terms of the 20 into a 15 year mortgage at over 8 percent. The 80 is still interest only due to set at as an ARM in two years. The house was purchased at 335, 000 but on current mean estimates like Zillow is currently at 311. I obviously have little equity in the house. I am wondering if I can refinance the 80 into a payment that will not be too much higher than what I currently have. I am not having trouble making payments and could afford higher. My credit is excellent, but I am beginning to consider options at this point. Thank you.

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Hi: In order to refinance your first mortgage, the second mortgage holder must agree to subordinate,...

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Asked 04/14/2009 06:27 pm CT (Cincinnati, OH)

I was seperated the past 5 yrs from my ex husband after 27 yrs of marriage we own a home which I stayed in after he left 5 yrs ago we finally divorced aug 08 i didnt think I could afford to keep it and he didnt want it then he gets a g/f 20 yrs his jr decides he wants the house during the divorce for her (of course). In the decree it states he was to refinance the home he has not thus far, I let him and her move in nov 08 i moved into an apartment. he borrowed 3000.00 towards paying me my half of the equity, he still owes me money and both our names remain on the mortgage and deed.he really doesnt want the house but i do and to boot I recently found out the g/f who is living in our home has a violent criminal record and has even been in prison she is very unstable I did not know about this or I would have never agreed for her to move into the house. he doesnt want to know and shes hounding him for her name to go on the deed which cant happen because there is no way my name comes off the deed while I am still on the mortgage. I am very concerned she may go "off the deep end" yet again and do something to the house as I said her criminal record shows she is clearly unstable she has thrown our daughter out of the home and moved her 13 yr old son in. Since he failed to refinance and the house remains in both our names he cant refinance as he waited too long and now is paying spousal support to me while Im in college. my 2 questions are what rights do i have to the house? and is it possible to evict this woman before she does irrevocable damage? he wont face this wont listen doesnt want to know if he chooses to live with a convicted violent felon thats his perogitive but I do not choose to have that living in a home I still own and am responsible for.I would much rather give him the 3000.00 back he has paid me and not take anymore payments from him and take back my house ..any advce?

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Asked 04/08/2009 11:16 am CT (Minneapolis, MN)

I need some help! I bought a condo in 06 with an ARM thinking I could refinace to a fixed rate to get a lower payment before it goes up again but Countrywide (who bought my loan) says since my apprasial is less than I paid for the condo there is nothing no one can do to help me and it is what it is. they did offer a modification of $4 a month for an ARM loan. I have a car payment/credit card payments and 2 jobs. Can anyone help me?

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My advice would be to contact Bank of America since they now own Countrywide. They may be able to d...

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Asked 04/03/2009 07:59 pm CT (Brentwood, NY)

I applied for a mortgage and was pre approved .My question by any chance last minute can the deny the loan?I will not be making any purchases or make any late payments on anything. Some people say last minute contract does not go through. What does this mean?

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Ana, Were you Pre-Approved by a bank or broker? If you fax me a copy of your initial pre-approva...

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Asked 03/03/2009 12:26 pm CT (Jacksonville, FL)

i am in my fourth year of a five year arm in desperate need of a refi. my current rate is at 7.85% with the chance to jump to who knows what when my arm matures. when i bought my house i anticipated a lot of work, regular payments on my mortgage, and an increase of my credit score, resulting in an easy refi. unfortunatelly, i work in the construction industry, so the last four years have been an uphill battle and with the economy and lending being at the levels that they are at, i worry that, without some sort of stimulous help, i might be running out of options. what resources or institutions would you suggest that i research?

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Call your mortgage holder and discuss a modifaction option with them....

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Asked 02/26/2009 11:04 pm CT (San Jose, CA)

Are you familiar with mortgage acceleration programs? (not bi-weekly payment or prepayments). These programs are already quite common in Europe and other countries now. Are you currently using an acceleration program or recommending acceleration programs to your clients. There is a lot of information avaiable on the internet these days and the approach seems solid but I wanted to get some opinions from people in the industry tonight. Thanks, Rick

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You have the keys to a mortgage acceleration program in your own hands right now. You simply need t...

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Asked 02/10/2009 07:53 am CT (Clearwater, FL)

My mortgage balance is 260,000. Market value for my house is only 160,000 and is going down. I am two months behind on payments. I would like to keep my house but can't keep up with payments due to reduced income. Is it possible to reduce mortgage balance to current market value, because that would be only way for me to afford monthly payment? Thank You, DH!

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You need to contact your lender's loss mitigation dept to determine what options are available for y...

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Asked 01/18/2009 04:24 pm CT (Plano, TX)

Feel free to email me back. My question is: I have accumulated a total debt of approximately $60k with a net worth of roughly -$16k. The debts are with numerous companies for numerous reasons including credit cards, auto loans, student loans, etc. What I want to know is, with the current foreclosure market being like it is and so many homes being "dumped" so cheaply and under value, is it possible to find a home with a built-in equity to purchase that I can turn around and finance my other debts into the equity on the mortgage loan? I would consider it the opportunity to buy a home, while also "consolidating" my debts into the remaining equity of the home and reducing my number of payments and overall payment amount. Does this sound like a realistic and possible scenario that can be pursued?

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Becker, Hi. Regarding your question about taking equity out to consolidate your bills you must h...

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