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Search: "Pmi"

 
 

Asked 08/01/2008 05:33 am CT (Waxahachie, TX)

I obtained a mortgage in 8/05. It is an ARM and I have a second mortgage so that I did not have to have PMI. In 7/07 my husband died without any benefits. He had recently lost his job and started a new one, but wasn't eligible for benefits at the time of his death. I have struggled to pay all of these expences that his death has incurred. I am to the point that I can no longer stay in this house....Emotionally, I am a miserable wreck when I am there. I need a way out!! Due to the recent decreased value of homes in my area, my Current Appraised value of my home is less than my 2 mortgages. What options do I have? What happens is I allow voluntary forclosure? Will either mortgage company be able to sue me or place a judgement on me. I know my credit will be ruined, but at this point, my health and over all well being means much more to me than my credit rating. What can I do? [Lee, Waxahachie TX]

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You need to speak with a real estate & bankruptcy attorneys.

[ Total Answers: 1 ]

 
 

Asked 08/01/2008 05:32 am CT (Waxahachie, TX)

I obtained a mortgage in 8/05. It is an ARM and I have a second mortgage so that I did not have to have PMI. In 7/07 my husband died without any benefits. He had recently lost his job and started a new one, but wasn't eligible for benefits at the time of his death. I have struggled to pay all of these expences that his death has incurred. I am to the point that I can no longer stay in this house....Emotionally, I am a miserable wreck when I am there. I need a way out!! Due to the recent decreased value of homes in my area, my Current Appraised value of my home is less than my 2 mortgages. What options do I have? What happens is I allow voluntary forclosure? Will either mortgage company be able to sue me or place a judgement on me. I know my credit will be ruined, but at this point, my health and over all well being means much more to me than my credit rating. What can I do? [Lee, Waxahachie TX]

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Asked 07/31/2008 07:11 am CT (Waxahachie, TX)

I obtained a mortgage in 8/05. It is an ARM and I have a second mortgage so that I did not have to have PMI. In 7/07 my husband died without any benefits. He had recently lost his job and started a new one, but wasn't eligible for benefits at the time of his death. I have struggled to pay all of these expences that his death has incurred. I am to the point that I can no longer stay in this house....Emotionally, I am a miserable wreck when I am there. I need a way out!! Due to the recent decreased value of homes in my area, my Current Appraised value of my home is less than my 2 mortgages. What options do I have? What happens is I allow voluntary forclosure? Will either mortgage company be able to sue me or place a judgement on me. I know my credit will be ruined, but at this point, my health and over all well being means much more to me than my credit rating. What can I do?

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Asked 05/29/2008 12:27 pm CT (Monclova, OH)

I am in Chpt. 13 bankruptcy and have a home equity loan outside the plan. I ended up defaulting on it and it has been paid since there was PMI. Should I contact the company that paid it off and try to make arrangements to pay them?

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Consult an attorney before doing anything. Perhaps a move to pay back what has already been forgive...

[ Total Answers: 1 ]

 
 

Asked 05/01/2008 05:39 pm CT (Saint Clair Shores, MI)

My friend purchase a house in 2001with his wife. He put down 5%. They got a PMI together. However, to receive that it had to be in both names. He's now divorce and been taking over payments he can not afford now. He would like to know how could he let go of the house without damaging credit badly.

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Unfortunately, "letting go" of the house without finding a buyer for it will severly damage your fri...

[ Total Answers: 1 ]

 
 

Asked 04/28/2008 09:28 am CT (Lithonia, GA)

Are you allowed to write off PMI every year on your mortgage. Or just if the house was purchased in the year you are filing?

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Can writeoff every year your income qualifies.

[ Total Answers: 1 ]

 
 

Asked 04/27/2008 11:43 am CT (Edwardsville, KS)

My mortgage has pmi insurance and the payment just went up because of insurance and taxes. I cannot afford the payments anymore even though I am current. If I default on the mortgage exactly what does the \"PMI\" do? and how much can they come back to me for?

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The PMI will refund the lender some of their losses on your foreclosed loan. Whether or not the len...

[ Total Answers: 1 ]

 
 

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...

[ Total Answers: 1 ]

 
 

Asked 03/13/2008 04:10 pm CT (Arlington, TX)

show me how to eliminate private mortgage insurance(PMI) from my mortgage loan.

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This is quite easy to do in today's market. There are multiple opportunities to take advantage of bu...

[ Total Answers: 2 ]

 
 

Asked 02/10/2008 04:48 pm CT (Olive Branch, MS)

We closed on a home over a year and a half ago, and on the last day of closing, we were shocked to find out that the PMI attached to our loan was $830. My credit score isn't good now, averaging around 547 and my wife's credit score is similar. Our rate on the mortgage is 7.75; however, the PMI is killing us? Any way we can refinance with at least a smaller PMI?

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Asked 02/02/2008 01:12 pm CT (Palm Bay, FL)

What can I do if I can't refinance and I pay $2100/mnth with a PMI of $450/Mnth?

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First of all why can't you refinance? What have you done to explore your options? Have you appraised...

[ Total Answers: 1 ]

 
 

Asked 02/01/2008 12:31 pm CT (Olive Branch, MS)

My wife and I are in a terrible situation. We closed on a home over a year and a half ago, and on the last day of closing, we were shocked to find out that the PMI attached to our loan was $830. My credit score isn\\\\\\\'t good now, averaging around 547 and my wife\\\\\\\'s credit score is similar. Our rate on the mortgage is 7.75; however, the PMI is killing us? Any way we can refinance with at least a smaller PMI?

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Asked 01/27/2008 07:51 pm CT (Olive Branch, MS)

My wife and I are in a terrible situation. We closed on a home over a year and a half ago, and on the last day of closing, we were shocked to find out that the PMI attached to our loan was $830. My credit score isn't good now, averaging around 547 and my wife's credit score is similar. Our rate on the mortgage is 7.75; however, the PMI is killing us? Any way we can refinance with at least a smaller PMI?

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Asked 12/21/2007 06:51 pm CT (Waterford, NJ)

I really need your help! The remaining term on my mortgage is 28years and 5 months. I have a 30 yr. jumbo payoption with an arm and PMI. I also have a 3.575% margin with a max limit of 115.00% What does the margin mean and what kind of interest rate am I really paying? Right now my interest rate for the month is 8.5% , but am I really paying 12% because of the margin? I need to know the best thing for me to do. If I put $ 20,000 on my mortgage right now will it lower my payment? I owe $ 309,000 right now. Hope to hear from you soon . Thank You, Lauren Nicholson

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Lauren Your rate is computed from adding the margin which you said is 3.575% to the index on your l...

[ Total Answers: 2 ]

 
 

Asked 11/03/2007 12:46 pm CT (Madison, WI)

I am purchasing a condo for $290,000 and financing the entire amount. If I want to pay the PMI up front, do I need to have more than one loan?

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Wouldn't think so.

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Asked 07/11/2007 07:55 pm CT (Columbia, SC)

I got approved for 100% financing on a 125000 loan. I know I have to have PMI, but question is, he quoted me 273 a month for the payment. Does that sound right? My score is 601 and intrest rate is 8.875% fixed.

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Dana,. Also - look at some options for 100% financing without PMI. We have programs that offer Lend...

[ Total Answers: 2 ]

 
 

Asked 02/19/2007 04:23 pm CT (Newark, OH)

How long do I have to pay PMI on my mortgage loan?

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There are several ways you may eliminate PMI from your mortgage loan. The first is calculated off of...

[ Total Answers: 1 ]

 
 

Asked 01/25/2007 05:37 pm CT (Alma, WI)

I am a first time home buyer I was pre-approved for a mortgage at a 100% financing one lender tells me I have to have PMI. Lending Tree tells me its optional. The lender tells me PMI is based on my credit score. My score is 599 he says I would be paying $250 PMI a month on a $160,000 mortgage at a 6.1% interest. Lending Tree says is optional at a 6.5% interst. Which lender should I believe?

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Understand that there are very few knowledgeable mortgage people associated with Lending Tree. Beca...

[ Total Answers: 1 ]

 
 

Asked 04/23/2006 02:04 pm CT (Baltimore, MD)

Seeking mortgage loan to buy new home. All lenders are offing a 1st and 2nd mortg. Just want 30 yr fixed conventional loan. Plan to put 10% down, but PMI amount on $260,000 loan amount doesn't seem right- $112 mo for the life of loan. This doesn't appear right- this is over $40,000. My only other choice is to go to 2 morgt. Help. Feel taken advantage of.

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You should go with the cheaper payment. This will give you the abilty to put extra in the mortgage a...

[ Total Answers: 2 ]