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Search: "Refinanced"

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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 09/14/2009 12:48 pm CT (Chicago, IL)

I was engaged to my husband in 2001. In August 2002 moved into a home. We both paid money at the closing. However my name was never put on the deed or the mortgage. We were married in August 2003. Since then the house has been refinanced 3 times because of my husband's credit card debt. The initial loan was for $109K and is now $192K. In 2007 when we refinanced I signed a homestead waiver, if for any reason he could not pay the mortgage I did not want to be held responsible for the mortgage. He is now in debt again and I am considering a divorce. Even though my name is not on the mortgage or deed and I signed a homestead waiver, do I lose all rights to the property.

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Asked 03/13/2009 02:11 pm CT (Hillsboro, OR)

My husband and I recently refinanced our home and it is in both of our names. If we were to divorce and I were to go to school full time in a different state, how would we go about splitting the cost of the home? With the market being so bad, I doubt we could sell it for what we owe since we consolidated our debt with the refi. Would it be more realistic and financially wise if we were to remain married but live apart? We both are willing to do what is financially best. What are the options that would be fair to both of us?

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Asked 03/05/2009 11:37 am CT (San Francisco, CA)

My husband and I both owned homes prior to marriage, intended to sell his but cannot. We bought a home together, I am the sole person on the mortgage loan of our joint home but he is on the title. Our circumstances have dramatically changed and can no longer afford his home. I am not on the mortgage or title as he bought this two years before we were married in Jan. His home was never refinanced and is the original loan. We paid 15% down on the current home but likely have very little equity. If he forecloses on his home, will it affect my credit? Also, can they put a lien on the current home for which he is on the title but not on the loan? Thank you so much.

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Consult an attorney. However, your credit cannot be affected by a default on a mortgage you never q...

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Asked 01/05/2009 08:24 pm CT (Blaine, MN)

I bought a house with a friend out of college 4 years ago. Since then we have refinanced the 2nd Mortgage under just his name due to credit score reasons at the time. I recently got married and we were able to get the 1st mortgage in both me and my wife's name, however, the 2nd mortgage carrier wouldn't allow me and my wife to "assume" the 2nd mortgage from my friend and release his name entirely. So we now have a 1st mortgage with me and my wife's name on it, and a 2nd mortgage with just my friend's name on it. The question is: My friend now wants to move out, and we owe more than what the house is worth. Me and the wife plan on staying in the house, but due to a recent drop in pay we are unable to afford the 2nd mortgage that my friend currently pays. My friend has talked about just walking away because there is no reason for him to stay, and he doesn't care that it will affect his credit significantly. I'm assuming this will also affect me and my wife if he walks, but how? Does the 2nd Mortgage carrier then file for foreclosure and being we owe more on the house than it is worth would the 2nd mortgage carrier still buy out the first mortgage carrier and foreclose entirely? Should I have my friend try to negotiate with the 2nd mortgage carrier to lower the amount of $$$ owed? What do you suggest we do? Thank you!

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If the 2nd mortgage is secured by the home you are living in, and that mortgage goes into default, t...

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Asked 11/26/2008 09:55 am CT (Bowling Green, KY)

I'm a single father raising my 2 sons. I refinanced my house with a 95% loan a couple of years ago with a ARM after my divorce. I make all my payments on time but it's not always easy. With the drop in housing prices I'm sure my house is not worth what I owe and my rate changes next year. With all the buzz surrounding the "bailouts" does any of this pertain to me?..Does it help me at all?

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The bailout does not apply to you however the current economic environment is helpful in your situat...

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Asked 09/22/2008 09:41 am CT (San Bernardino, CA)

September 2011 is the 5th year of our 5 year ARM mortgage. Our Plan A: buy a new home with a fixed rate then keep our old home as long as we can (family will rent it) in case we will be able to refinance it before 2011. Disadvantage: With this economy, its very unsure. We need to save also. It would be hard paying for two houses. Plan B: Get a new home with with a fixed rate then let go (foreclose) of our old home. Is plan B "illegal"? will that put us in trouble of taking advantage of the situation? Or is it totally okay giving us a chance not to be under water when our mortgage will shoot up to the roof? We just want to be safe in this economy. We don't want to get stuck and wait for our mortgage to balloon with our ARM mortgage. We've been trying to have it refinanced but it's been really impossible.

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Hi There! You never want to "Let Go" of a house. Any time you have a foreclosure on your home it...

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Asked 09/22/2008 09:39 am CT (San Bernardino, CA)

September 2011 is the 5th year of our 5 year ARM mortgage. Our Plan A: buy a new home with a fixed rate then keep our old home as long as we can (family will rent it) in case we will be able to refinance it before 2011. Disadvantage: With this economy, its very unsure. We need to save also. It would be hard paying for two houses. Plan B: Get a new home with with a fixed rate then let go (foreclose) of our old home. Is plan B "illegal"? will that put us in trouble of taking advantage of the situation? Or is it totally okay giving us a chance not to be under water when our mortgage will shoot up to the roof? We just want to be safe in this economy. We don't want to get stuck and wait for our mortgage to balloon with our ARM mortgage. We've been trying to have it refinanced but it's been really impossible.

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Gina, you may want to consider doing a loan modification on the property instead of a refinance or l...

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Asked 09/22/2008 09:21 am CT (San Bernardino, CA)

September 2011 is the 5th year of our 5 year ARM mortgage. Our Plan A: buy a new home with a fixed rate then keep our old home as long as we can (family will rent it) in case we will be able to refinance it before 2011. Disadvantage: With this economy, its very unsure. We need to save also. It would be hard paying for two houses. Plan B: Get a new home with with a fixed rate then let go (foreclose) of our old home. Is plan B "illegal"? will that put us in trouble of taking advantage of the situation? Or is it totally okay giving us a chance not to be under water when our mortgage will shoot up to the roof? We just want to be safe in this economy. We don't want to get stuck and wait for our mortgage to balloon with our ARM mortgage. We've been trying to have it refinanced but it's been really impossible.

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Hi Gina, Loss Mitigation is probably your best avenue. There are many ways to change/save your cur...

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Asked 08/22/2008 06:16 pm CT (Oxford, MA)

I have a loan I refinanced. The interest rate jumped from 6.875 to 7.875 on day of closing. My broker's name was 'HLFS' who recieved $4k. My loan package contained a lock doc saying 'First Horizon Home Loans' was a broker with 1.000 at 6.785. First Horizon was the lender. Three questions: Did First Horizon take a 'base' commission in addition to HLFS? Did HLFS get a YSP in addition to $4k? Is there a base commission at 1.000? AND ... Are there any HONEST brokers out there????????????????????????????? I need to refinance.

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Hi Jim, Do have copies of all of your paperwork? It is possible that First Horizon, charged you a ...

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Asked 05/12/2008 07:32 pm CT (Yuba City, CA)

My husband and I have lived in our home for 5 years. We have never been late on our mortgage and refinanced and obtained a 2nd mortgage. Currently our 1st mortgage is 345,000 and 2nd is 80,000. My husband is being relocated with his job and we have to sell the house because they are moving us out of state. I know that our home is worth about 350,000 to 360,000. Employer will pay all penalties and closing costs on new home. I am worried about our second mortgage not being satisfied. Any suggestions. I would hate for our credit to be in jeopardy.

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Ask the new employer to cover the difference. Rent or lease option it out. Attempt to short sale t...

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Asked 05/05/2008 09:04 am CT (Watertown, WI)

We refinanced last year. I have poor credit, so rate was high. I am out of work now, and interviewing with numerous employers, most are out state. If needed to relocate and sale my house, is there a flip I can do? With cars you can roll over the lose on one to another?

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I would suggest getting a real estate agent and having them sell it as a short sell....

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Asked 03/30/2008 06:33 am CT (denham springs, LA)

i owned my lot then built my house before i married. after being married i refinanced.in the refinance papers my wife signed to mortgage any interest she may have had tsaid property "in rem" only, andto waive any homestead exemption rights to which she may be entitled under any louisiana law and any federal laws.this was in exhibit "a".also the exhibit "a". a statement that i was mortgaging the hereinafter described property as my seperate property. my wife signed these papers , is she intitled to anything out of my property?

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Asked 02/24/2008 05:25 am CT (Thomasville, GA)

I have tried, unsuccessfully, to find someone to refinance my 2001 Homestead 16x80 mobile home. It is financed through Greentree with a variable interest rate (presently 14.625). Greentree will not refinance nor will they consider financing for anyone wanting to purchase this home. I tried to sell it but found that, due to the amount owed on it (roughly $27,000)it makes more sense to buy a new home than to buy this one. I have a good tenant living in it who wants to buy it herself but her credit is poor. I have a chapter 7 bankruptcy which was discharged in November 2005. My fico scores are right under 600. I am desperate to find someone to refinance this home on a fixed interest rate so that the payment will be more affordable and predictable. The current payment is $374.89 and she must also pay $150.00 lot rent. If the payment continues to rise, I will lose my tenant. No one seems willing to take a chance on refinancing for me although I have a good job I have been working for 6 years, with a decent salary (appx. $35,000/yr). I just got a promotion and will be moving in the next week or so to start my new job. I would love to get this mobile home refinanced (or financed for my tenant) before I go. Does anyone know of a mortgage company who would refinance for me?

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Ask your neighbors. Find out which lenders are financing all the other mobile homes and then approac...

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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 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 02/13/2008 07:49 am CT (Fort Wayne, IN)

We refinanced our house December 7 2004 we received an adjustable rate mortgage. I tried to refinance it last month to lock in the rate to a fixed rate .The banks said we owe more than its worth.We had it appraised December 2004.Is it possible that they used faulty or incorrect appraisal information. The interest rate increased last month to the higher rate.Would we qualify for the HOPE program or mortgage bailout

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Doug, though it is possible that the original apprasial was in error, but more likely your market ma...

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Asked 02/06/2008 10:47 am CT (San Diego, CA)

Mortgage Company is refusing payment to steal old lady’s house Hello, My 83 year old Grandmother owns a 450,000 house. About 9 months ago she refinanced it for 187,000. She pays 780.00 a month on the mortgage. She let it go for 3 months and now owes 2500 in back payments. I started to pay it off last month by sending them $1000.00. They said that it was ok for me to pay them last month, but this month they are refusing payment. I now have the money to pay off the entire amount that is due, but they are still refusing payment. They made it difficult for me to help my grandmother with this: She had to call them many times and we sent in signed documents to get them to talk to me and allow me to make payment arrangements. Now they are going back on it. Due to their lies and behavior, I feel that they want the house and not the money. What can I do to force them to accept the money that would bring her current, rather then let them foreclose and get a 450,000 house for 187,000? I don’t really have the money for a layer, but I do have a very strong sense of justice, enough to keep working on this 24/7 until it is resolved. Thanks much for any info

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It sounds as if you have done everything right. I am surprised that if you negotiated payment plan,...

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Asked 02/01/2008 12:19 pm CT (San Diego, CA)

We refinanced in Jan 07. The previous loan was an asjustable rate with several payment options. For most of CY06 we paid the minimum, thereby racking up a bunch of deferred interest (i.e. negative amortization). When we refinanced in Jan 07, and paid of the outstanding balance of that previous loan, I believe we paid off all that deferred interest. We received a 1098 form this month from that previous bank for $12000. So, in addition to all the interest we paid in 2007 with our new mortgager, we can also deduct this $12K since we paid all of that interest in Jan 07 under our refinance - right?

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Asked 01/01/2008 05:43 am CT (colorado springs, CO)

my exhusband took out a 2nd on a home he was supposed to be refinancing without my authorization. We've been divorced for 8 years and he was supposed to have the house refinanced within 24 months of the divorce settlement. It's been 6 years now since he did that and because of the 2nd and him being in arrears and foreclosure proceedings on the 1st, he's not able to get me off the 1st. Hence, my credit has been damaged because of all of this, as well as my reputation, being that I work in the courthouse in which all of the Rule 120s are filed. Can I go after the bank because of this that loaned him the 2nd without my signature or authorization?

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