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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 08/19/2009 11:27 am CT (San Bernardino, CA)

My husband and I are on the mortgage note but my son/daughter-in-law on on the deed to a property purchased in 2006. We live in California and have experienced a decline in the valve of our home, approximately 133,000 upside down. Is it possible to sell the home to my son on a short sale? I understand it needs to be approved by loan company but I was told we could not sell on \"short sale\" to a family member.

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That is correct. And especially to one that is on the deed even though they are note on the loan. ...

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Asked 07/01/2009 05:25 pm CT (Orlando, FL)

My ex and I are expected at court on Monday 7/6 regarding a Summary Judgement for our 2nd Mtg. We have a 1st with Countrywide and the 2nd with Wachovia. We have not been able to make pymts on the 1st for 14 months and the and none on the 2nd for the last year because we both became unemployed and have since divorced. My ex is still living in the home and the 1st Mtg Lender is still waiting for him to get a job so he can possibly do a modification etc. The 2nd Mortgage lender is taking us to court for non-payment. We have had the home on the market from the beginning trying to sell or short sale and no takers. What exactly can happen to us when we see the Judge on Monday. The house has not foreclosed yet on the 1st mortgage we have not even heard from them. Can the 2nd Mtg lender put a judgement on us for the $62,000.00 owed even though the 1st mtg lender supercedes? Please advise. Also with the declining market the 1st mortgage would not even be satisfied even if the house sold today. So what happens exactly. Since we are unemployed we do not have any resources for pymt of legal advice that is why I am asking. Please help!

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Asked 06/03/2009 05:10 pm CT (New Bedford, MA)

my wife purchased a home through a nonconventional loan prior to our marrige in 2007 basically the hight of the market, mortgage and deed both in her name only. Due to the economy we have gotten behind a bit on the mortgage which has caused her some credit issues, my credit is still good. We wanted to refiance but were told my name had to be listed on the deed before they could do this for us. We filed the paper work to list me 45 days ago and have just found out today they will not refinance with us because we have lost so much equity in the house, upside down almost 50,000. Being this far behind we are almost ready to just let it go or possibly try a short sale and start over again with something much smaller and more affordable. will i no longer qualify for an FHA loan in my name now because of the deed status, and also if this is the case is there a way to reverse it, kinda like a nullification period where it has only been 45 days since the addition of my name? any answer or advice is greatly appreciated, thank you

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Now that you are on title, you could potentially refinance under new programs that just came out whi...

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Asked 05/22/2009 10:00 am CT (Waukesha, WI)

Hi, I have lost 2 offers to purchase on my home. My ex-husband refuses to sign anything below $440,000. We have been trying to sell for over a year. My question is what are my legal avenues? I am not able to maintain living in the marital home, it is too expensive and I am going to be broke in a very short while. The divorce papers state we must sell the home by the way. Thank you for any guidance.

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T.M. Mortgage professionals in general will not be able to provide legal advice. It would be best ...

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Asked 12/17/2008 10:01 pm CT (San Jose, CA)

I have been hearing and reading for the past year about the mortagage crisis and resulting foreclosures and don't understand why these experts are coming to this conclusion. I can't wait until my loans convert. I have a 5.75% fixed rate that will convert shortly. My index is the 12 month treasury moving average which is at 2.0%. My margin is 2.25% giving me a fixed rate for the next twelve months of 4.25% which I confirmed with my lender if my loan were to convert today ie. a lower payment. I believe that most of the no interest loans originated three to five years ago would be fixed for the initial period at approx. 5.375% to 6.25% with margins of 2.25% to 2.75%. Also, most indexs used are the 6 mo. LIBOR, 12 mo. LIBOR, 11 district or one year treasury, all very low. By adding the margin most of these loans should refix at very favorable rates. Yes, there will be principal (repaid to yourself) and a 25 year amort period. Nevertheless, is the whole world wrong or am I not seeing this right? This mortgage resetting is a monumental part of this national crisis and causing widespread foreclosures because of supposedly higher monthly payments. As far as I can see the numbers just don't support higher payments and this foreclosure meltdown. Can you please clarify. Thanks, Rick

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Rick: Great analysis. Thank you for taking the time to show how a good adjustable rate mortgage is...

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Asked 10/29/2008 10:11 pm CT (Sacramento, CA)

I want to buy a home that is being sold as a bank owened property.. it is through a realestate co. I am in the process of trying to sell my first house but this is a short sale on the other ... I dont have money for a down before sale and they wont do a contingant. could I get a second morgage to cover it? we owe 141,000. ( worth 160,000-180,000) on my home now, the other home is only 92,000. we could afford both morgages untill the sell of first but like I said no money for that down... and how to get anouther loan still oweing on first. what are my best options??

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Hi Crystal, It appears by how you describe your situation that you may think about receiving a Gift...

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Asked 09/19/2008 12:08 pm CT (Sacramento, CA)

This one is bad ... at least for me. We have several mortgages on the house we're living in. The house was purchased on a 80/20 with zero down at the peak of the market for $670K. The first is $540K, the second is $130K. Shortly after that we got an equity line from Bank of America for $210K to start landscaping at what not. At that time the house appraised for nearly $900K. Being adjustable the payment went OUT OF SIGHT last November. I stupidly figured as a stop gap I could borrow against the HELOC to make the payment. Well the rest is history ... although the payment which adjusted first in November (OUT OF SIGHT) came back to more normality in May (the next adjust is November 08). Now the HELOC has been shut off by Bank of America (at about $180K) and we are $3K short per month. I think I'm out of options as I've been pulling a rabbit out the hat for months. What should I do?? I'm considering not paying Bank of America and second for a period to keep us a float. Calling them (various lenders) to see if they'll work some type of solution. Praying for salvation ... etc. In this mix I actually have another home which is not upside down. Which we are renting out (with a payment we can afford). I'm guessing the various lenders can't touch that home ... so we're considering evicting the tenants, stopping paying the others and moving back there. Any pointers or insights you could provide would be helpfull. I can't pull money from anywhere and am down to the point where we'd be Bankrupt if I made the next months payments (read broke). I also owe $11K in tax on the problem home. I didn't pay that to enable myself to meet the mortgage for a 3 extra months. Thanks in advance.

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Jim, tough situation. It's obvious you can't service the debt you have. It will be a stretch to...

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Asked 09/02/2008 09:18 am CT (Waxahachie, TX)

What is a short sale??

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Asked 08/19/2008 03:29 pm CT (Jackson, MS)

My late husband bought a mobile home in 1998. I was not listed on the mortgage nor did I sign anything with regard to the purchase of this home. There was no land or any other type of collateral put up against this home. He died in 2004 and shortly after I moved from the mobile home. The mortgage company repossessed the home and sold it at auction. Now they want the estate of my deceased husband to pay the remaining balance (2 years after they sold it). My husband did not have a will. Can they hold me responsible for this money?

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Asked 08/14/2008 06:53 am CT (land o lakes, FL)

I need to take out a second mortgage on my property for a down payment on a short sale house. I currrently have my property up for sale and the lender refused me. I have a 791 credit score and owe $245,000 on a house worth $425,000. I do not want to lose the short sale as i picked it up at a great price. What can I do I need about $65,000 for down payment?

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James is right. A bridge loan is your best bet. There are a few ways this can be structured. If y...

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Asked 08/07/2008 10:07 am CT (Ann Arbor, MI)

My husband and I are looking to purchase a property that is listed as Bank owned. The asking price of the house was recently reduced by $20,000 and the property is vacant. But it also says that it is a short sale. How can it be both? and where does that leave us in the negotiating process?

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It cannot be both. Who are you negotiating with on the purchase? Drew 248-356-3739 x301 x205...

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Asked 05/03/2008 01:11 am CT (Hardeeville, SC)

we used to have a very good loan discount on our mortgage at the bank where she used to work.I am on disability and over the past 4-5 yrs. have been renovating our home.I have almost doubled its value.However my wife has a health condition since birth called syringual mieliea.her condition took a turn for the worse and she had to stop working.thus we have lost our discount mortgage rate and her long and short term disability benefits have been denied.we have retained an attorney but have only limited savings from a cashed out 401 K.are there any programs available other than bankruptcy that we could qualify for so that we could get a reduced rate on our mortgage even though we are not employed.we would like to avoid being a further burden on the state as well as keep our modest little home that we have put so much hard work into. please help. thank you, Tim and Denise Norris

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Asked 04/16/2008 12:55 pm CT (birmingham, AL)

I have a home and I owe 103K, the homes in my area are now selling for 80K, Its been up for sale for almost a year with no offers. so I am going to have to do a deed in lue or do a short sale. Which is worst on your credit rating?

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Asked 02/26/2008 04:52 pm CT (houston, TX)

I am in the process of selling my home in a minority area of Houston that has been plagued with foreclosures and short sales. Unfortunatly, most homes aren't even covering the loan amount in the sale and I'm worried. I will be relocating to another city and must sale. However, I have credit score of about 700 and have never been late on a payment. How will this effect me for getting a house within the next 2 years or a car? Is it possible for a credit score not to drop 80-100 pts? Is moving to another city due to family even considered a hardship? I can't afford to pay for 2 places at 1 time, so if they don't approve me for a short sale, the house will probably go into foreclosure? Do you know of a home advisor, CPA, attorney that doesn't charge a huge fee to discuss my specific financial situation in Houston? Thanks.

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Protect your credit score w/ your life if you can. Consider offering it as a lease option where the ...

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Asked 02/04/2008 06:35 pm CT (Waterford, MI)

My wife has filed Chapter 7 Bankruptcy and it will be discharged on Feb 11, 2008. The Sherrifs Sale is on Feb 12, both of our names are on the house and deed. We have someone who is interested in doing a short sale, but because my soon to be ex wife filed Chapter 7, an attorney said she can't sign over anything, not even a quick claim deed to me so I can sell the property. Neither of us can afford the property and neither of us live there. What can we do?

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Asked 02/04/2008 05:46 pm CT (Murrieta, CA)

I currently have an Adjustable ARM loan and recently recieved a letter from my loan company telling me that the loan will eventually go up to a higher interest rate. I contacted the loan company and ask about re-negotiating the loan to a more reasonalbale rate. the loan value is $566.000 and the home value is less than the loan value. The person that I spoke with told me that the only thing they could do is a "Short Sale" on the house because evenn if they were to give me a loan with "0" an interest rate, I still would not be able to make the payments. I found a deal on new less expensive homes in the area with 30 yr fixed mortgage rates that I can afford. If I purchase the new home and the current home went into some form of forclosure or deed in-lieu of forclosure, can the loan company try to seize the new home? They're leaving me no options to head off a forclosure if and when the loan resets to a higher rate.

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Asked 02/01/2008 03:16 pm CT (Ashburn, VA)

We are going to make an offer on a short sale. On the good faith estimate, it indicates what the seller usually pays for closing costs. Does the seller/lender pay any of the seller's costs? Would we, as the buyer, be responsible for paying the costs the seller/lender generally pay? Thanks!

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Asked 01/24/2008 01:30 pm CT (vineland, NJ)

hi...my husband and i are divorced. I kept the marital home & we have a first mortg in my name only & a second in his name & mine. Id like to short sale my house it is currently in forclosure. can i remove his name from the deed while it is in foreclosure.

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TLG - You should contact a RE atty to discuss this. Generally, he needs to agree to have his name ta...

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Asked 01/14/2008 11:00 am CT (Antioch, CA)

i have a question wha's best if you sale your home short sale or forclosure, do you get a 1099 on both or just short sale, our house is value at 150,000 less then what we owe the bank. So does that mean that bank would send out a 1099 for 150,000 ? or if i declare bankrucy i dont have to pay that?

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Generally speaking, your credit will fare better in a short sale, rather than foreclosure. Most len...

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