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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 09/19/2009 01:03 pm CT (Los Angeles, CA)

My husband purchased a property in north las vegas a few years ago with a friend. The house went into foreclosure. My question is, can the bank come after me even though I am not on the mortgage or the deed? We were married when he purchased it.

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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 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 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 04/08/2009 09:51 am CT (Des Moines, IA)

My boyfriend and I live together. He was divorced over a year ago and part of the divorce decree stated that his ex wife got there home and all the responsibilty she was supposed to remove him from everything in a certain day period. Which would have been Nov 08. Well she did not do this and now the house is being foreclosed on and she NEVER got him off any of it. So now we are getting letters and phone calls saying they will be foreclosing on the house and it is going to effect his credit. The morgage companies say that there is nothing they can do even though the divorce says it is all her responsibilty. The lawyer we talked to said that the only thing they can do is get her arrested on contempt of court? This does not seem right is there any help!! We plan to have a life together and I do not want this hanging over our heads for the next 7 years =(

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Unfortunately the lender on the house was never invited to the divorce. The divorce was only an agre...

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Asked 02/04/2009 01:18 pm CT (Scottsdale, AZ)

I am in process of refinancing my 10-yr adj @ 6% (6yrs left) because my equity has dropped significantly but I still have more than 20% equity. My new rate will be 5.75% although I'm trying to get 5.5% (it's a twin). I have credit score average of 800. I'm wondering if I should wait to see if I can get 4.5% on refinancing that they are talking about with the stimulous money. I am not someone who would be defaulting -- just trying to ge into a 30-yr fixed. I'm concerned that if I refinance in 2009, I would not be able to apply for this if i becomes available to me. Any ideas? Thanks, Kip

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I'm not sure what your loan amt is but if it's below $417k, market rate should already be below 5% a...

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Asked 01/26/2009 11:02 am CT (Boise, ID)

My father passed away in June and left my sister and I his home which has 60k owed.I have been living here and paying the payment monthly as well as keeping insurance and such on it. I don`t think I would be able to qualify for a new loan even though we have excellent work and income. How could I buy my sister out and stay in the home.I don`t have cash on hand right now.. Thanks

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Consult a local mortgage broker who can determine whether or not you can qualify for a "cashout" ref...

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Asked 01/07/2009 08:28 am CT (Hempstead, NY)

I want to buy a home and all my credit scores are above 750 and I own a business. Problem is, even though i make enough, I do not have all the proper documentations to prove all of my income. I also saved up about 17000 as a down payment. My question is, can i still get approved in this economy for a home loan with what I have? And if so, who is best to turn to? I am Twenty seven yrs old

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Hi Angela! Congrats on yoru business and being financially disciplined to save up the money. T...

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Asked 10/29/2008 10:56 pm CT (New Orleans, LA)

Hi! I am new to the whole mortage game.. My Husband And I are trying to purchase our first home. We are very low income, however we have the ability to put down at least $20,000. He has had steady employment history for the past 2 years but he has ABSOLUTELY No credit history. I have gathered four sources of alternative payment history for a 12mo. period with no late fees (entergy bill, car insurance, phone, and a hospital insurance policy on our oldest son) I was employed with the same company for over two years but have been unemployed since I left the clinic I worked in to stay at home with our premature newborn..whom is now 8 mo.'s old. I have credit, however it is very low at this time due to the last statement mentioned. I am in the process of paying all my debts off. My mid score is 520 at the time :( We applied for an FHA Loan and an Urban Development but we where turned down due to my husbands change in employment (although it was for the better monetary wise) and for no savings are proof of alternative payment. My Husbands monthly income is $1920.00. Our only monthly bill is 250 for car insurance and 263.15 for 7 more months for our eldest sons tuition. The home we are trying to purchase is $129,900.00 with seller to pay $4,000.00 in closing costs. ANY advice etc. would be greatly appreciated.

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Lauren, it is possible to to be approved for a loan if you have no credit. The situation has to be t...

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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 08/31/2008 02:33 pm CT (centerville, MN)

My husband and I own a townhome (with a mortgage) We have had some credit problems recently, but have gotten it mostly cleared up. We would like to be able to move into a home with a yard since we have a toddler, and a surprise baby on the way. Is there anyway we can trade homes? Can we get a foreclosed home for what we owe on our townhome and just trade it? So we can keep the same mortgage, payments, and not have to re apply for a loan? Im pretty sure there isnt but thought I would ask. Thank you!

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Hi Amy- You would need to sell your home, retire the existing mortgage and get approved for new fin...

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Asked 06/20/2008 09:24 pm CT (phila, PA)

I LOAN A PERSON 15K(DID THIS IN A MORTGAGE) TO PURCHASE A PROPERTY THIS PERSON ALSO TOOK A LOAN OUT WITH THE BANK TO PURCHASE THIS SAME PROPERTY FROM THE SELLER. I RECORDED MY MORTGAGE BEFORE THE BANKS. THE COUNTY RECORDS SAY THAT I HAVE 1ST PRORITY, THE BANKS CLAIM THAT EVEN THOUGH IM LISTED AS 1ST SINCE THEY ARE A PURCHASE MONEY MORTGAGE THEY ARE 1ST. I SAID THAT IM A PURCHASE MONEY MORTGAGE TO. THE TITLE COMPANY SEND ME A SUBORDINATION AGREEMENT WANTING TO PAY ME $1000 IF I SIGN, IF I DON'T THEY SAID THEY WILL GO INTO LITIGATION. IM LOCATED IN PHILADELPHIA PA.

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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 04/27/2008 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...

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Asked 04/17/2008 01:18 pm CT (Tolleson, AZ)

I have a pay option arm on my 1st mortgage and I also have a second mortgage on my primary home. My question: Is there any options to get my loan into a fixed rate loan even though the value of the property has dramatically dropped?

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Asked 04/17/2008 10:19 am CT (ELK GROVE, CA)

My brother who lives in Elk Grove, CA purchased a house a few years back, then he decided to purchase a second house with the family money. I believe the interest on the second house is fixed. I am sorry, I don't know about the details. All I know, he and the whole family are really pressured due to work and finances. He hasn't been able to refinance the house due to severe real estate problems. He was thinking to give the house to the bank, but as you may know, he will still owe money to the bank and we will lose everything. Are there any creative way for us to be helped? Do you have any suggestions? He is thinking to move to the first house where we had a tenant. The tenant will move house soon, and they are going to move in and he is planning to give the house to the bank. As far as I know he still will owe money to the bank because they will respect the contract which was signed a few years back, even though the purchase price is very low at the moment. If you have any suggestions, please let me know. Regards, nasi

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One option might be to do what's called a "short sale" of the home where the lender might approve a ...

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Asked 03/28/2008 12:09 pm CT (Baltimore, MD)

My grandfather can't afford his mortgage payments anymore. We are okay woth the thought of foreclosure, but we also have a concern. The situation is that he has land also in the state of Maryland; Can the bank (Washington Mutual) take that piece of land( almost ten acres) if he does go through with foreclosure? Also, besides the consequense of bad credit, what will happen to my grandfather because of the foreclosure?

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Asked 03/22/2008 04:42 pm CT (marshfield, WI)

I had tried to get a house though mortgage experts, had signed papers for the bank and we were pre qualified for the loan, 2 days before closing they told me and my girlfriend that we werent accepted because i am on a commision based income, 2 weeks later i got a letter stating i am liable for the 325 dollar appraisal fee. i looked through the papers and it did not state i am liable for this. am i liable for this bill or what can i do to fight it?

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Asked 03/21/2008 09:32 am CT (reading, PA)

We currently have a 30 fixed at 6.5 (103K) and a 2nd mortgage at 7.0 (19K). We have done a lot of improvements to the home and are considering refi. Our estimated home value is @ 300K. We have 7K on a credit card and about 7K in the bank. I also have a personal loan with a balance of @3400. My questions are: we would like to refi to a 15 yr at the best rate and cash out to satisfy the home equity loan and the credit card balances, leaving us with a small bit of money to complete a final home project. We plan to stay in the home for the balance of the 15 yr. mortgage. Our credit is good. Are we in a postion to refi and does it make sense? We really want to reduce the mortgage term and satisfy the loan and credit balances. These seems to be the best way to get to that point. Your thoughts?

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shouldi.a debt consolidation loan will take care of your situation but there are some more informati...

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