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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 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 03/16/2009 12:44 pm CT (Dallas, TX)

My ex husband and I owned a home together. We divorced and I signed a quit claim deed so that he could refianance the home in his name using his VA and I could have mine back. He has yet to refinance the home. It has been over thirty days. If he does not refinance the home what are my options?

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Dear Kelly, in order to remove your name on this loan, your exhusband has to refinance this property...

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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 01/23/2009 11:28 am CT (New York, NY)

my husband and i own (purchased together 10 years ago) property in upstate new york. his only is listed on the deed (the mortgage is paid). he passed away on thanksgiving - how would i be able to sell or how do i get my name on the deed. i am his sole beneficiary.

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Consult an attorney or ask the county recorder's office what they require to record a new deed....

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Asked 11/14/2008 06:06 am CT (Greensboro, NC)

I would like to get a mortgage put into just my name. We have owned it for a year. We bought it as a investment property together but he is not able to make his side of the payments. If I do get it put into just my name can I sell it in 1 year and not pay capital gains tax or will I have to wait another 2 years before I can sell? Thank you, Deno

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The two year requirement for avoiding capital gains applies to primary residences, not investment pr...

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Asked 10/13/2008 01:43 pm CT (Baltimore, MD)

My ex-husband and I on a mortgage and deed together. He abandoned myself and my son in 2007, and I have been paying for the house. Tried to refinance into my name, but couldn't get approved. He now has a case with the court, and I do not want to ruin my credit since I have been making all payments on time. What can we do??

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Olubusi; You will need to get a court order to have your ex-husband removed. Consult with a real...

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Asked 08/19/2008 08:09 am CT (Levittown, PA)

Sister and I on a mortgage and deed together. She moved out Jan. 2008 and I have been paying for the house. Tried to refinance into my name, but couldn't get approved. She now wants to file bankruptcy, but doesn't want me to lose the house or ruin my credit since I have been making all payments on time. What can we do??

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Asked 08/19/2008 08:01 am CT (Levittown, PA)

Sister and I on a mortgage and deed together. She moved out Jan. 2008 and I have been paying for the house. Tried to refinance into my name, but couldn't get approved. She now wants to file bankruptcy, but doesn't want me to lose the house or ruin my credit since I have been making all payments on time. What can we do??

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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...

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Asked 02/24/2008 11:16 am CT (Hackettstown, NJ)

I have a first mortgage and a second mortgage on my condo. My condo is worth less than the two mortgages together. I recently lost my job and will not be able to make both payments. What happens if they foreclose on my property? Can the second mortgage company come after me for the remaining money owed?

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Asked 02/22/2008 08:35 am CT (Chantilly, VA)

My mother and bough a home together in 03 suing the 80/20 principle which mean we have two mortgages. We are both listed on them both and share a 50/50 payment and ownership rule. I am having a nightmare time applying for an auto loan due to my dept to income ratio which is primarily the home. I have a few credit card that hold a very low balance to credit limit. I have heard that I can claim my mothers contributions as income to help my debt/credit ratio. Since the bank does not look at the fact that there are two head of household here that are both claiming 50/50 ownership and payments. Please provide me with any information that could potentially help both of us reduce this ratio to obtain credit for an auto loan.

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Asked 02/19/2008 06:29 pm CT (saraland, AL)

my wife and i are looking to buy our first home and our credit scores are just below 600. i have recently been discharged from a chapter 13 and have no debt at all. my wife has kept a clean nose for a year now with no late payments and have never been late on the mobile home we are financing now (with only 10,000 left owing).our income together is 85k. what options due we have during this credit crunch we keep hearing about? can my wife alone finance without me on the loan?

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Rick, it is possible for your wife to obtain a home loan without you on the loan providing she can q...

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Asked 02/01/2008 08:05 am CT (Marion, MA)

My wife and I purchased a home two years after we were married. We've owned the home since 2004, and unfortunately are about to be seperated. I will likely move out of the home into an apartment which I will have to rent. My question is, in Massachusetts, what are my responsibilities towards paying the mortgage at the house I am leaving, which she will be living in with two kids from her previous marriage? She and I have no kids together. Am I obligated to pay 50% of the mortgage payment until which time that the home is either sold or the mortgage is re-done in her name only? Due to our bad credit, and thus a very high interest rate, our equity in the house is less than $10,000. Obviously, I need a suitable living location, and having to pay half of the mortgage will severely decrease the amount of money I will have available to pay rent at my own place. Thanks for all help you can provide in advance.

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Asked 01/24/2008 05:42 am CT (houston, TX)

if my ex finance and I purchased a home together and both names are on the mortgage. Bought house in 2005 and he has moved out in Aug 2006. can I take him to court for breech of contract since he has not paid his half of the loan

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Asked 12/30/2007 10:14 am CT (goldsboro, NC)

My husband and I are divorced and were separated for 6 years. We bought a house together during the marriage. I moved out of the house and remained out of the home to date. During the divorce we signed papers stating that I would give up rights to the home if he would have my name taken off of the house within 90 days. Well that was this past April. As a result I find out yesterday that he has not been paying the mortgage (which I had no idea) when I received a certified letter stating foreclosure. Question. To save my credit, is it possible to take his name off of the house, take over the payments, and possibly work out a deal with the mortgage company? I have good credit and this would ruin it.

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Good question. Since it sounds like the origional agreement was a part of the divorce decree, legall...

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Asked 12/12/2007 04:28 pm CT (Hoffman Estates, IL)

My husband (prior to us being married)bought a house 7 years ago and due to a job change, moved to another state in '05. He put up his house for sale at that time and wasn't able to sell it. In '06, he rented it out to a couple who were supposed to do a rent to own. Based on this, we signed on to build a house together in the state we are currently living in. 6 months into it, the renters stopped paying rent. He had to evict them. They trashed the house and we had to spend about $5,000 getting it back into selling shape. He put the house back on the market in Feb. of this year. The house wasn't selling still so he took it off the market and tried to rent it out again. No luck. Meanwhile, we moved into our new house in July and could no longer pay the other mortgage so he told the bank in October that he would no longer be able to make the payments. He also has a home equity loan on the first house. THe bank told him to put that house up for sale again and lo and behold, we got an offer. The offer is at a loss(due to the home equity loan, of which we would not be able to pay about $22,000 of with the offer we got). We figure we have to take the offer because this is the only offer in almost 3 years that we've gotten. My question is, is it better to short the home equity loan or pay off the home equity loan with credit cards? We are going to have to refinance our current home in about 5 years as one of the loans that we have is an ARM so we are wondering which is going to hurt us more, the shorted loan that much more credit card debt? Please help. Thank you.

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Nikki, There are several issues here to consider. First, generally speaking you would probably b...

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Asked 12/10/2007 03:30 pm CT (newbedford, MA)

hi im wondering if i can obtain a mortgage with this situation: my most recent tax return reflrcting my newly opened business starting 2 years ago stated only 20,000 I am making much more money now and Im looking to buy a home i have my heart set on that is asking only 119,000 my parent own multiple homes and are willing to co-sign AND pay half of my mortgage for me. with this information do u think iam able to obtain a mortgage with a very reliable co signer using my last tax return? and also during the interview process is the cosigners income combined with mine to look at the broad range of income put together ? thanks

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There are a few options and ways this can happen. The best thing to do is call my office 401-349-312...

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Asked 12/08/2007 01:34 pm CT (Sarasota, FL)

Hi. My name is John and I am extremely fustrated and hope you can help. My sister and I purchased two pre-construction homes together in Sarasota. Upon completion, I took over one home she took over the other. On my home, she is on both the deed and the mortgage. On her home, I am only on the deed. My fiance and I moved into our home immediately and in fact homesteaded recently. My sister however, she decided not to move into hers and has not made payments since July 2007. Today an officer came to my home and dropped off lawsuit papers for her home. He stated that since I am on the deed I am required to get these papers as well. AM I BEING SUED OR JUST HER? WILL MY CREDIT BE AFFECTED? I am getting married in March and my finace is a wreck over this. Could could credit be affected too? Or worse yet, could they come after our home because her name is on it? Please HELP!

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John, if you did not sign the note, then it will not affect your credit. The lender is obligated to...

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Asked 11/12/2007 07:42 pm CT (Sulphur, LA)

My Husband And I signed over the deed to our home July 16th 2007 because the Mortgage had become too much for us to keep up with. We were behind on a few payments and were trying to sell our house by owner and even with the help of a real estate agent. .After a few months of trying we decided to contact an investor who said if we signed an assumption of deed over to him, he would make the payments until he could find someone to purchase it. Well, he did find someone to do an owner finance for at a year..they paid him a generous down payment and then monthly payments as well. Since we were behind the investor had to work out a repayment plan with our lender. this was spread out over a years time,and is still reporting late on our credit...further damaging it and we are still responsible for the note even though we signed over the deed. I talked with him about selling the property now so we could be off the loan, but the agreement he signed with the people now living in our house says they must wait a year to obtain financing. The reason for this is we have equity in our home and will have even more when the pre-payment penalty drops off next year. he is stands to make at least$30,000 off our home and we walked away with nothing. He has not made one payment on time in the last few months and the Mortgage company keeps calling us. I called the people living in the home and discussed the arrangement they have w/the investor. He has mislead them in many ways and us! they were not aware that we were still on the loan! Now I am wondering what my legal rights are in reassuming my home or even working out something with the new tenants to sell outright to them at a lesser amount. Do we have any rights? Our credit is not in great shape because of late payments, A discharged Ch.7, medical bills( all three of our children had tonsils out), I have not worked for the past few years, etc. BUT I am now working again and our Monthly net income together is $5800. Could someone please help us to repair our damaged credit and possibly gain control of our home again so we can make a profit from it and further improve our credit. Jen

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