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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 ...

[ Total Answers: 1 ]

 
 

Asked 03/12/2009 10:46 am CT (Mishawaka, IN)

We currently have a 1st mortgage with a balance of 150,000 and a home equity loan with a 39000 balance. Our home value is $190,000. We also have unsecured debt totaling $86,000. We are current on our bills but wanted to know if we could get a loan or 2nd mortgage that would consolidate our current home equity loan and unsecured debt into one loan of $125,000 and set up a payment plan to pay back $750.00 the 1st and last week of each month?

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Unfortunately, now most lenders will only lend up to 85% of the value of your home. The total of you...

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Asked 02/25/2009 10:08 pm CT (Los Angeles, CA)

I am paying on a Townhouse that I owe only $117,230.87 and the interest rate is only 5.50%. I am current on my mortgage. I have a loan for $45,000.00 and Equity Credit Line for $20,000.00. My credit score is 780 and I wanted to refinance everything under one payment but the value of the property has dropped from $262,000.00 to $130,000.00. What other possible options do I have or should I just leave everything alone and concentrate on paying the equity line off first and then the loan? Thanks for your input.

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You have no real refinance options that will help with consolidating your debts. Your best bet is to...

[ Total Answers: 1 ]

 
 

Asked 02/10/2009 07:53 am CT (Clearwater, FL)

My mortgage balance is 260,000. Market value for my house is only 160,000 and is going down. I am two months behind on payments. I would like to keep my house but can't keep up with payments due to reduced income. Is it possible to reduce mortgage balance to current market value, because that would be only way for me to afford monthly payment? Thank You, DH!

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You need to contact your lender's loss mitigation dept to determine what options are available for y...

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Asked 01/18/2009 04:24 pm CT (Plano, TX)

Feel free to email me back. My question is: I have accumulated a total debt of approximately $60k with a net worth of roughly -$16k. The debts are with numerous companies for numerous reasons including credit cards, auto loans, student loans, etc. What I want to know is, with the current foreclosure market being like it is and so many homes being "dumped" so cheaply and under value, is it possible to find a home with a built-in equity to purchase that I can turn around and finance my other debts into the equity on the mortgage loan? I would consider it the opportunity to buy a home, while also "consolidating" my debts into the remaining equity of the home and reducing my number of payments and overall payment amount. Does this sound like a realistic and possible scenario that can be pursued?

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Becker, Hi. Regarding your question about taking equity out to consolidate your bills you must h...

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Asked 01/14/2009 09:29 am CT (West Bloomfield, MI)

I have a 7-yr balloon due March, 2010, with current rate of 4% and (by then) a remaining balance of $260k. This was originally my home but is now a rental property. Home values in Michigan have plummeted. I have tried to refinance now to lock in a 30-yr fixed rate, but since it is considered a rental property, the loan/value ratio needs to be 25% and I'm no where near that. Since I cannot refinance now and definitely won't be able to when the balloon is due as values fall another 10%-20% (as forecasted in Detroit), what happens? (1) Can I refinance with my current lender for a 30-yr fixed with a reasonable interest rate now or in March next year? (2) Should I begin to have these conversations with the lender now? (3) Do they amortize the remaining balance over the remaining 23 yrs? (4) How high can the rate go? I have friends in a similar situation (with their primary home) and rates have gone up to 10%+? (5) How do I keep the rate down and amortize the remaining balance for 30 yrs? I do not know what to do. Any assistance is greatly appreciated. Thank you in advance.

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Too many variable to discuss via email. COntact me to discuss 248-356-3739 Drew...

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Asked 01/08/2009 06:50 pm CT (Edina, MN)

I have a second home (investment purposes only) in Florida and have a five year interest only loan (comes due in a few months). Since values have plunged, the bank holding the Florida mortgage will not refinance since we owe more than the home is worth. Our primary home in MN is paid for. How do I know what the best route to go is with the home in Florida? I don't really want to take an equity loan out on main residence and put the liability back on that house.

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You could sell the Florida property, or refinance your current home and paf off the Florida propertr...

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Asked 11/24/2008 02:08 pm CT (Sparks, NV)

I own a single family home with a mortgage balance of approx $175K on a 6.25% FHA 30-yr fixed. The home's market value has declined steadily and is now worth approx $140K. I am not behind on any payments yet, and my credit is excellent with a current FICO of 768. I'm expecting a 20% reduction in work hours - and thus a 20% reduction in income - effective 1/1/09. This loss of job hours will inevitably result in falling behind on the mortgage payments at their current level. Will I likely be more successful in approaching the mortgage company for a loan modification for 1) a substantially lower interest rate on the current balance (propose approx 3%); or 2) reducing the balance to the realistic market value; or 3) some other measure or combination of the above?

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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.

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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 07/12/2008 04:03 pm CT (Bradenton, FL)

Purchased home in 2006 for 320,000., current market value of home is maybe 250,000. We still owe 300,000. Not sure if we should stay and hope to make a profit in the next 5 years or walk away and let bank take home. Currently pay 2,400.00 a month for home

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Asked 07/09/2008 05:39 pm CT (SACRAMENTO, CA)

MY HUSBANND AND I FILED BANKRUPTCY AND IT WAS DISCHARGED LAST AUGUST 2007. WE HAVE A 2ND MORTG WHICH WE DID NOT REAFFIRM IN THE BANKRUPTCY. WHAT HAPPENS IF WE DO NOT MAKE THE PAYMENTS TO THE 2ND MORTGAGE COMPANY BUT STILL PAY THE FIRST MORTGAGE? THE PROPERTY VALUE HAS DROPPED TO WHERE IF WE TRIED TO SELL WE WOULD BE LUCKY TO GET ENOUGH IN THE SALE TO PAY OFF THE 1ST MORTGAGE. THE 2ND WOULD GET NOTHING- AND THEY WERE INCLUDED IN OUR BANKRUPTCY. IF WE CANNOT CONTINUE TO MAKE THEIR PAYMENTS CAN THEY FORCE A SALE OF THE HOME?

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Asked 07/01/2008 07:16 pm CT (Las Vegas, NV)

I have a house that is valued at $281,000.00 I owe a principal amount of $311,000.00 I am making interest only payments $2,141.00 The loan is schedule to readjust in 2012. Do you recommend continue making making the payments?

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Asked 06/20/2008 01:56 pm CT (West Palm Beach, FL)

Looking to refinance a commercial lot or a hard money lender. Current Value 450k We owe 210k Original cost 515k Ready to build, all permits and fees paid and approved for 3600 SFT Medical off. building. We are willing to pay up to 11%

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do you also need commercial financing to build the Medical office building?...

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Asked 05/06/2008 05:02 pm CT (Marlboro, NY)

I'm getting married. My fiance owns his own home. The mortgage and deed are both in his name. He owes about 75% of the value of the home on the loan. We want to get a Home Equity, with me as the primary, for a better interest rate. Can he just add me to the deed? Does the primary mortgage holder have to OK me being added to the deed since I'm not on the mortgage? Also, if I need to be on the primary mortgage, can I just be added to the mortgage without having to refinance the primary loan?? Note: the primary mortgage has a great interest rate, so I don't want to refinance it. Also, I have excellent credit and have already been preapproved elsewhere for well over the mortgage balance.

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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 04/24/2008 10:41 am CT (chicago, IL)

My mother is moving to a nursing home and her income which is paying for the mortgage on her home will follow her to the nursing home. The house has been on the market for six months through Buy Owner and with the declining economy and neighborhood the probablity that the house will not sell is great. The appraised value is $140,000, amount due including loan is approximately $100,000. I have no interest in property and would like to know the best way to unload it.

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Go to an investor group meeting and offer the house to them. Or put it on the market with a Realtor...

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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 04/15/2008 12:45 pm CT (Minneapolis, MN)

My husband and I have an 80/20 mortgage and want to take advantage of the low interest rates. We asked our mortgage broker and they indicated that due to the decrease in the value of our home we cannot refinance. Is this true? Are there other options out there?

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Sally - there actually may be another option for you. FHA loans will allow a second mortgage to rem...

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