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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 01/04/2010 10:42 am CT (Hammond, IN)

My sister's loan was sold to another mortgage company. She kept making the same payment, thinking that her escrow was still being collected. However, when she went to pay her taxes, she found out that the new company did not escrow. Now they are giving her 1 month to pay and will not adjust her account so that the "extra" money she paid can be used for taxes. Can they do this? Is there anything she can do? Legally or otherwise?

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Asked 12/29/2009 01:53 pm CT (Cumberland, MD)

I am selling my home and using the proceeds to update my boyfriends home, which I will live in. We want something in writing in case things do not work out, so I will be paid back the investment I made in the house. We do not have a mortgage and my name will not be on the deed. Suggestions?

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I would suggest consulting with a real estate lawyer. Perhaps they can draw up an agreement between...

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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 12/15/2009 04:16 pm CT (Apache Junction, AZ)

My husband lost his job 2 years ago due to an illness. He has been on SSI for 7 months now. Our current mortgage is in his name only (my name is on the deed but not the mortgage) and our lender refused any sort of restructuring of the loan. Because of our debts we had to file chapter 13. Prior to filing bankruptcy our lender offered a settlement of $80K less than we owe on the loan. Would we be able to finance with a new lender and if so would it be for the amt our current lender offered us as a buy out?

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You would have to ask your lender (current) if they will still do the settlement. If so then you cou...

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Asked 11/13/2009 12:01 pm CT (Alexandria, VA)

I am preparing tax return and looking a 1098 in Box 1 has $61,000 of mortgage interest but in the detail of payments has only about $20,000K of interest. The house was sold during year and mortgage paid off - around $485K balance on loan and it was a Conv Jumbo PayOption ARM..Question: Why the difference and is the $60K of interest correct. Thanks.

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Asked 11/10/2009 11:31 am CT (Exeter, NH)

I have a hardship. Can I sell my home and pay off my first mortgage and then negotiate a second mortgage payoff with the proceeds? Or can I renegotiate the second mortgage with a promisary note.

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Asked 11/05/2009 05:16 am CT (Jacksonville, FL)

I am looking into a 3/1 ARM backed by the CMT index. The margin is 2% with a 5% cap on the life of the loan. Starting interest rate is 3.75. I was just wondering if this is a good deal or not and if refinancing is a good idea if you are only getting an interest rate about 1 point lower than the current one. Currently my interest rate is 6 1/8. Thanks

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Asked 11/04/2009 02:00 pm CT (Miami, FL)

Hi, can smbd please tell me whether the interest rates are lower on a home mortgage or a home equity loan? Iā€™m purchasing a condo and considering two options: financing it the first time around or purchasing all-cash and then taking a home equity loan. Can smbd tell me pros and cons? What about qualifications? Which one is easier yo get? Thanks a million times!!!

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Asked 10/15/2009 06:48 am CT (Clinton, MI)

Hi I've been at my job for 3 years. I bring home about 20,000 a year (not much) and my credit score last time i checked (about a year ago) was 566. I had collections and almost all of them but 2 are paid off. I have others on my credit report that have been paid and i tried having them removed with no such luck. I would like to buy a cheap home say 50,000. Is this even possible for me? What can I do?

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You'lll need a minimum of a 620 FICO score at this time to qualify for a mortgage, but that's just t...

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Asked 10/12/2009 05:09 pm CT (Riverside, CA)

My husband and I are filing chapter 7 due to my prolonged unemployment, now he has lost his overtime and we are having trouble making the mortgage and the second, both with B of A. We are current, but are classified as imminent default as I pay later and later every month. Either food or mortgage.We owe $383.000 and it\'s only worth $138,000, we tried to refi and tried to get it modified. Both times we were told \"do not qualify\" Unemployment too much. We are seriously thinking about just letting it go , but we both have serious moral issues with not paying for where we live. What is your suggestion. My husband says just pay the first and leave the second, but won\'t they repo on that too?

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If you are filing chapter 7 there is no need to pay for either mortgage this is what your attorney ...

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Asked 10/05/2009 12:39 pm CT (Asheville, NC)

I recently became unemployed, but was planning on purchasing a home before that happened. Can my fiance, who is employed, and myself be on the loan or just him? I would like to be, if it\\\'s at all possible. Thanks!

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In most cases you can be on the loan even if you don't have income. However, your credit will facto...

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Asked 10/04/2009 05:52 pm CT (San Jose, CA)

My husband's condo has a 1st and 2nd mortgage and has recently gone into foreclosure (we no longer live there). The 1st mortgage company has stopped calling since they took it over, but we are still hearing from the 2nd mortgage company. What should we do to get the 2nd mortgage off our back since the property is now owned by the 1st? Also, since it's now bank owned, should we continue to pay our property taxes? What are the repercussions if we don\\\'t continue to pay them?

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Asked 09/25/2009 10:51 am CT (Olathe, KS)

My wife and i got a chapter 7 discharge . We reaffirmed the first mortgage but not the second one . the second one was a 125 % LTV . If we can't make the payments on the second one . will they foreclose on the house ? we owe 89000 on first and 34000 on the second and the house is worth around 105000 ? Would they pursue a foreclosre that they would most likely not gain anything back from ?

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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 09/18/2009 12:05 am CT (Los Angeles, CA)

I have filed chapter 7 and should receive a discharge soon. I included as surrender all three mortgages. My first mortgage lender has offered me a modification to sign now before the discharge, not reaffirmation just signing new modification. If the house was to foreclosure, there is not enough money to pay the second or third liens. Am I legally obligated to pay the first mortgage if I sign this modification and lets say the 2nd decides to foreclose would I have to pay any money to the first? I dont plan on paying the second or third mortgages.

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Asked 09/16/2009 07:26 pm CT (Northglenn, CO)

Hi - I have lived in my house for 3 years - I have a second mortgage. I had lost all my equity to pay bills when we got here - my house payment is killing me. We don't utilize all our space. How realistic is it that I can get another house when I'm upside down by about 20K.

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Hi, If you are upside down by 20k, and you want to buy another home, you probably need to sell y...

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Asked 09/16/2009 11:52 am CT (Baltimore, MD)

SOMEONE PLEASE HELP.......My great grandparents own the home that my grandparents currenly live in. My grandparents name has never been added to the deed. My great grandparents have been dead for over 30 years now. How do my grandparents' add their name to the deed? I'm not sure if there is a will granting them sole ownership. Can they file for an executor of the estate? What can they do?

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The estate/will should say who gets the real estate ā€“ if they are mentioned in the will that they ...

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Asked 09/15/2009 07:45 pm CT (Alexandria, LA)

I was recently told when attempting to refinance my home including a second mortgage, that the second mortgage had never been recorded with the courthouse and that the courthouse had no record of it. In order to start the subordination process with mortgage 2, i first have to figure out this \"not recorded issue\". Where do I start and how do you fix this??

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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 ā€“ sell the home. This is the ...

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