Saturday, 30. July 2011
I qualify for a 0,000 mortgage. But my current house will most likely sell for ,000 less my 1st and second. The house I want to buyt is sell for 8,000 and appraised for 0,000. Can I buy the house for 0,000 and take the money to pay off the second on my current house in one transcation?
I can afford a 0,000 mortgage according to a mortgage calculator. A 0,000 mortgage is less than a 0,000 so qualifying is not the problem. Its the second on my current home.
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Saturday, 30. July 2011
i just bought a house and am moving in about two weeks. I’m thinking about getting a 0,000 to 5,000. I just don’t know the "rules" of actually getting the money. will i be able to just apply for the loan and get it or do i have to like live in the house for several months. i really don’t know a lot so some help would be great. thanks!!!
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Tuesday, 19. July 2011
My husband and I owned ahome for 2 years – a year ago we refi’d to take out k to do home repairs…we jsut divorced (only filed first set of papers) He insisted on taking the money from that second mortgage and he left me living in the house. His thoughts were that I would get the profit if and when we can sell teh place. But im frustrated becuase it leaves me no money what so ever…and in a house that is in desperate need of repairs. My income alone cannot support mortgage payment and it eerrkkss me that I am also paying 0 a month plus interest on that money he took with him… oh also he justifies this becuase he is in school – which i encouraged him to do originally so he says he needs that money to pay his bills (rent, gas, food, etc) By the way he is 32yo! Opinions welcome…legal advice appreciated. I have heard so many things that can mess people up when it comes to finances and divorce.
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Wednesday, 13. July 2011
Ok, so my friend had a house that had a first and second mortgage. He sold this house in short sale on just the second mortgage as the short sale. The second mortgage became a personal unsecured loan for the remaining amount. A month later the bank sent him a letter saying they will come down on what he owes on the remaining unsecured second if he pays "X" amount by a certain date. So, my friend got an attorney to negotiate a little more and make sure this was handled properly. In the mean time the expiration date passed and the bank took everything my friend had in his checking account and mutual fund account. Yes, it just happens that the unsecured second was in the same bank that he had his checking and mutual fund account. They took everything…even more then what they said they would take as a payoff….way more. Can they do this? Can he get his money back? No where in any letters or paperwork that he signed did he put his personal accounts as collateral or they say his personal accounts are collateral. Is this legal what they did???
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Tuesday, 12. July 2011
Ok , my home forclosed,, I had 2 mortgages (from the begining) the second h. mortgage is in collections , I am trying to make payments. Basically only what my payment used to be but I am still behind 2 to 3 thousand dollars. They want the 3 thousand but I do not have that kind of money. They want the money before they will attempt to lower my 10.75 percent intrest rate to they say they’ll lower it to 5 % or 6 % (but I think it should be no more than 3%) I do not have the home anymore.
It two different banks and the one I still owe is the leeser amount
The home is forclosed.. Gone realator has it
I couldn’t even afford the bancuptcy, plus a lawyer said I’d lose the home wheather I filed or not. So I never did cause I couldnt afford it and I didnt want to borrow money if I was going to lose the house anyways
So will paying the monthly payments , wouldn’t that look better on a credit report? I do though have others bills not being paid such as the last water, electris, and gas bill from the house
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Monday, 11. July 2011
I am unemployed and cannot pay the mortgage payments. I have the home on the market but it will not sell for the loan amount. I was thinking of giving the 1st mortgage holder (80%), a deed in lieu of foreclosure. Will the second mortgage holder (20%) be able to get any money or be able to file a judgment against me as home owner? I live in the State of Arkansas.
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Monday, 27. June 2011
If your home is paid for but you are currently unemployed, can you get a home equity loan or borrow money on the house?
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Thursday, 23. June 2011
Ok we finally closed on our short sale this past January after a full year of torture from our second mortgage company Greentree. I have heard a lot of horrible things about them and that they are notorious for preying on the elderly and getting them kicked out of thier home. They bought our second mortgage so we didn’t really have a choice about it. So after 9 months of peace and quiet and trying to get our lives back together I get a phone call out of the blue yesterday from them requesting the balance of the mortgage. I was under the impression that they had settled for 3k out of 30k. Since they were not really supposed to get anything, due to the 100 that our first mortage Citi lost. So the guy was really nasty on the phone when I told him we were not able to pay. He asked if that was a refusal pay and I said I guess so since we don’t have any money. He then said fine then I can release this to claims or court or for lilitigation or something? I was panicked because we have a 16 month old and another 55k loan to pay off. So I called my realtor and he said don’t worry about it. That they are just using strong arm tactics and can’t actually do anything about it. Is this true? Can they take us to court and make us pay back the loan partial or full? Or are they trying to scare us into coughing up what we don’t have?
Thankyou so much for the answers so far. Unfortunately I didn’t really understand all of this while going through it. It was a very hectic year for us with moving from Florida to nj then to Pa. My husband came up first an I was packing up the house with our 6 month old, so when were near our realtor I was a little preoccupied the in January when we signed the final closing packet we were told to call with questions and had literally about two hours to sign it and drop it back in the mail to get back to fl intime for closing. We were so thrilled to be done with it that I guess it’s what we get.
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