Thursday, 2. September 2010
My girlfriend and I got a house a year ago in Maryland. The loan is entirely in her name but the title of the house is in both our name. We are in over our head with this loan and with the state taxes for Maryland going up each year and thus the escrow we are finding it impossible to keep up. When we did a fair market analysis on the house using a local real estate agent we found in just 1 year we have negative ,000 equity in the house. My question is this, if the house goes through foreclosure will my credit be affected? What if we get married before the foreclosure? I’m worried if we get married at the wrong time and we lose the house it will be tied to my name as well. We are thinking if she loses the house maybe I can get one in just my name next year. Anyone knows if this will work? Thanks in advance…..
Some additional details that might help clarify our situation. The house loan is 0,000 or ,300 a month. My girlfriend makes 0 a month. Not nearly enough to pay the mortgage. The idea when we bought it was for me to pay the loan as she doesn’t make enough to pay it herself and with a baby coming we wanted a nice house to raise our son in. She got one of those shady deals where they gave her a 0,000 loan by saying she was self-employed when she in fact she wasn’t. Before this housing and banking collapse you could get a loan without documenting your income and your ability to pay by claiming you’re self-employed. Nice little loop-hole huh? Anyway, she never said she was self-employed mind you but the guy that worked out her loan said he would put in through like this otherwise she would never qualify for a loan. I couldn’t be on the loan because I had lost my house to foreclosure due to a nasty divorce a year before that. It’s now been more than 2 years since my fore
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Sunday, 29. August 2010
My mother made a personal loan to m 6 years ago for ,000 from an equity line of credit. I used it for school and to purchase a condo. Now that the market has crashed, my homes’ value has fallen 50% and I will likely opt to liquidate the property for a loss. (I am a licensed real estate agent.)
A financial planner told her that it is in her best interest that I pay off this loan ASAP because the the bank could demand immediate payment in full at any time and if I didn’t have the money then she would have to pay it from her own savings.
As a result she has rallied all my brothers and sisters to pressure me into returning home to live there until I can pay off the ,000 by basically giving her all my earnings until the loan is paid down.
As much as I want to pay the loan off fast, I am 29 years old and I do not want to move home with my 2 younger brothers and parents. In a 2 bedroom house, I would basically be living in a tool shed until I’m in my early 30s.
I do not think it is fair that I should be made to feel guilty for what has happened to me due to the economy, or what could potentially happen to her for making this loan to me. She tells me, "I feel I will never get that money back" It saddens me to think that she doesn’t trust me but I do not think it is fair for her to put such a huge responsibility on me and expect me, a single, 29 year old, to move home for a few years and give her most of my earnings.
What should I do?
The reason I haven’t paid the loan down is because I have paid off my high interest credit cards first, and then real estate market has crashed leaving me with just enough money to make interest payments and live on. Now I intend to find a stable job in the next two months unless I can start to make money.
She is trying to accelerate the loan. There was never any agreement to do this. If a bank tried to do this it would be called "loan sharking."
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Saturday, 21. August 2010
My home is over 194K; I refinanced, w/ the help of my best friend. The loan is now over 212k, the house has been apraised for 230k. As of 6/2008, their will be 40k of equity available. I would like for an investor/buyer to take possession of the home, continue to pay the mortgage and give me 30k, leaving them w/10k of equity. I will give them gift of deed & they can sell or rent out the home. We refinanced in 6/2006, so if the house is sold before 6/2008 than a 2% penalty will apply. I wil move out as soon as the investor agrees to my 30K and contracts are signed. I do not wish to have any further compensation. The 30k will help for relocation of myself & family & paying off debt. The real estate agent that originally sold me this home stolel 20K from me; Atty fees & closing cost was put into the new loan. The mortgage is 1500 monthly, this was fine, but my hrs @ work have decreased & I before it gets critical, I would like to be out of the situation. Is option possible? Thank you.
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Saturday, 14. August 2010
I’m trying to sell a house. I have two loans:
Mortgage 1: owe 9,000
Home Equity Loan: owe ,000
Total loans: 8,000
I bought the house two years ago for 5,000. I currently have an offer on the house for 9,000. I would end up with ,000 profit. BUT after paying comissions, taxes, closing costs, etc., it looks like I will end up -00 in the red. What do people do in this situation? Who do I have to pay first, the lender or the real estate agent? What kind of loan would I need to take out to cover my rear??
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Friday, 30. July 2010
I went to look at a house yesterday and the real estate agent was explaining to me that the homeowner had bought the house for more than he was selling it for and that he had also taken out a home equity loan on the house. She said therefore it was the bank that would decide whether or not they would be accepting out bid because he owes more on the house than he can make off it. She didn’t say he was in foreclosure at all but she used a term for the situation that I can’t remember, I believe it was something having to do with stop or step, does anyone know?
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Tuesday, 22. June 2010
Okay so my mom and her sister own a house together. It was my grandparents house and they inherited it when they died. My aunt has been freeloading and living in there for FREE for the past year and a half. She doesn’t even have a job. Anyway my mom is ready to finally buy her out since her sister doesn’t have the means (obviously) to do it herself. What is her first step? Its not going to be an easy road since my aunt is playing the victim card and cant believe my mom would be trying to buy her out. Does my mom need to get a lawyer? Or just a real estate agent? What should she do first? Is this going to be generally easy? Also, does my mother need to qualify for a loan to buy her out? (since there is equity because the house is paid for)
Thanks for the help!
To answer your question- my mother does want to buy her out. I’m pretty sure that her sister will begrudgingly agree because she doesn’t really have a choice you know? Her sister isn’t holding on for any reason other than its a free place to live. So my question is I guess can she just go find a real esate agent to do an estimate and what not? I guess if she doesn’t agree then she’d have to get a lawyer and all that. Supposing that wont happen what steps should my mom take?
They both do no live in the house. My aunt lives there with her cousin…and she charges her cousin rent! And nothing is paid to my mother at all. Her cousin also pays for all of the utilities.
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Sunday, 6. June 2010
I am buying a house for 5,000, it appraised for 5,000. The mortgage person and the real estate agent suggested that I could take out a mortgage for 0,000 and pocket the extra ,000 at the close of the deal. Basically I would have a 5,000 mortgage with the ,000 cash in my pocket. Is this Ok to do in the mortgage world, I thought you had to take out a home equity loan, after you buy into the house with equity. The APR is 6.35% my credit score is 720
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Saturday, 22. May 2010
I bought a home for 169000 cash in full 12/2005.In 4/2007 I got a small equity loan on home for 55000 for a small Business I started.Economy so bad in 08 the Business failed and I’m behind in all bills and equity payments.I contacted a agent to list my home for sale before I get for closed and we went over info and I made a time to see him Monday.
Today I come home and find a piece of paper taped to my door saying my property will be for closed 4/26/09.Two hours later I get mail and 1 is from a lawyer explaining he can help me with filing chapter 13 and saving my home and utility shut offs and also do not contact a real estate agent or deal with any if contacted.The other letter was from a company real estate favors for closure specialist who says do not file chapter 13 or any type bankruptcy that they can help me stop a sheriff ale lower all my bills etc…How these people knew my home was about to be for closed I’m unsure and is weired I get their mail same day I get paper taped to my door.I truly do want to sell home and move but with a sheriff sale that paper said would happen quickly 4/29.I was told a real estate agent can not help stop for closure so I don’t know what to do.If I save the house we will stay jobless no family my son is mentally ill I’m disabled my boyfriend is illegal so he can’t get any type temp jobs.What would you do and you have deadline of loosing your home in 28 days?
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