 Is there such a thing as transferring your mortgage from one company to another? |
| The mortgage company i'm dealing with now is totally belligerent, unfriendly and unhelpful. They literally will not answer questions - they just tell me I need to re-read my loan agreement. I ... |
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 How do i go about getting an apartment if my credit is bad? |
| i have been evicted from an apartment but i can afford to rent an ... |
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 House market crash victim? |
A co-worker has asked me:
She bought her house a year ago, under an 80/20 loan. First at 7.5% fixed, second at 11% arm (or so she thinks).
She is struggling to make the monthly payment, and ... |
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 Question about buying a home? |
| My husband and I have signed a contract with a realtor for a home that we want to purchase. Tonight we meet with the mortgage company to turn in all of our personal and financial info. We were pre-... |
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 Would it be really silly to offer $210,000 for a house that is trying to sell for $310,000? |
| This house has been on the market now for over 7 months. The price has been reduced. The seller doesn't want the house to get repo'd.... |
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 Why does credit affect getting an apartment? |
| Not only does credit make it hard to own your own home or car, now you can't even get an apartment. My fiance and I have shaky credit. His due to a divorce (ex-wife) and mine due to stupidity ... |
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 Flood damaged homes - should i buy one? |
| tropical storm allison flooded houston - i'm looking to purchase a home that was flooded, and immediately remediated. should i be worried? maybe i shouldjust look for another house?... |
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 House sold under misrepresentation? |
| 10/3/07: My husband and I bought a golf course-view house in Indianapolis, Indiana. We closed 5 days ago; moved-in 4 days ago; and 2 days ago found out that the golf course is scheduled to close. It ... |
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 In what order do you do things when moving house? |
I don't know yet if I want to move because I don't know if there is anything I want to buy. If there isn't, I will stay put.
DO I:
1. Put my house on the market A... |
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 Who is responsible for this damaged wood? Renter vs. Owner? |
| We rented an apartment and the railing on our back deck is made of dry rotted wood. When we moved in it looked pretty good. The wood is so dry rotted I could stick my finger through the wood. T... |
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 Is it insulting to offer $170,000 for a home listed for $189,900? |
The seller is very motivated, and the house has been on the market since August 2007. However, it has been reduced to $189,900 from $209,000.
what would be an acceptable offer?... |
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 If you have sold? |
| your house, how long did it take for you to sale?... |
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 Where is the best state to live at for a family of 4 or single? |
| (first of all I live in Va. and it suckS) I want to go 2 a place that is not a commonwealth state. and taxes is not high. and resonable of the cost of living. need some help ... |
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 What is the highest your credit score needs to be to get a mortgage loan? |
| I have been trying to get my credit straightened out for a month now and I was wondering how close I may be to actually getting a mortgage loan.... |
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 Landlord altered lease after I signed it. What can I do? |
| Yesterday my wife and I signed a 4 month extension to our rental lease on our apartment. Later that day someone taped a copy of the lease to our door that had been altered ($50 dollar increase to ... |
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 What do you consider the one factor most important to selling a house? |
| Everyone has a different idea of what sells homes and what it takes to sell a home. Assuming there are buyers out there, how do you reach them and what do you emphasize. What is the key motivator ... |
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Johanna | How to get out of a mortgage???? |
Sooo how do you get out of a mortgage??? I'm currently payin about 1000 more a month than I should be on a house thats not on a fixed rate mortgage. It is also in a not so good neighborhood so especially with the market the way it is it'd be impossible to sell!!! :( I own a business which is about 1 hour 30min away from my house so commuting everyday is not only a headache but costly with the price of gas. I NEED to move closer, but dont see a way out of my house... If I don't pay it, will that tarnish my credit? or forclosing? Or is there another way out???
PLEASE PLEASE PLEASE help! I don't know the laws for it either so i'm on foreign ground, but i need to move in at most 2 months. Does somebody know how???? |
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sierra_91_2000
|
Under the new law that George Bush signed in Nov or Dec 2007....you can get out from under your house.
The President signed an act called...Mortgage Forgiveness Debt Relief Act, sparing homeowners the tax burden associated with canceled mortgage debt.
Prior to this action, forgiven mortgage debt due to foreclosure, short sale, or deed in lieu of foreclosure, was considered taxable income. The new law, however, temporarily waives these taxes for debts forgiven (as high as 35%) from the beginning of 2007 to the end of 2009. The bill also extends the tax deduction for mortgage insurance premiums through 2014.
Your options are: Short Sale, Deid in Liu, & Foreclosure. Your best route is a short sale. It will not effect your credit as horribly as a forclosure. You will need to talk to your mortgage company, see what options you have. They will let you know the step by step process.
You will also need to get a real estate agent and get it up on the market asap! You can't do a short sale w/ out it! |
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Pooooosh
 |
you have two options, 1. you can sell your house under the market price so one will buy it even if in a bad neighborhood, Option 2 is to get a new mortgage at a new bank for lower intrest rate, but u will have 2 pay a fee too close your old mortgage |
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Jeff L
 |
If you can show your lender that the pricing adjustments are unaffordable for you then you might be able to negotiate a short sale with your lender/bank. The bank won't just let you walk from the loan but if you can show that you will have to foreclose if something doesn't change, the bank will, most likely, work with you.
Foreclosing on a home is expensive for a bank. If they're gonna lose the money anyway on a sale of a home they might as well save themselves the cost of foreclosure and allow for the short sale.
Call the lender/bank today!! and be able to show them (income vs. expense) that you cannot afford the payments and that you don't want to default on the loan. Ask for help and they might give it to you.
Whatever you do, don't pay your mortgage late. That will cost you money (worse rate) the next time you buy a house. |
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godged
 |
You don't "get out of a mortgage" - you signed a contract and you are obligated.
You can either refinance, sell the house or you can foreclose, and the foreclosure will devastate your credit. You will pay more for everything that is based on credit score.
There is no legal protection for you here. |
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jaha
 |
Rent the House and move nearby ur work place.., that wud be a great idea |
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Frank M
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Talk to your current lender who holds your loan about Default IN-LIEU of Foreclosure. Look it up on the internet and see what it's all about. This may be an answer to your problem without getting your credit score tarnished. Good luck!!! |
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Joe Schmoe
|
I hate to say it but you are learning a lesson in being responsible for the decisions you make. You made the decision to buy in a bad neighborhood with a loan you couldn't afford so far away from your work.
If you don't pay you can bet it will tarish your credit rating. That's what it's for, to identify people like you that are risks to the bank.
Your best option is to sell the house... even at a loss. This will cost you but it will save your credit. I'd recommend finding a good realtor.
That's is unless you think you can rent it for $1000 more than fair value. |
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dingding
 |
I'm afraid you're in the same boat as all the other Americans that are making headlines every day. You're upside down on a mortgage they gave you for probably little or no money down, and it's an ARM, right? So you are looking at your rate jumping up soon. The greedy mortgage industry and gullible buyers are both to blame for this mess. Your only options at this point are to rent the property or find some roommates. The situation will likely improve in a couple of years, but not soon enough for you.
And yes, if you don't pay, it will most certainly tarnish your credit. If you foreclose or file bankruptcy, it will follow you for the rest of your life, and you will not be able to do anything with credit for the next 7 years at least. I highly advise against it. |
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Marysue
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It's never impossible to sell a house as long as it's priced right. |
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Othniel
 |
Your remedies are in the past and you should not have gotten into a mortgage beyond your means. However, that does not help for now.
You are now locked into a mortgage and a house that is not in your best interests, but you are bound by the agreements that you signed. You may be able to renegotiate with the lender for a more favorable payment or interest rate.
If you allow foreclosure and don't adhere to the payment schedule you are looking at a major flaw on your credit history. If and when you need another loan this will continue to haunt you. |
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