 Please help! tell me what you think about this crazy idea!? |
Your Question
Is this an absolute insane idea? what do you think?
Okay, so my mom has just gotten out of a divorce and doesnt have great credit, her house is in recievership and if it ... |
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 I need advice?? |
| what are the best steps i should take??? i want to purchase property, fix it up, then sell or rent it out..... |
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 What are your pros and cons on a one-story house and a 2-story house? |
| I am in the process of buying a home and I am confused between 2 houses. One is a single level and the other a 2 level. They are both very nice. My sister tells me that the single level because I ... |
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 What to do with an Adjustable Rate Mortgage? |
| What can I do with my Interest Rate that is now variable? Now that my property decreased $15,000, the monthly payment is now way higher, I don't want to pay the mortgage anymore, and I can'... |
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 What are the differences between a 30, 40 and 50 year mortgages? |
I want to refinance my home for a 40 or 45 year mortgage. What are the avantages and disavantages of this type of mortgages?
T... |
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 Really need your help on buying a house.......? |
| My offer on a house has just been accepted for £91,500. Was orginally on market for £105,000 in Jan this year then was reduced to offers over £100,000. I have paid for Surveyor and Valuers fees ... |
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 I have a shmuck for a landlord!!! Help is appreciated.? |
| My landlord really stinks when it comes to making repairs. I've reached my wits end and waiting for my lease to end in another 6 months. Gas company recently did test on gas lines in my area. My ... |
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 My lanlord wants me to move out in exchange for money and is offering 5,000 dollars is that the most I can get |
Is there a way that I can get more money from my Lanlord.
Additional Details
He wants to move out because he is remodeling all the apartments and I want to know if there is a legal ... |
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| I think I found the right person to be my roommate, the problem is that I dont know how much to charge her for rent. I dont know how much people pay when renting just one room. I want to tell her to ... |
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 Process2Get home loan for a 17&19yr. old with good credit? |
My husband and I want to purchase a home. We already have a trailer but want a house. How hard do you think it will be?
Additional Details
Also, I am a teller at a local bank. (If that ... |
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 Who thinks this mortgage bail out is BS? |
| This is total crap. I had a 1 year interest only loan that originated in August of 2005. My interest rate adjusted to a crazy number a year later ( when my plans to move again changed) almost ... |
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 How much money do i need to buy a house?? |
| this might sound ridiculous but i really dont wanna RENT as i feel its a waste of money..im 20 years old and im finishing my 2 years at a community college..i have a relatively stable job with good ... |
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| I rent a condo in Florida and the owners are now selling. I would like to get out of my lease early.? |
| Is it possible to terminate my lease early? I am not comfortable with strangers coming into my home while I am away. I feel this is an invasion of privacy. My yearly lease is up on March 1. I ... |
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 The city wants to build a church behind my house? |
| This is a residential area and there are woods behind my house. They are supposed to have a public hearing on this. I do not want the church to to built just behind my house because of the noise and ... |
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 First time buyer (interest only or repayment mortgage)? |
| i am a first time buyer, looking for a 100% mortgage on the property. i am very new to this whole idea of mortagage. i want to know whether it is wise to go for interest only on a fixed rate for 5 ... |
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Tara | Over my head in my mortgage what to do??? |
I am at 100% LTV on my home. I cannot make the payment and live in California. I dont want to lose my home, but I dont have enough money coming in to make it. I refi'd my house, because I added to it and I got really ripped off, I went to court and sued the guy, but will never get the money. I refinanced the home in order to avoid bankruptcy, but now am in over my head. I am a single mom who works with 4 kids. Please help with advice of what to do??? What would happen if I couldnt pay my home loan anymore? Thanks.
Additional Details
I have a first and 2nd. The 1st interest rate is like 6.5 and the 2nd is 9.5 or so. Can I refi into 1 loan? Then I would be at 100% LTV. |
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open4one
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If you can't pay for it, and you're already at 100pct LTV, you need to sell it as soon as possible. The fact is that you can't possibly come out owing any less by refinancing, as you're going to have closing costs that may run thousands of dollars for the transaction. By the time you do that, it's not likely your payments are going to be significantly different from what they are now.
If you don't make the payments, someone will foreclose. You'll lose the home, and they'll auction the property, and you'll have to make up any shortage, and additionally pay the bank's attorneys a few thousand dollars, plus other fees like appraisers, advertising, etc. Not a good option.
So, maybe sell it. Here's what makes that a realistic option. Say the home is (California? I dunno) $500,000, one loan of $400k, the other at 100k. If you go to foreclosure, the first mortgage will probably bid $410k (including expenses to cover) and the second will get nothing, and pursue you forever for the 100k. However, if it's still worth $500k, and you can realize $475k after commission and stuff, that's $400k for the first, and $75k for the second, and it's POSSIBLE that if you get an attorney that knows how to do a "short sale", you can get that second totally released and never hear from them about it again.
Get a good attorney, ask if they know about "short sales". |
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Janet P
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Don't mess with your 4 childrens security.
You need to sell your house and buy something that you can afford. If you file bankrupsy or allow the house to be repossessed you will not be able to buy another home for them. |
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naplesagent
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You need to call your loan company ASAP. They have a certain department that will help you figure out what to do. Ask if you can put one of your payments on the back end of the loan. Ask them if they have free credit counseling options. I think they will be willing to work with you since they really don't want to take your house. You can check with an attorney as the rules are different in states as far as foreclosure and posession. |
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frankie b
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Refing is not the answer, this is what got you in this mess in the first place. I would call the lender and see what options they have for you. I then would get it on the market asap, and try to find something more affordable for you. I wish you the best of luck. |
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JennyBoBenny
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Yes u can refi. some people will refi you at 125% LTV........you can get a combined loan at 6.5 % it will be cheaper for you.
Shop around for Homeowners insurance at more competitive rates.
If your mortgage is already escrowed, UN escrow it and pay your taxes/insurance every year with your income taxes.This will make your payment cheaper. I live in florida. My taxes/insurance equals $500.00 more a month ON TOP of the mortgage. I pay $2150.00 monthly for a $236,000 loan.
Get a 2nd job or simply tell the man or men who fathered your 4 kids you need more child support. Tell him to make your car payment, or pay your 2nd loan.
Or get a second job and have the kids with their dad/dads when you work that 2nd job. DADS are FREE child care!!!!
Hope this helps! |
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sheilakel
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If you don't pay your payments within about 60 days, they will start foreclosure. Try and find someone to buy your property and then rent it from them until you can find a solution. |
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zdonz
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if you are not behind in your payments, you should re-fi immediately and get rid of the second mortgage....at this point you should consider an ARM so that you will reduce your payments now and have time to ride out your current financial difficulties... |
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chieko
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sorry, but you are in a bad situation. lending reqs have tightened up considerably in recent months, and with what you say here, you don't have enough wiggle room in equity to get another loan that would be of any benefit, even if you have great credit. a possibility (you may not want to hear, but keepin' it real...) is to sell your house while you don't have any mortgage lates, but it's important that your house appraise for at least your selling price. alternately, some thoughts:
1. is your house big enough for a roomate to take some of the cost?
2. what could your house rent for in your area? - meaning you and the kids move to a cheaper apt. while your renter pays your mortgage or at least most of it.
3. do you have a close friend/relative with good credit who might be interested in buying your home and letting you rent back?
there are some other ways that you might find relief, but i don't want to come off as soliciting business in this forum. talk to a real estate professional (not someone who only handles mortgages!) and get a clear idea of your options. |
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earth angel
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You are close to foreclosing on your house (the reason I said that is, looks like one more worm's signature and the next monthly payment is not going to happen), It's quite a bit hard situation, really. but maybe you can rent it, even though you have to live in an apartment or try to sell the house now.although this is not a good time to sell the house, but you are stock. This is not an investment year for you nor not a good time to dream about housing. You just hang tight and let go of your dreams and say, there will be next time, definetely not this one. That or mark your credit bad. You could try to talking honestly to your bank or lender and beg if you must and see what they will come up with. Tell them you don't want your credit to go bad. |
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