What would happen with my house if I stop paying the second mortgage which I can’t afford?
Yovany asked:
I can only afford to pay my first mortgage and I can’t refinance the loan because of the decreased home value and bad credit.
MALCOLM
I can only afford to pay my first mortgage and I can’t refinance the loan because of the decreased home value and bad credit.
MALCOLM
Am I protected under the anti-deficiency statute law in California if i defaulted on my mortgage?
REEMPIRE888 asked:
I’m one of those unfortunate homeowner who purchased a home during the boom and also got one of those adjustable mortgage. I’ve been paying my mortgage on time and am not behind on my payment whatsoever. But my payment will start adjusting in a few months and the value of the house has taken a dip and I was told if I want to refinance my current mortgage, I would need to come up with the differences in order for my bank to refi. So my question is this, if I’m not able to come up with the money does that mean I cannot refinance? Am I **** outta luck? I’ve been responsible for my debt and I got screwed over my loan because my former loan officer did not disclosed those critical terms and loan details. On the closing day at the escrow office, my former loan officer wasn’t even there at the signing. She told me just show up and sign the documents and I was naïve and I did it. Do I have a case against this loan officer if I plan to sue her? The bottom line is, if I stop making payments and eventually foreclose the house, does the bank has the right to come after me for the differences that didn’t satisfy the loan because of the anti-deficiency statute in California? Am I protected under that law? The house is my primary residence and it has never been refinanced. My current loan is an 80/20 piggy back loan, with a 2yr fixed/adjust every 6 months. I’m just worry that the bank will come after me for the differences if I do foreclose on the loan. Any suggestions? Ideas? Alternatives? Is there any way I can avoid foreclosure? Any government agency I can turn to for help? I’m very stressed out so please advice! Thank you!
BURT
I’m one of those unfortunate homeowner who purchased a home during the boom and also got one of those adjustable mortgage. I’ve been paying my mortgage on time and am not behind on my payment whatsoever. But my payment will start adjusting in a few months and the value of the house has taken a dip and I was told if I want to refinance my current mortgage, I would need to come up with the differences in order for my bank to refi. So my question is this, if I’m not able to come up with the money does that mean I cannot refinance? Am I **** outta luck? I’ve been responsible for my debt and I got screwed over my loan because my former loan officer did not disclosed those critical terms and loan details. On the closing day at the escrow office, my former loan officer wasn’t even there at the signing. She told me just show up and sign the documents and I was naïve and I did it. Do I have a case against this loan officer if I plan to sue her? The bottom line is, if I stop making payments and eventually foreclose the house, does the bank has the right to come after me for the differences that didn’t satisfy the loan because of the anti-deficiency statute in California? Am I protected under that law? The house is my primary residence and it has never been refinanced. My current loan is an 80/20 piggy back loan, with a 2yr fixed/adjust every 6 months. I’m just worry that the bank will come after me for the differences if I do foreclose on the loan. Any suggestions? Ideas? Alternatives? Is there any way I can avoid foreclosure? Any government agency I can turn to for help? I’m very stressed out so please advice! Thank you!
BURT
want to know about refinancing my mortgage?
kdube151 asked:
Owned a home for over a year now interest rate at 6.125 with a little more than 30,000 in equity in my home, would like to know what the process is for refinancing my loan, how much will it cost and if it will save me money, if anyone has recently gone through a refi please tell me about your experience! THANKS!
YOUNG
Owned a home for over a year now interest rate at 6.125 with a little more than 30,000 in equity in my home, would like to know what the process is for refinancing my loan, how much will it cost and if it will save me money, if anyone has recently gone through a refi please tell me about your experience! THANKS!
YOUNG
what is the mortgage payment on a 300,000 loan?
Gorilla Mike asked:
At today’s current interest rates (fixed rates), what would be my monthly mortgage payment on a $175,000 mortgage, and a $300,000 mortgage (refinance/second mortgage). We are currently coowners in the house and want to buy the other siblings out.
ELWOOD
At today’s current interest rates (fixed rates), what would be my monthly mortgage payment on a $175,000 mortgage, and a $300,000 mortgage (refinance/second mortgage). We are currently coowners in the house and want to buy the other siblings out.
ELWOOD
Quitclaim signed with ex 8mos ago. She cannot get financing or pay mortgage payments. Can I void the claim?
Mike M asked:
She tried to sell the property, but has not been able to. The mortgage remains in my name, and she is unable to obtain the financing to refinance the mortgage and take over the loan. Now I want it back due to her negligence. What options do I have? Can I void the quit claim since she has not met the intent of the claim?
DORIAN
She tried to sell the property, but has not been able to. The mortgage remains in my name, and she is unable to obtain the financing to refinance the mortgage and take over the loan. Now I want it back due to her negligence. What options do I have? Can I void the quit claim since she has not met the intent of the claim?
DORIAN
Do I make my mortgage payment with current bank before my refinance closes with new bank?
Jill P asked:
My mortgage payment is due the first of each month (today) but I have a grace period until 6/15/09 where I do not get charged a late fee.
My mortgage payment is due the first of each month (today) but I have a grace period until 6/15/09 where I do not get charged a late fee.
My refinance (with a different bank) is scheduled to close before the end of next week. I feel like I might save money if i don’t make the complete mortgage payment that was technically due 6/1/09 because wouldnt that be a payment of interest acrued for the entire month instead of paying per diem on the closing for the interest.
I’m very confused about this whole process and any help would be appreciated!
ok… better safe than sorry. i scheduled the e-payment just now. thanks for the help!
HECTOR
Has anybody used AMERISAVE (amerisave.com) mortgage to buy or refinance their home? They sound sketchy?
Rockinrobin asked:
I wanted to know if they were for real and if you had a good experience with them.
THANKS!
SIDNEY
I wanted to know if they were for real and if you had a good experience with them.
THANKS!
SIDNEY
Can I skip this month mortgage if I’m refinancing next month?
Sherwin T asked:
I bought my house a year ago at a very high interest rate. and I have made all my payments on time every month. But now I am in the process of refinancing my mortgage with my current lender to a lower interest rate. And they said I should close by the end of July. Can I skip July1st mortgage because basically it is only interest. I tried to take out money but the appraisal came in too low. And I need the money to pay several outstanding bills
ORVILLE
I bought my house a year ago at a very high interest rate. and I have made all my payments on time every month. But now I am in the process of refinancing my mortgage with my current lender to a lower interest rate. And they said I should close by the end of July. Can I skip July1st mortgage because basically it is only interest. I tried to take out money but the appraisal came in too low. And I need the money to pay several outstanding bills
ORVILLE
Can my wife claim she owns the house if her income goes toward the mortgage and my income goes toward everyday
tumby asked:
My wife and I own our home. We recently refinanced and now the mortgage is deducted from her own checking account that her income goes to. We have a joint account where my income goes into that we use for everyday living expenses. If we were to divorce, would she be able to claim that she was paying the mortgage, therefore, she should own the home.
CHUCK
My wife and I own our home. We recently refinanced and now the mortgage is deducted from her own checking account that her income goes to. We have a joint account where my income goes into that we use for everyday living expenses. If we were to divorce, would she be able to claim that she was paying the mortgage, therefore, she should own the home.
CHUCK
Can I stop the refinance process once I signed the applications?
VirtueOfIntolerance asked:
My mortgage broker talked me into refinancing from 6 to 5%. It’s not a bad deal, but I’m having second thoughts about it because I don’t like how they’re rolling the FHA fee into the loan. Anyway, I already signed the papers and the closing is supposed to happen at the end of the month, but if I decide to back out, what will happen?
Also I would appreciate more opinions on whether I should refinance or not. Here’s te link to that question.
I guess it won’t let me post a link to it.
CLAUDE
My mortgage broker talked me into refinancing from 6 to 5%. It’s not a bad deal, but I’m having second thoughts about it because I don’t like how they’re rolling the FHA fee into the loan. Anyway, I already signed the papers and the closing is supposed to happen at the end of the month, but if I decide to back out, what will happen?
Also I would appreciate more opinions on whether I should refinance or not. Here’s te link to that question.
I guess it won’t let me post a link to it.
CLAUDE