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rjones
Guest
0.10 Dollars($)
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Post subject: wondering |
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| Is there a place in Texas that would help me refi my loan so that I wont go into foreclosure or start being late with the payments? I am not late at all but the payments are high because I got the house from an investor and I am at 10.5% and my credit is in the 570's. This is my first home and I dont want to lose it. Help me help myself. Thanks |
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larry
Joined: 27 Jun 2007
Posts: 3328
474.44 Dollars($)
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Post subject: |
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Hi rjones.
Welcome to the forum.
The interest rate is really very high but you credit score is not too good. And you have also made late payments recently. So you will not qualify for FHA loans. And because of the credit crunch the lending criteria got tightened.
But anyhow you should shop for the lenders to see where you can get approved for mortgage or not. You can even go for No-obligation free consultation with the community professionals to know whether you can refinance the mortgage or not.
Hope this helps. Feel free to ask if you have further questions.
Best of luck,
Larry |
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lizziebc
Guest
0.10 Dollars($)
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Post subject: Does my HELOC move into first lien position? |
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| We had a first and currently have a HELOC. We had our family trust payoff our first mortgage then right after we had the trust take out a mortgage on our property to cover the payoff. Does that now mean the HELOC moves into first postion and the replacement mortgage is now in 2nd position? |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 1651
Location: New Brunswick, New Jersey
308.83 Dollars($)
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Post subject: RE: position of Heloc |
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Hi Lizziebc,
Welcome to the forums.
The Heloc should be considered to be in the first position unless you subordinate it with respect to the replacement loan.
take care |
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Austrian Tourist
Guest
0.10 Dollars($)
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Post subject: Refinancing as Tourist |
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5 years ago, I bought some houses and condos, as I was working for a US company.
Since 3 years I have no US job, working in Europe and need to refinance my existing houses.
Bank knows that I gain enough money but need to see my US tax returns.
In USA I am writing tax returns only for the rental income what I have in USA and it is not great
Bank do not approve my refinancing (50% value of my primary house).
What can I do ?
thanks |
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Mac_7
Guest
0.10 Dollars($)
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Post subject: |
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| I think you sell off the houses if you're not able to manage the loans or refinance them. An experienced realtor will be able to help you in this regard. |
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mjop
Guest
0.10 Dollars($)
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Post subject: |
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| My wife and I are in an extremely bad financial situation. We are a month behind on our mortgage, along with a few other bills we filed chapter 7 last year in october. We fell behind in june and havent been able to catch up. We make enough money monthly to pay all of our bills on time if we stick to a budget. the problem is we cant stay on the budget when we are trying to catch up. I was wondering if you know how possible it would be for us to refinance and get cash back. the value of our home is definatly worth more than whats left on the mortgage |
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lisascherzer
Joined: 04 Jan 2008
Posts: 755
1.07 Dollars($)
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Post subject: |
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It doesn't seem realistic to go for a refinance since most lenders require at least 2 years out of bankruptcy. Your best solution is to contact your current lender and ask for a loan modification or payment plan. Most lenders are bending over backwards to work something out with you since they don't want to have to take the house back. I'm sure they will come back with something that will work for you to get back on track.
_________________
Lisa Scherzer
Allpointe Mortgage
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440-521-7060
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Mortgage Quotes
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Mortgage Information
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Real Estate Agents Here |
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Roland
Guest
0.10 Dollars($)
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Post subject: |
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My wife and I bought our house back in 2005 and in 2007, I lost my job and couldn't land one. We couldn't afford the payment any longer. The value of the house dropped almost 50%. Is there anyway way to lower our mtg payment? We very much love to keep the house as we have invested so much in it. If we refinance it under the current value, what will happen to the difference of the original loan?
Thanks,
Roland
p.s. I wish I had a piece of that bailout money. |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 1754
Location: MICHIGAN
260.24 Dollars($)
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Post subject: |
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Hi Roland!
It is the discretion of the lender whether he will lower the mortgage payments or not. As you do not wish to sell the property, you can easily go for a loan modification offered by the lender. You can speak to your lender regarding that.
Thanks,
Jerry |
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Roland
Guest
0.10 Dollars($)
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Post subject: |
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Thanks for the info, Jerry.
We are not behind in our mtg payment as of now but it won't be long before it happens. It's just my wife working. Do you think the lender will entertain our plea for loan mod? We really value our creditworthyness and trying to avoid late payments before working on any options.
Thanks again for any help.
Roland |
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Niicss
Joined: 03 Oct 2005
Posts: 2579
Location: New Jersey
402.93 Dollars($)
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Post subject: |
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Hi Roland!
If you have genuine reasons then the lender will definitely agree to go for a loan modification with you. You can speak to the lender about the options he can offer you.
Thanks.
_________________
Good is the Enemy of Great. |
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QROPS
Guest
0.10 Dollars($)
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Post subject: What is QROPS ? |
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What is QROPS ? I want to know more about it's benefits and whole process of a personal pension scheme. Please help me.
Thanks |
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Niicss
Joined: 03 Oct 2005
Posts: 2579
Location: New Jersey
402.93 Dollars($)
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Post subject: |
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Hi QROPS,
QROPS stands for Qualifying Recognized Overseas Pensions Scheme. It is a specific pension which is available to expatriates and anyone contemplating living or retiring abroad. If you are a US citizen or a US resident, then the QROPS benefit will be mostly unavailable to you, but citizens of other nations can apply.
For British applicants, it is a scheme set up outside the UK but is regulated in the country in which it is established. This must also be recognized for tax purposes in the country in which it is established. Once the pension plan has been transferred into QROPS and you are a non-resident for at least 5 years, then your QROPS provider has no obligation to report any action to the UK tax authorities. If the QROPS provider is situated in a country where payments in such schemes are paid tax free – then you can enjoy the pension related income without the deduction of tax.
Thanks.
_________________
Good is the Enemy of Great. |
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smcgovern28
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0.10 Dollars($)
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Post subject: property tax |
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| In order to take advantage of my husband's 100% Veteran Disability property tax break, i.e., we do not have to pay property tax since he is at 100% permanent and total however his name must be on the deed/title. I purchased my house 17 years ago, we only married 7 years ago. 2 yrs ago we did a SRR and he signed papers with the mortgage company, however I was told a Quit Claim Deed would be sufficient to add him so we can file for the property tax break. Does anyone know if this is the case. I would think so, but just want to make sure. |
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