mortgage: Should You Pay Spouse's Mortgage Debt After Their Death?
- 09/10/09 09:15 AM
Q: Am I responsible for my deceased husband’s mortgage debt? My name was not on my spouses mortgage debt when he died. Can the mortgage company hold me responsible for this debt?
A: My condolences on the loss of your spouse. It’s unlikely that the mortgage lender can hold you responsible for your spouse's debt after his death. Your deceased husband’s estate is responsible for the debt on the house. If his estate has assets to pay off the debt, the estate may have the obligation to settle those debts.
If you want to keep the house, you will have … (2 comments)
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mortgage: Do You Know the Latest Mortgage Fraud Scams? Protect Yourself!
- 07/21/09 03:00 AM
In its 2008 survey of morgage fraud, the FBI concluded there is a strong correlation bewteen mortgage fraud and distressed real estate markets. Indeed, some of the states with the highest levels of mortgage fraud also had the highest levels of foreclosures. But new mortgage fraud scams emerged in 2008 that tested the abilities of the FBI to contain them. Here is a look at the newest mortgage fraud scams. Here is a look at the newest mortgage fraud scams, from the FBI's latest report:
Emerging Mortgage Fraud Scams Industry experts concur that there is a strong correlation between increased fraud … (5 comments)
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mortgage: Can I Combine My First Mortgage And Home Equity Line of Credit Into One Loan?
- 06/17/09 06:42 AM
Can you refinance to combine a first mortgage with a home equity line of credit if you owe more than your house is worth? Borrowers across the country are finding that if they are underwater with their mortgage (that is, their house is worth less than the mortgage amount), lenders will not combine their loans into one mortgage with a lower interest rate. What are a borrower's options? Samuel J. Tamkin explores the situation in this column.
Question: I live in California and I have a first mortgage and a home equity line of credit with the same bank. My first … (0 comments)
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mortgage: Should you buy a car before closing on your new home?
- 06/06/09 06:03 AM
For many home buyers, when they're looking for a new home they also happen to be looking for a new car, new appliances and new furniture. That's a lot of cash leaving your wallet (or being charged in your charge card) all at the same time. It might also put you in danger of throwing your debt-to-income ratios out of whack. Mortgage lenders will pull a copy of your credit history and credit score when you apply for your loan, but they'll pull another one just before you close. You don't want to do anything, or buy anything, that will make … (1 comments)
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mortgage: Prepaying Mortgages With Low Interest Rates
- 05/31/09 11:05 AM
Interest rates are at record lows. Does it make sense to prepay your mortgage when you have a really low interest rate? What's the best way to prepay a mortgage loan with a low interest rate? How can you ensure that the mortgage lender knows when you are sending in prepayments to your mortgage loan? It's up to you to track your mortgage loan prepayments and it's easiest if you prepay the same amount every month.
Quesiton: In your columns, you frequently say that by making an extra payment each month, you will shave 6 to 8 years off of your … (2 comments)
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mortgage: Selling Home to Pay Off Debt
- 04/23/09 09:17 AM
When you're deep in debt you may think you should sell your home. What if you live with someone in this situation? Is it your responsibility to help him or her pay off debt by selling the home the two of you share? You need to calculate how much each of you has spent on the property's maintenance, mortgage and renovation to determine how much each of you should get from selling the home. If you're unmarried and don't have a partnership agreement you need to familiarize yourself with your state's common law marriage rules.
Question: I have been in a … (0 comments)
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mortgage: Refinance to Save Costs Pending Divorce
- 04/23/09 08:59 AM
When you're facing divorce you may have to figure out what to do with your primary residence. If you plan to keep your primary residence but have to live on a smaller income, you may want to refinance to get a better interest rate and save money. How can you decide whether it makes sense financially to refinance your mortgage loan? Look at the mortgage loan fees when trying to decide whether to refinance.
Question: My husband and I are in the process of separating, and in looking at my finances, I’m afraid I won’t be able to pay all of … (0 comments)
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mortgage: Credit Score Requirements More Strict For Mortgage Loan
- 04/17/09 11:22 AM
You may think that having a credit score of at least 700 and a down payment of almost 5 percent will help you buy a home in this home buying environment. But lenders have tightened credit requirements for obtaining a mortgage when you're buying a home.
You may still be able to get an affordable mortgage through the FHA, which has lower down payment requirements. You may discover you're better off waiting until you have improved your credit score and saved more money for a down payment.
Question: My fiancé and I want to buy a condo for $160,000. I am … (1 comments)
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mortgage: How to Prepare for a Mortgage Refinance
- 04/12/09 12:59 PM
With mortage interest rates at record lows, you may be thinking about refinancing your mortgage. What should you do to prepare to refinance your mortgage?
It's important to know the current value of your home, your current mortgage loan interest rate, and your credit history and score. You should also run the numbers to see whether you can recoup your closing costs in a reasonable amount of time. And unlike during the housing bubble, you now need to provide lots of documentation, including proof of your income, when you want to refinance your mortgage loan.
8 Things You Should Do … (2 comments)
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mortgage: Mortgage Loan Modifications Are Still Possible With Declining Home Value
- 04/05/09 01:04 PM
Can you refinance your mortgage loan when you owe more on the property than it's current home value?
Your mortgage lender may be more likely to grant you a mortgage loan modification or refinance since the federal government has been offering mortgage lenders financial incentives. Learn how to request a mortgage loan modification from your mortgage lender. And read on to see what happend to one Think Glink reader.
Question: The interest rate on my loan just adjusted to 9.25 percent last month. We are upside down on our house by 5 percent, so we aren’t sure we can refinance. I’m … (2 comments)
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mortgage: Making Homes Affordable: Refinancing
- 03/31/09 11:09 AM
Along with the launch of the MakingHomesAffordable.gov website, the White House released an updated FAQ about the refinancing and modification programs. Here's the refinance FAQ. I posted the modification FAQ on my blog (www.thinkglink.com/blog)
What is “Making Home Affordable" all about?
Making Home Affordable is part of President Obama's comprehensive strategy to get the housing market back on track. Through the Making Home Affordable Program, up to 9 million American families may be eligible to refinance or modify their loans to a payment that is affordable now and into the future.
HOME AFFORDABLE REFINANCE FAQ
I'm current on my mortgage. … (0 comments)
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mortgage: Mortgage Lender May Lower Interest Rate On Loan
- 03/26/09 06:32 AM
In light of the credit crisis you may be wondering whether you can get your mortgage loan modified. One type of loan modification is having your mortgage loan interest rate lowered. To find out whether you qualify for this kind of mortgage loan modification you should contact your mortgage lender. Your mortgage lender will consider the incomes of everyone on the loan. If your spouse suffers bad financial luck and is not on the loan, it shouldn't affect the mortgage lender's decision. Read on for one Think Glink reader's experience:
Question: I remarried 5 years ago. I’ve owned my house for the … (2 comments)
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mortgage: FHA Loan May Solve Mortgage Dilemma
- 02/15/09 03:27 PM
Summary: If you bought a home and now your home is worth less than your purchase price you may be kicking yourself, especially if you're paying a high mortgage. While buying high end real estate is a risk, every home buyer who does so chooses to take on that responsibility. In a situation like this it may be worthwhile to check whether the FHA can offer you a new home loan.
Q: My daughter has a $500,000 interest-only loan with a term of 40 years. After 10 years, the loan converts into a principal and interest loan and she will start … (2 comments)
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mortgage: How To Handle Missing Mortgage Payments
- 02/06/09 06:53 AM
Question: I'm a married father of two who finds himself in a very ugly financial position, like a lot of my fellow Michiganders.
I'm out of work, unable to pay my mortgage and starting to get notices from my primary lender and secondary (equity) lender. I am approaching three months of non-payment on each of my mortgage loans.
I worked in the advertising industry that relied solely on the auto industry. In the last three years I have been the unfortunate victim of three mass layoffs, each with a different agency. The first layoff, which lasted four months, dented us financially. … (0 comments)
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mortgage: Student Loans May Delay Ability to Buy A Home
- 01/30/09 08:44 AM
When you have a lot of student loan debt you may be debating when to buy a home. If you try to buy a home at the same time that you're repaying your student loans you may be spending a significant amount of your income on repaying debt. Aggressively paying down student loan debt and paying a mortgage may leave you little money for other things in your life.
Question: I'm a full time student who's about to graduate this year. My plans are to hopefully begin the process of buying a home 6 months after I start working. How … (0 comments)
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mortgage: Closing Costs Rise on Mortgage Refinancing
- 01/06/09 01:21 PM
Summary: Closing costs on a mortgage loan or mortgage loan that's gone through refinancing may change at the last minute. What can you do if your closing costs are suddenly much higher than estimated? One option is to cancel the refinancing and start over, but this can be cumbersome. Ilyce suggests contacting an attorney to understand your options when closing costs change at the last minute.
Q: I just signed the paperwork to close on my parents' refinance. The closing fee is $26,000 on a $25,000 FHA loan. The closing costs are higher than what was quoted on the good faith … (1 comments)
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mortgage: Don't Forget Tax If Using IRA For Mortgage Payoff
- 12/23/08 05:31 AM
Summary: With stock values falling in 2008 some Americans may be considering doing a mortgage payoff using IRA money. Is it a good idea to pay off a mortgage with an IRA withdrawal? If you do use IRA money to pay off a mortgage don't forget to account for additional taxes. Another option if you can't pay off your mortgage is to refinance the mortgage loan.
Q: I would like to pay off my mortgage with an IRA distribution. A friend told me that you have some advice on your website about the best time of the year to do this. … (0 comments)
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mortgage: Refinance After Mortgage Crisis: Help to Find Mortgage Lender
- 11/29/08 04:27 AM
Summary: It may sound great when you hear you're pre-approved to refinance your mortgage loan. But how can you figure out whether the mortgage lender who wants to refinance your loan is credible, especially after the mortgage crisis? You can call the Better Business Bureau (BBB) and check out what other mortgage lenders such as credit unions, large national banks and mortgage brokers offer. You can also use an online search engine to check for news on the mortgage lender or broker you're considering.
Q: My husband and I are in the process of talking to a company about refinancing our … (0 comments)
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mortgage: Lien Protects Personal Loan for Home Financing
- 11/18/08 01:33 PM
Give a Loan for Home Financing, Get a Lien in Return
Summary: If you're considering lending money to someone for help with home financing, is a lien on the property the best choice? By placing a lien on the home, or obtaining a mortgage from the home buyer, you can protect your loan during times of uncertainty. When the loan is repaid in full, the lien will be released.
Q: My daughter wants to purchase a new home, and I want to help her with the financing. She currently owns the home she is in free and clear .
Due to … (0 comments)
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mortgage: Credit Crisis Impacts Home Values, Mortgage Payments
- 11/15/08 06:11 AM
A new survey from First American CoreLogic, a real estate data company, has concluded that nearly a quarter of all homes with mortgages are worth less than what is owed on the loans.
According to the data, which were first reported in the New York Times, nearly 10 million homeowners are either at negative equity or zero equity. The four states with the highest number of homes that are underwater: California, Florida, Nevada, and Arizona.
None of this would come as a surprise to some acquaintances of mine, who like millions of Americans find themselves in a leaking boat in the … (0 comments)
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Q: Am I responsible for my deceased husband’s mortgage debt? My name was not on my spouses mortgage debt when he died. Can the mortgage company hold me responsible for this debt?
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