Q&A: How do I write a letter demanding my ex-husband comply with provisions of our divorce decree?

Posted on June 1, 2013 by duncan

Question by Cyndi: How do I write a letter demanding my ex-husband comply with provisions of our divorce decree?
My ex-husband was supposed to refinance our home that he got in the divorce and take my name off of the mortgage. I would like to write him a strong letter reminding him of this before I take action to have him held in contempt.

Best answer:

Answer by happywjc
send it on a ‘postcard’!
maybe one from some exotic place
you always wanted to go!
be polite, but use ‘red ink”!
I did something like this and
it was/is priceless!

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Q&A: If I refinance with a different mortgage company, what happens with my escrow from my old mortgage company?

Posted on May 31, 2013 by duncan

Question by Alicia B: If I refinance with a different mortgage company, what happens with my escrow from my old mortgage company?
I am considering a refinance with a different mortgage company. I was told that my old mortgage company will send me a refund check for my money in escrow…is this true? And I was considering using the refund to pay for my appraisal fee for the refinance. Is this a good idea?

Best answer:

Answer by oh okay
That mafia will take your family away.

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Who’s responsible for the mass number of recent and upcoming home foreclosures?

Posted on May 30, 2013 by duncan

Question by John L: Who’s responsible for the mass number of recent and upcoming home foreclosures?
A significant number of people that don’t qualify for traditional home loans accept subprime loans to get into a home of their own, often without understanding that their mortgage will jump dramatically.

Lenders, on the otherhand, are making loans to people that can barley make the starting mortgage and will find it almost impossible to make the payment once the mortgage increases.

Many people got into these loans with the expectation that the value of their home would increase and they could refinance, but in the current cool market it’s nearly impossible to refinance.

Again, who’s to blame? A person for taking the loan they can’t afford or the lender that knows that the family will probably lose the house?

Best answer:

Answer by Cardinal Rule
Alan Greenspan, for flooding the market with liquidity. When credit is cheap people will borrow.

What do you think? Answer below!

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Q&A: what company is the best home mortgage loan lender?

Posted on May 29, 2013 by duncan

Question by Jennifer W: what company is the best home mortgage loan lender?
i am interested in refinancing my home and have a current loan with chase home mortgage. Which home loan lender it most popular or best to use?

Best answer:

Answer by Hannah
Mortgage loan is a term used for the loans secured by a property. Mortgage loans refer to a loan secured by residential property, often for the purpose of securing real estate. Mortgage loans are priced lower than other loan structures because the value of the property risk for the lender.

http://www.worldbestloans.com/Mortgage%20Loan.htm

A fixed rate mortgage loan has its own benefit. If the borrower is budget conscious, he will remain at peace because the monthly mortgage amount will not change.Fixed rate mortgage loan is a loan where the interest rate remains the same through the term of the loan. Fixed rate mortgage loans are the most traditional form of loan.

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Does anyone know any resources that can help me pay the 3000 I am behind on my mortgage?

Posted on May 28, 2013 by duncan

Question by Susanna: Does anyone know any resources that can help me pay the 3000 I am behind on my mortgage?
I went through a divorce and my financial status is getting back on track, yet I just can’t seem to get caught up on the mortgage. I can’t take any other type of loan, unless the payment and interest was really low–and I can’t seem to qualify for a low paying loan or an additional credit card loan since I just got caught up on the one’s I already have. I can’t refinance because I’ve made many late payments this last year. I was told that I could ask for an eschrow spread , that might decrease my total payment, but you have to be caught up before they will consider you for that. I have no friends or family that can loan me any money (they are old and on fixed incomes or disabled) The electric is out in one room so I can’t rent a room out (at least at a price that would be of any help) I am so close to being caught up that I hate to have to sell or end up foreclosing, but that may be my only choice. I was just wondering if any one knew of any thing else to do.
I can’t get a second job, I am working every waking hour on the one I have. I know I am in the situation that I am in because of prior bad choice of my own, but I can’t go back and change what I did in the past, only learn from it and not repeat them. I am trying to get a higher paying job,or one that would allow me enough free time to get a second job but this may not happen quick enough, in at least enough time to prevent losing the house. And I am greatful for all the good things I have in my life, my health is relatively good, and although I have some other problems to deal with, that I won’t go into here, I know I have a lot to be greatful for. Is it wrong to seek a solution to a problem, even if the problem was caused by poor decisions in the past?

Best answer:

Answer by L.
Get a second job…waiting tables at night, or working in retail. It’s not anyone else’s problem to bail you out.

Ok, thanks for the updated information. I just always am in the mindset that I am responsible for myself, so if I had to work 18 hours a day to make ends meet, I would. I agree with the poster below to call the loan company and see if they can work something out with you. They’d rather have you do that than default on the loan…especially with the amount of people going into foreclosure these days. I think his advice is good!

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Q&A: What is the best way to Improve my Credit Score.?

Posted on May 27, 2013 by duncan

Question by qnh026: What is the best way to Improve my Credit Score.?
My score is 658 now. I have 6 open credit cards with about 20,000 balance. I do make all payments on time every month.
I want to raise my credit score to above 700 level. I am in the process of refinancing my mortgage. Please Help.

Best answer:

Answer by Answer G
When I was in a simalr situation last year, I 80% of my redit cards into a loan and payed them off. I still kept some credit cards cause its always good to have a couple. But I payed them off in full every month.

These are the guys I went through for the loan

http://urlfreeze.com/1/L-1b91/

They were excellent, great customer service, really helpful.

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Some people talk about pulling $$$ out of a home after it increases in value with a refinance.How does it work

Posted on May 25, 2013 by duncan

Question by Need Help With “?” & A: Some people talk about pulling $ $ $ out of a home after it increases in value with a refinance.How does it work
Ok Guys, Im new to this whole home buying thing, but I just have a question because I hear about it all the time. When someone refinance a house after a few years, they get a lower rate and they have amassed a good amount of equity both from paying the mortgage and from increases in home value. If they refinance, how do they pull out cash from the refinance and still maintain the same payment, sometimes lower?

Lets take this scenario: $ 620000 home. $ 400000 mortgage for 30 years @ 6.5%. After ten years the home increases to $ 1000000 and balance on mortgage is $ 340000. Lets say after the refinance the rate is 5%. I know the new payment for another 30 years would be $ 1825/mo but “how and what would they be able to pull out”?

Can anyone explain (in lamens terms)? thanks so much!

Best answer:

Answer by Vanessa C
its really depends on the home value and the equity, plus fees associated w/ the refinaince. sometimes you can buy down you interest rate, which costs more money. i would only refinance if i could get a better interest rate. be careful what you intend to pay off w/ your re-fi……..you can write it off, but you may end up paying enourmous fees to re-fi

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Can anybody tell me wht they think about Option ARM Minimum payment plan for refinancing home loans?

Posted on May 24, 2013 by duncan

Question by Bolder: Can anybody tell me wht they think about Option ARM Minimum payment plan for refinancing home loans?
Trying to refinance my mortgage to keep my home during my divorce. Is this a smart move or very stupid?…Thanks!

Best answer:

Answer by MortgageGuy
It really depends on your financial situation, but yes there are many benefits with an Option ARM program…

This particular loan option is perfect for someone who needs the added flexibility of multiple payment options on a monthly basis…

If when going through your divorce, it is going to be hard to make a full prinipal and interest payment, then having the interest only, and ESPECIALLY the MINIMUM payment option makes alot of sense…

On top of that, depending on the lender you are working with, you can get an Option Arm that is based off the T Bill, rather then a traditional ARM loan that is usually a libor based product…

What that boils down to is the T bill has been very stable over the past 10 years.. The rates don’t move naywhere near as wuickly as what you see on a Libor Arm.. The Libor ARM has been increasing steadily over the past few years…

In all, yes the option ARM can be a great program if it suits what you need.. (lower payment options)

For someone that simply wants to pay the house off as soon as possible, an option ARM program may not be the best bet..

Now, do you have financing lined up? Are you currently working with a mortgage broker? I ask because i wonder why he/she hasn’t explained the pro’s and con’s of an option ARM progam..

If you are open to seeing hwat you qualify for, ill let you knwo that I work with multiple investors.. Each have their own versions of the Option Arm (all absed off T Bill) Some have low start rates, others have a very common 50% of your P&I Payment = your Minimum payment… (Most companies dont offer such a low Minimum option (it is usually around 65-70%)

My name is Jason Fry, I am a licensed Mortgage Originator for Providential Bancorp.. I would be happy to assist you further in determinig which loan program is best for you..

I have helped multiple here on this site both purchase a home, and refinance an existing mortgage as well.. Feel free to look over my profile page.. All of my answers are open to the public for viewing…

You can reach me at 312-264-6448 for more advice…

Thanks, and good luck to you!

Jason Fry
Licensed Mortgage Consultant
Providential Bancorp (serving most of the US)
312-264-6448

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refinance my mortgage now with no fee and lower rate?

Posted on May 23, 2013 by duncan

Question by Homeonwer in California: refinance my mortgage now with no fee and lower rate?
I have mortgage with Wells Fargo fix 5 years, its only my 2nd year,can I still ask them to refinance w/no fee?

Best answer:

Answer by Jeromy W
it never hurts to ask….ask them about their streamline process, from what I understand they have a program for wells to wells refi’s that’s much quicker, good luck

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How do I clear up a title problem on my house?

Posted on May 23, 2013 by duncan

Question by dogcrazy: How do I clear up a title problem on my house?
My original lender sold my mortgage and it has subsequently been sold twice more since the original time. None of the 3 lenders did an assignment of mortgage. I am now trying to refinance my house but there is no “chain of title” in the county records going between the lender that I currently make payments to and my original one. They are telling me that I can’t close until each of the lenders “assigns” the mortgage to the next. The problem that I have is two of these lenders are now defunct. How can I fix this problem?

Best answer:

Answer by neonlights1971
I’d ask a Lawyer that deals in this type of problem. sorry not much I can say. but best of luck to you!

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