current 2nd mortgages guide

Your 2nd mortgages Guide

Recent blogs on this topic:

does home mortgage interest accrue on daily basis?

we are buying a house that was supposed to close on July 2nd but the title company is not gonna sign until July 6th, and we already have the first payment due on august 1st in full amount of monthly payment. is mortgage interest calculated based on days or does it just round up to a full month if less? will it make a difference that if we call the bank to adjust to the actual signed closing date?

My b/f/f's sister just started renting my condo. I had her sign a 1yr. lease. 1st mo. she paid. 2nd month No.?

My b/f/f said her sister got into it w/ her boss and quit her job and she's on the outs with her family now. Rent was due yesterday and I left her several messages but she won't return my calls. I need the rent to pay the mortgage. Her daughter said that her mom hasn't been there for 2 days. I believe she may have abandoned the condo. What do I do? Should I wait a couple weeks & if I still don't hear anything from her, can I put her belongings out and put a for sale sign up? I tried helping her cuz i felt sorry 4 her she needed an apt. Since I recently got married & moved in w/ my husband I let her rent my condo. But now seems like she is screwing me over. What do I do? Please help. Because she was my friends sister I told her only 1 mo. security deposit and she can pay me monthly on that til it's paid in full. So far I only received 1/4 of the security deposit. Isn't considered abandonment if she's not there anymore? What if there was never a lease, could I then retain my condo and get her stuff out? I still have the lease and she never got back to me w/ license plates numbers to her cars so I never got a chance to give her a copy of the lease. But i did let her take it home to review and sign it. Thank you everybody. I will put a for sale sign up and start the eviction process. But first I will wait 2 weeks if I hear anything from her. By the way, my b/f/f is still my b/f/f. I can't hold her responsible for what her sister did. She is also keeping away from all her family. My b/f/f is closer to me than her own sister. So thanks again everybody : ) I live in Illinois and I know she is not on a vacation. Her daughter said she left w/ the little kids because she had a fight w/ her family because she quit her job after all the help they've given her. Like I said I will wait for a week or 2 and that's it. She is avoiding all my calls. I didn't do anything to her but help her. Even if she did take a vacation (which I know she didn't) She could at least call and say I will be late with the rent. It's clear to me that she is avoiding me and the rest of her family. Again I live in Illinois so if anybody knows the eviction process for the state of Illinois, please fill me in. Thank you in advance for all your help : )

I have a foreclosure that did not pay the 2nd lein & sold for more than 1st lien.?

I had a forclosure and the Mortgage Company sold the home. My husband & I were served civil papers the other day and are being sued fro the 2nd lien by a 3rd party company that bought the closed, charged off account. We find out yesterday through a friend that the house actually sold for enough to pay the 1st and 2nd mtgs. What can we do to get this resolved before ending up in court?

Can I get a second mortgage?

Me and My girlfriend are both going to move in together, I have got a flat but am in negative equity due to me buying in the boom but my girlfriend on the other hand has £100k in equity and were going to use this as the deposit, were looking at getting a propery around £175k so only getting a £75k morgage, I am going to rent out my property and will probably sell in a few years time, between us were be bringing in over £50k, will I be able to get a 2nd mortgage?

Voting Question: Can you get retro active child support if none was paid yet??? I have been separated since November and he had?

paid most of the bills and the mortgage up until April 09 and then I started to pay the utilities. Since we separtated I had to get a 1600. water heater, and he has the other 4 lawnmowers so I had to buy one. I purchased the food, clothes, school supp;lies, dr. visits, meds, school lunches and gifts for all the party the kids go to as well. I know I am responsible for things as well as he, but I am not sure since April if they can go back to then for retro- child support. By the way the mortgage is a 2nd mortgage that purchased our cabin or should I say LOVE SHACK for him. I just want some feedback thank you.

Voting Question: How does having a 2nd mortgage effect selling a home?

Resolved Question: Did anyone recognize what kind (designer) of sunglasses Liza wore on All My Children yesterday?

Loved 'em! Gotta get a pair! I hope.....Unless I need a 2nd mortgage to get 'em!

Resolved Question: If I try to buy a house, will adding a 2nd person as co-owner help me get a bigger loan?

I am a first time home buyer looking to buy a house in the bay area of California. I plan on using FHA for the 3.5% down. Based on my income, I can only qualify for a loan around $190,000 I believe. If I were to partner with my dad, for example, and we both applied for the loan together, would I be eligible for a bigger loan? My dad would not make any payments--he would just be part owner if it helped me get a bigger loan. You might be wondering why I'm trying to get a bigger loan if my income won't allow for it; I plan on renting out half of the place so I can then afford the mortgage. So I have two questions: - Would FHA still consider me a first time buyer, since my dad is not? - Would I qualify for a larger loan, since 2 people would technically be financially responsible for the payments? Thanks in advance! -Chris Thanks Judy--when I say a half rental, I mean that I would be living in the house full time and would rent out one of the bedrooms to help cover the monthly mortgage. Do some lenders not allow that?

Voting Question: Is this to much to ask of a family member?

Ok so I don't have bad credit just not enough (nothing new since I paid off my car early about 2 years ago). I am working on getting my credit built up as we speak. I am single mom of a 2 yr old boy and I have a very stable work history (I've been working every day since I was 16, I'm 24 and I've only had 5 jobs including times when I had 2 jobs at a time.) I'm really wanting to buy a house. There is a beautiful house that is for sale. Its marked about $9K below appraised value. It would be perfect for me and my son. I've already talked to a real estate person a few months ago about another house (when I found out I don't have a credit score anymore since my car was paid off over 2 years ago) that if someone with good credit was the 1st name on the mortgage that I could be the 2nd name. It'd build my credit and help me buy a house. Do you think that would be to much to ask of a family member? I would be paying for the down payment, closing costs, monthly payments etc. They would only be helping me get the house until my credit is built up enough I could have it in my name.

Voting Question: What can be done if my mortgage servicer doesn't provide me with a correct monthly statement.?

Our loans are being serviced my Litton. We entered into a payment plan with them on both our mortgages. In March of this year, we closed one of our checking accts. (The one we paid online with). With our new checking acct., we paid our mortgages, but the new checking acct. info didn't carry over to our 2nd mortgage when we paid it, so it tried to pay from our closed acct. The next day, when I saw that this wasn't deducted from our new checking acct., I went online and figured out what had happened, and paid it with the new checking acct. It was still before our due date. Well, Litton just informed me Friday that our payment arrangement on our 2nd mortgage was cancelled due to the NSF, despite the fact that it was still paid on time. On our most recent statement, and looking at this account online, they are not providing me with any transaction history. Are they in violation of any lending regualtions, and can I use this to have them reinstate the payment plan. We have been making our payment plan payments regularly, and we didn't receive any notification from them that they had cancelled the plan. I know this was long, so thanks for reading this.

Resolved Question: How do I get a loan by taking out a 2nd mortgage on my home?

I need a loan, so I have decided to take out a 2nd mortgage on my home.. How does that work? and how long does it take to get the funds? I have never does this before..

Resolved Question: Hi, does anyone know if there are any discount vouchers about for reading glasses.?

adding varyfocals it seems you need to take out a 2nd mortgage nowadays.

Resolved Question: 2nd mortgage taken out to buy my house, if i go in to forclosure can I be sued?

I bought a home with an 80/20 loan, I used a 2nd mortgage as a down payment. If I go into foreclosure can I be sued for the 2nd mortgage? I heard that since I took it out to buy the house I can not be sued for it by the bank. I live in California. Also what can I be sued for?

Resolved Question: We just made an offer on a short sale?

The previous owners had a 2nd mortgage, the 2nd has approved already, just waiting on the original. Is the original bank likely to accept and how much longer can we expect this to take? Whats usually the next step after that? The banks have agreed to an 80/20 loss...

Voting Question: Anyone work for CitiMortgage?

I am in the process of refinancing my primary mortgage with NationStar Mortgage and they have already sent the subordination request to CitiMortgage (the 2nd lienholder). Initially, Citi advised the subordination process would take no more than 25 days. However, Citi has now advised it will take as many as 75 days due to a backlog of requests. I've already had to extend my ratelock with NationStar and will likely have to extend a 2nd or 3rd time if I can't get my request expedited. This is going to cost me more money. Money I don't have... Anybody out there that can help me out? Maybe you work for CitiMortgage (or are close with someone who is) and feel like doing a solid for a perfect stranger!? Maybe you are in or have been in this situation and can provide me with some advice/guidance!?

Resolved Question: What to think, what to do regarding living with future in-laws!!?

I have been living with my boyfriend of 5 years for the past 4 years of our relationship. Now that we're engaged and marriage is looming in the next year or two, I've had a hard time coming to grips of our living situation. I basically goes down like this: My fiance and his twin brother own the house they currently live in. It's a mother-daughter type house were the first floor's a separate apartment from the 2nd and 3rd floor. And while the house is quite comfortable and spacious, it isn't occupied only by my fiancee and brother. Their parents live there as well. Since the father's an alcoholic and the mother's a housewife, they're pretty much financially dependent on my fiance and his brother. His parents have a house of their own in Mexico (where they're from) but have no desire to live there full-time. So they're living with them full-time here in New York. Since I've gone this far (4 years) of living with them and haven't ripped my hair out, I figure I can live in peace with them. For the most part they're very helpful around the house. The mother cooks everyday, the father takes care of the up-keep of the house (his alcoholism isn't as severe as in the past) and they've never EVER disrespected me. They're very friendly and cordial. However the only thing that rubs me the wrong way sometimes is the lack of independence and privacy I feel whenever I want to be with my fiance. Many times they depend on my fiance or his brother to drive them places (they can't afford their own car), sometimes invade our privacy and other minor things that can be annoying. And while these things are minor, they can build up and I'm just not sure if this situation is going to continually be a good one. The main factor that's stopping my fiancee and I from getting our own place is the economy. It's nearly impossible to get approved for a home mortgage and unless I magically hit the lottery, we'll be living like this for a few more years. Sorry this question is more like a long monologue, but I just really need some insight as to what I should be feeling about things. I am madly in love with my fiance and KNOW that I want to spend the rest of my life with him. It's just unfortunate that due to circumstances that are out of our power to change, are keeping things on edge. What would you do in my situation? Any feedback would be much appreciated!

Voting Question: What percentage of the loan amount does a bank usually accepts from a short sale?

We are down the road in the short sale process, having submitted all of our documents and spoken with the person in charge of our account. We will be short on the 2nd mortgage for our home...and from the sale, can only pay back about 12% of the total loan amount. We contributed a small amount to get the total up to 15%, and they said it wasn't good enough, that we need to contribute more. They want something closer to 40%. What are my options here? Technically I can foreclose, and they will get nothing. Or, I can work with their "recovery team" and then who knows what I will end up paying. Please help.

Resolved Question: I live in the state of Nevada, if my 1st mortgage put my property in foreclosure, what about my 2nd & 3rd mort?

what happen on my 2nd and 3rd mortgages? They can harrass me to pay them eventhough the value of property is underwater and not even enough to pay the 1st mortgage?How can I settle this?Does my 2nd and 3rd mortgages can sue me?

Resolved Question: Getting around a Large down payment for a 2nd home? We live in Canada?

we live in Canada. My husband and I will have enough $$ to purchase a small home in Cash for our family to live in I want to buy a cottage in "cottage country" and rent it out to supplement our income. We are prepared to have to pay the payments ourselves as we will be mortgage free on our home, but would like to make some $$ on it when we feel we could rent it out. My question is: we do not have the $$ to pay 20-30% down on a 2nd home... so if we were to purchase the cottage first, get a mortgage with the standard 0 or 5 or 10% down would we be able to purchase our HOUSE in cash the next day and use the cottage as a rental?? or is there some legal aspect to doing this?? I hope this makes sense.

Resolved Question: i have given up everything to give my partner the child he wanted and now things have gone horribly wrong?

im really finding this difficult to put into words so here goes.... I live with my partner in his house,we have been together for 11yrs and i have lived with him for 4 yrs.I have 2 other children from a previous and have just recently given him his much wanted child via ivf (as i was sterilized after my 2nd child which he knew about when he met me) as i loved him and didnt want to lose him i agreed to having ivf as he said he would marry me if i gave him a child, or son was born last october but ever since i got pregnant he has been unsupportive and uncaring towards me.I gave up a lot to give him a child, i was in line for promotion at my job and would have been earning the most i have ever earnt in my working lifetime, but now as im on mat leave he wants me to look after the baby all day and night and at weekends with only the minimal help from him,(he has never bathed ,put to bed and rarely feeds baby and will not change a pooey nappy ) he says he goes out to work all day and puts a roof over our heads and that he shouldnt have to do it. In response to this i tell him that i could put a roof over my kids heads as i have my own house that i rent out but do not profit from it and go to work part time all without any help from him as im so sick of him throwin it back in my face that he does the main job of paying his mortgage and paying the bills.I pay for the food and pay the phone bill but on maternity pay i find that at the end of the month im running low on funds but when i ask him to help all i get is a lecture on where has my money gone.I just cant help thinking that i gave up my full time job to have his child and him be so unsupportive of me.. Am i being unreasonable, he wants me to be mother/carer to his child and a cook and his cleaner i cant help thinking that i have already lived this life with my previous partner albeit he was more supportive when the kids were younger and now that my other 2 kids are older that my life should be starting again.I now want to leave him but as my house is not big enough for me and my 3 kids and is not in a very nice area, what can i do can i make him leave his house to which im not on the mortgage or do i just cut my losses and run anyway ?? im due to go back to work part time to help pay for my mortgage, also he says if i leave he has his accounts in order so that i dont get a penny from him in maintenence all he says he will pay for is our baby's food, i realise that having a child with him was now a mistake but i love my baby and dont really want to be a single parent again, he is also saying that he wants his mother who is 73 with early dementia to look after the baby when he has custody of him so that he can still go out at weekends !! i had my reservations about having a 3rd child but he promised me that he would be supportive and i was also told that the chances of me getting pregnant were quite slim because of my age,so it was quite a shock to the system when i actually got pregnant, i would have walked away if i hadnt been able to give him a child because thats the one thing he wanted the most in his life and i couldnt hold him back from that. He just doesnt meet the hopes and aspiratons i had him down for, for being a father. GerberaM thanks for your advice my ex partner was a very supportive man when the kids were little albeit he has not paid maintenence since we split but that has been his only fault i sometimes wonder why i left him for the man im with now,i can now hear my ex saying to me 'what comes around goes around' but i know that if i ever needed any help he would be the first to help me out

Resolved Question: Can I Bankruptcy to be rid of a house I cannot afford, but still keep my car?

I refinanced my house through Ocwen in 2002 just before a major surgery to help with cost that I knew I would incur during the no work time. They told me one thing on the phone and when it came to signing, the paper work was nothing like what they offered me on the phone, but at the time is was only one week before surgery so I went ahead and signed. Since then I struggled and finally last year I was able to pay off my 2nd mortgage and all credit cards. The only bill left was the mortgage, since I paid off my vehicle the year before. November of last year I was in a bad car accident that totaled my vehicle. After receiving the check from the insurance company I purchased a used 2008 Dodge Advenger for 15,000 with 6,500 down on a 36 month loan. (Trying to stay debt free). Well December comes in and on the 2nd I was informed that layoffs would begin that week and sure enough two days later I got the call not to come in. This was a big surprise, since my company received records profits just the quarter before. Anyway I feel really bad, but I just cannot handle the mortgage payments anymore and I have tried everything to get the mortgage company to do something. They say I do not make enough for them to be able to help me. I am currently spending three hundred every month more than I am bringing in. My savings is now gone and starting to use credit cards again. And at this point I have a good chance of getting a job outside of Michigan, but if I do get the Obama modification I have to stay here with no hope of a job. Things just look worse at my company each month. Will I be able to keep the car even though there is some equity in it? And can I let the house go this way with no reprecussions? I feel bad, but I also feel they took advantage of me when I was in a bad situation. And I have had the house on the market for over three years with not even a glimmer of hope. Thanks in advance for any and all advice. For those who like to talk down about people that file bankruptcy I pray you never find yourself in this situation. Current situation: House owed 99,500 value about 105,000 Car owed 7,000 value about 15,000 (kbb)

Resolved Question: If I am current on my 1st mortgage loan but default on my 2nd loan ..can the 2nd lienholder foreclose on my ..?

home? The 1st mortgage is current I owe them $250k. The property value is only $215k. The 2nd lienholder are "private investors"; and they have sent me a trustee sale notice which has no opening bid. I matched the recorders office instrument # and it belongs to another property which is not even my property! to me it seems like they are faking the notice of trustee sale becuase it is not recorded? I have been getting advice out there and Ive been told I can file a bankrupty ch13. What to do ? help? Can they foreclose even though my 1st mortgage is being payed current ? and plus there is no equity? ps I stopped paying because I couldt afford to pay these private investors anymore an interest rate of 13%. also the property is in California, LA county

Resolved Question: How to calculate home purchase price?

Let's say I have been prequalified to purchase a home worth $160,000 with a conventional 30yr mortgage. Now there is a government-backed program that offers to finance a 2nd deed of trust (deferred payment and 0% interest) up to 25% of a home purchase price or $50,000 (whichever is less) The 2nd only gets paid back if I sell, refi, or rent the house. Question: If I'm "prequalified" to buy a home for 160K can I now shop for a home worth 210K if I use this program which will cover the additional 50K? Won't my mortgage basically remain the same as if I'm purchasing a 160K house? Thanks. It's not a federal government program...it's a state gov't program that allows 1st time buyers to purchase foreclosed homes in areas hard-hit by the housing crisis. Check with your state's or city's housing development administration - they're might be a program available.

Resolved Question: WAMU Home Equity Loss Mitigation Department?

I have a 2nd mortgage, HELOC with WAMU. I have been trying endlessly to get a correct and helpful phone number. Does anyone have a good one? The main numbers listed on the site are useless and go in a loop. If anyone has a direct contact there, that would be helpful.

Voting Question: What are the ramifications of missing a couple payments on my 2nd mortgage?

I have a 1st mortgage and a 2nd mortgage. My payments are about 45% of my income. I recently tried to get a loan modification on my 2nd mortgage but was told I didn't meet the requirements because I reported the voluntary money my son's father gives me monthly. I am trying to get my finances in order to rely on my income alone, since the money he gives me could end at any time. I am not in the process of making sure the money he gives me does not show up on my bank statements and I will try the loan modification process again without revealing the extra money. I have also noticed that the people not making their payments are getting more help and faster. What are the ramifications for me if I stop making a couple payments on my 2nd (but still put the money aside) to get their attention? Every month I play the game of what bills to pay and what not to pay while trying to provide for my son and me.

Voting Question: What are judicial foreclosure states?What does this mean to a short sale or foreclosure 1st & 2nd mortgages?

Resolved Question: what will happen on my 2nd & 3rd mortgages after forelosure. Does my lenders (2nd & 3rd) can sue me?

Voting Question: I had a property foreclosed with a 1st and a 2nd. I have a release from the 1st but I am still paying the 2nd?

Wouldn't the 2nd mortgage have to be paid before they can sell the house? and how do I make sure it was paid?

Voting Question: Is it possible to get a home equity loan or 2nd mortgage......?

Is it possible to get a home equity loan or 2nd mortgage with a poor credit score. The one thing we have going for us is that our house is completely paid off. We have no credit cards and our vehicles are also paid off. The only debt we have are some medical bills that we are making payments on which is around $2500. My wife and I are both employed and make decent income of around $6000 monthly. We just have some things coming up to where we would like a loan for around $15,000. I think our credit score is around 590 :( . (We ran in to some difficulty when I lost my job and had a baby born with a disability and medical bills piled up). But with that much equity and such a low score would there be a loan company that would work with us? Would our local bank be able to help or should I check around on the net that specialize in bad credit loans? Any recommendations? Thanks! Thank you all so much for such great answers and some great explanations! Our original loan for our house was over 10 years ago so I don't remember much about how all of that loan stuff works. We have never checked in to a equity loan so I know nothing about them except for some research on the net. I think I'll start with my local bank and go from there. Thank you all! Danity......I have no idea what you meant by your answer! One more quick note. I was not working for quite some time due to a back injury that ended in surgery. I have now been back to work for a little over a year now though. My wife has been a teacher for 12 years. So, we had a 2 year span to where our credit went down the drain but the last year have been on time with what little debts we do have. I was also thinking it would be difficult to raise our credit score without having any credit out there. Maybe starting with a credit card and just using it for small purchases and paying off the balance each month would be one way. I was also thinking with the equity loan would really help rebuild our credit with timely payments. My son needs some extensive dental work and that is why we are wanting a equity loan to pay for that and other services he needs due to his disability.

Resolved Question: i want to walk away from my house. If I do and my wife buys a house. Can my lender come after my wife's ?

I have two houses. I can't afford to pay second house which has 2nd mortgage. Now I have been barely paying my primary house. After my 2nd house is foreclosed, can lender come after my primary house? I have the same lender on two houses under my name. Should I let my wife buy new house? Basically we are financially separated. We filed Tax return three consecutive years. What should I do? I really appreciate your time. The only important thing I like to know is that can my lender come after my wife's house?

Resolved Question: What is the best way to improve my spouse's and my credit rating.?

My wife and my credit rating is poor being around 590. What is the best way to improve our score? I know paying all our debt on time but currently we have no debt except for a few medical bills we make payments on. We have not credit cards. I house is paid off and valued at around $135,000. We it help to get a home equity loan or 2nd mortgage just to have some debt out there that we can make timely payments on to improve our credit? I guess I'm wondering how we can improve our credit without having any type of loan or credit cards to make timely payments on. Any suggestions would be greatly appreciated. Thank you in advance for any comments! I was also leaning towards equity loan to help pay for some extensive dental work my son needs. He also has a disability and we continually have bills towards getting the extra help needed for him to succeed. We do have our house paid off so we have a lot of equity in it. It's valued at $135000. Making a payment would not be a problem as we both work. I am a union boilermaker and she is a teacher so we make a decent income. We just got ourselves in some credit problems when I was injured and wasn't able to work for a couple years. After redoing our budget we can easily afford a loan payment of aprox $1500 a month so even if it has to be a bigger loan due to having our house paid off we can easily afford it. Hearing this would this change any comments that were made? We also have our 2 vehicles paid off and do not currently need new vehicles.

Resolved Question: Is this truth or fantasy about 0bama......?

President Obama has prevented the 2nd Great Depression. This is the single greatest economic miracle of all time! [Leading economic indicators like new housing starts, factory orders and new mortgage activity prove it.] He is winning back America's foreign friends that Bush alienated He is shutting down Guantanamo. He is ending torture, making sure the world knows it, and letting the Attorney General follow where it leads, and prosecute it when indicated. He is DOING HIS JOB. He even told GM & Chrysler to shape up or ship out all this in less than his first quarter!

Resolved Question: Short sale question in CA?

In escrow since early March this year knowing it was short sale approved by lender. We got hard to get financing approved then I find out it's not short sale approved. It turns out primary mortgage lender has approved but there's 2nd mortgage lender that didn't fully approve of our offer. So they countered our offer stating that we pay for closing cost(seller was to pay for closing cost originally) and put in $4000 extra cash on our part. So we signed it. Now fast forward 3 weeks later they still haven't issued the final approval. My question is there anything that I can do legally to force them to approve our short sale? We're getting sick and tired of it. Looks like 2nd lender is just dragging so we fall off the deal. Any advice would be greatly appreciated.

Resolved Question: I have a 1st and 2nd mortgage should I refinance into one?

My 2nd mortgage will be paid in 3 years, I have been paying an extra 100.00 a month to get it paid off quicker. Would it be wise at this point to combine the two or wait until I pay the 2nd off.even though the interest would be a lot less to combine them. If I combine the two it will make my value close to the total loan and will take years to build up equity again. I am worried if something would happen to me that my daughter would get stuck with a mess if the house could not sell for what is was worth if I refinance to save interest now. I keep thinking I would be better off to wait and refinance later on just the 1st so I would be refinancing and also havin equity in my home because I would not be borrowing less that what the house is worth.

Voting Question: Where can i refinance my 2nd mortgage? w/out my 1st and 2nd?

I have a 2nd mortgage for 50k. when i purchased my home 2 years ago my broker gave me a 1st mortgage for 300k and 2nd mortgage for 50k, told my it was better then 1 big mortage that i would have to pay PMI. I was also told to refinance it in a year or2 so here i am now but my bank will not becuase my house only appraises for 390 and i owe a total of 350k. what are my option i dont want to refinace both mortages. the second mortage is 50k 15year ballon Its 459 a month but only 60$ principle.

Resolved Question: I asked a question on getting a loan and have received 5 or so answers that.....?

Tell me to contact a person with a yahoo email address and say they got a great loan with a 2% interest rate. Does this seem like a scam? Here are some of the replies.. "I am Joy Anderson i was in need of a loan of $100 000 USD and was scammed by those fraudulent lenders and a friend introduce me to Mr John clarke,and he lend me the loan without any stress,you can contact him at clarkeloanscompany12@yahoo.com" "I applied and was approved for one of your loans yesterday and I wanted to write and tell you about my experience. My loan agent, Mark M. was amazing! He handled everything very professionally and quickly. He was extremely patient, helpful and very courteous at ALL TIMES. There was NO STRESS or pressure what so ever. He walked us through the whole procedure and made sure we understood each step before moving on to the next one. I ended up having to call him back with a correction and he took care of it immediately. He was just a true joy and I just can't say enough. I hope you will give him the recognition he so deserves because it has been a very long time since I have had wonderful service like this! This was a totally stress free and wonderful experience! here is there email, john108023@yahoo.com.hk Thank you Mark!! Yours Truly, T Matthews Sr." Here is one from him himself..... "I am Mr. John Clarke, a Reputable, Legitimate, Certified, Reliable & an accredited money Lender. I loan money out to individuals and corporate bodies in need of financial assistance. Do you have a bad credit or are you in need of money to pay bills? I want to use this medium to inform you that i render reliable beneficiary assistance as I'll be glad to offer you a loan at 2% interest flat rate. What did your bank say concerning having a loan from them???? Don't feel disappointed if they refuse granting you a loan. I hate what the banks do when customers/consumers are willing to lend money even with collateral and valid documents. I look forward permitting me to be of service to you. Send me an- E-mail me by replying to my email clarkeloanscompany12@yahoo.com and I'll do my best to help you out in your bad finances situation. Regards, Mr. John Clarke." It just sounds fishy to me. I'm looking for a home equity loan or 2nd mortgage to help pay off some medical bills and for some extensive dental work for my son. Would also like to have some in savings for emergency. My wife and I have a low credit score due to a injury about 4 or so years ago and not being able to work. Most of our income go towards helping our son receive services to help him succeed as he has a disability. I am now back to work and my wife continues with her job as a teacher. We also have our house paid off in full and have no credit cards. The only debt we have are some medical bills. It just seems weird how some people have replied with a few different email address about this guy in my other questions. I guess if I read the paperwork thourougly and have a attorney look at it I should be alright if legit, correct? Thanks for the answers. I emailed the person with a email address I just created. It is someone from nigeria asking info such as name, address, phone number, and ssn if applicable. It is a total scam for sure. I also read other questions on here similar to mine with the same sort of responses. If it sounds to good to be true, it usually is! That's kind of what I figured but thought it was worth asking. I'm going to talk to my local bank, explain my situation, and hopefully they can help or point me in the right direction. Thank you everyone! The name of this guy's company is... Clarke Loan Firm located in Nigeria. Millions of spammers from there! Here's a link to my original question if anyone is interested....... http://answers.yahoo.com/question/index;_ylt=AlrCA7GWy7HTSNzeEl7kTHvsy6IX;_ylv=3?qid=20090611233627AA801O6

Resolved Question: My wife and I are wanting to get a home equity loan. The one big problem we have is....?

The big issue we have is that we have bad credit due to myself getting injured and not being able to work for a few years. Also, right before my injury we purchased a house, had a baby that had a disability so medical bills added up, and we had to file chapter 13 about 4 years ago. We purchased our house in the year 2000. Our house is paid off as we more than doubled payments and put extra money we had at the time towards it while we were both working. Our bankruptcy was discharged over 3 years ago. We currently have no credit cards, no auto loans, and no 2nd mortgage or equity loan. The current debts we have are some medical bills with some in collection. Our credit scores are around 590 which I know is very low. We are wanting to get a equity loan or second mortgage to help pay for extensive dental work our son needs and also to get him extra care such as speech and occupational therapy that insurance does not cover. Our house is worth around $135,000 which is paid off. Is it possible to be able to get a home equity loan or second mortgage with such a horrible credit score? My wife is a teacher and I am a union boilermaker now so we do make a decent income. I'm also thinking but do not know for sure that a loan will help improve our credit. Since we have no loans or credit cards I don't see how we could improve our credit which is one of our main goals. We just want to get back on our feet but has been difficult with all of the money we spend to help our son which is our number one priority. Also, if anyone knows of a certain loan company that would work with us that would be great. Making the monthly payment would not be a problem now that I'm back to work. We have been paying off the medical debt quite quickly now but just do not want anymore to go to collection. So I guess my question boils down to will it be difficult to get a home equity loan for around $20,000 or so with our house being paid off and no other debts with poor credit? Thank you so much for your help in this matter. I just think this could get us back on our feet and improve our credit. Any help is greatly appreciated! Thank you all for the wonderful replies and links! Love Presley..Do they accept borrowers with poor credit. In my question I did mention we have poor credit for reasons mentioned above. I have now been back to work for over a year as a union boilermaker and my wife is a teacher so we do have a steady decent income now. We just need a way to help get our medical debts paid and are hoping a loan will help improve our credit since we currently have no loans. My son also needs extensive dental work on top of speech and occupational therapy so are looking for some extra money for that and some to put in savings for emergencies. Thank you all for being so kind and not judging. I am quite embarrassed for the situation we are in! But my son is number one in my life and will do anything to help him even if it means spending my last penny for that extra speech class! I'm not saying we are bad off, just need a way to get back on our feet and improve our credit and think a equity loan will do it To Stan C, Will my local bank be able to help someone with poor credit. It seems they are far and few between. The one thing that I feel will truly help even with a poor credit score is that our house is paid off in full. Estimated value I'm guessing is around $135,000 and we are thinking of trying to get around $25000. I have heard that if your house is paid in full the minimum you can borrow is $50,000. If so I guess I could just put half of that back towards the loan as long as there is no early payoff penalty. Could you please give me your thoughts getting a equity loan with poor credit with our house being paid off in full? Thank you kindly Sir!

Voting Question: EMC Mortgage / CountryWide Shortsale?

I put an offer on a home that has 2 mortgages. 1st one with EMC Mortgage and 2nd with CountryWide. I know that short sales take a long time but I was just wondering if anyone has had experience with short sales with either lender? And if so, how was it? Thanks.

Resolved Question: Child support to a much wealthier spouse?

I have been paying my child support religiously for 8 years (kids are 14/12) I see them 4 days a month (every other weekend - when activities do not get in the way). I travel 65 miles round trip to pickup an then 65 miles to drop off - this does not include multiple round trips for activities on my weekend in her town. Most of the posts i have read talk about not paying support because they do not have a enough to live on. i do not know if I will do my case justice but I will try. I am remarried with a 3 yo, my current wife loves my kids and vice versa. I make an OK living ($90K). I live in a small cape style house in MA (owe more then it is worth). I have struggled to pay support and take care of my new wife and kid, I was in debt over $200K (built up over the years) and recently filed for bankruptcy and now live under the watchful eye of my Ch 13 trustee. I have $0 in savings and contribute $100 month to my 401K (I am 40 and will not have enough saved for retirement). My child support order is for $400/wk Let's do some math - $20,800 / $90,000 = 23% of gross (inMA that is below the normal, go figure) - $90K - 28% tax ($25,200) = $64,500 - $20,800 / $64,500 = 32% of my after tax - Minus my normal insurance/401K (@ $12,000/yr - $20,800 / $52,200 = 39% of my net pay goes to support leaving my $31,400 to pay the mortgage ($2000 a month for 27 more years) food, clothing and support of my new family and oh yea the 150 miles and food and entertainment for my kids when they visit. That is my situation - borderline surviving (of course leaving around one of the most expense cities in the Us does not help) My Ex's situation - The first few years were tough her father bought hera $600K single family house in an affluent town, she later met and married a neurosurgen, which led to her quiting her job. Their child is 1 yo. My 2 kids now livi in a $1.5M house (which is under further improvements @ $450K worth). One of their rooms is bigger then my entire 2nd floor (20x30). They go to Eurpore for a couple weeks here, to the Caribbean for 2 weeks or off to South America. It is a tough life. I have no problem with the it is my responsibility, but when the households are that disparate there is something wrong. I provide 39% of my weekly net pay to a household where that amount is probably about <1% of their weekly pay. Yet the courts say I must struggle to survive and provided a limited lifestyle for my child. I am only asking for a level playing field. Finally my question - why should I be required to pay almost 1/2 my income to a wealth spouse?

Voting Question: What is the best thing to do when you're so far underwater?

So my grandparents have had this house for more than 40 years, and have been collecting so much debt that we dont even turn the ringer on for our house phone cuz of all the collections calls. There is a 99% chance we will have to move in a month or 2. :( The house is a run down piece os sh*t- but its home, its been a safe haven to me and the whole family forever- they owe about 450,000-500,000 on the house (adjustable rate, 2nd mortgage, and I believe tehy refinanced a couple times- so too many bad choices) The house is worth less than like 100,000 a 3bed 2 bath empty delapidated pool, needs paint (in &outside), needs complete new plumbing - It is just so delapidated and has not had much maintenance over the years. What is the best thing to do? Moving out has recently become reality, but is there anything that we can do to save our home? **Oh yeah and then mortgage is 1600/month to be payed from 2 social security checks, and the amount that I pay covers utilities and whatnot**

Resolved Question: Where does negative equity leave a not current 2nd mortgage?

Home has $16,000 in negative equity regarding the 1st mortgage which we have current. Where does that leave our 2nd mortgage which is not current due to loss of job?

Resolved Question: Should I quit my job so I qualify for Chapter 7?

I work for a non-profit who is really struggling because of the economy. I am certain that the CEO will have to layoff some of the staff off in the coming months. I am not too worried about my job, however I am thinking it wouldn’t be the worst thing if I were to lose my job. My husband and I lost our house to foreclosure a few months ago. We had a bad loan and ran up a lot of debt because we could not afford our mortgage without using credit cards to pay for everyday expenses like food and utilities. Now the 2nd mortgage has sent us a collections letter for the deficiency of $96k. We were planning on seeing a bankruptcy attorney this week, because at this point our credit is already ruined. But, because of our combined income, we do not qualify for Chapter 7 and would have to pay a chunk of our debt back anyway. I was thinking maybe I could voluntarily resign from my job. If I am not working I will have more time to go back to school next semester, full-time. Money will be really tight, but we are living with my mother-in-law right now so we don’t have any rent to pay, just some of the utilities. In six months we can revisit the bankruptcy option and then we will qualify for Chapter 7 with my husband’s income alone. Here are some numbers: We owe about $24k in credit card debt alone. I will net about $14k in the next 6 months. Is it even worth it? Please don’t judge me, I don’t need any rude comments from anyone. Yes, I realize that I am posting my dirty laundry online, but this is not my whole detailed story, just enough info to maybe get some much needed advice. Thank you in advance.

Resolved Question: shortsale house if current on mortgage?

my cousin owes 650k on his home in california and its worth 550k. can he shortsale the house even though he is still current on the mortgage? He has never missed a payment. Please advise. The lender is citimortgage. he dosn't have a 2nd.

Resolved Question: How do you know if you need to file for bankruptcy?

I really don't want to do this but maybe I have no option. I make $150,0000/yr. 1st mortgage+Taxes: $1950 2nd mortgage: $1150 Student loans: $1000 Credit cards/Personal loans: $1600 Car Payments: $753 Do I have any other options? I just need to get rid of the credit card debt and the cars and I think I would be fine. I have 1 year left on my wife's car of $343/mo. I might as well pay if off. My car has 4 years left with $410/mo. I don't know how I could sell unless someone is willing to spend more than the cars worth.

Resolved Question: Can a wife avoid mortgage repayments if husband has died and property was under his name?

A wife's husband has deceased and she has title over one property and there is a mortgage over it which she is able to pay. The second property (which is an investment property) is under her husband's name, so she has no title over it, and that too is under mortgage which she will not be able to afford if it is transferred under her name. Value of the property has reduced from 80000 pounds to 60000 pounds so she will be paying an extra 20000 pounds if it is transferred under name and she cannot afford it anyway. At the present time, she is receiving rental income from that investment property since she is next of kin. The question is if the title of the property is left under her deceased husband’s name will the creditors under which the mortgage is under, come request mortgage repayments from the wife if they argue she has the 1st property and is receiving rental income from the 2nd property. Obviously, the other option is to tell the creditors that the husband has died and then they will claim take hold of the property and sell it and do whatever they want to do with it. So what is the best option and can she avoid the mortgage repayments? Are there any avenues in which she can avoid the mortgage?

Resolved Question: My Landlord has been served a "Notice to Quit" from his Bank. Landlord and Agent are saying its all good......?

This is the document word for word except names adn actual address. I found this stuffed in my front door when I got home from work. to Mr D. Head I dont pay my mortgage AND ALL OCCUPANTS 34 this street that suburb in WA NOTICE TO QUIT "the bank" ABN blah blah in pursuance of the rights, powers and remedies conferred on it by the Bill of Mortgage No. 123456789 and all other powers hereunto enabling it to make demand on you and did so by notice dated6/4/2009 demanding payment of the amount comprising the default by 11/5/2009. Since the service of the aforesaid demand you have failed to rectify the default by 11/5/2009 and you have continued to be in default under the said Bill of Mortgage. The bank propose to exercise the power of sale as mortgagee. For that purpose we require vacant possession. Accordingly, under section 111 of the transfer of land act (WA) 1839 we demand vacant possession of the security property in good order and condition by 2nd day of july 2009. As the bank have first registered mortgage with a current right to obtain possession we are entitled to vacant possession of the property free from any interest you claim in the land. Should possession of the above premises not be delivered up to us by 2nd day of July 2009, we will commence immediate Supreme Court proceedings against yourself for recovery of the premises and for costs. Dated this 28th day of May 2009 SIGNED SEALED and DELIVERED by THE BANK by its duly authorised officer MR Banker whe repos from non payers. My agent is saying my lease is safe? The landlord is saying he has an arrangement with the bank. The above document is beyond the arrangement stage, the bank is not demanding money, they are demanding the house. I am worried if I dont move out I will come home one day to find the locks changed, and all my posessions lost to the bank. Is the lease now broken? Can I find another house? Who do I see (without spending a fortune) Your thoughts please.

Resolved Question: Found the perfect house....but I've got a problem.?

I've found the perfect house (for now). Its a 2005 4/2/2 mobile home in the country & comes w/ 5 acres of land. I've already looked at & its in perfect move in condition for only $39,500. Problem is I don't have a credit score. Last year they were willing to work with me but this year cause of the economy they won't. =( I showed my boyfriend, who has perfect credit & wants to buy a bigger house and he said we could look at it. Problem there is he has commitment issues so every time he finds a house he really likes he talks himself out it.... What I was wondering is if I can find someone in my family that will be the 1st name on the mortgage and put me as the 2nd name (I know can be done...we've already talked to someone about another house) what would the requirements be on their part? How much could they already have under their name that they are still paying on? Another house? A car or two? Etc. I have several members of my family that have pretty good credit.

Voting Question: How can an underwriter deny a loan based on inadequate collateral when the appraisal was good?

I recently applied for a mortgage thru a mortgage broker. I am a first time homebuyer with perfect credit, plenty of cash, etc. The underwriter denied the mortgage based on inadequate collateral. The purchase price of the property is $365,000 and I have had 2 appraisals, one at $365,000 (I had this appraisal done independently) and the 2nd at $370,000 (used by the underwriter). I locked in at a rate of 4.625 before the rates took a jump. I cannot think of any reason the loan was denied other than the underwriters are trying to get out of the rate lock. I will never use a mortgage broker again that deals with MGIC. Why they have anything to do with the mortgage I do not know, considering I am coming in with 20% down. My broker is now shopping around, however I was set to close on June 16th. I never imagined this being an issue. Also, there is no chance I could get the same rate from another bank at this time. I told my broker to go back to the underwriter and ask how much additional downpayment I need (beyond 20%) to satisfy them. I still haven't heard back. I have had no change in employment or income. The appraisal did state that values were declining...where are values not declining? The purchase price is already $70,000 below tax assessed value (15%). The house is mid-range for the neighborhood, and there are currently only 2 other houses for sale in the same neighborhood. The market in this area is more stagnant than declining, which is confirmed by statistical data. Thanks to everyone for your thoughts. What documents can I request from the mortgage broker and underwriter to ensure everyone was playing by the rules?

Resolved Question: Help with the 2nd mortgage after short sale?

We did a short sale on our house a few months ago. Our 2nd mortgage only got a small portion of the short sale proceeds so now they're coming after us for the remainder of the balance~$125,000. I've read somewhere that in Arizona they can't come after you. Do they have the right to do that in California? We tried negotiating some payments options but we just can't possibly pay what they're asking for ($60,000 up front or 30 yr payment plan etc) Is there anything we can do other than file for bankruptcy? We are extremely worried and don't know what to do now. Thanks!

Resolved Question: Why do conservatives think that the rich already pay higher/more taxes the the average person?

Source Connecticut Post Connecticut has residents with the 2nd highest incomes in the country and the #12 most expensive state with the highest income tax Yes CT is a blue state but thats because upstate CT is lower income family's. The Greenwich, Westport, New Cannon, Darien living people are ALL Republicans. How do I know? There mayors are all Republican Article: IRS: High earners not paying top rates About four-fith of Americans who earn more than $200,000 a year pay LESS than 25% in federal income taxe, and a small number avoid taxes all together, new Internal Revenue Service figures show. The IRS, in its annual analysis of high-income earners, said a record 4.1 million Americans earned more than $200,000 (yeah not you hicks at the Tea party's wasting your time trying to save Fox news workers, which make loads of money, from paying there taxes you little poor conservative puppets) in 2006. About 79% of them paid less than 25% in taxes, while the rest paid more than that. About 3.2% paid more than 30%, while about 0.27% ,or 11,014 people took enough deductions to avoid any liability. (a.k.a the people who can afford really good Accountants. ) President Obama is pushing to increase the top marginal tax rates for people earning more than $200,000 to 36% and limit certain deductions, such as mortgage interest and charitable donations. i meant most expensive state not 12th. And it does factor in to the point. This is not an article from the Arkansas weekly ALEX. UNTILL PEOPLE IN AN AREA WHERE IT COST ALOT OF MONEY START RALLYING THEN IT IS SIGNIFICANT, NOT PEOPLE WHO LIVE IN $100,000 HOUSES WITH A 1992 CRAP PICK-UP AND THEY PAINT FENCES OR RAKE COW SH!T