| Question about :
Refinance |
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Any suggestions as to how to refinance when your upside down on a mortgage?
My husband and I bought a home from my husband's former employer for $160,000. The home appraised at $140,000. The employer co-signed and put up a $20,000 CD as collateral. We didn't have good credit and had to pay some things off, so the employer did that for us, so we owed him money. We paid him back with the loan, but now we have to refinance the home come January and we have not been able to afford to do any improvements on the home, and It will not appraise at what we owe on it. No one is willing to refinance 100% because of the negative equity, and I don't have the $15,000 plus closing costs to pay the differece. Not sure what will happen if we don't get refinanced. Can't sell either I would assume. Any suggestions?
Payments have always been on time. We can afford the payments. That has never been a problem. At the time, it seemed they were doing a nice thing for us. I've never bought a home before, and we were living in a mobile home that was older than dirt and falling apart, and I was desperate to get out of it. I had no idea this would come back to bite me in the ass. Seemed at the time they were doing us a favor, but now I see they took advantage of our bad situation. Of course I never would have agreed to do this if I had known that we would end up in a situation like this.
This is what was written about the CD:
AGREEMENT REGARDING PLEDGE OF COLLATERAL AND GUARANTEE
"Bank" is lending the necessary proceeds to "buyers" to purchase said property on the condition that the loan is guaranteed by the "seller", and on the condition that a Certificate of Deposit owned by "seller" is pledged as collateral for said loan.
It is hereby agreed and stipulated by and between said parties as follows: 1. To the extent that "sellers" are required to pay any amounts based on the guarantee, or on the pledge of additional collateral in the form of a CD, they shall be entitled to a n assignment of whatever security is held by the "bank" for the amount of said payment. 2. Any assignment made by virtue of paragraph 1, shall be subordinate to any remaining interest held by "bank". 3. If "sellers" are required to pay any amounts on the mortgage bu virtue of their guarantee, they shall be in the same position by virtue of the assignment as the "bank" and would then own all the
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| By
♥Sweet♥ |
Posted
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07/01/06 Total Answers
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What percent to refinance would be worth it?
My husband says we could maybe save money if we'd refinance our house. We currently pay 8% on our loan which is a fixed rate. Isn't there closing costs involved when you refinance at a lower rate? Would it really be worth it?? Since we'd have to shell out money to do it? We're not financial savvy. If anyone could please advise if this is a good or bad idea. Thank you in advance.
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| By
Peachie |
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09/22/09 Total Answers
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How do we refinance a home with a subprime loan that will be put into a trust?
Is it best to refinance in the trust or to sign the house over to a family member with better credit and refinance and then put into trust?
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| By
JT6+1 |
Posted
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03/06/07 Total Answers
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Is it possible to refinance a car? Even when the state keeps your title for the current lender?
Someone told me that it's possible to refinance a car. But North Carolina State destroys your title until it's paid off. Can I refinance my car without my title?
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| By
Big Joe |
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01/09/08 Total Answers
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How long after bankruptcy shall I wait to apply to refinance my mortgage?
I filed for bankruptcy in 2004 and I have been paying on it for so long now that I have a chance to pay it on out. I have about a year left to go if I don't pay it on out. I want to refinance my house. If I pay my bankruptcy and my case is discharged, how long shall I wait before applying for a loan to refinance my home?
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| By
Penny |
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03/07/08 Total Answers
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How long after a discharged Chapter 7 bankruptcy can I refinance?
Hi,
The 2-year ARM on my home mortgage (two mortgages) expires August 2008 (home purchased August 2006). However, I filed a Chapter 7 bankruptcy in 2007 (discharged in July 2007). Will I be able to refinance this year? I've heard that Ch. 7's are different from Ch. 13's in terms of the refinancing waiting time.
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| By
prettycre8ive |
Posted
on
01/30/08 Total Answers
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Is it possible to refinance your mortgage to get caught up on bills and late mortgage payments?
we have tried twice to refinance our house through a bank in order to get caught back up on the mortgage payments that we are behind and to do some home repairs, etc however we keep being told no because we are in fact behind several house payments. Is there anyone out there who will refinance you in a situation such as this?
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| By
Donna C |
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08/27/07 Total Answers
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How soon after I get a car loan can I refinance with another lender?
I am in the market for a new vehicle and I'm thinking of financing through the dealer in order to get the "best" deal. However, I really don't intend to stay with them and plan on refinancing through my own bank. My question is: how long do I have to wait until I can refinance, if at all?
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| By
newtobigd78 |
Posted
on
01/03/08 Total Answers
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What is the best/easiest way to refinance my car loan?
I have already contacted the company who loaned me the money in the first place they say that my income is insufficient and that my debt to income ratio is too high. The crazy part is that I earned less money and had more debt when I first bought the car!!! So what's the deal? Did the crooked salesman pull a fast one on the lender or what? Why can't I refinance now? What lender should I try next?
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| By
Smelvin |
Posted
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03/09/09 Total Answers
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What are the different between refinance and cashout refinance?
Let say: my property value (single family) is $250k and current loan is $150k. how much do i cash out or qualify to cash out refinance? income and credit are ok to buy a house up to 300k.
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| By
LOL |
Posted
on
09/30/09 Total Answers
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How and when can you refinance a auto?
Is it a good practice to refinance a car or truck. I recently purchased a home and the payment is somewhat large. I was in need of transportation before I purchased the home. I was thinking It would hinder the mortgage process if I bought a new vehicle before the house. I want to know is it worth refinancing the auto to make my money and budget work out. I did not buy this auto just to be buying, I bought it because of need and the condition of my 92 van is horrible. There is no heat and many other things.
Any advice is appreciated.
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| By
jawsnu7 |
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12/14/06 Total Answers
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Can you refinance a 1st mortgage and 2nd mortgage without equity?
I own a single family property in IL. I have a 1st mortgage that was 100% LTV that was used to purchase the home and a 2nd mortgage that is a 120% LTV that was used to consolidate debt. The value of the home is about $40,000 short of what I owe based on both loans. I want to refinance my 1st mortgage which is at a rate of 7.25%. Is this possible?
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| By
No Equity |
Posted
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01/20/08 Total Answers
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Can I refinance my mortgage and home equity line of credit together?
For example, I take both loans and refinance them together as 1 loan with a 30 year loan?
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| By
MH |
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02/07/08 Total Answers
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Can you refinance an adjustable mortgage as a fixed mortgage?
Thankfully, my mortgage is fixed rate. For those out there who are getting pounded by their balooning adjustable payments, do they have an option to refinance their property with a fixed rate mortgage?
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| By
Mr. Congo |
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11/24/07 Total Answers
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Can i refinance a fixed rate federal stafford loan that is in repayment?
I graduated in 2005. My interest rate is 5.15%. Is there a way that I can refinance and get a lower interest rate?
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| By
Trevor K |
Posted
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02/16/10 Total Answers
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Can I Refinance a Car under different name?
My car was bought under my dad's name, and I would like to refinance it under my name to lower interest int and establish credit. Is that possible?
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| By
rarafury |
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01/07/08 Total Answers
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How do I know when its time to refinance my mortgage?
I just bought a home last October. I signed a single 30 year mortgage for 280,000. My interest rate is 6.75%. I have only made 3 payments on this mortgage. With interest rates dropping when is a good time to refinance?
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| By
Sean T |
Posted
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01/22/08 Total Answers
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I need to refinance my truck asap Owe about as much as the truck is worth?
As far as trade in value goes.I'd like to refinance or get a low rate llone to pay it off and improve my credit.What is the best place or instutution to go through? Truck is an 04 less than 23,000 miles owe about 10 grands still.Any advice greatly appriciated.
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| By
roxyzfoxy4u2 |
Posted
on
05/22/08 Total Answers
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How can one refinance a house with negative equity?
My ex wife lives in the house we owned when we were married. Since the divorce, she had to refinance the mortgage due to financial difficulties. Right now I believe she owes more than the house is worth on the open market. She still has financial difficulties having a large amount of debt in addition to the mortgage. Does she have any options in trying to rid herself of this house to move into a smaller, more affordable one? If she sells the house at a loss, is she required to repay the difference back to the bank or mortgage holder immediately? What options might exist for her to rid herself of debt besides bankruptcy?
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| By
fabguy4fn12 |
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06/28/06 Total Answers
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How do I refinance my home with less than good credit?
If I were able to refinance I would get a lower interest rate thus lowering my monthly bill allowing me to pay on time without getting backed up.
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| By
fseitz6408 |
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08/18/09 Total Answers
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How long after buying a home can you refinance?
My husband I just bought home in July 2008 for 87k. Our interest rate is at 6.25. With the mortgage rates falling because of the economy, we would like to refinance to pay off some bills and to get a lower rate. We are first time home buyers and have a fixed 30 year FHA loan. Do we have to wait one whole year to finance or can we do it now?
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| By
dancingshlee4285 |
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05/03/09 Total Answers
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How do I refinance my car payments?
I pay around 585 a month for my car. Is there anyway I can refinance it to make lower payments? I've had the car for around 13 months.
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| By
General Msq |
Posted
on
04/12/09 Total Answers
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What information does an appraiser provide in a refinance?
Obviously there is the market value they provide but what other information do they offer the lender that is key to get the refinance?
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| By
ihatevfsf |
Posted
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01/31/09 Total Answers
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Do you have to hook up to public water to refinance with FHA?
We have well water and are refinancing our house with FHA. The appraiser said we may be required to hook up to public water. I need to know if it is required in a refinance. We do not currently have an FHA loan, we are refinancing with FHA. She didn't know if it was required since it was a refinance and not a new purchase. Thanks.
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| By
CLW |
Posted
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09/15/08 Total Answers
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Where can I find a wholesale lender to refinance a mobile home?
This is in Southern California. I need to broker out a mobile home refinance for someone. Please help and maybe we can make a few extra bucks. Thank you.
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| By
Frank M |
Posted
on
05/04/07 Total Answers
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| Question about :
Refinance |
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