I am unemployed and cannot pay the mortgage payments. I have the home on the market but it will not sell for the loan amount. I was thinking of giving the 1st mortgage holder (80%), a deed in lieu of foreclosure. Will the second mortgage holder (20%) be able to get any money or be able to file a judgment against me as home owner? I live in the State of Arkansas.
With the average mortgage rates dropping, I am wondering if there is a minimum amount of time you have to pay on your mortgage before you can refinance? 1 year?
I am planning to buy a house with 5-10% down, but I want to remodel the
kitchen and bedroom within the next two years. I expect this will add to the value of the house, making my loan-to-value ratio closer to 80/20. Do you think I should get a mortgage with an ARM, if it has a better rate, and then refinance once the remodeling is complete? Any other suggestions for the mortgage?
My problem is that we have a contract on our house, the person who offered on the house has submitted all the necessary paperwork to their mortgage company, an
d has received her commitment letter back from them however, a closing date has yet to be set. My realtor tells me that the ladys application is through with the underwriting, the commitment letter from the bank was received last week and we are just waiting on the mortgage company to get all of the numbers together and email that info to the title company. We have been waiting a week today, why can no o ne give us a closing day? How long should this take? We feel like something is wrong but no one will tell us? Any opinions?
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How do I get a late mortgage payment off of my credit report? I mean I’m totally current on m
y mortgage now. I want this off of my report. Thanks