Here’s the question before I answer: “In 2009 my rental property interest rate will become variable and I’ll honestly dont think I’ll be able to afford it. I owe $197,000 on the loan. I had a recent homes sold report for the area high $159,900 and low $109,495. Once the rate goes variable should I [...]

In most states, the foreclosing lender (usually the first mortgage holder) has an obligation to declare how he will “collect” on his defaulted mortgage. This selection by the lender will determine how far reaching their powers of confiscation go when it comes to getting all of their money back. Two Types of Foreclosure The Public [...]

The whole question, “Hi, I have a construction loan and about to close on my fixed loan. The house went over my budget about 44,000.00. Now the estimated payment is to high. What options do i have?” Construction Loan To Permanent Mortgage Options First you could attempt to renegotiate the sales price and see if [...]

Here is the Reader question…I’ll answer below. “Is it easier to evict a tenant on a month to month lease than one on a 1 year lease?” My answer: A tenant is in default of his lease is in default on his lease regardless of the duration of the lease. So the answer is “No”. [...]

Interesting question: “I am in the midst of a refinance. I am completing a modified loan on my previous mortgage and that ends on 7/14. I wish to refi - paying off present mortgage and a credit line of $16,000 loan plus about 4,000 in cash. New rate will be 5.6 percent with another provider. [...]

Here’s the whole story: “The mortgage broker that we used to buy our home did not disclose a 2.5% YSP before the day of signing and we have since lost the home to foreclosure. We have all the docs that say what the interest rates were supposed to be, and then the jacked up rates [...]

Here’s the whole question before we begin: “I wanted to know if you could help me and my wife. We have an 80/20 mortgage with 2 separate mortgage companies and currently owe $245,461.01 on the first mortgage (at 7.3%)and $57,896.97 for the second mortgage (at 12.5%) for a total of $303,357.98. My problem is the [...]

Well if by “trouble” you mean a foreclosure soon to be filed against you…then “Yes” is the answer. How exactly did the property get “out of your name” without a sale? If an actual sale took place the HELOC would have been paid off by the sale…and you’d be off the hook. If you just [...]

Here’s the whole question… “I am afraid if we let this home of ours slip into foreclosure, we’ll never be able to qualify for another mortgage to buy another house. How long would we have to wait to for the foreclosure on our record to no longer be a problem?” Home Buying After Foreclosure Home [...]