Clerifing question I was told i would not have to pay the mortgage if it was transferred.That is to good totru
449191
Unless you get a release from the lender, you are on the mortgage and can be taken to court to pay any deficiency in the event of foreclosure.
148202
1- You are looking at a rate of 6.25% in IL. I ran it through Provident Funding as a 30yr fixed, full doc, 80% LTV/CLTV, second home, $288,000 loan amount, with a 21 day lock period. This assumes all the information you supplied is accurate, and that your DTI (debt to income) does not go above 50%.\n\nThat is a rate that the mortgage company would be ok with selling you. If you are being quoted higher than that, then feel free to talk to me and I will let you know if you are getting a fair deal or not.\n\n2- Your Mortgage company can usually get you at least as good of rates as your local bank, unles you typically carry a very high ballance with them. You would be surprised ... you Mortgage Company is propbably signed up with your bank to do loan through their wholesale side, as opposed to your retail rates they would offer you direct.\n\n3- When a good time to go through with it is completely up to you. If you are in a situation where you can offord it, and are comfortable with it, then do it now. No one can make that decision but you.
44320
Assuming you can pay it off in a lump sum, what would the cost be?  I.E.  Is that money just sitting, or is it invested and what is the return on that investment?\n\nIf you are talking about taking money from a savings account to pay it off, a savings account that is somewhat set asside for retire use, maybe the real question should be, is it time to move?\n\nIf it is, due to retirement, fixing up the house should be top priority, and investigating what you can get to replace it.\n\nIf you do decide to move, the mortgage will be paid off once you sell, and so paying it off is rather irrelevant if you have a quick sale.\n\nIf you are staying forever, really depends on your interest rate, and what you are getting in a return with your invested funds (assuming they are invested).  I know a friend had a rate of 2.75% FEMA loan and he thought he would be more secure paying it off.  He was getting 5.14 on his invested (SECURE) savings account.  Of course HE should not pay it off, because he was making more money by paying on the mortgage.  It all depends on your situation.  Let's assume your investment is a wash with your interest payments.  Having liquid capital is always better than having to go out and get a loan when money is needed.  First, the loan may take a lot of time, 2nd the loan may cost you fees, and 3rd, waiting for the loan could cost you the opportunity that you needed the money for.  The old saying, CASH is KING seems to come to mind here.\n\nOn the other hand, if you are paying 7.14%, while your invested funds are earning you only 2.14--you are losing money without a doubt.  And if you have a 2nd mortgage at even higher rates, need I repeat?\n\nMaybe, you are saying you are going to be able to draw on retirement funds (penalty/tax free) in the very near future.  If this is the case, and again the funds are not outproducing the interest costs, clearly, pay off the mortgage.\n\nHope this helps...
859762
it is the law that you are not supposed to pay more than $500  HOWEVER there is a scam going around that asks you to pay more than that  please read up on it,especially if you are trying to get the loan online!!!!! If the offer is coming from Fairview Lending Group PLEASE do not take it. DO NOT SEND them money it is a SCAM.
895577
If you are trapped in an interest only mortgage you will have to pay penalties for paying off the principal.  It is not a good idea.  Hopefully your loan guy is part of a big bank.  That is where you will get the best deal with no funny business!
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You could do it immediately as long as your current mortgagor allows it and you're willing to pay any fees, penalties, etc.  \n\nNow's the time to read the fine print on your mortgage if you haven't already, because that's where you'll find the correct answer, not here on Yahoo Answers.
590594
I would attempt to just borrow the money to get back to current from a local lender.  Leave the mortgage where it is.
354686
The owner needs to go to the register of deeds and request the new name be added in addition to theirs, you should not have to refinance at all. We live in Wisconsin, and just did it without refinancing at all.
511404
Hi, \nNo you will not lose your home.\nYou reaffirm the debt and continue to make payments, keeping current.  I have been thru it.
961458
You dont need to send a letter.  Just go into the bank and tell them what you need to do.  You also dont have to refi with the bank you have the loan with.  You can go wherever you want.  Just make sure you know what the current payoff amount is.
419203
We qualify people all the time with the old home "retained as a rental."  You can use market rent for your area to offset the mortgage on the existing home to keep your ratios down.  You are running the risk that you will end up responsible for two mortgage payments if you can't sell your current home quickly enough.  In my area, that's not a problem because the market is hot (that's why no seller will accept a buyer's offer if it's contingent on selling the current residence... there are so many buyers out there that they don't have to.)
74115
Essentially you are borrowing money from the bank based on the value of your current home for the purchase of a new home.  The previous answer was correct but most banks aren't in the business of lending money for free, expect to pay some interest at least.  \n\nFor an example, I have a 3 bedroom home I want to sell and buy a 5 bedroom home.  I have a buyer for the 3 room and the owner of the 5 has accepted my offer.  If I sell my 3 first then I'm homeless or need to live in a hotel and put my things in storage.  If I buy the 5 first I'm paying 2 mortgages.  So what I do is borrow money to buy the 5 so I can move my stuff in and not be homeless, then when I get the money from the sale of my 3 I pay back the loan.\n\nThings to remember:\nYou'll most likely have to be in the process of closing both homes, in contract or whatever you want to call it.  \nIf you need to take longer there may be some kind of penalty.\n\nLook into a regular Home Equity product with no pre-payment penalties and no/low closing costs as a possible alternative.
226979
It all depends on whose name is on the deed and mortgage.  If it's in one name, then the person who is named is responsible.  If you both are on it, then it's just like selling the house when you are married, just split the profit evenly.  If the deed is in one name and the mortgage is in both names, then the one on the mortgage who is not on the deed may get screwed, because that person has no ownership in the property, but is still responsible for the mortgage.  Don't sell it too cheap, because courts will look at sale prices and actual value and they tend to get upset if you sell a $150,000 for $50,000.
780558
You can but why would you want to?  You'll end up owing the mortgage company money.
275990
OK listen up...Just bought a house. We needed 100% financing because we just didn't have a downpayment but needed to move...We don't have horrible credit..but it could be alot better...We spoke to several different mortgage brokers who all said "Sure no problem"  Well let me tell you this...they will promise the world but what it comes down to is that you will end up paying something one way or another.  There are alot of things that can happen.  We ended up paying $18,000.00 for closing costs, attorney's fee's (or title company fees) you have to get title insurance, homeowners insurance, deposits,etc etc.  There are a million and one things that "pop up".  So even if they tell you it can be done....don't believe them!
983427
You should talk to your landlord about the possiblility of re-renting your unit yourself and getting out of your lease. I don't think you can add that money to your mortgage.
600493
Okay, here is the deal--\n\nIf they had a mortgage and they have decent credit and equity in the house, they could get a 2nd mortgage/equity line of credit.  That line of credit is considered a 2nd mortgage and it is recorded on the deed just like the first mortgage was.  They can indeed lose their house, either lender can decide to forclose on the house for missed payments.  Usually what happens is the first mortgage holder buys out the 2nd and then forcloses on the house.  \n\nIf they got a 2nd mortgage, they probably got a checkbook, so they could have written a check and gotten cash to give to Scott, but it was still a 2nd mortgage.  Payments will be due just like the first mortgage, every month.\n\nIf they aren't getting enough to pay both, they should immediately contact the first lender and see if they can refinance with both their mortgage and the equity line of credit.  This might be difficult because they have used all their equity in their house, so they are reborrowing for full value of the house and the bank might not go for it.  \n\nIt would be terrible for these people to lose their home because they tried to help somebody out.  I hope they can all find a solution.\n\nThey might also contact www.naca.com  \n\nIt's a non-profit housing advocacy group and they do some refinancing.  They are very much about people keeping their homes, so they might be able to help you where a bank might be less helpful.  \n\nGood luck!